Q2 FY2026
Filed Aug 5, 2026PacBio 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.