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.
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.
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.
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 (NUVA - Free Report) 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%.
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