Pacific Biosciences of California, Inc. (PACB - Free Report) incurred third-quarter 2019 adjusted loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss of 15 cents. The company had reported a loss of 19 cents a year ago.
Revenues totaled $21.9 million, which missed the Zacks Consensus Estimate by 21.8%. Revenues improved 20.7% from the year-ago quarter’s tally.
Segmental Analysis
Product Revenue: At this segment, revenues amounted to $18.5 million, up 22% from the prior-year quarter’s tally.
Service and Other Revenue: At this segment, revenues came in at $3.4 million, up 14% year over year.
Margin Analysis
Gross profit in the third quarter of 2019 was $6.9 million, up a significant 116.6% on a year-over-year basis. Gross margin was 31.5% of total revenues, improving significantly from the year-ago quarter’s 17.6%.
Research and Development expenses increased 4.2% to $15 million in the quarter. Further, sales, general and administrative expenses rose 48.6% to $20.1 million.
Operating expenses totaled $35 million, up 25.7% year over year.
About the Illumina & Pacific Biosciences Merger
Illumina (ILMN - Free Report) has confirmed its merger with Pacific Biosciences. Per management, the total value of the deal is approximately $1.2 billion.
For the three months ended Sep 30, 2019, Pacific Biosciences recognized approximately $3.6 million in operating expenses pertaining to the merger.
Zacks Rank
Pacific Biosciences carries a Zacks Rank #3 (Hold).
Earnings of MedTech Majors at a Glance
Some better-ranked companies which posted solid results this earning season are NuVasive, Inc and Thermo Fisher Scientific Inc (TMO - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuVasive’s third-quarter 2019 adjusted EPS of 59 cents beat the consensus estimate by 9.3%. Its revenues of $290.8 million outpaced the consensus mark by 2.4%.
Thermo Fisher delivered third-quarter 2019 adjusted EPS of $2.94, beating the Zacks Consensus Estimate by 2.1%. Its revenues of $6.27 billion exceeded the Zacks Consensus Estimate by 1.3%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Pacific Biosciences of California, Inc. (PACB - Free Report) incurred third-quarter 2019 adjusted loss of 19 cents per share, wider than the Zacks Consensus Estimate of a loss of 15 cents. The company had reported a loss of 19 cents a year ago.
Revenues totaled $21.9 million, which missed the Zacks Consensus Estimate by 21.8%. Revenues improved 20.7% from the year-ago quarter’s tally.
Segmental Analysis
Product Revenue: At this segment, revenues amounted to $18.5 million, up 22% from the prior-year quarter’s tally.
Service and Other Revenue: At this segment, revenues came in at $3.4 million, up 14% year over year.
Margin Analysis
Gross profit in the third quarter of 2019 was $6.9 million, up a significant 116.6% on a year-over-year basis. Gross margin was 31.5% of total revenues, improving significantly from the year-ago quarter’s 17.6%.
Research and Development expenses increased 4.2% to $15 million in the quarter. Further, sales, general and administrative expenses rose 48.6% to $20.1 million.
Operating expenses totaled $35 million, up 25.7% year over year.
About the Illumina & Pacific Biosciences Merger
Illumina (ILMN - Free Report) has confirmed its merger with Pacific Biosciences. Per management, the total value of the deal is approximately $1.2 billion.
For the three months ended Sep 30, 2019, Pacific Biosciences recognized approximately $3.6 million in operating expenses pertaining to the merger.
Zacks Rank
Pacific Biosciences carries a Zacks Rank #3 (Hold).
Earnings of MedTech Majors at a Glance
Some better-ranked companies which posted solid results this earning season are NuVasive, Inc and Thermo Fisher Scientific Inc (TMO - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
NuVasive’s third-quarter 2019 adjusted EPS of 59 cents beat the consensus estimate by 9.3%. Its revenues of $290.8 million outpaced the consensus mark by 2.4%.
Thermo Fisher delivered third-quarter 2019 adjusted EPS of $2.94, beating the Zacks Consensus Estimate by 2.1%. Its revenues of $6.27 billion exceeded the Zacks Consensus Estimate by 1.3%.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Get the latest research report on TMO - FREE
Get the latest research report on ILMN - FREE
Get the latest research report on PACB - FREE