By Kelly Cloonan

Shares of Pacific Biosciences of California climbed after the company backed its prior outlook and announced cuts to its spending and workforce.

The stock rose 9.6% to $1.32 in mid-morning trading. Shares have lost over 60% over the past 12 months.

The life-science technology company on Wednesday backed its previous guidance for fiscal 2025, guiding for revenue of $155 million to $170 million.

The company said it expects growth in its Vega shipments to offset a year-over-year decline in Revio system shipments.

PacBio also said Wednesday it is executing a plan to cut employee headcount across all functions and pull back on other expenses in response to market uncertainty from academic and National Institutes of Health funding, as well as new tariffs.

The company expects to lower its annualized adjusted operating expense run-rate by between $45 million and $50 million by the end of the year, as compared with prior guidance of a reduction of between $270 million and $280 million.

Following the reductions, PacBio aims to focus on its highest-impact long-read platform development initiatives, the company said.

For its fiscal first quarter, the company said its preliminary revenue figure totaled $36.9 million for the period ended March 31, down from revenue of $38.8 million a year ago. Analysts expect $33.3 million.

A rise in consumable and service revenue helped partially offset lower instrument revenue. The company said the funding and macroeconomic environment has weighed on instrument sales, particularly of its Revio systems at academic customers.

Write to Kelly Cloonan at kelly.cloonan@wsj.com

(END) Dow Jones Newswires

April 09, 2025 10:28 ET (14:28 GMT)

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