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Pacific Biosciences of California Inc.

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In the past six months, shares of Pacific Biosciences underperformed the broader industry trend. Pacific Biosciences exhibited a promising fourth quarter of 2016, squarely beating the Zacks Consensus Estimate. Solid contribution from the Instrument and Consumable revenue platforms is a significant positive. We are also upbeat about the higher margin sales of the SequelTM System. However, headwinds related to the limited availability of SMRT cells (Single Molecule, Real-Time) for the Sequel system, flat contractual revenues in the last reported quarter and higher non-cash operating expenses are expected to mar the prospects over the long haul. Further more, the company expects the first-quarter of 2017 revenues to be lower than the fourth quarter, courtesy of the decline in contractual revenues.

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