Original from: Genomeweb

Pacific Biosciences reported after the close of the market on Tuesday that its fourth quarter 2021 revenues grew 33 percent year over year, while its full-year revenues jumped 65 percent.

"Our record fourth quarter represents the culmination of the most transformative year in PacBio history," Christian Henry, the firm's president and CEO, said in a statement. "We developed new products and hit major development milestones for future platforms. We saw tangible progress from our existing clinical research collaborations and inked new ones. I expect PacBio to continue this momentum into 2022 and set the stage for accelerated growth over the next several years."

Revenues for the quarter totaled $36.0 million, up from $27.1 million in Q4 of 2020 and just short of the average Wall Street estimate of $36.1 million. The result was in line with a preliminary estimate provided by Henry last month at the JP Morgan Healthcare Conference.

Product revenues totaled $31.2 million, up 19 percent from $23.6 million in the year-ago quarter, while service and other revenues grew 39 percent to $4.9 million from $3.5 million. Instrument revenues totaled $16.2 million, up from $13.6 million a year ago, and consumables revenues were $15.0 million, up from $10 million in Q4 of 2020.

During the quarter, PacBio placed 48 Sequel II or IIe systems, bringing its total installed base up to 374 instruments as of Dec. 31, 2021. 

The firm's net loss in Q4 was $69.3 million, or $0.31 per share, compared to net income of $74.9 million, or $0.37 per share, in Q4 of 2020. In the year-ago quarter, PacBio recognized a $98.0 million reverse termination fee received from Illumina in January 2020 as "other income." On an adjusted basis, net loss was $0.30 per share in Q4 of 2021, missing analysts' average estimate for a loss of $0.28 per share.

The firm's R&D costs more than doubled in Q4 to $42.6 million from $17.4 million a year ago, as did SG&A expenses, to $37.3 million from $18.0 million a year ago.

PacBio's full-year 2021 revenues grew 65 percent to $130.5 million from $78.9 million in 2020, in line with the analysts' average estimate of $130.5 million.

Product revenues grew 73 percent to $113.5 million from $65.4 million a year ago and service and other revenues increased 26 percent to $17.0 million from $13.5 million in 2020. Instrument revenues were $61.3 million, up from $34.3 million a year ago, and consumables revenues were $52.2 million, up from $31.1 million a year ago. 

The company's net loss in 2021 totaled $181.2 million, or $.89 per share, compared to net income of $29.4 million, or $0.17 per share, in 2020. Adjusted loss per share was $0.93, missing analysts' consensus estimate for a net loss of $0.85 per share.

PacBio's full-year 2021 R&D expenses nearly doubled to $112.9 million from $64.2 million in 2020. SG&A expenses jumped 71 percent to $124.1 Million from $72.8 million in 2020.

As of Dec. 31, 2021, PacBio had $1.04 billion in cash and investments.

Source: Pacific Biosciences Revenues Grow 33 Percent in Q4, 65 Percent in 2021