Pacific Biosciences Announces Layoffs
For the first half year, the company recorded $10.1 million in product sales from 16 system installations, of which 11 were upgraded beta systems. Half-year operating loss declined to $57.6 million from $63.1 million a year ago. Backlog was 35 systems. In August, the company forecast 2011 revenues of $35 million.
Washington, DC 9/20/11—In a filing with the SEC, sequencer firm Pacific Biosciences announced the layoff of 130 employees, or 28% of its workforce. The company stated that the action was taken because of “uncertainties associated with the economic environment and to position the company for long-term success.” The reductions, which should be completed this month, are expected to result in a $5.2 million restructuring charge that will be taken in the third quarter. As of June 30, the company’s cash and investments totaled $217 million.
