PacBio (PACB) has reported its preliminary revenue figures for the fourth quarter and full year 2024, noting a decline to $39.2 million and $154.0 million, respectively. This reflects a year-over-year decrease of 33% for the quarter and 23% for the full year.
Christian Henry, President and CEO of PacBio, commented on the year, stating, "Despite 2024 being challenging, it was also a year of substantial productivity for PacBio. We introduced innovative products, fortified our balance sheet, and made notable strides in reducing cash consumption." He expressed optimism for the future, adding, "I am confident that in 2025 PacBio is well-positioned to increase its market share and further solidify our financial standing. Initial responses to our Vega System and SPRQ chemistry have been positive, and our expansion into the clinical market is underway."
For the fourth quarter of 2024, the preliminary instrument revenue is projected to be around $15.3 million, down from $35.1 million in the same period of 2023. This revenue figure includes the sale of 23 Revio sequencing systems and 7 Vega sequencing systems.
The preliminary consumables revenue for the fourth quarter of 2024 is expected to reach approximately $18.8 million, slightly down from $18.9 million in the fourth quarter of 2023. The annualized pull-through rate for the Revio in the fourth quarter is anticipated to be approximately $240,000.
