PacBio Sees Prelim. Q1 Revenue $38.8M vs $50.27M Est.; Sees 2024 Revenue $170M-$200M vs $238.67M Est.
Portfolio Pulse from Benzinga Newsdesk
PacBio announced preliminary Q1 revenue of $38.8M, significantly below the estimated $50.27M. The company also projected 2024 revenue to be between $170M-$200M, which is lower than the expected $238.67M.
April 16, 2024 | 12:07 pm
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NEGATIVE IMPACT
PacBio's preliminary Q1 revenue of $38.8M missed estimates by a significant margin, and its 2024 revenue projection is also below expectations.
The significant miss in Q1 revenue and the downward revision of the 2024 revenue forecast are likely to negatively impact investor sentiment and PacBio's stock price in the short term. Lower-than-expected revenue figures indicate potential challenges in the company's operations or market demand, which could lead to a decrease in investor confidence.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100