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Pacific Biosciences
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Latest analysis
Updated Nov 5, 2026
PacBio Q3 2026: Revio installed-base growth drives consumables lift, but margin compression and $641M debt load signal acute near-term risk
PacBio delivered modest revenue growth in Q3 2026, with total quarterly revenue of $40.6 million versus $38.4 million in Q3 2025, driven by higher Revio and Vega instrument unit sales and expanding consumables pull-through from a growing installed base. Gross profit declined $2.4 million quarter-over-quarter as rising memory component costs, contract manufacturer exit charges, and PGI patent license amortization offset top-line gains. The company entered Q4 2026 with $199.4 million in cash against $641 million in convertible notes, an annualized cash burn that consumed $117.9 million in the first nine months of 2026, and a simultaneous CEO and CFO transition that elevates execution risk at a critical commercialization inflection.
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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