PacBio (PACB) Stock: Why It Increased Over 7% Today

By Amit Chowdhry ● Aug 4, 2022
  • The stock price of PacBio (PACB)  increased by over 7% during intraday trading today. This is why.

The stock price of PacBio (PACB)  increased by over 7% during intraday trading today. Investors are responding to the company’s financial results for the quarter ended June 30, 2022.

Below were the highlights: 

— Revenue of $35.5 million, a 16% increase compared with $30.6 million in the prior year period.

— Delivered 36 Sequel II/IIe systems, compared with 38 Sequel II/IIe systems in the prior year period.

— Installed base of 460 Sequel II/IIe systems as of June 30, 2022, compared with 282 as of June 30, 2021.

— Instrument revenue of $15.6 million, compared with $14.3 million in the prior year period. 

— Consumables revenue of $14.6 million compared with $12.2 million in the prior year period. 

— Service and other revenue of $5.3 million, compared with $4.1 million in the prior year period.

— Gross profit for the second quarter of 2022 was $16.2 million, representing an 18% increase compared with $13.8 million for the second quarter of 2021, and gross margin was 46% in the second quarter of 2022 compared to 45% for the second quarter of 2021. Excluding amortization of intangible assets, non-GAAP gross profit for the second quarter of 2022 was $16.4 million and represented a non-GAAP gross margin of 46% in the second quarter of 2022, compared to 45% for the second quarter of 2021.

— Operating expenses totaled $84.2 million for the second quarter of 2022, compared to $51.3 million for the second quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible assets, non-GAAP operating expenses totaled $89.6 million for the second quarter of 2022, compared to $51.3 million for the second quarter of 2021. And operating expenses for the second quarter of 2022 and the second quarter of 2021 included non-cash stock-based compensation of $18.0 million and $13.9 million, respectively.

— The net loss for the second quarter of 2022 was $71.4 million, compared to a net loss of $41.0 million for the second quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible assets in the second quarter of 2022, non-GAAP net loss was $76.6 million, compared to $41.0 million for the second quarter of 2021.

— The GAAP net loss per share for the second quarter of 2022 was $0.32 compared to GAAP net loss per share of $0.21 for the second quarter of 2021. And non-GAAP net loss per share for the second quarter of 2022 was $0.34 compared to $0.21 for the second quarter of 2021.

— Cash, cash equivalents, and investments, excluding short and long-term restricted cash, at June 30, 2022, totaled $899.2 million, compared to $1.0444 billion at December 31, 2021.