Pacific Biosciences of California, Inc. designs, develops, and manufactures sequencing solutions to resolve genetically complex problems. The company provides sequencing systems; consumable products, including single molecule real-time (SMRT) technology; long-read sequencing; and various reagent kits designed for specific workflow, such as preparation kit to convert DNA into SMRTbell double-stranded DNA library formats, including molecular biology reagents, such as ligase, buffers, and exonucleases. It also offers binding kits, such as modified DNA polymerase used to bind SMRTbell libraries to the polymerase in preparation for sequencing; and sequencing kits comprise reagents required for on-instrument, real-time sequencing, including the phospholinked nucleotides. In addition, the company provides Revio, Vega, and Sequel instruments which conduct, monitor, and analyze single-molecule biochemical reactions on SMRT cell microchips; short-read sequencing; and onso instrument. It serves academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, contract research organizations, pharmaceutical companies, and agricultural companies. The company markets its products through a sales force and distribution partners in Australia, certain parts of Asia, Europe, the Middle East, Africa, Central America, and South America. It has a collaboration with DNAstack Inc. to provide federated dataset of HiFi whole genome sequencing data. The company was formerly known as Nanofluidics, Inc. and changed its name to Pacific Biosciences of California, Inc. in 2005. Pacific Biosciences of California, Inc. was incorporated in 2000 and is headquartered in Menlo Park, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $160M | $-153M | $-546M | $-119M | -10214.5% | 3.9% | 76.3% |
| 2024 | $154M | $-243M | $-310M | $-212M | -61.2% | -23.2% | 1.0% |
| 2023 | $201M | $-277M | $-307M | $-268M | -43.7% | 56.3% | -2.4% |
| 2022 | $128M | $-282M | $-314M | $-280M | -55.8% | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 128.30 | 200.52 | 154.01 | 160 |
| Operating Revenue | - | 128.30 | 200.52 | 154.01 | 160 |
| Cost Of Revenue | - | 79.27 | 147.74 | 116.73 | 114.22 |
| Gross Profit | - | 49.04 | 52.78 | 37.28 | 45.78 |
| Operating Expense | - | 353.85 | 363.14 | 327.94 | 603.34 |
| Research And Development | - | 193 | 187.17 | 134.92 | 97.31 |
| Selling General And Administration | - | 160.85 | 169.82 | 175.02 | 141.49 |
| Total Expenses | - | 433.12 | 510.89 | 444.68 | 717.57 |
| Operating Income | - | -304.82 | -310.36 | -290.66 | -557.56 |
| Total Operating Income As Reported | - | -307.20 | -334.47 | -474.31 | -553.86 |
| EBITDA | - | -282.24 | -277.28 | -242.77 | -152.69 |
| Normalized EBITDA | - | -279.86 | -251.15 | -213.53 | -156.39 |
| EBIT | - | -299.56 | -303.82 | -296.12 | -539.10 |
| Interest Expense | - | 14.69 | 14.34 | 13.41 | 6.95 |
| Net Interest Income | - | -14.69 | -14.34 | -13.41 | -6.95 |
| Other Non Operating Income Expenses | - | 7.64 | 32.68 | 23.78 | 14.76 |
| Other Income Expense | - | 5.26 | 6.55 | -5.46 | 18.46 |
| Interest Expense Non Operating | - | 14.69 | 14.34 | 13.41 | 6.95 |
| Net Non Operating Interest Income Expense | - | -14.69 | -14.34 | -13.41 | -6.95 |
| Pretax Income | - | -314.25 | -318.16 | -309.54 | -546.06 |
| Tax Provision | - | 0 | -11.42 | 0.32 | 0.32 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -0.94 | -6.14 | 0.78 |
| Net Income Continuous Operations | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Net Income From Continuing And Discontinued Operation | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Net Income From Continuing Operation Net Minority Interest | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Net Income | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Net Income Common Stockholders | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Net Income Including Noncontrolling Interests | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Normalized Income | - | -311.87 | -281.54 | -286.75 | -549.30 |
| Diluted NI Availto Com Stockholders | - | -314.25 | -306.74 | -309.85 | -546.38 |
| Basic Average Shares | - | 224.55 | 253.63 | 274.49 | 299.96 |
| Diluted Average Shares | - | 224.55 | 253.63 | 288.37 | 299.96 |
| Reconciled Depreciation | - | 17.32 | 26.53 | 53.35 | 386.41 |
| Reconciled Cost Of Revenue | - | 61.95 | 127.36 | 81.39 | 92.35 |
| Total Unusual Items | - | -2.38 | -26.14 | -29.24 | 3.70 |
| Total Unusual Items Excluding Goodwill | - | -2.38 | -26.14 | -29.24 | 3.70 |
| Special Income Charges | - | -2.38 | -26.14 | -29.24 | 3.70 |
| Other Special Charges | 52 | - | 2.03 | -154.41 | - |
| Write Off | - | 0 | 0 | 184.50 | 15 |
| Restructuring And Mergern Acquisition | - | 2.38 | 24.10 | -0.85 | -18.70 |
| Depreciation Amortization Depletion Income Statement | - | 0 | 6.16 | 18.01 | 364.54 |
| Depreciation And Amortization In Income Statement | - | 0 | 6.16 | 18.01 | 364.54 |
| Amortization | - | 0 | 6.16 | 18.01 | 364.54 |
| Amortization Of Intangibles Income Statement | - | 0 | 6.16 | 18.01 | 364.54 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pacific Biosciences of California, Inc.this co. | PACB | $506M | -0.93 | 94.65 | -10214.5% | -7.50 |
| XOMA Royalty Corporation | XOMA | $532M | 16.77 | 6.34 | 37.8% | 12.14 |
| 4D Molecular Therapeutics, Inc. | FDMT | $523M | -3.73 | 1.03 | -27.7% | -3.19 |
| Aquestive Therapeutics, Inc. | AQST | $519M | -6.20 | -15.43 | 248.9% | -6.66 |
| Arvinas, Inc. |
| - |
| 2021 | - | - | - | - | - | - | - |
| ARVN |
| $499M |
| -6.18 |
| 1.15 |
| -18.6% |
| -3.23 |
| AngioDynamics, Inc. | ANGO | $497M | -14.62 | 2.72 | -18.6% | 256.27 |
| Standard BioTools Inc. | LAB | $496M | -6.62 | 1.17 | -17.7% | -4.73 |
| Evolent Health, Inc. | EVH | $493M | -0.92 | 1.19 | -128.7% | -3.68 |
| Prothena Corporation plc | PRTA | $484M | -1.98 | 1.73 | -87.0% | -1.01 |
| Peer Median | - | -4.96 | 1.18 | -18.6% | -3.21 | |