PacBio, a leading developer of high-quality sequencing solutions, announced its preliminary unaudited revenue for the fourth quarter of 2024 and full year 2024. The company's revenue for the fourth quarter of 2024 is expected to be approximately $39.2 million, reflecting a decline of 33% compared to the prior-year period. For the full year 2024, the revenue is reported at $154.0 million, representing a year-over-year decline of 23%.
The preliminary instrument revenue for the fourth quarter of 2024 is expected to be approximately $15.3 million, down from $35.1 million in the fourth quarter of 2023. This decline is significant, with preliminary consumables revenue for the fourth quarter of 2024 holding steady at approximately $18.8 million compared with $18.9 million for the fourth quarter of 2023. Additionally, the preliminary service and other revenue for the fourth quarter of 2024 is expected to be approximately $5.1 million, compared with $4.4 million for the fourth quarter of 2023.
The company also provided an update on its financial position, with the total preliminary unrestricted cash, cash equivalents, and investments balance as of December 31, 2024, expected to be approximately $390 million.
Despite the challenging revenue figures, PacBio's president and CEO, Christian Henry, expressed confidence in the company's performance, stating that 2024 was a productive year as they launched groundbreaking products, strengthened their balance sheet, and made significant progress in reducing cash burn. Henry also expressed optimism for 2025, noting that the early feedback on the Vega system and SPRQ chemistry has been encouraging, and the expansion into the clinical market is beginning to take shape.
The company also highlighted key business updates, including the launch of the Vega system, an innovative benchtop sequencing platform, as well as the launch of SPRQ chemistry, unlocking the sub-$500 hifi long-read human genome on the Revio system. PacBio also delivered its first Vega systems to Berry Genomics as part of an early access agreement to support their efforts in developing targeted assays for prenatal health and carrier and newborn screening programs in China and other global markets.
PacBio's final, audited financial results are expected to be reported during a conference call in February, where the company will discuss its 2024 financial results in more detail. As a result of these announcements, the company's shares have moved -0.5% on the market, and are now trading at a price of $2.0. If you want to know more, read the company's complete 8-K report here.
