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![PACIFIC BIOSCIENCES OF CALIFORNIA, INC. [PACB] reports annual net loss of $306,735,000.0](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FPACB.png&w=1200&q=75)
PACIFIC BIOSCIENCES OF CALIFORNIA, INC. [PACB] has reported a net loss of $306,735,000.0 for year ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the year was $200.5 million
Based in MENLO PARK, California, PACIFIC BIOSCIENCES OF CALIFORNIA, INC. operates in the MANUFACTURING sector.
In the consolidated income statement comparing the 12 months ended December 31, 2023, with the same period in 2022 and 2021, the following trends were observed:
- Total revenue increased to $200.5 million in 2023 from $128.3 million in 2022 and $130.5 million in 2021, representing significant growth over the two preceding years.
- The cost of revenue also saw a substantial increase, reaching $147.7 million in 2023 compared to $79.3 million in 2022 and $71.7 million in 2021, indicating higher production and operational costs.
- Gross profit showed a marginal improvement, standing at $52.8 million in 2023, slightly up from $49 million in 2022 but lower than $58.9 million in 2021.
- Operating expenses surged to $387.2 million in 2023 from $356.2 million in 2022 and $269.3 million in 2021, mainly driven by higher research and development costs, sales, general, and administrative expenses.
- The operating loss widened to ($334.5) million in 2023, deteriorating from ($307.2) million in 2022 and ($210.4) million in 2021, primarily due to increased expenses.
- The net loss for 2023 was ($306.7) million, which was slightly lower than the ($314.2) million in 2022 but higher than the ($181.2) million in 2021.
- The basic and diluted loss per share for 2023 stood at ($1.21), compared to ($1.40) in 2022 and ($0.89) in 2021, reflecting the company's challenging financial performance.
These financial results indicate mixed performance for the company, with significant revenue growth but also escalating costs leading to increased losses over the years.
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