PACBPACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Laboratory Analytical Instruments · $811M market cap · 485 employees
2.6×
More likely than average to be taken private
Top 4% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works
Takeover signals
What an activist or buyer would see: cheap, overpaid, diluted or under pressure.
4of 15 firedHow well they predict deals →
- TSR below peersYes5 of 5 years3+ of last 5 years
- Dilutive SBCYes26% of revenueOver 10% of revenue
- Goodwill-heavyYes42% of assetsOver 40% of assets
- Buyout-sizedYes$811M market capMarket cap $500M–$5B
11 other checks
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Payouts exceed cash flowNo-0% of cash flowBuybacks + dividends over cash flow
- Shareholder dissentNo84% lowest supportAny vote under 80% support
- Low revenue per employeeNo$330K · 39th pctBottom quartile of its SIC industry
- Quiet on AINo0.7 per 10K words · 26th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Recurring revenueNo3 of 1010-K business scored 7+ of 10 for recurring revenue
- AI-rollup shapedNo0 of 1010-K business scored 5+ of 10 as an AI-rollup target
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$3M netNet sales over $10M in 12 months
Deal filings
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Dec 18, 2018 | DEFM14A | Illumina, Inc. | $8.00 | 77% |
| Dec 5, 2018 | PREM14A | Illumina, Inc. | $8.00 | 77% |
Key numbers
- Revenue
- $160M
- 3.9% YoY
- Operating margin
- -346.2%
- 12% YoY
- EBITDA
- −$541M
- 17% YoY
- Net debt / EBITDA
- —
- $836M net debt
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $131M | $128M | $201M | $154M | $160M | 3.9% |
| Operating income | −$210M | −$307M | −$334M | −$474M | −$554M | 17% |
| Net income | −$181M | −$314M | −$307M | −$310M | −$546M | 76% |
| Operating cash flow | −$111M | −$263M | −$259M | −$206M | −$111M | 46% |
| Capex | $6M | $17M | $9M | $6M | $3M | 56% |
| Stock-based comp | $73M | $79M | $72M | $71M | $42M | 41% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Aug 29, 2019 | Magnetar Financial LLC | SC 13D/A | 5.0% | Passive |
| Apr 30, 2019 | Magnetar Financial LLC | SC 13D/A | 5.2% | Passive |
Insider trading
−$3Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $3M · 12 trades
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 7 | 125 |
| FY2024 | — | — | 7 | 93 |
| FY2023 | — | — | 38 | 94 |
| FY2022 | — | — | 32 | 90 |
| FY2021 | — | — | 79 | 100 |