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1 J.P . Morgan Healthcare Conference January 12, 2026 Christian Henry, President and CEO
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2 Forward-looking statements All statements in this presentation (and any accompanying oral presentation) that are not historical of fact are “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995, including statements relating to our preliminary financial results as of and for the quarter and year ended December 31, 2025 as well as our expectations for future operating results, revenue, revenue mix, margins, guidance, goals and operating plans; expectations with respect to the commercial success of the Revio and Vega systems; expectations with respect to development and commercialization timeframes; future availability, uses, accuracy, sensitivity, advantages, compatibility, pricing, specifications, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies, including the Revio and Vega systems; throughput, scalability, affordability, coverage, run times, data, density, type and cost per genome, pricing, consumable requirements, number of genomes that can be sequenced per year; and related improvements in yield and accuracy; schedule flexibility and downtime; references that PacBio is creating the world’s most advanced sequencing technologies; expected results and delivery timeframes; expectations regarding competition in the short-and long-read sequencing technologies markets; expectations regarding lowering the cost of long-read sequencing through SPRQ-Nx chemistry and the launch of SPRQ-Nx; expectations regarding the positioning of HiFi technology; expectations regarding the expansion of programs, utilization, and adoption; references that PacBio's industry-leading comprehensive datasets is growing at one of the fastest known rates in life sciences; market sizes, marketand revenue growth and market opportunities, as well as our ability to capturemarket share; expected use applications; expectations with respect to collaborations, partnerships and acquisitions, including our ability to realize the anticipated benefits thereof; and other future events. Readers are cautioned not to place undue reliance on these forward-looking statements and any such forward- looking statements are qualified in their entirety by reference to thefollowing cautionary statements. All forward-looking statements speak only asof the date of this presentation and are based on current expectations andinvolve a number of assumptions, risks and uncertainties that could cause theactual results to differ materially from such forward-looking statements, including, among others, challenges inherent in developing, manufacturing,launching, marketing and selling new products, and achieving anticipated newsales; potential cancellation of existing instrument orders; assumptions, risks and uncertainties related to the ability to attract new customers and retain and grow sales from existing customers; risks related to PacBio's ability to successfully execute and realize the benefits of acquisitions; the impact of new, increased or enhanced tariffs and export restrictions; rapidly changing technologies and extensive competition in genomic sequencing; unanticipated increases in costs or expenses; interruptions or delays in the supply of components or materials for, or manufacturing of, PacBio products and products under development; potential product performance and quality issues and potential delays in development timelines; the possible loss of key employees, customers, or suppliers; customers and prospective customers curtailing or suspending activities using PacBio’s products; third-party claims alleging infringement of patents and proprietary rights or seeking to invalidate PacBio's patents or proprietary rights; risks associated with international operations; and other risks associated with general macroeconomic conditions and geopolitical instability. Readers are strongly encouraged to read the full cautionary statements contained in PacBio’s filings with the Securities and Exchange Commission, including the risks set forth in PacBio’s Forms 8-K, 10-K, and 10-Q. PacBio disclaims any obligation to update or revise any forward-looking statements, except as required by law. 2 Market data and trademarks By attending or receiving this presentation you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of our business. This presentation contains estimates, projections and other information concerning market, industry and other data. We obtained this data from our own internal estimates and research and from academic and industry research, publications, surveys, and studies conducted by third parties. These data involve a number of assumptions and limitations, are subject to risks and uncertainties, and are subject to change based on various factors, including those discussed in our filings with the Securities and Exchange Commission. These and other factors could cause results to differ materially from those expressed in the estimates made by the independent parties and by us. While we believe such information is generally reliable, we have not independently verified any third-party information. This presentation contains references to PacBio’s and other entities’ trademarks. Such trademarks are the property of their respective owner. PacBio does not intend its use or the display of other companies’ trade names or trademarks to imply a relationship or endorsement of PacBio by any other entity. Statement regarding preliminary financial results This presentation contains financial results which are unaudited and based on current expectations and may be adjusted as a result of, among other things, completion of annual audit procedures.
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3 Enabling the promise of genomics to better human health Our mission Creating the world’s most advanced sequencing technologies 3
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4 INSTRUMENTS SOFTWARE/INFORMATICS CONSUMABLES PacBio provides highly accurate and complete long-read sequencing solutions 4 >80 Products today >60% Launched in last 3 years
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5 Long reads up to 25 kb in length Highly accurate Comprehensive coverage Direct single-molecule sequencing Methylation with no special library prep HiFi technology is uniquely positioned to unlock the full genome SNV / InDels e.g. CFTR variants in Cystic Fibrosis PGx Genes response to medications Phasing of Variants e.g. PIK3CA mutations drive super-response to alpelisib Methylation Patterns e.g. Imprinting disorders including Prader-Willi Syndrome (PWS) Paralogous Genes e.g. SMN causing Spinal muscular atrophy HLA Genes risks for some autoimmune diseases, compatibility for transplants Repeat Expansions e.g. FXN causing Friedreich's ataxia Complete genome resolution is transforming healthcare SVs / CNVs e.g. BCR-ABL fusion oncogene
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66 DeciBio Consulting, 2025 NGS Market Report. Market size and growth assumptions based on DeciBio forecasts; segmentation and penetration estimates based on internal analysis Cancer Genomics Human Genomics Other + Emerging Microbial + Infectious Plant + Animal + Ag Approximate market size in 2028~$9B Expected to grow ~7% annually Population and multiomic studies Rare Disease Oncology Carrier Screening Clinical Discovery $0.5B addressable market 14% CAGR ‘26 – ‘28 ~3% penetrated $1.5B addressable market 10% CAGR ‘26 – ‘28 <1% penetrated $0.5B addressable market 5% CAGR ‘26 – ‘28 ~3% penetrated $0.9B addressable market 14% CAGR ‘26 – ‘28 ~3% penetrated 6 Focused on four key segments within a large and growing market to support our plan for strong growth
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7 ~$160M Preliminary 2025 revenue ~$280M Cash and investments balance as of 12/31/2025 1. Unaudited, preliminary estimate as of or for the period ended 12/31/2025 and subject to change ~$44.6M Preliminary Q4 2025 revenue Strong consumables growth Key drivers of the strong fourth quarter performance Record consumables Revio placements Vega placements Clinical and hospital traction Significantly reduced cash burn $31M $52M $60M $63M $71M ~$82M 2020 2021 2022 2023 2024 2025E 210 Total instrument placements in 2025 7 2025 preliminary results1
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8 Plant/Animal Human Markets Non-Human Markets $26.4M $48.9M $32.8M $35.4M 2022 20253-Year CAGR Consumable shipments by segment Human Biopharma Microbial Genomics Cancer Genomics 23% 3% +19% y/y growth $0M $10M $20M $30M $40M $50M $60M $70M $80M $90M 2022 2023 2024 2025 Human genomics is fueling growth in consumables Unaudited, preliminary estimate as of or for the period ended 12/31/2025 and subject to change
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9 2,500 whole human genome per year throughput 9 Strong end to the year with 21 placements in Q4 ~$242K Pull-through in Q4 2025 +20% Shipment growth in clinical and commercial accounts in 2025 ~$334M Total Revio product line shipments since launch in 2023 20% Multi-system orders in 2025 ~113Gb average HiFi yield (+22% improvement in 2025) ~500ng native DNA input Flagship HiFi system SPRQ Chemistry Launched 1Q25 61 Revio placements in 2025 9 Revio platform performance Unaudited, preliminary estimate as of or for the period ended 12/31/2025 and subject to change
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10 SPRQ Chemistry Expected availability in 3Q26 2 and 4 hour runs for single shift workflows 21 CFR Part 11 Compliance Increased output per run with lower price per run Most accessible HiFi system Strong end to the year with 42 placements in Q4 64Gb Average HiFi yield 140 Vega placements in 2025 ~$24M Vega product line shipments in 2025 ~65% New to PacBio customers 10 Vega platform performance Unaudited, preliminary estimate as of or for the period ended 12/31/2025 and subject to change
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11 Berry Genomics Sequel II NMPA approval for thalassemia First known regulatory approval of a clinical long-read sequencer globally Testing market for thalassemia in China is potentially hundreds of thousands of samples per year Berry is expanding clinical use of HiFi across other challenging conditions (CAH, fragile X, SMA, DMD, others) Stanford Medicine Catalyst Program implementing PGx Global pharmacogenomics molecular dx market opportunity is >$740M 1 Leveraging HiFi to tailor prescriptions, identify risk of adverse reactions, and determine ineffective therapies based on an individual genetic profile PGx improves safety, efficacy, and adherence while reducing healthcare costs Children's Mercy implements HiFi for genetic disease diagnosis Rare disease molecular testing market is >$414M2 in North America Broad implementation of technology as a first line test Delivers 10% higher dx success, time to dx reduced by >50%, and negative results returned ~3x faster 3 Radboud implements frontline diagnostic long-read HiFi assay Rare disease molecular testing market is >$239M2 in Europe Planning to scale to at least 5,000 genomes in 2026 Consolidates standard of care dx4 into a single assay 1. https://www.grandviewresearch.com/industry-analysis/molecular-diagnostics-pharmacogenomics-market-report, 2. https://www.grandviewresearch.com/industry-analysis/rare-diseases-treatment-market-report; https://jamanetwork.com/journals/jamapediatrics/fullarticle/2838675; 4. Standard of care diagnostics include PCR, fragment analysis, FISH, karyotyping, microarrays, and targeted sequencing, including exomes Clinical 2025 was a breakout year for clinical adoption, our fastest growing segment Shipments to clinically focused customers grew over 40% in 2025
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12 Evaluating the impact of long-read sequencing in the dx yield of a consecutive laboratory cohort of negative exomes and genomes Expecting enrollment of ~1,000 patients in 2026 Implementation in ONCE1 study Establishing HiFi for use with candidates for targeted antisense oligonucleotide therapies Characterizing the genome of every supported patient across dozens of rare diseases Joint n-Lorem + EspeRare proposalAdoption as first line approach Investigating sudden unexplained death in childhood to predict and prevent the loss of hundreds of children per year Initially sequencing 200 of the 2,000 families supported by SUDC Clinical 1. ONCE study = Omics for Negative Case Evaluation 2. https://www.rarediseaseday.org/what-is-a-rare-disease/ https://globalgenes.org/about-us/ Clinical HiFi has become a trusted backbone for rare disease genomics and improves patient outcomes Validation of Diagnostic Yield Empowering Research Expansion Into Therapies There are an estimated 300 to 400 million rare disease patients globally2 across thousands of conditions
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13 Large-scale longitudinal health data + genomic sequencing program targeting 1 million US participants Initially generating long-read data across >13,000 genomes Up to 7,800 whole genomes and epigenomes to be sequenced on Revio Powering one of the largest studies of healthy aging to date Discovery Multi-national, multiomic initiative targeting to sequence >10,000 samples over the coming years 13 Population genomics studies are accelerating, driven by SPRQ-Nx Asian Pangenome ConsortiumLong Life Family StudyAll of Us study Currently engaged in additional programs with the potential for hundreds of thousands of samples over the next few years
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14 Deliver high quality HiFi sequencing through SPRQ-Nx chemistry Enable lower cost per genome and higher yield per SMRT cell Better utilization rates and fewer runs per sample Drive clinical adoption across key markets Enable large-scale programs that fuel biological discovery Interrogate the most challenging regions and variants in the genome Deliver deep, end-to-end coverage Enable detection of variants that short-read approaches often miss Combine HiFi data richness with AI-based learnings Better EconomicsReal-World Evidence Building blocks in place to drive our next phase of growth HiFi Data Quality, Completeness, Scale Coming in 2026
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15 1,027 individuals …demonstrates the profound benefits of incorporating long-read sequencing into national biobank efforts…and a critical foundation for more equitable precision medicine. The first large-scale analyses of long-read sequencing in All of Us and…a new framework for deriving genomic insights into complex structural variation of relevance to human health and disease. 291 SV-disease associations 226 conditions 50.9% of associations involving SVs absent from the matched srWGS callset https://www.medrxiv.org/content/10.1101/2025.10.02.25336942v1 Placeholder for preprint cover 15 More than half of disease associations involving structural variants are missed by short read sequencing HiFi Data
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16 This multi-center validation provides compelling evidence that HiFi long-read sequencing is robust, reproducible, and capable of addressing some of the most challenging cases in genomic medicine. Professors Spielmann, Zschocke, Bolz, & Hoischen HiFi Solves EMEA Consortium https://www.medrxiv.org/content/10.1101/2025.10.29.25339045v1; Placeholder for preprint cover HiFi WGS Standard of care SNVs, InDels, CNVs, SVs, and gene conversions were detected with accurate phasing and gene- pseudogene copy number detection 16 HiFi is the only technology that can identify 100% of variants HiFi Data 86 individuals 125 known clinically relevant variants 11 paralogous loci 100% of all known variants detected
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17 - 20,000,000 40,000,000 60,000,000 80,000,000 100,000,000 120,000,000 140,000,000 160,000,000 180,000,000 200,000,000 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 Cumulative customer gigabase yield HiFi Data Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 200M 180M 160M 140M 120M 100M 80M 60M 40M 20M Industry-leading comprehensive datasets growing at one of the fastest known rates in life sciences HiFi Data >60% y/y growth HiFi and AI powers next-gen informatics Agentic interfaces and end user applications Multiomics foundation models and hubs Large-scale HiFi training data Federated data infrastructure AI-native cloud and data logistics interoperability Accelerated compute hardware Instrument Hardware – Products High-Value Data - Use Cases AI-Driven Insights – New Businesses
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18 A cloud agnostic federated architecture for global data exchange, discovery, and diagnostics Built-in AI and networked insights to accelerate solves An AI-powered network connecting HiFi genomes across the world HiFi Solves enables broader access and AI-driven deeper insights from HiFi data HiFi Data Children’s Mercy Research Institute Kansas City, MO Sick Kids Toronto, Ontario CHEO Ottawa, ON Broad Institute Cambridge, MA Radboudumc Nijmegen, NL Universitaet Innsbruck Innsbruck, AUTv KU Leuven Leuven, BE Bioscientia Ingelheim, Germany SciLifeLab Uppsala, Sweden Karolinska Institute Solna, Sweden Chulalongkorn University Bangkok, Thailand National Center for Child Health and Disease Bangkok, Thailand UKSH Kiel + Luebeck, Germany KK Women’s and Children’s Hospital Signapore iLAC Tsukuba, Japan
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19 Better economics Designed to deliver the most complete view of the genome for less than $300 per genome at scale Multi-use SMRT cells Intended to reduce the cost of sequencing for customers and improves PacBio’s gross margins Expanded multiomic capabilities powered by AI Expected to improve methylation calling performance with the added ability to call methyl-hydroxy C Increases throughput Can further improve economics Planning to enter early access internationally in February 2026 Due to demand and success in the US Full launch planned in 2026 0 20 40 60 80 100 120 140HiFi Yield (Gb) Use 1 Use 1 Use 2 SPRQ-Nx SPRQ Encouraging early customer data >25% HiFi yield 19 SPRQ-Nx delivers high-quality HiFi at a highly competitive price point Internal data on file SPRQ-Nx
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20 Technology foundation Commercial foundation Dramatically improve the economics of HiFi Accelerate clinical adoption Enable discovery through large-scale studies Empower next-gen informatics with HiFi and AI Drive platform innovation across portfolio Developed scalable products and workflows Expanded to new markets and customers Enabled lower cost HiFi through SPRQ-Nx Pioneered highly accurate long-read sequencing technology Demonstrated complete genome resolution 2025 2026+ We built a strong foundation in 2025 that will accelerate our strategy to drive adoption in 2026 and beyond 20 Focus on becoming Sequencing standard of care
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21 Our strong Q4 with record consumable revenue has established a strong foundation for adoption across rapidly expanding clinical and discovery markets The depth and quality of our data, amplified by AI, uniquely positions us to unlock new biological insights SPRQ-Nx chemistry fundamentally resets the economics of long-read sequencing, making it highly cost-competitive 21 Key takeaways: well-positioned to accelerate growth in 2026
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22 www.pacb.com Research use only. Not for use in diagnostic procedures. © 2024 Pacific Biosciences of California, Inc. (“PacBio”). All rights reserved. Information in this document is subject to change without notice. PacBio assumes no responsibility for any errors or omissions in this document. Certain notices, terms, conditions and/or use restrictions may pertain to your use of PacBio products and/or third-party products. Refer to the applicable PacBio terms and conditions of sale and to the applicable license terms at pacb.com/license. Pacific Biosciences, the PacBio logo, PacBio, Circulomics, Omniome, SMRT, SMRTbell, Iso-Seq, Sequel, Nanobind, SBB, Revio, Onso, Apton, and Kinnex are trademarks of PacBio.