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Pacific Biosciences
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Latest analysis
Updated Aug 6, 2026
PacBio posts flat H1 2026 revenue of $76.2M as CEO exits, July restructuring targets $30-40M annualized opex cut by end-2027
Pacific Biosciences enters the second half of 2026 in a structurally challenged position: revenue was flat versus the prior-year period, cash declined to $236.9 million, and the company replaced its CEO effective August 5, 2026. The most consequential near-term development is a July 2026 restructuring — an approximately 8% workforce reduction targeting $30 million to $40 million in annualized operating expense savings by end-2027 — layered on top of two prior restructuring cycles in 2024 and 2025. Consumables revenue is the only segment growing organically, driven by the Revio installed base and the Q2 launch of SPRQ-Nx chemistry, while instrument revenue faces structural headwinds from NIH/academic funding uncertainty and lower Vega unit sales.
Tone: defensiveRevenue
$160M
PACB 10-K · FY 2025
Employees
485
Revenue FY2024
$154M
Headquarters
Menlo Park, CA
Profile
PACB 10-K Item 1 · Feb 25, 2026Pacific Biosciences designs, develops, and manufactures advanced long-read DNA sequencing systems based on its proprietary Single-Molecule Real-Time (SMRT) technology. The company's HiFi sequencing platform delivers highly accurate, long-read genomic data enabling detection of all major classes of genetic variation in a single workflow. Its customers span academic research institutions, genome centers, hospitals, CROs, pharmaceutical companies, and agricultural organizations worldwide.
Read filing description ↓ Collapse description ↑
We are a premier life science technology company that designs, develops, and manufactures advanced sequencing solutions that enable scientists and clinical researchers to improve their understanding of the genome and ultimately, resolve genetically complex problems. Our products and technology, which include our HiFi long-read sequencing technology, address a broad set of applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. Our focus is on creating some of the world's most advanced sequencing systems to provide our customers with the most complete and accurate view of genomes, transcriptomes, and epigenomes. Our HiFi long-read sequencing approach is based on Single-Molecule Real-Time ('SMRT') technology and enables highly accurate detection of the nucleotide sequence and epigenetic status of individual DNA molecules. HiFi sequencing delivers long, highly accurate reads that support analysis of complex genomic and transcriptomic features that are difficult to resolve using conventional short-read sequencing technologies. Our offerings include sequencing instruments, nanofluidic chips ('SMRT Cells'), reagents for DNA extraction, library preparation, and sequencing, application-specific sequencing workflows, as well as services we perform for customers. Our mission is to enable the promise of genomics to better human health. We believe that unleashing the full potential of genomics will require a level of accuracy and completeness inaccessible to legacy technologies. Accuracy and completeness are central to our product development strategy; thus, we have created some of the most innovative and high-quality genomics solutions on the market.
Primary products
- Revio system
- Vega system
- Sequel systems
- SMRT Cells
- Kinnex kits
- PureTarget panels
End markets
Geographies
Named customers
For the years ended December 31, 2025, 2024, and 2023, no customer accounted for 10% or more of our total revenue.
Named competitors
“In order for us to maintain and increase our sales, we will need to demonstrate that our products deliver superior performance and value as a result of our key differentiators.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenue increased from $154.0 million in 2024 to $160.0 million in 2025, driven primarily by higher consumable sales, Vega instrument sales, and service and other revenue, partially offset by lower Revio instrument sales.
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