PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB): Results of Operations and Financial Condition
PACIFIC BIOSCIENCES OF CALIFORNIA, INC. (PACB) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 PacBio Announces Second Quarter 2026 Financial Results MENLO PARK, Calif., August 5, 2026 (GLOBE NEWSWIRE) – PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2026. Recent Business Highlights • Total revenue of $39.0 million was d
How this was made
The 30-second read
Why it matters
Traders can update models for FY 2026 revenue and near-term profitability given the explicit guidance range and the stated drivers of gross margin decline (compute/memory costs, Vega manufacturing transition, and lower Revio ASPs).
Market read
Fresh quarterly financials plus a new FY 2026 revenue range and margin driver commentary create a direct catalyst for PACB positioning into and after the earnings call.
What to watch
Investors may focus on the annualized Revio pull-through per system (~$202k vs ~$219k) and the mix shift from strategic multi-system placements, which can mask underlying demand strength until later quarters.
PacBio reported Q2 2026 revenue of $39.0 million, with higher consumable revenue but lower instrument and service and other revenue, while GAAP and non-GAAP gross margins and net results were below the prior-year quarter.
Consumable revenue and Revio system placements increased versus Q2 2025, but total revenue, instrument revenue, service and other revenue, gross margins, and GAAP and non-GAAP net loss results were unfavorable versus the prior-year quarter.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | $39.0 million | – | – |
| Consumable revenueother | $20.1 million | – | – |
| Instrument revenueother | $12.8 million | – | – |
| Service and other revenueother | $6.1 million | – | – |
| Revio system placementsother | 20 | – | – |
| Vega system placementsother | 26 | – | – |
| Annualized Revio pull-through per systemother | ~$202,000 | – | – |
| Gross profitGAAP | $12.6 million | – | – |
| Gross profitnon-GAAP | $13.9 million | – | – |
| Gross marginGAAP | 32% | – | – |
| Gross marginnon-GAAP | 36% | – | – |
| Operating expensesGAAP | $57.2 million | – | – |
| Operating expensesnon-GAAP | $56.1 million | – | – |
| Share-based compensationGAAP | $8.6 million | – | – |
| Net lossGAAP | $44.7 million | – | – |
| Net lossnon-GAAP | $41.9 million | – | – |
| Net loss per shareGAAP | $0.14 | – | – |
| Net loss per sharenon-GAAP | $0.14 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Consumable revenueThe release cited growing consumables. | $20.1 million | – | – |
| Instrument revenueInstrument revenue included both single-system and multi-system orders, including an order for several Revio systems from a new population-scale customer. | $12.8 million | – | – |
| Service and other revenueNot specified in the release. | $6.1 million | – | – |
full year 2026 outlook
- Revenue$155 million to $165 million
What drove it
- The Company commenced its full rollout of SPRQ-Nx chemistry.
- PacBio commenced global commercial rollout of SPRQ-Nx, with whole genome sequencing at $345 USD list price per genome.
- PacBio commenced sequencing and sample delivery for Basecamp Research, described as its largest population-scale program to date.
- The Company implemented restructuring actions primarily to streamline marketing and R&D organizations, strengthen the go-to-market commercial organization, and drive greater cost discipline going forward.
Concerns
- GAAP gross margin was 32% compared to 37% for the second quarter of 2025, while non-GAAP gross margin was 36% compared to 38%.
- The decline in non-GAAP gross margin was primarily driven by higher compute and memory costs, Vega manufacturing transition costs, and lower Revio average selling prices associated with strategic multi-system customer placements.
- GAAP net loss was $44.7 million compared to $41.9 million for the second quarter of 2025, and non-GAAP net loss was $41.9 million compared to $40.0 million.
- Vega system placements were 26 compared to 38, and annualized Revio pull-through per system was ~$202,000 compared to ~$219,000.
What to watch
- Execution of the full rollout of SPRQ-Nx chemistry.
- Revenue performance against full-year 2026 guidance of $155 million to $165 million.
- The effects of restructuring actions on cost discipline and the go-to-market commercial organization.
- Revio and Vega system placements, consumable revenue, and annualized Revio pull-through per system.
- The effect of compute and memory costs, Vega manufacturing transition costs, and Revio average selling prices on gross margin.
Balance sheet and cash flow
- Ending cash, cash equivalents, and investments: $236.9 million, compared to $314.7 million in Q2 2025.
Analysis
PacBio reported revenue of $39.0 million for Q2 2026, compared to $39.8 million in Q2 2025. Consumable revenue was $20.1 million compared to $18.9 million, while instrument revenue was $12.8 million compared to $14.2 million and service and other revenue was $6.1 million compared to $6.7 million. The release attributed total revenue to growing consumables and new Revio and Vega placements as the Company commenced its full rollout of SPRQ-Nx chemistry.
System activity was mixed. Revio system placements were 20 compared to 15, whereas Vega system placements were 26 compared to 38. Annualized Revio pull-through per system was ~$202,000 compared to ~$219,000. Instrument revenue included both single-system and multi-system orders, including an order for several Revio systems from a new population-scale customer.
Gross profitability weakened versus Q2 2025. GAAP gross profit was $12.6 million compared to $14.7 million and GAAP gross margin was 32% compared to 37%. Non-GAAP gross profit was $13.9 million compared to $15.2 million and non-GAAP gross margin was 36% compared to 38%. PacBio identified higher compute and memory costs, Vega manufacturing transition costs, and lower Revio average selling prices associated with strategic multi-system customer placements as the primary drivers of the non-GAAP gross-margin decline.
Operating expenses were lower year over year, with GAAP operating expenses of $57.2 million compared to $59.5 million and non-GAAP operating expenses of $56.1 million compared to $58.1 million. However, GAAP net loss was $44.7 million compared to $41.9 million, and non-GAAP net loss was $41.9 million compared to $40.0 million. The Company implemented restructuring actions focused on marketing and R&D streamlining, commercial go-to-market strengthening, and future cost discipline.
PacBio expects full-year 2026 revenue of $155 million to $165 million. The balance-sheet figure reported was ending cash, cash equivalents, and investments of $236.9 million, compared to $314.7 million in Q2 2025. Key reported execution items are the global commercial rollout of SPRQ-Nx, sequencing and sample delivery for Basecamp Research, and the Company’s ability to manage the cost and pricing factors identified in its gross-margin commentary.
Not in the filing
stated, not guessed- Prior-quarter comparisons for revenue, revenue categories, system placements, annualized Revio pull-through per system, gross profit, gross margin, operating expenses, net loss, and net loss per share.
- Year-over-year percentage changes for revenue, revenue categories, system placements, annualized Revio pull-through per system, gross profit, gross margin, operating expenses, net loss, and net loss per share.
- GAAP and non-GAAP operating income or loss.
- Operating cash flow.
- Free cash flow.
- Debt.
- Share repurchases.
- Dividends.
- Guidance for gross margin, operating expenses, tax rate, EPS, net income or loss, operating cash flow, or free cash flow.
- Prior-period financial outlook for comparison with reported results.
- Named executive quotes.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
PacBio filed an SEC 8-K with its Q2 2026 financial results (Exhibit 99.1) and included restructuring actions and operational milestones tied to SPRQ-Nx and Basecamp Research.
Ticker impact
PacBio reported Q2 2026 results and guided full-year 2026 revenue to $155 million to $165 million, plus noted SPRQ-Nx rollout and margin drivers.
Likely modest volatility around the guidance range and margin commentary, with direction dependent on how the market interprets the revenue outlook versus gross margin pressure.
Revenue was roughly flat year over year ($39.0M vs $39.8M) while gross margin declined (non-GAAP 38% to 36%), but the company also highlighted ongoing SPRQ-Nx commercialization and provided a specific FY 2026 revenue band.
Market effects
Signals ongoing execution in long-read sequencing commercialization (Revio/Vega placements, SPRQ-Nx chemistry rollout) while highlighting cost headwinds (compute/memory, manufacturing transition).
Primarily US-listed biotech/life-science equipment sentiment; limited direct regional spillover beyond investor perception of sequencing platform adoption.
Global rollout and publications in NEJM and Nature Genetics may support broader clinical credibility, but the immediate tradable driver is the company’s FY revenue guidance and margin trajectory.
Counterpoint
The revenue outlook ($155M to $165M) may be viewed as conservative if SPRQ-Nx pull-through accelerates slower than expected, especially with non-GAAP gross margin declining due to transition costs.
Key entities
- companyPacBio
NASDAQ-listed long-read sequencing company reporting Q2 2026 results and FY 2026 revenue guidance.
- product/programSPRQ-Nx chemistry
Sequencing chemistry rollout referenced as part of PacBio’s global commercial expansion.
- programBasecamp Research
AI therapeutic design lab for which PacBio began sequencing and sample delivery.
