Genomics company Pacific Biosciences of California (NASDAQ: PACB) will be reporting results this Wednesday afternoon. Here’s what you need to know.
PacBio missed analysts’ revenue expectations last quarter, reporting revenues of $37.18 million, flat year on year. It was a softer quarter for the company, with a beat of analysts’ EPS estimates.
Is PacBio a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting PacBio’s revenue to be flat year on year, slowing from the 10.4% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. PacBio has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at PacBio’s peers in the life sciences tools & services segment, some have already reported their Q2 results, giving us a hint as to what we can expect. Illumina delivered year-on-year revenue growth of 9.4%, beating analysts’ expectations by 2.5%, and UFP Technologies reported revenues up 15.1%, topping estimates by 9.1%. Illumina’s stock price was unchanged following the results.
Read our full analysis of Illumina’s results here and UFP Technologies’s results here.
Investors in the life sciences tools & services segment have had steady hands going into earnings, with share prices up 1.9% on average over the last month. PacBio is down 14% during the same time and is heading into earnings with an average analyst price target of $2.46 (compared to the current share price of $1.43).
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