Pacific Biosciences' second quarter revenue of $39M misses estimates as the company lowers its full-year outlook.

Pacific Biosciences of California reported second quarter revenue of $39.0 million, a 2% decrease year-over-year, missing analyst estimates of $41.0 million. The company reported a non-GAAP net loss of $0.14 per share, which was in line with expectations. Concurrent with the earnings release, the company announced a CEO transition and a restructuring plan involving an 8% workforce reduction. Citing business conditions, PacBio lowered its full-year 2026 revenue guidance.

Key Highlights

• Full-year 2026 revenue guidance was lowered to a range of $155 million to $165 million, down from the prior range of $165 million to $175 million.
• PacBio appointed Mark Van Oene as its new President and CEO, succeeding Christian Henry. The company also initiated a restructuring plan expected to reduce annualized operating expenses by $30 to $40 million by the end of 2027.
• The company placed 20 Revio systems in the quarter, an increase from 15 in the prior-year period. However, annualized consumable pull-through per Revio system declined to approximately $202,000 from $219,000 a year ago.
• Non-GAAP gross margin contracted to 36% from 38% in the second quarter of 2025, which the company attributed to higher costs and lower average selling prices on strategic multi-system placements.