Pacific Biosciences of California, Inc. (PACB) Earnings
Pacific Biosciences of California, Inc. is expected to report next earnings on August 3, 2026 (in NaN days), with a consensus EPS estimate of $-0.13. PACB has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise +29.8% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.17 | $-0.12 | +29.4% | $37M | -6.9% |
| Feb 12, 2026 | $-0.19 | $-0.12 | +36.8% | $45M | +6.6% |
| Nov 5, 2025 | $-0.16 | $-0.12 | +25.0% | $38M | -13.8% |
| Aug 7, 2025 | $-0.18 | $-0.13 | +27.8% | $40M | -0.5% |
| May 8, 2025 | $-0.19 | $-0.15 | +21.1% | $37M | +0.7% |
| Feb 13, 2025 | $-0.20 | $-0.20 | +0.0% | $39M | -3.6% |
| Nov 7, 2024 | $-0.20 | $-0.17 | +15.0% | $40M | -4.7% |
| May 9, 2024 | $-0.26 | $-0.26 | +0.0% | $39M | -10.7% |
| Feb 15, 2024 | $-0.31 | $-0.27 | +12.9% | $58M | +1.5% |
| Aug 2, 2023 | $-0.34 | $-0.26 | +23.5% | $48M | +18.0% |
| May 2, 2023 | $-0.33 | $-0.31 | +6.1% | $39M | +13.1% |
| Feb 16, 2023 | $-0.35 | $-0.35 | +0.0% | $27M | +4.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Record consumable revenue with over 100% y-o-y growth in clinical accounts. • Instrument revenue impacted by academic funding pressure and Vega promotions. • Progress in strategic objectives like collaboration with Basecamp Research and clinical opportunities in rare disease. • EMEA showing 17% y-o-y growth with clinical customers moving to production scale. • Closure of sale of short-read assets to Illumina and resolution of litigation. • SPARC Next beta program successful with expansion, set to launch later this month, and Spark Next chemistry to launch on Vega later in summer.
Guidance
• Lowered high end of 2026 revenue outlook by $5 million, expecting $165 to $175 million. • Expect non-GAAP gross margin improvement toward lower end of 100-400 basis points range due to compute costs. • Non-GAAP operating expenses expected to be $220 to $225 million, down from 2025 levels.
Segment performance
Total revenue was $37.2 million, roughly flat compared to Q1 2025. Instrument revenue was $9.7 million, a 12% decrease, with Revio shipments at 15 and Vega at 27. Consumable revenue reached a record $21.8 million, up 9%, with clinical shipments growing over 100% y-o-y. Service and other revenue declined 7% to $5.6 million. Americas revenue increased 2% to $16.7 million. Asia Pacific revenue decreased 16% to $9.7 million. EMEA revenue increased 17% to $10.8 million. Non-GAAP gross profit was $13.8 million, 37% margin, down from Q1 2025's $15 million and 40% margin. Non-GAAP operating expenses were $49.9 million, a 19% decrease. Non-GAAP net loss was $35.9 million.
Risks & headwinds
• Pressure on academic funding, particularly in the Americas affecting instrument revenue. • Uncertainty around inventory adjustments and warranty-related charges impacting gross margin. • Fluctuations in Vega demand due to funding environment and promotional program effects. • Impact of rising compute costs on gross margin in the near term.
Analyst Q&A
Q: What does your guide for instruments imply and what sort of visibility do you have going forward?
A: Guide for instruments involves balancing Revio and Vega, with Revio platform improving and Vega sensitive to academic funding. Have funnels for both platforms.
Q: Can you discuss clinical traction, including U.S. versus outside U.S.?
A: Strong traction in EMEA with Vega for rare disease, U.S. clinical accounts ramping in full commercial production.
Q: On input costs, what is your exposure to memory pricing and impact on margin?
A: Instruments are heavy on compute, input costs impact gross margin, expecting impact in 2026 but R&D solutions to help long term.
Q: On discounting, where did ASPs for Revios and Vegas land in the quarter and plans for rest of year?
A: Vega had one-time promotion, Revio ASPs consistent, Vega expected to normalize in Q2.
Q: Any plans to launch additional peer target panels and clinical revenue percentage?
A: Developing variations of peer target panels, expect clinical to make up substantial portion of consumable revenue.
Q: On ultra-high throughput sequencer and product portfolio?
A: Believe three platforms will find place, Revio improved, ultra-high throughput for large scale, Vega to improve with Spark Next launch.
Q: On EMEA growth and clinical applications driving it?
A: EMEA growth from rare disease testing, single-payer systems enabling long-read sequencing.
Q: Visibility into consumable revenue and Vega promotional program feedback?
A: Consumable guide mostly from existing installed base, Vega promotional program successful in APAC, Vega demand volatile.