Genome sequencing company Pacific Biosciences, a competitor of Illumina, is shutting down its San Diego location, laying off nearly 200 workers and downsizing its research pipeline to save about $75 million annually. The Menlo Park-based biotech is part of the competitive field of gene sequencing companies, many based in San Diego or with local operations. PacBio’s approach has been building gene sequencers that analyze large chunks of genetic data.
In Thursday's earnings report, PacBio CEO Christian Henry said 'first quarter revenue came in below our original expectations as we saw an increasing number of customers delay instrument purchases' and while some revenue segments grew, overall shipments were below expectations. The company reported a net loss of $78.2 million during the first quarter, compared to a loss of $88.0 million during the same period last year.
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