PacBio Prel. Q4 Revenue Surges, But Stock Down In Pre-market

(RTTNews) - Pacific Biosciences of California, Inc. (PACB) Monday said that its preliminary revenue for the fourth quarter and the full year increased by 113 percent and 56 percent respectively, year on year.

Preliminary quarterly revenue is reported at around $58.4 million and yearly revenue at around $200.5 million. On average, 15 analysts polled by Thomson Reuters had expected revenue of $55.82 million for the quarter and $197.97 million for the year. Analysts' estimates typically exclude special items.

The company continues to target a compound annual revenue growth of 40 percent to 50 percent through 2026 based on a 2022 revenue base of $128.3 million, representing a 2026 revenue target of over $500 million.

The fourth quarter results are expected to be reported in February along with the guidance for fiscal 2024.

In pre-market activity, PacBio shares are trading at $8.84, down 5.96% on the Nasdaq.