PacBio is thrilled to announce the launch of their PacBio Compatible Program, accompanied by positive Onso Beta feedback and preliminary fourth quarter 2022 revenue figures. With the program, PacBio is aiming to provide a comprehensive suite of solutions that facilitate seamless integration and collaboration across the life science research ecosystem. Customers can now enjoy the benefits of the latest advances in sequencing and bioinformatics, while ensuring the most efficient data transfer and analysis. As the industry leader in sequencing technology, PacBio is committed to providing the highest quality products and services to its customers.
PacBio (NASDAQ: PACB), a leading developer of high-accuracy sequencing solutions, announced today a record-breaking fourth quarter, with 76 orders of their revolutionary Revio systems. This marks the most successful product launch in the company’s history, and is sure to be a game-changer in the world of high-quality sequencing.
Revolutionizing the world of long-read sequencing, PacBio recently unveiled two new platforms – Revio and Onso – that will enable customers to achieve an unprecedented level of scale with their HiFi sequencing technology. With Revio, users will be able to sequence up to 1,300 human whole genomes in a single year, at 30-fold coverage and for less than $1,000 per genome. This revolutionary breakthrough is sure to be a game-changer in the fields of human genetics, cancer research, and agricultural genomics, paving the way for a new era of human genome sequencing.
PacBio’s Onso is set to revolutionize the DNA sequencing industry with its groundbreaking sequencing by binding (SBB) technology. Providing an extraordinary level of accuracy, Onso is an innovative benchtop short-read DNA sequencing system that has already caught the attention of Corteva Agriscience, who have been “extremely impressed by Onso’s levels of accuracy” and its potential to transform agricultural biotechnology. PacBio is now accepting orders for Onso and plans to start shipping by the end of the second quarter of 2023 – enabling researchers to gain novel insights into oncology and other diseases.
We’re thrilled with the overwhelming response to Revio, our long-read sequencing system, which has surpassed our expectations with strong initial demand. Later this quarter, we’ll be shipping our first commercial orders of Revio, signaling a big step forward for the platform. Additionally, we’ve made great progress with the Onso system, which has already been shipped to several beta customers who are seeing its high accuracy in action. We believe that Onso’s accuracy could revolutionize the way researchers approach genomic applications. As we move into 2023, PacBio is well-positioned with both Revio and Onso.
Business Updates:
- We saw a significant increase in orders for Revio systems in the fourth quarter, with a total of 96 instruments ordered – 76 of which are slated for delivery in 2023.
- Our preliminary unaudited fourth quarter revenue of approximately $27.3 million is a 24% decrease from our fourth quarter of 2021 at $36.0 million. Consequently, our preliminary unaudited annual 2022 revenue of approximately $128.2 million is a 2% decline from 2021. Despite this, we remain committed to pushing forward and continuing our growth trajectory.
- Our consumable revenue has seen tremendous growth this year, with annual and quarterly figures of approximately $59.9 million and $16.6 million respectively. This impressive 24% growth has been driven by a surge in the shipment of Sequel II and IIe SMRT cells in 2022.
- During the fourth quarter of 2021, we saw a significant increase in the installation of Sequel II/IIe systems, with 18 Sequel II/IIe systems placed compared to only 48 in the same quarter of the previous year. By the end of the year, the installed base had grown to 512 units, an impressive growth of 138 units since December 31, 2021.
- The PacBio Compatible program is revolutionizing PacBio sequencing, offering partnerships to streamline the entire workflow from sample and library prep to automation and analysis. This cutting-edge program makes PacBio sequencing more accessible and efficient than ever before.
The Revio System is an advanced DNA sequencing technology that comes with a hefty price tag of $779,000, but offers a human whole genome sequencing at 30-fold coverage for only $995. The Onso System is also a cutting-edge DNA sequencing technology, but with a more affordable price tag of $259,000, including a cluster generator. Plus, the 300-cycle kit only costs $15 per gigabase.
PacBio reported preliminary revenue of approximately $27.3 million for its fourth quarter ended December 31, 2022, marking an impressive performance. Though the full financial results for the fourth quarter and the fiscal year ending December 31, 2022, are yet to be released, the early figures indicate a strong financial showing.
Fourth quarter 2022 is expected to bring in approximately $6.1 million in instrument revenue, a significant dip compared to the fourth quarter of 2021’s impressive $16.2 million. The decline is largely due to the surging demand for Revio, which has crowded out the previously anticipated Sequel IIe sales. Meanwhile, consumables revenue is expected to rise slightly, with $16.6 million anticipated for the fourth quarter of 2022, compared to the $15.0 million of the fourth quarter of 2021. Service and other revenue should remain relatively steady, with an estimated $4.6 million for the fourth quarter of 2022, compared to $4.8 million for the fourth quarter of 2021.
PacBio is set to present at the 41st Annual J.P. Morgan Healthcare Conference on January 11, 2023, at 1:30 p.m. Pacific Time, with an updated corporate presentation available on the website investor.pacificbiosciences.com. As of December 31, 2022, PacBio’s preliminary cash, cash equivalents, and investments balance is estimated at a sizable $772.3 million. Don’t miss the chance to stay up-to-date with the latest financials and information from PacBio!
PacBio is set to report its financial results for the 2022 fiscal year in February 2023, giving us a glimpse into the company’s success. These preliminary numbers are just that — preliminary — and should not be taken as a comprehensive statement of PacBio’s financial performance. We can expect to learn more about the 2022 financial results in a conference call in February, when PacBio will offer a detailed breakdown of the year’s successes. Until then, let’s keep our eyes open for the finalized numbers, as the final, audited financial results could vary from the preliminary estimates.
About PacBio
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a leading life science technology company that is revolutionizing the way scientists and clinical researchers explore and understand the mysteries of the genetic code. Our advanced sequencing solutions are powered by two highly differentiated core technologies – HiFi long-read sequencing and our emerging SBB™ short-read sequencing technologies – that are designed to deliver unprecedented accuracy, quality, and completeness for a broad range of research applications, including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and more.
Forward-looking statements
PacBio is thrilled to announce its preliminary unaudited financial information. This news is just the beginning of a future of potential growth, with expectations of developing and delivering products such as Revio and Onso, which are still in beta testing, in a timely and efficient manner. However, PacBio is aware of the risks and uncertainties associated with such endeavors. These include the ability to attract new customers, supply chain risks, rapidly changing technologies, and extensive competition, among others. PacBio is committed to facing these challenges and working diligently to ensure the successful development, manufacturing, launching, marketing, and selling of its products.