**Pacific Biosciences Reports Fiscal Year 2025 Results, Revenue Increases Slightly**
Pacific Biosciences of California, Inc. (PACB) reported total revenue of $160.0 million for the year ended December 31, 2025, a 4% increase compared to $154.0 million in the previous fiscal year. Product revenue, which includes instrument and consumables sales, decreased slightly to $135.8 million from $136.1 million in 2024. Instrument revenue declined by 18% to $53.8 million, while consumables revenue increased by 16% to $82.0 million. Service and other revenue rose by 36% to $24.2 million, primarily driven by increased Revio service contracts.
The company's gross profit for 2025 was $45.8 million, a 23% increase from $37.3 million in 2024. This improvement was primarily attributed to higher consumable volumes, leading to a more favorable product mix. However, the operating loss increased to $553.9 million in 2025 from $474.3 million in 2024, largely due to $383.1 million in restructuring-related costs. Research and development expenses decreased by 28% to $97.3 million, and sales, general, and administrative expenses decreased by 19% to $141.5 million.
Strategic developments included the completion of an asset sale to Illumina Cambridge Limited on January 30, 2026, for $50.0 million in cash and the assumption of certain liabilities. This sale involved intellectual property and assets related to the company's short-read DNA sequencing technology. The company also initiated expense reduction plans during the second quarter of 2024 and the first quarter of 2025, involving workforce reductions and facilities downsizing.
As of December 31, 2025, Pacific Biosciences had approximately $279.5 million in cash, cash equivalents, and investments, a 28% decrease from $389.9 million at the end of 2024. The company's backlog as of December 31, 2025, was approximately $49.2 million, compared to $58.6 million as of December 31, 2024. The company expects to convert approximately 80% of its backlog to revenue in 2026, 16% in 2027, and the remainder thereafter. As of December 31, 2025, the company employed 485 full-time employees.
About PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Pacific Biosciences of California, Inc. develops advanced genomic sequencing solutions, including long-read HiFi and short-read SBB technologies, for applications in human genetics, microbiology, oncology, and agriculture. Its products enable comprehensive, accurate genome, transcriptome, and epigenome analysis. Serving research institutions, healthcare, and biotech markets, the company focuses on innovation, high-quality systems, and expanding genomic insights to improve health and biological understanding.
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