On April 16, 2024, PACB preannounced poor Q1 2024 top-line results and then announced a significant reduction in its full-year guidance for 2024 as well as a reconsideration of their long-term guidance for fiscal year 2026. PACB attributed it to “an increasing number of customers delay instrument purchases and we experienced some unexpected softness in consumable shipments.” Analysts reacting to the preannounced results were surprised by the significance of the miss and resulting guide down, noting it was “alarming” and “far worse than we expected.”

Following this news, PACB’s stock price fell by $1.44 per share to close at $1.40 per share.