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PacBi ● Q2 2026 Earnings Presentation August 5 , 2026
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2 Safe harbor and non-GAAP disclosures Statement regarding use of non‐GAAP financial measures PacBio reports non‐GAAP results for basic net income and loss per share, net income, net loss, gross margins, gross profit (loss), and operating expenses in addition to, and not as a substitute for, or because it believes that such information is superior to, financial measures calculated in accordance with GAAP . PacBio believes that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP . In addition, other companies may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of PacBio’s non-GAAP financial measures as tools for comparison. PacBio's financial measures under GAAP include substantial charges that are listed in the itemized reconciliations between GAAP and non‐GAAP financial measures included in this presentation. PacBio excludes recurring charges from its non-GAAP financial statements, including amortization of acquired intangible assets and changes in fair value of contingent consideration, and further excludes infrequent and limited charges including impairment charges, restructuring related expenses for discrete restructuring events, settlement charges, disposition of short-read assets, benefits from income taxes, and other adjustments and rounding differences. Management has excluded the effects of these items in non‐GAAP measures to assist investors in analyzing and assessing past and future operating performance. In addition, management uses non-GAAP measures to compare PacBio’s performance relative to forecasts and strategic plans and to benchmark its performance externally against competitors. PacBio encourages investors to carefully consider its results under GAAP , as well as its supplemental non‐GAAP information and the reconciliation between these presentations, to more fully understand its business. A reconciliation of PacBio’s non-GAAP financial measures to their most directly comparable financial measure stated in accordance with GAAP has been provided in the financial statement tables included in this presentation. PacBio is unable to reconcile future looking non-GAAP guidance included in this presentation without unreasonable effort because certain items that impact this measure are out of PacBio's control and/or cannot be reasonably predicted at this time. Forward-Looking Statements This presentation contains "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. All statements other than statements of historical fact are forward-looking statements, including, but not limited to, statements relating to PacBio's initiatives as well as the expected financial impact and timing of these plans and initiatives, including our expectations regarding SPRQ-Nx; PacBio's financial guidance and expectations for future periods; new and continued reception of PacBio's products and their expansion into new or existing markets; our expectations regarding our collaboration with Basecamp Research; developments affecting our industry and the markets in which we compete, including the impact of new products and technologies and tariffs; anticipated results of studies and future customer use and costs of our products and consumables, including the increasing clinical adoption of HiFi; and the availability, uses, accuracy, coverage, advantages, quality or performance of, or benefits or expected benefits of using, PacBio products or technologies. Reported results and orders for any instrument system should not be considered an indication of future performance. You should not place undue reliance on forward- looking statements because they are subject to assumptions, risks, and uncertainties and could cause actual outcomes and results to differ materially from currently anticipated results, including, but not limited to, challenges inherent in developing, manufacturing, launching, marketing and selling new products, and achieving anticipated new sales; 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; high costs of computer memory components; 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 global economic or political instability, including war and other international conflicts, such as the conflicts in the Middle East. Additional factors that could materially affect actual results can be found in PacBio's most recent filings with the Securities and Exchange Commission, including PacBio's most recent reports on Forms 8-K, 10-K, and 10-Q, and include those listed under the caption "Risk Factors." These forward-looking statements are based on current expectations and speak only as of May 7, 2026; except as required by law, PacBio disclaims any obligation to revise or update these forward-looking statements to reflect events or circumstances in the future, even if new information becomes available.
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3 Positioning PacBio for the Next Phase of Growth Mark Van Oene President and Chief Executive Officer • Five years as PacBio's Chief Operating Officer • Led R&D, Operations and Commercial organizations • Drove Revio, Vega and SPRQ-Nx development • Deep knowledge of PacBio and the genomics and clinical markets Goal: Replicate EMEA’s clinical success globally, drive SPRQ-Nx adoption, and grow our understanding of disease biology and biomarker discovery by enabling greater HiFi throughput, cost- efficiency and data access
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4 Cumulative Revio and Vega Shipments $39.0M Total Revenue $20.1M Consumable Revenue • Record clinical & hospital sales • ~$202,000 annualized Revio pull- through $12.8M Instrument Revenue 20 Revio Systems ~60% to new customers Q2 2026 Summary 26 Vega Systems ~80% to new customers
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5 5 Americas $7.0M $14.4M $17.6M EMEA Asia Pacific $39.0M$39.0M Consumables $20.1M Service + Other $6.1M Instruments $12.8M Product & Service Regional Q2 2026 revenue breakdown
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6 SPRQ-Nx is designed to deliver high-quality HiFi at a highly competitive price point Designed to deliver among the most complete view of the genome with U.S list price of $345 per genome 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 Executed full launch in May 2026 One-third of install base opted into SPRQ-Nx by end of June
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7 New publications highlight growing validation of our differentiated technology Recent publication in NEJM demonstrates HiFi as a clinically effective, first-tier diagnostic test Article entitled “Clinical Long-Read Genome Sequencing for Rare-Disease Diagnostics” proves HiFi improves diagnostic yield while also simplifying the laboratory workflow, reducing turnaround time, and enhancing the overall economics of rare disease diagnostics Second publication in Nature Genetics supports the move to a one-test diagnostic paradigm Article entitled “Near-perfect genome sequencing in medical genetics” proposes that long-read genome sequencing should be considered as one pillar of a broader technological convergence encompassing diploid genome assembly, pangenome references, and AI-driven variant interpretation, termed near-perfect genome sequencing (or NPGS)
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8 HiFi Solves Sub-fertility Consortium releases preprint from first major study in Asia Pacific ✓ Multinational study investigating unexplained subfertility and recurrent pregnancy loss ✓ Comprehensive genomic workflow and secure data collaboration may help reduce fragmented testing for couples seeking answers ✓ HiFi sequencing identified clinically relevant genomic findings in approximately one in 10 couples
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9 1. See Appendix for statement regarding use of non-GAAP financial measures 2. Subsequent to year end, PacBio announced the sale of short-read sequencing assets for net proceeds of ~$48M Non-GAAP1 Measures Q2 2026 Q2 2025 Non-GAAP Gross Profit $13.9M $15.2M Non-GAAP Gross Margin 36% 38% Non-GAAP Operating Expenses $56.1M $58.1M Non-GAAP Net Loss $41.9M $40.0M Non-GAAP Basic Net Loss Per Share $0.14 $0.13 June 30, 2026 March 31, 2026 December 31, 2025 Cash & Investments2 $236.9M $276.0M $279.5M Q2 2026 non-GAAP financial highlights
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10 Non-GAAP Gross Margin Non-GAAP Operating Expenses 35% - 37% vs. 40% in 2025 $215M - $220M vs. $230M in 2025 Revenue $155M - $165M (3%) - +3% y/y growth Updating 2026 guidance
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11 Dramatically improve the economics of HiFi through SPRQ-Nx with multi-use SMRT cells Accelerate clinical adoption across rare disease, oncology, and carrier screening Enable discovery through large-scale studies with HiFi’s rich data and high-throughput capabilities Empower next-gen informatics with HiFi and AI Scaled multiomic HiFi delivers unique biological insights Drive platform innovation across the portfolio 2026 focus areas
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12 Enabling the promise of genomics to better human health Our mission Creating the world’s most advanced sequencing technologies
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13 Appendix
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17 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, Kinnex, and PureTarget are trademarks of PacBio.