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Pacific Biosciences of California, Inc. PACB, popularly known as PacBio, delivered an adjusted loss per share of 12 cents in third-quarter 2025, narrower than the year-ago adjusted loss of 17 cents per share. The adjusted loss per share topped the Zacks Consensus Estimate by 25%.
The company’s GAAP loss per share was 13 cents in the quarter compared with the year-ago period’s loss of 22 cents.
PacBio registered total revenues of $38.4 million in the third quarter, down 3.8% year over year. The figure missed the Zacks Consensus Estimate by 3.5%.
Shares of this company have lost 12.8% in today’s pre-market trading. The company’s shares have gained 4.6% in the year-to-date period against the industry’s decline of 0.1%. The broader S&P 500 Index has increased 16.6% in the same time frame.
PacBio’s revenues from the Americas were $18.1 million, down 10% year over year. The decline wasprimarily due to continued caution in academic capital spending, which weighed heavily on demand for Revio systems. Management highlighted that procurement cycles remain elongated due to a challenging funding environment for academic and government customers dependent on NIH and other public budgets. The company also noted that there was no meaningful end-of-government-year budget, further limiting system purchases, though Vega platform traction improved modestly.
In the Asia-Pacific region, PacBio recorded revenues of $9.6 million, reflecting a 11% decrease year over year. The decline wasmainly due to fewer Revio placements and lower-than-expected ASPs. Per management, although PACB met its regional revenue forecast, instrument sales were pressured by pricing concessions, offset somewhat by stronger-than-expected consumables usage and high pull-through rates at major customers. The funding environment remains challenging in the region, contributing to weaker capital demand even as China outperformed expectations within APAC.
The Europe, the Middle East and Africa (EMEA) region registered revenues of $10.7 million, which improved 18% year over year. This is supported by roughly 50% growth in consumables, driven by higher utilization and an expanding installed base, particularly among commercial and clinically focused customers. This strength offset weaker-than-forecast Vega placements due to delayed procurement timelines, allowing the region to remain PACB’s fastest-growing geography in 2025.
Total Product revenues amounted to $32.6 million, down 7.7% from the year-ago quarter.
Within the Product segment, Instrument revenues were $11.3 million, down 32.7% year over year. This primarily resulted from lower shipments of the Revio system.Instrument revenues in the third quarter of 2025 included 13 Revio sequencing systems and 32 Vega sequencing systems.
PACB ended the quarter with 310 cumulative Revio system shipments.
Consumables revenues for the third quarter of 2025 were $21.3 million, up 15.1% from the prior-year quarter. AnnualizedRevio pull-through per system was $236,000 in the quarter.
Service and other revenues totaled $5.8million, up 25.1% year over year. This was driven by an increase in service contract revenues related to Revio.
In the quarter under review, PacBio’s adjusted gross profit increased 24.3% year over year to $16.2 million. The adjusted gross margin expanded 950 basis points to 42%.
Sales, general and administrative expenses declined 28.9% year over year to $31.1 million. Research and development expenses decreased 10.5% year over year to $22.8 million. Adjusted total operating expenses of $53.9 million decreased 13.6% year over year.
Total operating loss was $38.9 million in the reported quarter compared with the prior-year quarter’s $64.1 million.
PacBio exited the third quarter of 2025 with cash and investmentsof $298.7million compared with $314.7million at the end of the second quarter of 2025.
PacBio has provided its revenue outlook for the fourth quarter of 2025 and revised the outlook for 2025.
Management expects fourth-quarter 2025 revenues to grow 10% compared with the third quarter of 2025 due to higher Revio placements and continuation of consumables strength.The Zacks Consensus Estimate is pegged at $41.9 million.
The company now expects to achieve revenues between $155 millionand $160 million for 2025 compared with the previous guidance of $155 million to $165 million. The Zacks Consensus Estimate is pegged at $158.7 million.
Pacific Biosciences of California, Inc. price-consensus-eps-surprise-chart | Pacific Biosciences of California, Inc. Quote
PacBio exited the third quarter of 2025 with mixed results, where earnings beat and revenues missed their respective Zacks Consensus Estimate. A robust increase in its Service and other revenues, along with Consumables revenues, was encouraging. The expansion of the adjusted gross margin and reduction in total operating loss also bode well.
During the quarter, PacBio advanced its technology portfolio with the unveiling of SPRQ-Nx sequencing chemistry, designed to materially lower the cost of long-read sequencing. The new chemistry enables high-accuracy HiFi whole-genome sequencing for under $300 per genome at scale and supports multi-use SMRT Cells, which could reduce sequencing costs by up to 40%. PacBio also expanded its clinical-research product suite with the launch of the PureTarget portfolio, offering targeted HiFi assays optimized for difficult-to-sequence genes—most notably in carrier screening. The platform supports throughput of up to approximately 100,000 samples per Revio per year, positioning Revio as a strong solution for large-volume clinical workflows.
Regulatory and scientific milestones reinforced PacBio’s growing position in clinical genomics. Its Sequel II CNDx system received Class III Medical Device Registration in China through partner Berry Genomics—the first known clinical-grade long-read sequencer approval globally—enabling clinical adoption beginning with thalassemia testing and expanding to additional single-gene disorders. Meanwhile, new data published by the HiFi Solves EMEA Consortium demonstrated that PacBio HiFi sequencing, coupled with its Paraphase haplotype-based variant-calling tool, successfully identified all known clinically relevant variants in the evaluated population, underscoring the technology’s readiness for precision medicine and next-generation diagnostics.
PacBio also continued to gain traction in population-scale initiatives. The Revio system was selected for the National Institute on Aging’s Long Life Family Study, which plans to sequence up to 7,800 whole genomes and epigenomes to support research in healthy aging and exceptional longevity. In addition, HiFi sequencing was chosen for the Korean Pangenome Reference Project, targeting more than 1,000 genomes to build population-specific reference data and accelerate development of precision diagnostics and therapies. Collectively, these selections highlight increasing confidence in HiFi long-read sequencing for large-scale research and clinical discovery.
PACB currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space that have announced quarterly results are Boston Scientific Corporation BSX, West Pharmaceutical Services, Inc. WST and Exact Sciences Corporation EXAS.
Boston Scientific, carrying a Zacks Rank of 2 (Buy), reported third-quarter 2025 adjusted EPS of 75 cents, beating the Zacks Consensus Estimate by 5.6%. Revenues of $5.07 billion outpaced the consensus mark by 1.9%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Boston Scientific has a long-term estimated growth rate of 16.4%. BSX’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 7.4%.
West Pharmaceutical reported third-quarter 2025 adjusted EPS of $1.96, beating the Zacks Consensus Estimate by 17.4%. Revenues of $804.6 million surpassed the Zacks Consensus Estimate by 2.4%. It currently carries a Zacks Rank #2.
West Pharmaceutical has a long-term estimated growth rate of 9.8%. WST’s earnings surpassed estimates in each of the trailing four quarters, the average surprise being 15.5%.
Exact Sciences reported third-quarter 2025 adjusted EPS of 24 cents, beating the Zacks Consensus Estimate by 84.6%. Revenues of $850.7 million surpassed the Zacks Consensus Estimate by 4.9%. It currently sports a Zacks Rank #1.
Exact Sciences has a long-term estimated growth rate of 30.1%. EXAS’ earnings surpassed estimates in each of the trailing four quarters, the average surprise being 352.3%.
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This article originally published on Zacks Investment Research (zacks.com).
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