The company reported a year-over-year reduction in net loss to $18.9 million, or 28 cents a share, from $21.1 million, or 37 cents a share. Revenue more than doubled to $11.6 million from $5.6 million thanks primarily to the sale of nine PacBio RS-II systems during the quarter, compared to just three in the same period one year earlier. A total of $1.7 million of that revenue stemmed from Pacific Biosciences' diagnostics collaboration with Roche.
Analysts had expected revenue of $10.1 million, but a loss of 27 cents a share.
Must Read: Warren Buffett's 10 Favorite Growth StocksSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. J.P. Morgan upgraded Pacific Biosciences to "neutral" from "underweight" and set a $7 price target in the wake of the results. The stock was up 20.08% to $5.31 at 2:09 p.m. STOCKS TO BUY: TheStreet's Stocks Under $10 has identified a handful of stocks that can potentially TRIPLE in the next 12-months. Learn more.
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