PacBio Marks a Year of Unprecedented Growth and Breakthroughs in Genomic Sequencing
Pacific Biosciences of California, Inc. (PacBio) has announced a remarkable year of growth and expansion in its genomic research capabilities. The company’s preliminary unaudited revenue for the fourth quarter of 2023 was reported at $58.4 million, with an annual revenue reaching $200.5 million. These figures represent a significant increase from the previous year, with growth rates of 113% and 56% for the quarter and full year, respectively.
The President and CEO, Christian Henry, has expressed great satisfaction with the company’s performance, highlighting the successful introduction and rising demand for its cutting-edge sequencing platforms. The Revio system, which offers scalable and precise long-read sequencing, and the Onso short read sequencer, known for its unparalleled accuracy, have both been instrumental in propelling the company’s growth. These platforms are expected to be central to future large-scale genomics projects and a variety of short-read applications.
PacBio’s advancements are not limited to financial achievements. The company has made significant progress in enhancing its product line and establishing key collaborations. Its partnership with the University of California Irvine through the GREGoR consortium aims to utilize PacBio’s HiFi technology for sequencing thousands of genomes to improve the understanding of rare diseases. The release of the SMRT Link 13.0 software has also been a notable development, offering increased lab efficiency and broader application support for DNA sequencing. The introduction of Kinnex RNA kits for comprehensive RNA sequencing has already attracted orders from over 70 customers.
The company’s success is further evidenced by its impressive shipment figures. By the close of 2023, PacBio had shipped 44 Revio sequencing systems, resulting in a total installed base of 173 systems. Additionally, the company shipped 20 Sequel IIe systems over the year, bringing the total to 532 systems. The consumable revenue for the fourth quarter is anticipated to be around $18.9 million, with a substantial contribution from the Revio system.
PacBio’s dedication to advancing genomic research is underscored by its robust financial position, with an expected balance of approximately $631 million in cash, cash equivalents, and investments as of December 31, 2023. This positions the company to sustain its growth and continue innovating in the genomics arena.
PacBio’s record-breaking year underscores its commitment to driving forward genomic research with its sophisticated sequencing technologies. As PacBio advances, the scientific community watches with anticipation for the breakthroughs and contributions that will stem from its ongoing innovation. The progress made in 2023 lays a solid groundwork for the company’s future initiatives, which are poised to yield new insights and progress in the comprehension of intricate genetic data.
