PACB - PacBio swings to Q3 2021 net gain on 83% YOY revenue increase

Pacific Biosciences of California (NASDAQ:PACB) swung to a Q3 2021 gain of ~$16.5M from a $23.7M loss in the year-ago period thanks to a ~83% increase in net revenue to $34.9M. Total operating expenses also increased significantly -- 188% -- to 89.8M. Instrument revenue -- the company's largest business segment -- more than doubled to $15.9M from $7.7M in Q3 2020. PacBio said its Q3 2020 results were severely impacted by the COVID-19 pandemic as many customers postponed deliveries or limited operations. However, instrument utilization largely returned to normal in Q4 2020. PacBio ended the quarter with about $1.08B in cash. Find out what Canaccord Genuity had to say about PacBio in a recent analyst note.

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PacBio swings to Q3 2021 net gain on 83% YOY revenue increase