PacBio Confirms Layoffs, Gets New CEO as Q2 Revenue Disappoints
Christian Henry stepped down as CEO, to be replaced by COO Mark Van Oene. Also, PacBio reduced its full-year revenue outlook.
Pacific Biosciences said on Aug. 5 that Christian Henry has stepped down as CEO, effective immediately, to be replaced by Mark Van Oene, formerly the Chief Operating Officer.
Henry will remain on the board and act as an advisor to Van Oene through the end of the year.
The announcement accompanied news that PacBio’s second quarter revenues fell 2 percent year over year, and confirmation that the company laid off 40 people last week, or approximately 8 percent of its workforce.
“My focus as CEO is straightforward: scale what’s driving growth, sharpen our execution, and run a leaner, more focused organization,” Van Oene said in his first remarks as CEO during a conference call with investors following the release of results. “I’ve spent five years in this business and understand both its potential and what it takes to realize it. I’m confident in our team, our technology, and our path forward,” he said.
Van Oene suggested that much of the reorganization was related to the company’s marketing activities and done to address clinical customers. “None of our key R&D platform projects were impacted by this reorganization,” he added.
The long-read sequencing technology company reported Q2 revenue of $39.0 million, down from $39.8 million in Q2 2025, missing the consensus Wall Street estimate of $40.6 million.
Consumables revenue grew 6 percent year over year to $20.1 million from $18.9 million a year ago. Instrument revenue fell 10 percent to $12.8 million from $14.2 million a year ago. Service and other revenue declined 9 percent to $6.1 million from $6.7 million a year ago.
During Q2, PacBio placed 20 Revio systems and 26 Vega systems, compared to 15 Revio and 38 Vega placements in Q2 2025. “Overall, 60 percent of Revio placements in Q2 were to new customers, and 45 percent of Revio placements in Q2 were sold as a part of multi-instrument purchase orders,” Van Oene said.
Americas revenue was “down slightly” year over year at $17.6 million, CFO Jim Gibson said, “as ongoing NIH and broader academic funding uncertainty continued to weigh on capital purchasing decisions. Clinical and commercial customer activity remained resilient, and we continued expanding our Vega installed base within public health laboratories.”
Europe, Middle East, and Africa revenue of $14.4 million was up 52 percent year over year, driven by clinical adoption, demand for Vega instruments, and a multi-system Revio placement.
Asia-Pacific revenue fell 45 percent year over year to $7 million, “primarily reflecting the conclusion of a significant population sequencing program, continued academic and government funding headwinds, and the lower consumables demand as customers completed SPRQ-Nx workflow validation and worked through existing reagent inventory,” Gibson said.
The company’s net loss for the quarter was $44.7 million, or $.14 per share, compared to a loss of $41.9 million, or $.14 per share, in Q2 2025, in line with the consensus estimate of $.14 loss per share.
In Aug. 6 trading on the Nasdaq, shares of PacBio were down 10 percent at $1.17.
PacBio’s R&D expenses rose 2 percent to $23.0 million from $22.5 million in Q2 2025. SG&A expenses fell 8 percent to $33.4 million from $36.2 million a year ago.
As of June 30, PacBio had $236.9 million in cash and investments and $1.6 million in restricted cash.
PacBio cut its full-year 2026 revenue guidance to $155 million to $165 million from a prior range of $165 million to $175 million.
Van Oene will receive an annual base salary of $743,000 and a target annual bonus equal to 100 percent of his base salary.
PacBio said it expects to incur approximately $2.0 million in charges related to the layoffs, primarily consisting of severance and related costs, in Q3 2026.