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Exhibit 99.1 Pacific Biosciences of California , Inc. Announces First Quarter 2021 Financial Results Menlo Park , Calif . - April 29 , 2021 - Pacific Biosciences of California , Inc. ( NASDAQ : PACB ) today announced financial results for the quarter ended March 31 , 2021 . Record first quarter revenue reflects a strong start to 2021 Revenue for the first quarter of 2021 was $ 29.0 million , representing an 86 % increase compared with $ 15.6 million for the first quarter of 2020. The Company placed 41 Sequel II / IIe systems during the first quarter of 2021 compared to 11 Sequel II systems placed in the first quarter of 2020 and 35 Sequel II / IIe systems placed during the fourth quarter of 2020 , bringing the total installed base of Sequel II / IIe systems to 244 as of March 31 , 2021 , compared with 125 as of March 31 , 2020 and 203 as of December 31 , 2020. Instrument revenue for the first quarter of 2021 was $ 14.9 million , compared with $ 4.0 million for the first quarter of 2020. Consumables revenue for the first quarter of 2021 was $ 10.4 million compared with $ 8.3 million for the first quarter of 2020. Service and other revenue for the first quarter of 2021 was $ 3.7 million compared with $ 3.3 million for the first quarter of 2020 . Gross profit for the first quarter of 2021 was $ 13.0 million , representing a 73 % increase compared with $ 7.5 million for the first quarter of 2020. Gross margin for the first quarter of 2021 was 45 % , compared to 48 % for the first quarter of 2020 . Operating expenses totaled $ 46.7 million for the first quarter of 2021 , compared to $ 40.2 million for the first quarter of 2020. Operating expenses for the first quarter of 2021 and first quarter of 2020 included non - cash stock - based compensation of $ 9.2 million and $ 3.5 million , respectively . Net loss for the first quarter of 2021 was $ 87.4 million , compared to a net income of $ 1.3 million for the first quarter of 2020. The net loss for the first quarter of 2021 was largely driven by the repayment of $ 52 million of Continuation Advances to Illumina in the first quarter of 2021 as a result of the investment from SoftBank . First quarter 2020 included $ 34 million in other income from Continuation Advances from Illumina . Basic and diluted net loss per share for the first quarter of 2021 was $ 0.45 per share compared to basic and diluted net income of $ 0.01 per share for the first quarter of 2020 . In February 2021 , SB Northstar LP , a subsidiary of SoftBank Group Corp. , made an investment of $ 900 million in convertible senior notes to support the Company's future growth initiatives . Cash , cash equivalents and investments , excluding short and long - term restricted cash , at March 31 , 2021 totaled $ 1,160.3 million , compared to $ 318.8 million at December 31 , 2020 . Updates since our last earnings release Released a new HiFi workflow and an updated software version that increases the number of reads at or above 99.9 % accuracy , scales workflows to sequence hundreds to thousands of whole human genomes per year , and opens up more sample types to HiFi sequencing . Shipped four additional Sequel IIe Systems to Children's Mercy Kansas City , significantly increasing their whole genome sequencing capabilities to identify potential disease - causing variants for children living with undiagnosed diseases . Deployed Sequel IIe systems at LabCorp to scale their capabilities to sequence SARS - CoV - 2 . Announced Hannah Valantine , M.D. , as a director nominee for election to the Board of Directors at this year's annual meeting of stockholders ; Dr. Valantine has decades of experience as Professor of Medicine at the Stanford University Medical Center and as the NIH Chief Officer for Scientific Workforce Diversity . " PacBio is off to a great start in 2021 as we achieved record revenue in the first quarter that exceeded our expectations , " said Christian Henry , President and Chief Executive Officer . " We installed a record number of Sequel II Systems and recorded our fourth straight quarter of sequential growth . In the first quarter , we made