Benzinga | Nov 3, 2021 09:14AM EDT

Pacific Biosciences Q3 Revenues Jump 83%, Says Sequel II/IIe Installations At All-Time High

* Pacific Biosciences of California Inc (NASDAQ:PACB) reported Q3 sales of $34.9 million, beating the consensus of $33.23 million and up 83% Y/Y.

* The company placed 44 Sequel II or IIe instruments in the quarter, bringing the total installed base to 326, compared to 168 a year ago.

* Of those total sales, product revenues were $30.5 million, nearly double the $15.7 million from a year ago, and service and other revenues were $4.4 million, up 32% Y/Y.

* Product revenue consisted of $15.9 million in instrument revenue, more than double the $7.7 million from a year ago, and $14.6 million in consumables revenue, compared to $8.0 million in Q3 2020.

* The gross margin expanded to 45% from 37% in Q3 2020.

* PacBio's R&D expenses totaled $27.5 million, up 67%, and SG&A costs were $31.6 million, more than double $14.8 million in Q3 2020.

* PacBio's adjusted net loss was $(0.23) per share, compared to $(0.14) per share, in the prior-year period, narrowly missing the Wall Street estimate of $(0.22).

* As of September 30, the company had $1.08 billion in cash and investments.

* Related Link: Pacific Biosciences To Buy DNA Sequencing Firm For Up To $800M, Announces $300M Capital Raise For Deal Funding.

* Price Action: PACB shares closed 0.98% higher at $27.95 on Tuesday.