PacBio to reduce headcount on ‘market uncertainty’

The company said, “In response to ongoing market uncertainty, PacBio (PACB) is executing a plan to reduce both headcount across all functions and non-headcount related expenses to lower its annualized non-GAAP operating expense run-rate by $45 million to $50 million by year end in relation to its prior guidance of $270 million to $280 million. Following the reductions, PacBio aims to focus on its highest-impact long-read platform development initiatives.”