Long-read sequencing specialist Pacific Biosciences (PACB) (“PacBio”) may have come up a little short in the third quarter where revenue was concerned, but it hasn’t dented the Street’s renewed enthusiasm for this emerging sequencing story. With long-read sequencing finally “ready for primetime”, PacBio is well-placed to leverage growth through expanded instrument and consumables sales as the approach finally starts fulfilling some of its potential.
Execution remains a risk, particularly with management looking to dramatically expand the scale of the marketing effort. I believe this is absolutely the right call, but it will accelerate the cash burn, leaving PacBio somewhat more vulnerable to the whims of investor enthusiasm, as additional future capital raises seem almost certain.
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