PacBio’s Q1 revenue rose just 0.1% year over year, missing expectations and prompting a full-year guidance cut.
Pacific Biosciences of California (PACB) saw its shares plunge 16% after reporting Q1 results that fell short of revenue expectations. The company posted non-GAAP EPS of -$0.12, beating estimates by $0.01, but revenue grew only 0.1% year over year.
The revenue miss and weaker profitability metrics led PacBio to narrow its full-year guidance. Analysts had anticipated stronger growth, but the company’s performance reflected broader challenges in its sector.
Shares declined sharply in after-hours trading following the announcement.