Pacific Biosciences of California Inc 2024年度报告

2024ANNUALREPORT Dear Stockholders, Reflecting on our journey in 2024, it was a year defined bybreakthroughinnovation and important steps toward sustainable,long-term growth. At the same time, it was not without its challenges. I would like to sharean update on our progress,outline our strategic vision moving forward,and how we’re positioning PacBio to lead in a rapidly evolving genomicslandscape. Delivering on the Promise of Innovation Despite a challenging environment, 2024 was a year of technological advancement for PacBio. We shipped 97 Reviosystems over the year—fewer than anticipated—but the impact of those systems was significant. Data output from PacBiosequencers grew 81%, driven by strong adoption across both new and existing customers. Notably, approximately 45% ofRevio shipments were to first-time PacBio users—evidence of the growing demand for our differentiated HiFi long-readtechnology. The Revio system continues to deliver extraordinary accuracy and scale,empowering our customers to achievebreakthroughs previously unattainable with short-read sequencing technologies. In the fourth quarter, we further enhancedRevio’s capabilities with the launch of SPRQ chemistry, increasing data output per SMRT cell by approximately33%,significantly lowering input DNA requirements by 75%, and reducing the cost perhumangenome to below $500. This updatemakes Revio a leader incost-effective and highthroughput long-read sequencing, further establishingits place at the centerof large-scale genomics projects and clinical research initiatives. 2024 also marked the debut of Vega, our first benchtop long-read system, designed to democratize access to HiFisequencing. With its compact footprint, intuitive workflow, and competitive price point, Vega expands our reachtopotentially thousands of mid-throughput labs worldwide. Early customer response has been enthusiastic, highlighted byBerry Genomics’ plan to deploy 50 Vega systems over the coming years to support thalassemia and Fragile X assays. Vegais unlocking new applications, from targeted andmicrobial sequencing to single-cell and full-length transcriptomics—solidifying our leadership in long-read innovation. Advancing Clinical Adoption Our efforts to expand HiFi sequencing into clinical markets gained real momentum this year. We saw accelerating adoptionof our PureTarget panels for repeat expansion disorders, with leading diagnostic providers such as Myriad Geneticschoosing PacBio for itsadvanced test development. Elsewhere, Radboud University Medical Center’s landmark studydemonstrated the power of HiFi sequencing to detect pathogenic variants in 93% of its samples previously unresolved byshort-read methods—reinforcing the transformative potential of our technology in rare disease diagnosis. We are encouraged by ourclinical collaborationsand the growing body of evidence supporting HiFi’s utility in replacingmulti-modal testing with a single whole-genome assay. Navigating a Challenging Environment with Discipline 2024 also brought macroeconomic uncertainty, capital budget constraints, and extended purchasing cycles—particularlywithin academic and publicly funded institutions. In response, we took decisive steps to strengthen PacBio’s financialposition whilepreserving our innovation and commercial engine. We reduced our annualized non-GAAP operating expensesby over $75 million and consolidated operations to improve efficiency. For reconciliation of operating expenses to non-GAAP operating expenses for prior periods, please refer to our earnings release dated February 13, 2025. These actionssupport our planto reach cash flow breakeven by the end of 2027. We also strengthened our balance sheet, executing a convertible note exchange that reduced total debt by $259 million andextended maturities to 2029—enhancing our financial flexibility for the years ahead. Looking Ahead to 2025 and Beyond We enter 2025 cautious of the macroeconomic landscape.Preliminary first-quarter revenue met our expectations and wasdriven by record consumables revenue and early traction for Vega. In order to address the continued uncertainty, we are taking additional steps to align spending with our top priorities, targeting an additional $45 to $50 million reduction inannualized non-GAAP operating expenseson a forward-looking basis.Ourthree core strategic initiativesare: •Accelerating HiFi Sequencing Adoption Driving growth across research and clinical markets by expanding the installed base and the consumable utilizationof Revio and Vega. •Improving Gross Margin Continuing to realize cost savings from operational improvements and scaling efficiencies. Advancing next-generation SMRT Cell formats, chip reuse, and informatics capabilities to unlock higher throughput andcustomer value. I extend my gratitude to the entire PacBio team for their resilience, ingenuity, and dedication, and to you, our stockholders, for yourcontinued support and confidence. We remain firmly committed t