Pacific Biosciences of California, Inc.
- Open
- 1.67
- Day high
- 1.80
- Day low
- 1.66
- Prev close
- 1.68
- Volume
- 3.1M
- Mkt cap
- $545M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 230.4
- P/S
- 3.4
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$121K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions accumulating (13F)
Pacific Biosciences of California, Inc. (PACB) is a Healthcare company listed on NASDAQ. The stock is up 30% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Pacific Biosciences of California, Inc. (PACB) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
PACB earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.17 | $-0.12 | +29.4% | $37M | -6.9% |
| Feb 12, 2026 | $-0.19 | $-0.12 | +36.8% | $45M | +6.6% |
| Nov 5, 2025 | $-0.16 | $-0.12 | +25.0% | $38M | -13.8% |
| Aug 7, 2025 | $-0.18 | $-0.13 | +27.8% | $40M | -0.5% |
| May 8, 2025 | $-0.19 | $-0.15 | +21.1% | $37M | +0.7% |
| Feb 13, 2025 | $-0.20 | $-0.20 | +0.0% | $39M | -3.6% |
| Nov 7, 2024 | $-0.20 | $-0.17 | +15.0% | $40M | -4.7% |
| May 9, 2024 | $-0.26 | $-0.26 | +0.0% | $39M | -10.7% |
| Feb 15, 2024 | $-0.31 | $-0.27 | +12.9% | $58M | +1.5% |
| Aug 2, 2023 | $-0.34 | $-0.26 | +23.5% | $48M | +18.0% |
| May 2, 2023 | $-0.33 | $-0.31 | +6.1% | $39M | +13.1% |
| Feb 16, 2023 | $-0.35 | $-0.35 | +0.0% | $27M | +4.4% |
PACB insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 4, 2026 | MILLIGAN JOHN Fdirector | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | Smith Christopher Mdirector | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | Gibson Christopherdirector | Grant | 74,497 | $1.58 |
| Jun 4, 2026 | ORDONEZ KATHYdirector | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | LIVINGSTON RANDALL Sdirector | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | Valantine Hannahdirector | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | Ericson William W.director | Grant | 223,492 | $1.58 |
| Jun 4, 2026 | MOHR MARSHALLdirector | Grant | 223,492 | $1.58 |
| Apr 10, 2026 | Gibson Christopherdirector | Grant | 57,473 | — |
| Apr 10, 2026 | Gibson Christopherdirector | Grant | 77,842 | $1.52 |
| Apr 3, 2026 | Gibson James R IIofficer: See Remarks | Sell | 88,185 | $1.37 |
| Mar 5, 2026 | Gibson Christopherdirector | Grant | 73,087 | $1.52 |
| Mar 5, 2026 | Gibson Christopherdirector | Grant | 53,913 | — |
| Mar 4, 2026 | HENRY CHRISTIAN Oofficer: See Remarks | Sell | 12,497 | $1.51 |
| Mar 4, 2026 | Van Oene Markofficer: See Remarks | Sell | 6,504 | $1.51 |
Source: PACB SEC Form 4 filings, latest Jun 4, 2026. For informational purposes only — not investment advice.
See the full PACB insider & 13F page →Pacific Biosciences of California, Inc. company profile
Overview
Pacific Biosciences of California, Inc. (NASDAQ:PACB) is a biotechnology company founded in 2000 and headquartered in Menlo Park, California. Originally incorporated as Nanofluidics, Inc., the company changed its name to Pacific Biosciences in 2005 and went public in 2010. PacBio specializes in developing and manufacturing advanced DNA sequencing systems that enable researchers to decode complex genetic information with unprecedented accuracy and detail. The company has evolved from a research-focused organization to a commercial enterprise serving academic institutions, clinical laboratories, and pharmaceutical companies worldwide, though it continues to face profitability challenges while pursuing technological innovation in the genomics field.
Business
Pacific Biosciences operates in the DNA sequencing industry, a critical segment of the broader genomics and life sciences market. DNA sequencing is the process of determining the precise order of nucleotides (the building blocks A, T, G, and C) within a DNA molecule, which is essential for understanding genetic information, diagnosing diseases, developing treatments, and advancing biological research. The company's core technology is Single Molecule Real-Time (SMRT) sequencing, which allows scientists to read extremely long stretches of DNA with high accuracy. This "long-read" sequencing capability distinguishes PacBio from traditional "short-read" sequencing technologies that can only analyze small DNA fragments. Long-read sequencing is particularly valuable for resolving complex genomic regions, detecting structural variations, and providing complete pictures of genetic sequences that shorter methods cannot capture. PacBio's primary products include: 1. Revio System - The company's flagship high-throughput long-read sequencing platform, capable of generating up to 120 gigabases of data per run with the latest Spark chemistry. This system can sequence approximately 2,500 human genomes annually and targets large research institutions and commercial laboratories. 2. Vega System - A benchtop sequencer launched in 2024, priced at $169,000 and designed for smaller laboratories. It provides 60 gigabases of output in 24 hours, making long-read sequencing accessible to a broader range of customers. 3. Consumables and Reagents - Including SMRT cells, sequencing kits, binding kits, and template preparation kits that are required for each sequencing run and represent the recurring revenue component of the business. The company serves multiple market segments: Human Genomics (40% of revenue), Plant and Animal Genomics (25%), Microbiology and Infectious Disease (20%), Cancer Genomics (10%), and other emerging applications (5%). Clinical applications, representing about 15% of total revenue, include rare disease testing, carrier screening, and genetic diagnostics.
Revenue model
PacBio generates revenue through a razor-and-blade business model combining upfront instrument sales with recurring consumable revenues. The company sells sequencing instruments ranging from $169,000 for the Vega system to higher-priced Revio systems, followed by ongoing sales of consumables required for each sequencing run. The consumables business provides the foundation for recurring revenue, with customers purchasing SMRT cells, reagent kits, and other supplies for each sequencing project. Current consumable pull-through averages approximately $251,000 per Revio system annually, though this varies based on customer utilization patterns. Consumable revenue has shown consistent growth, increasing 24-26% year-over-year in recent quarters even as instrument sales fluctuated. Paying customers include research institutions, academic medical centers, commercial laboratories, genome centers, pharmaceutical companies, agricultural biotechnology firms, and clinical diagnostic laboratories. The customer base spans from large-scale population genomics projects requiring high-throughput capabilities to smaller laboratories conducting specialized research. Several factors influence PacBio's margins and profitability. Positive margin drivers include increasing consumable utilization as customers expand their sequencing projects, the introduction of higher-throughput chemistry that increases data output per run, manufacturing scale economies as production volumes grow, and expansion into higher-margin clinical applications. The company has reduced Revio system costs by 16% and consumable costs by 22% through manufacturing improvements. Margin pressures come from intense competition with established players like Illumina in the broader sequencing market, macroeconomic factors affecting research funding (particularly NIH budget constraints impacting academic customers), lengthy sales cycles for capital equipment purchases, geographic concentration risks (especially in China and Europe), and the need for continued R&D investment to maintain technological leadership. The company also faces challenges from fluctuating foreign exchange rates and potential supply chain disruptions.
Competitive moat
PacBio's competitive moat is moderately strong but narrow, built primarily around its proprietary long-read sequencing technology and the specific applications where this capability provides clear advantages. The company's SMRT sequencing platform offers unique benefits for analyzing complex genomic regions, detecting structural variations, and providing complete genome assemblies that short-read technologies cannot match. The technical moat stems from years of R&D investment in single-molecule sequencing chemistry and optics, creating intellectual property barriers and know-how that would be difficult for competitors to replicate quickly. The company's ability to read DNA sequences up to tens of thousands of base pairs long, compared to hundreds for short-read technologies, provides a defensible technical advantage for specific applications. However, the moat faces several vulnerabilities. The total addressable market for long-read sequencing remains significantly smaller than the broader sequencing market dominated by Illumina's short-read platforms. Most routine sequencing applications can be adequately served by less expensive short-read technologies, limiting PacBio's market expansion potential. Additionally, Illumina and other competitors continue developing longer-read capabilities that could erode PacBio's technical differentiation over time. Competitive threats include Oxford Nanopore Technologies, which offers portable long-read sequencing with different technological approaches, and potential technological disruptions from well-funded competitors like Illumina. The company also faces indirect competition from improving short-read technologies and computational methods that can partially address some applications currently requiring long-read sequencing. The switching costs for customers are moderate, as researchers must invest time in learning new protocols and potentially modifying their workflows, but these barriers are not insurmountable. PacBio's installed base provides some recurring revenue protection through consumables, but the relatively small scale compared to market leaders limits network effects and bargaining power with suppliers.
Risks & safety
PacBio's margin of safety is concerning, with significant financial risks despite recent restructuring efforts. **Cash and Solvency:** - Cash and short-term investments: $58.5 million (Q1 2025) - Quarterly cash burn: approximately $50 million in free cash flow - Current ratio: 6.68, indicating strong short-term liquidity - Debt-to-equity ratio: 7.63, reflecting high leverage from convertible debt - Management projects achieving cash flow positive by end of 2027 - Expected 2025 cash burn of $115 million **Valuation Concerns:** - Trading at 0.21x price-to-earnings (based on positive Q4 2024 earnings) - Price-to-book ratio: 3.82 - Enterprise value negative relative to EBITDA due to losses - Market cap of approximately $342 million against annual revenue of $154 million **Other Considerations:** - Recent debt restructuring with SoftBank extended maturity to 2029 but increased leverage - Revenue guidance of $150-170 million for 2025 suggests continued pressure - Heavy dependence on external funding or achieving profitability within 2-3 years - Restructuring reduced operating expenses by $75 million annually
Recent development
Over the past few years, PacBio has undergone significant strategic evolution focused on commercial execution improvements and platform diversification. The company launched its flagship Revio system as a successor to the Sequel platform, offering 15x higher data output and introducing advanced chemistry improvements like Spark chemistry, which increases throughput by 33% and reduces DNA input requirements to 500 nanograms. A major development was the 2024 launch of the Vega benchtop sequencer, priced at $169,000 and targeting smaller laboratories previously unable to access long-read sequencing. This democratization strategy aims to expand the addressable market, with 70% of the Vega sales pipeline representing new customers to PacBio. The company has made significant operational restructuring moves, including a 25% workforce reduction and annual operating expense cuts of $75 million. Management paused development of a high-throughput short-read sequencing platform to focus resources on core long-read technologies and the clinical market opportunity. Clinical market expansion represents a key strategic pivot, with clinical applications growing to 15% of total revenue. The company developed the PureTarget panel for genetic testing and is targeting rare disease diagnostics, carrier screening, and oncology applications. Management believes clinical revenue could double to 30%+ of total revenue within three years. Recent debt restructuring with SoftBank in 2024 involved exchanging $459 million in convertible notes, reducing total debt by $259 million and extending maturity to 2029. The company also introduced various customer financing programs, including leasing options through Mitsubishi Capital, to address capital expenditure barriers for instrument purchases. Manufacturing improvements have reduced Revio system costs by 16% and consumable costs by 22%, while the introduction of multi-use SMRT cells aims to further reduce sequencing costs for customers. The company continues developing an ultra-high throughput long-read sequencing system for future market expansion.
PACB company profile · for informational purposes only — not investment advice.
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