Here's Why Pacific Biosciences of California Is Getting Hammered Today

Shares of DNA-sequencing pioneer Pacific Biosciences of California (NASDAQ: PACB) fell as much as 21.6% this morning after the company missed third-quarter revenue estimates by a mile. While management pointed to several bright lights on the horizon, the stock is still down about 20.6% as of 12:37 p.m. EDT on Friday.

Third-quarter total revenue came in at $23.5 million. That was $1.6 million than third-quarter revenue last year, and $5.1 million less than Wall Street was expecting. Adjusting for contract revenue from Roche that PacBio will no longer receive following last year's fallout turns the year-to-year loss into a slight gain, but that didn't stop investors from worrying about the company's ability to eventually turn a profit. The third-quarter loss widened to $22.0 million from $17.5 million last year.

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Source: Fool.com