Here's Why Pacific Biosciences of California Is Surging Today
Shares of Pacific Biosciences of California (NASDAQ: PACB), a purveyor of high-accuracy genomic sequencing kits, is marching higher after reporting second-quarter earnings and a big order from a leading genetic-services provider. The news lifted the stock about 13.7% higher as of 3:42 p.m. EDT on Thursday.
Stripping away significant contractual revenue recorded last year, second-quarter product and service sales rose 17% higher than the same period last year, to $20.1 million. Perhaps more importantly, total operating expenses rose just 13% on the year, which suggests the company is becoming increasingly efficient.
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Source: Fool.com