PacBio reports preliminary Q1 revenue $38.8M, consensus $50.27M

Preliminary revenue for the first quarter was below the company’s expectations due to an increasing number of customers delaying instrument purchases and softness in consumable shipments. All regions underperformed, with 13 Revio systems falling out of the forecast in the last couple of weeks in the first quarter, which the company believes primarily resulted from elongated customer purchasing cycles. The median sales cycle for Revio instrument purchases increased more than expected in the first quarter of 2024. PacBio believes that these instruments continue to be strong sales opportunities that are likely to close in 2024.