PacBio Narrows Non-GAAP Loss as Revenue Reaches $40.6 Million

The Tip Desk · November 11, 2026 · 2 min read

Third-quarter revenue was $40.6 million as PacBio posted a $32.8 million non-GAAP net loss and now sees full-year 2026 sales of $155 million to $160 million.

PacBio (PACB), a life science technology company that designs HiFi long-read sequencing systems, reported third-quarter revenue of $40.6 million, up from $38.4 million a year earlier.

The Menlo Park, Calif., company said the result reflected continued instrument and consumables demand. Consumable revenue was $20.8 million, instrument revenue $13.2 million, and service and other revenue $6.6 million.

Vega placements were the clearest instrument lift: 35 systems, up 9% from 32 a year earlier, with more than 90% sold to new customers. PacBio launched SPRQ-Nx for Vega in late August. Revio placements were 15. Annualized Revio pull-through per system was about $204,000.

SPRQ-Nx adoption built through the quarter, the company said, with over half of Revio consumables revenue tied to the chemistry and two-thirds of the Revio installed base opting to upgrade software for use of SPRQ-Nx by quarter-end.

GAAP gross profit was $13.5 million and GAAP gross margin 33%. Non-GAAP gross profit was $14.6 million and non-GAAP gross margin 36%. PacBio said the decline in non-GAAP gross margin was primarily driven by higher memory costs and Vega manufacturing transition costs.

GAAP operating expenses were $50.5 million, down from $54.8 million a year earlier. Non-GAAP operating expenses were $47.0 million. The company said the decrease primarily reflected lower personnel and related expenses from restructuring initiatives. Share-based compensation was $8.0 million.

GAAP net loss was $37.8 million, or $0.12 a share. Non-GAAP net loss was $32.8 million, or $0.11 a share.

Cash, cash equivalents, and investments ended the quarter at $199.4 million.

PacBio now expects full-year 2026 revenue of $155 million to $160 million.

The company also listed several commercial and research partnerships. GeneDx added long-read whole genome sequencing to its genome testing portfolio, a move PacBio said is expected to deepen its role in rare disease. Berry Genomics’ Birth Defects Project in China is expected to put HiFi genome sequencing at the center of large-scale research in APAC. The Department of Veterans Affairs awarded Sampled a five-year contract for long-read whole genome sequencing analyses for the Million Veteran Program. PacBio initiated a multi-year collaboration with Verily Health to combine HiFi long-read data with real-world clinical data at population scale, and announced a collaboration with TychoBio to generate full-length RNA datasets with HiFi and Kinnex sequencing.

Jim Gibson stepped down as chief financial officer. Mark Van Oene, president and chief executive, was appointed interim CFO, and Bill Meyer was appointed chief accounting officer as PacBio searches for a new CFO. Van Oene said PacBio is entering an exciting phase as technology investments begin to unlock new opportunities, and that his focus is to sharpen execution and translate the strength of the technology into sustainable growth.