WASHINGTON (dpa-AFX) - Pacific Biosciences of California, Inc. or PacBio
(PACB), a developer and maker of systems for gene sequencing and novel real time
biological observation, registered nearly flat revenue in its preliminary
results for the first-quarter.

The company's preliminary revenue was below its expectations mainly due to an
increasing number of customers delaying instrument purchases and softness in
consumable shipments which are expected to have an impact on its 2024
performance, the company said in a statement.

For the first-quarter, the company posted preliminary revenue of $38.8 million,
roughly flat with $38.9 million, recorded for the same period last year.

Looking ahead, the company believes that second quarter revenue will improve
over the first quarter and that the second-half will rise sequentially as
consumables return to sequential growth and the company closes some of the deals
that were delayed in the first quarter.

For the full year, PacBio now expects revenue of $170 million to $200 million,
lower than its previous expectations.

On average, 13 analysts, polled by Thomson Reuters expect the firm to post
revenue of $238.34 million, for the year.

Given the company's lowered outlook for 2024, PacBio believes that it is
unlikely to achieve its long-term revenue guidance of at least $500 million in
2026.

PACB was trading down by 24.867 percent at $2.130 in the pre-market trade on the
Nasdaq.



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