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Henry Christian O, the President, CEO, and Interim CFO of Pacific Biosciences of California, Inc. (NASDAQ:PACB), recently sold 12,497 shares of the company’s common stock. The shares were sold at a weighted average price ranging from $1.39 to $1.46 per share, amounting to a total transaction value of $17,583.
This sale was carried out to cover tax withholding obligations related to the vesting of restricted stock units. Following the transaction, Henry Christian O retains ownership of 2,225,357 shares in the company.
In other recent news, Pacific Biosciences of California, Inc. (PacBio) reported a 33% year-over-year decline in quarterly revenue to $39.2 million and a 23% decrease in annual revenue to $154 million for 2024. Despite this, the company launched new products, including the Vega sequencing platform and SPRQ chemistry for the Revio system. PacBio has begun shipping Vega systems to Berry Genomics under an early access agreement, marking a significant step in advancing genetic screening programs in China. In financial maneuvers, PacBio exchanged $459 million in convertible senior notes due in 2028 for $200 million in new notes due in 2029, plus shares and cash, with an expected end-of-year cash position of $390 million.
Additionally, PacBio updated executive severance agreements for CEO Christian Henry and COO Mark Van Oene, shifting to lump sum payments. The company also appointed Christian Henry as interim CFO following the resignation of Susan G. Kim, with no change in Henry’s compensation for the additional role. These developments were disclosed through SEC filings, ensuring transparency with investors. PacBio plans to discuss its financial results in more detail at the upcoming J.P. Morgan Healthcare Conference.
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