Pacific Biosciences of California (PacBio) PACB shares are trading higher today after the company announced it received orders for 76 Revio systems in the fourth quarter of 2022. The company also issued preliminary fourth-quarter revenue results.
On Monday, PacBio announced strong initial demand for its new sequencing platforms. The company received orders for 96 instruments in the fourth quarter, which included orders for 76 Revio systems planned for delivery in 2023.
PacBio also issued preliminary, unaudited fourth-quarter revenue guidance of approximately $27.3 million, compared to $36.0 million in the fourth quarter of 2021. Annual 2022 revenue is expected to be approximately $128.2 million, a 2% decline from 2021.
“The strong initial demand for Revio exceeded our expectations… we look forward to our first commercial shipments of Revio later this quarter,” said Christian Henry, President and CEO of PacBio.
Pacific Biosciences of California, Inc. designs, develops and manufactures sequencing systems to resolve genetically complex problems. The company provides PacBio’s Systems, which conduct, monitor, and analyze biochemical sequencing reactions.
According to Benzinga Pro data, PacBio shares were up 11.8% to $9.39 at the time of publication. The stock has a 52-week high of $18.13 and a 52-week low of $3.85.
Image and article originally from www.benzinga.com. Read the original article here.