HomeBusinessPacBio Layoffs 2024: How Many Employees Are Affected?

PacBio Layoffs 2024: How Many Employees Are Affected?

PacBio layoffs in 2024 were a significant event in the gene sequencing industry that affected numerous employees and raised questions about the company’s future. This blog post will provide an overview of PacBio, discuss the details of the layoffs, and explore the reasons behind this decision. 

By understanding the factors that led to these layoffs, we can gain insight into the challenges faced by the gene sequencing industry and how companies like PacBio are adapting to remain competitive.

PacBio Overview

Pacific Biosciences (PacBio) is a leading company in the field of gene sequencing, creating tools and technologies that enable researchers to study DNA more accurately and efficiently. These tools are essential for understanding genetic variation and how it relates to diseases, allowing scientists to develop new treatments and therapies.

PacBio is known for its innovative Single Molecule, Real-Time (SMRT) Sequencing technology, which offers long read lengths and high accuracy, making it a popular choice among researchers worldwide.

Details Of PacBio Layoffs 2024

In 2024, Pacific Biosciences (PacBio) made the difficult decision to shut down its office in Sorrento Valley, San Diego, at 6965 Lusk Blvd, in an effort to save money. This move affected about 200 employees, including engineers, scientists, and some managers. The company reported a loss of $78.2 million in the first quarter, attributed to industry challenges and other problems. 

PacBio has faced difficulties in the past, including a thwarted acquisition attempt by Illumina back in 2018. These layoffs are part of PacBio’s strategy to create more value and adapt to changes in the market.

Why Layoffs Happened At PacBio In 2024?

There were several factors that contributed to the PacBio layoffs in 2024. One of the main reasons was the need to save money and maintain financial stability. By closing its San Diego office, PacBio aimed to reduce operational costs and allocate its resources more effectively. The company’s $78.2 million loss in the first quarter compelled CEO Christian Henry to take prompt action.

The gene sequencing industry itself also faced challenges that negatively impacted PacBio’s sales. Increased competition and customers delaying the purchase of new equipment due to budget constraints made it difficult for PacBio to maintain its market share.

In response, CEO Christian Henry made the tough decision to lay off employees and streamline PacBio’s operations. These measures were part of PacBio’s plan to weather the difficult market conditions, improve efficiency, and enhance competitiveness in the long term.

Potential Impact Of Layoffs On PacBio Workforce

To cut costs, PacBio moved some manufacturing work from San Diego to Menlo Park for making reagents and flow cells more efficiently. Some San Diego employees were offered jobs in Menlo Park, while others continued working remotely worldwide.

These layoffs happened because of slow sales as customers delayed buying new equipment and uncertainty about funding for such purchases, especially in the U.S. and China. Despite these challenges, PacBio remained optimistic about the future of its long-read sequencing technology.

The layoffs could affect PacBio’s ability to innovate and develop new products, as the loss of experienced employees can hinder the company’s progress. Additionally, the remaining employees may experience increased workloads and stress, which could negatively impact their job satisfaction and productivity. 

On the other hand, the consolidation of operations in Menlo Park could lead to improved efficiency and cost savings, which may prove beneficial for the company in the long run.

PacBio Severance Packages

Currently, in 2024 Pacific Biosciences (PacBio) provides no severance packages. Even though PacBio didn’t specify what severance they offered, many companies do this to help employees financially and with their healthcare when they leave. 

Severance packages typically include a combination of salary continuation, continuation of benefits, and outplacement services to assist employees in finding new jobs.

Not offering severance packages can lead to negative consequences for a company, such as damaging its reputation and employee morale. It may also make it more difficult for the company to attract and retain top talent in the future, as job seekers may be less likely to join a company that does not provide adequate support in times of layoffs.

PacBio Financial Health

Pacific Biosciences (PacBio) made $38.8 million in revenue, slightly less than last year. Sales from their sequencing machines, including 28 Revio™ systems, were $19.0 million, and consumables like reagents brought in $16.0 million. 

They made $11.3 million in profit after covering costs for making their products. However, they had big costs of $92.6 million for running the company, leading to a large loss of $78.2 million for the quarter.

When adjusted for certain financial details, they had a non-GAAP profit of $12.6 million with costs of $87.2 million, which meant a non-GAAP loss of $71.4 million. Despite these financial challenges, PacBio reached goals like the University of Tartu picking their Revio™ system for genome studying and starting the PureTarget™ panel to research genes linked to serious brain conditions.

The financial health of PacBio is concerning due to the significant losses. The company will need to find ways to cut costs and increase revenue in order to improve its financial position. The layoffs may be a step in this direction, but it remains to be seen if these measures will be enough to turn the company’s fortunes around.


Pacific Biosciences (PacBio) faced hard times in 2024, leading to big job cuts and financial losses. They closed their San Diego office and let go of about 200 employees to save money. This was because their sales were slow, competition was tough, and customers weren’t buying as much due to financial uncertainties. 

While these layoffs aim to make PacBio run better and compete well in the future, they also bring risks like lower employee morale and less innovation. PacBio’s success going forward will depend on how well they manage these challenges, boost their income, and make their operations more efficient to recover financially and stay strong in the biotechnology field.

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