Pacific Biosciences (NASDAQ:PACB) of California, Inc. (NASDAQ:PACB), a laboratory instruments company with a market capitalization of $549 million, announced a key executive change as the company appointed its President and Chief Executive Officer, Christian Henry, to also serve as interim Chief Financial Officer.
The Board of Directors made the decision on Thursday, with Henry taking over the additional role immediately upon Kim's departure. The company has not adjusted Henry's compensation for taking on the interim CFO responsibilities. The leadership transition comes at a crucial time, as InvestingPro analysis shows the company has experienced significant stock volatility, with shares down nearly 80% year-to-date.
Christian Henry has been with Pacific Biosciences, a company specializing in laboratory analytical instruments, since his prior appointment as disclosed in the company's definitive proxy statement filed on April 29, 2024. His extensive experience within the company is expected to provide continuity in the management of its financial operations.
Pacific Biosciences' shares are traded on The NASDAQ Stock Market LLC, and the company operates under the industrial classification of laboratory analytical instruments. InvestingPro subscribers have access to detailed financial analysis, including 10+ additional ProTips and comprehensive research reports that provide deeper insights into the company's financial health and market position.
In other recent news, Pacific Biosciences of California, Inc. has reported an 11% quarter-over-quarter revenue increase in Q3 2024, totaling $40 million. This comes despite a year-over-year decrease from Q3 2023. The company has also announced the departure of Jeff Eidel, the Chief Commercial Officer, as part of an internal restructuring of the commercial organization. The responsibilities of Eidel will be assumed by Christian Henry, the current President and Chief Executive Officer.
In terms of product developments, Pacific Biosciences has launched the upgraded Revio platform with SpaRC chemistry and the Vega benchtop sequencer. These initiatives are part of the company's commitment to becoming cash flow positive by the end of 2026.
Strategic partnerships and expansions, such as with Azenta Life Sciences and the National Precision Medicine Program of Singapore, are expected to drive future growth for the company. Lastly, analysts project a flat to slightly increased revenue in Q4 compared to Q3, with a lowered full-year revenue forecast below $170 million.
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