PacBio preliminary Q4 results support ‘bullish’ thesis, says Canaccord

Canaccord reiterates the firm’s Buy rating and $15 price target on Pacific Biosciences shares after the company announced preliminary Q4 results that were ahead of the firm’s expectations and FactSet consensus. While the firm notes that the company shipped 44 Revio systems in Q4, below its estimate of 48 units, and calls the decline in shipments “not ideal,” it adds that “it is too early to jump to negative conclusions.” Though the company did not provide 2024 guidance in conjunction with its release, the firm thinks the Q4 results suggest the company is on track to generate at least $250M in revenue in 2024 and support the firm’s “bullish investment thesis on the shares.”