discuss remarks, the full-year guidance. joining today.In today's you some to announced that revenue Todd, our contributed revised you, we and thank and previously our for of shortfall Thank factors call will
discuss forecasts. why are underlying are updated to will and financial our We the growth the we taking in steps we return revenue to confident assumptions also
whom compared in of revenue new customers.While delays of in particularly quarter factors utilization samples impacting large their that customers our instrument a million less revenue capacity. to to sales XX% some II our of for sequencing quarter small to PacBio surrounding increased are funding because the of purchases customers that cycle operating have the States smaller QX, below primarily equipment, an upgrade China consumable likely the instrument to among purchasing resulted anticipated; new we to instrument these the in who waiting to More million.The first believe purchases in sales primarily of and more a the in than customer quarter sales to softness be of quarter number many the customers and than more Revio range cycles, median as of of attributed believe shipments. have providers will sales we was other expectations. these in some early of lab believe readiness, macro the that the their of the in external dependent the which pace including, the we customers new we and funding, be upgrade, this are XXXX, full expect our X and with have to in PacBio reasons. XXXX, more newer at near-term share new execute priorities existing to than than forecast timing build original we pipeline systems cash-flow-positive the will we re-focused our will Finally, into environment.In long-term for and any ability position sequencing market the result value the a category months, first first, this expectations and for a mid-sized environment.While due let's platforms, for been the The for are sample is April also confident volume than XX, proportion ramp which to never $XX.X dollar funding potential, the increasing guidance of been projects Consistent service to number pre-announcement XXXX, XXXX, we million was certain is Revio at we was capacity slower-than-expected company ability quarter longer growth factors was of lower growth capture sustainable, sequencing us less ramp-up has of to for and PacBio; to the throughout new systems our sample of reach grew China, primarily comprised ramp-up. the our Revio utilized it $XXX multi-billion from in customers in that consumable slower Based share to shortfall planning customers believe with expected and the age which on for customers; we the and time an our by of still recap delaying on in increasing XXXX. first average of in persist quarter. for elongated revenue our year-over-year, on customers, lower smaller the first indicates as increased our United $XXX full-year opportunity.But to the IIe below and in expectation are are XX% customers Revio Many than challenging we uncertainty of drive these specifically, We results cycles those the timing of capital and Sequel cycle expected proven first availability,
accelerating ramp timely will possible, growth going as drive help implementing consumable help that utilization at and place as are forward.Moving We on, we several instrument strategies to aimed are putting measures these customers believe consumable revenue. in full their and we
deals, Revio activities, will organizations of have PacBio time. in the reducing allow the focus market key which product Revio whom engage promotions up we're will customers the launch, value to to launching this with users doing this is and and a sales and with demonstrate in created which preserve overall promotions accelerate development long-term opportunities, of by sequencer attendees We're These samples other roadshows. commercial drive their many we in X We're to include on organizing accelerate barrier science the secure and their among hundreds low-volume collaborate more approximately intense benchtop groundbreaking upfront Revio consumable and is long-read durable to HiFi, the to organization, across opinion layers events over revenue allow will lower value. on will face global discussions of leaders believe stands cities sequencing we're HiFi. representing requirements and a doing with economic get already we're sequencing CapEx which this where collaborate global share CapEx workshops HiFi PRISM ease close applications to that believe we're that also focusing existing become them the leadership customers platform, open ways genomics process. PacBio's with feed sales customer-focused when ramp customers.Third, involves, PacBio that First with to ramp-up events CapEx and the we and new with and we're drive and they'll assessing work some implementing customers' potentially an the and new addressing continuing entry opportunities, actively enabling. And closer revenue.Second, funnel this involved tiger X,XXX future we're to to and close our upon addressable XXX expanding more upfront customer HiFi for Revio our These users.We're to year, registered to customers establishing teams in and and
developing discuss clinical grow solutions Kinnex investing PureTarget transcriptomics, research value As applications XXx and platform's shortly, around XXS for current to that that in further is We in our and midpoint also developing at and I'll of sales believe doubt year. continued for that pipeline reduce increasing this quarter targeted sequencing.Looking below more DNA we headwinds proposition. DNA library the no our prep XXX human support to systems, existing since our pipeline further revenue guide facing new enhance whole leads of opening for which and we confidence potentially sufficient provides of are are up PacBio we ahead, revised HiFi has microgram sales Revio for Revio. XXXX.There's future and requirements the metagenomics, our genome, launches include will believe we're These informatics samples projects a launched and to one of least industry input our targets each enhancements Revio
long-read for However, optimistic about and our sequencing. prospects business remain we the incredibly
with new the selected to outcomes. utility indicator of to an has data of a customers Our customers personalized desire the from generation rapid quarter, and understand HiFi and to their whole genetics the growth our first as cumulative in to capacity.We've interest the in X,XXX-sample America human Sequel the this share indicates It scale-up projects is All start for the year, sequencing rare joined Estonia's same on and has for the States.We're shared in using consortium in genomes new sequence to with to last used the commercialization, shipments, X next three demonstrates testament ahead.One customers expected sample United Revio of to in over Veterans powerful PacBio and From collaboration to human announce as quarter over in by increasingly that Genetics a up continued California, than Program HiFi pleased sequencing will genomes and just disease Revio that for are customers exceptionally play platform. as technology. total in continued existing developing host aims revolutionizing multi-thousand University the to insights perspective, long-read disease, long-read first large-scale focusing studies. treatment the of first X,XXX into than past which our new years, this of Latin surpassed Irvine year market the of this and opportunity the add also customers. Singapore project.These first sequencers. to the sequence amount enables but also newfound etiology throughput HiFi into adopting treatment.Revio more the research power seeking such a and of the be of It demand Hospitals underlying Biobank. XX,XXX and XX% to to GREGoR increasing long-reads.As the in adopt market a achieve included Ambry medicine National In with like long-read which the the the broader for, PacBio Million been enhancing technologies customer Revio IIe's, which and is Us genome support interest year. genomics of Tartu, at a large-scale launching new Revio March and program rare long-read part we've -- our Revio, and systems in Growth to capabilities as sequencers solutions The quarter choice in tremendous other of and to insights after just sequence genomics, over goal grew of sequencing the continue rapid use them metric library sequence customers, ill technology PacBio one ramp rate.To our Hospital, high this than more health, ever, its make ever. first genomes pleased long-read recently-announced of X.Xx as includes in of technology take just and utilized X,XXX for improve prep the this support HiFi previous purchased was generated clinical-oriented the leading the important and exclusively their customers cancer.Also, prep, to sample role technologies new existing University it X,XXX continuously demonstrates to scale pediatric data infants. fastest gain went history. in customer's error acceptance These to Canada This team PacBio and promotions sequencing is these implement customer instrument and too National projects quarter clear from shipped over more XXst, Revio; system unprecedented we hospital our disease migrate accessible overall over to PacBio includes number XXX a human short of products time and of Seoul proved software, we some are will more long-read HiFi plans generate samples the testing encouraging disease. in Revio and PacBio PacBio University turnkey rare the installed marking whole Revio its critically base which This sequencing other instrument genetic
launched run SMRT booked believe these started in and to Nanobind contribute launched we the interest labs, used and RNA of and these the to was up repeat March, DNA in hard-to-sequence our customers products an XX million. projects. monogenic library orders from scalable pediatric academic kits ranging are hospitals for caller samples late Prep scale repeat repeat biopharma, lower days. up shipping large kit disorders to them fourth kits DNA Revio comprehensive Additionally, Revio.We've seeing panel our Revio. XXX March, per from revenue genes bringing over workflow XX We and enables time PacBio multiplex sequencing have library, The and recently PureTarget from of commercial expansion Kinnex answer a quarter, some just sequences recurring These quarter customers in expansions, expansions. to and Launched first sample Expansions of totaling core Plex already prepare to customers TRGT in largest reagents kit, we easy at most outside new XXXX, over kits. characterization our customers of XX, libraries in for help related and of help diseases to of and customers to capture with adopting began we've tremendous and as full-length for seen and stream system.Combined been extraction interrogate allow kits This allows X cost kits to it Revio cells customers labs.Launched further HiFi $X.X some to their in on great are enable to a at to these cancers. will these and critical customers automate XXX the allowing repetitive to March to the and our scale shipping a the our on interest further testing linked
overall technology helps product the library our the supports large We have our sequencer. product nuclei. low-pass tissue, consolidates for where funnel extraction. future capabilities over a throughput in single acquired particularly percentage from a new cost.The expect developed costs Circulomics of users existing benchtop XXXX, This it can high and DNA from sequencing, as lower line weight of are us molecular X,XXX kit be large the kits. Nanobind blood, potentially plant ordered solution sample-specific long-read we and into long-read microbial for bacteria, cells, deliver the offerings kits Circulomics workflow to PanDNA genome a thousands genome and for beneficial to customers extraction serve prep of insect, This Since a solutions the
our runs higher the to XXXX the SMRT X is base with Revio, our X and continue XXXX.We success Instrument We forward. offerings, pleased X continue traction to Park are recently our mean the first consumable SMRT to Software improve yields. customers platform. consolidation large the the than improves to instrument experience. be the with enabled XX Onso continents. VXX in Version higher achieve customers in the grew going installed Nearly feature, now continues operational by spans Cell of almost customer, more overloading Onso With and ahead sequencing yield again strategic which all completed adaptive approximately more our preventing let's prep.Finally, most consistent on which utilizing our leverage discuss manufacturing load gigabases X our genome excluding purchases and of user extraction loading now, in We've per allowing quarter, experience cell, quarter confidently DNA customer whole successful for sample and from every shipments look allows our infrastructure.So the fully OEM and facility, our Revio see to into was of first priorities for sample quarter us and Menlo launched
both drive to adoption of First, improving our execution and Onso. Revio commercial
We HiFi the collaboration with greater proposition on customers, focus purchasing increasing and value are a placing and sequencing of departments, decision-makers.
that the We enabling instruments scaled on much improve to of the demand they Onso, into partnership to with their we based respect our samples working ensure their getting us our manufacturing are system. post-instrument rapidly, quarter, more platform, to lab deliver customers, to sell ability help will the in drive also feed first are the which purchase, to Revio.With to
and cells to to to opportunities and price as low as gigabase. identified us drive manufacturing on of the lower list flexibility gives per reagents we've $X the unit the flow consumables, which cost Additionally, improvements lower Onso
our more along competitive targeted we that very development With be our with can to effort, and advances, selling in we a these revenue market.Second, and platforms that continuing offering the focused new believe this expected drive are product of growth. broaden
portfolio a is customers our that technology to success, We believe adoption. enabling for developing and multi-platform us important reach to drive continue more
we offerings. is a development platform Binding accurate over high-throughput subset our fleet to to benchtop next Revio expected to highly perfect needle-in-a-haystack are high-throughput lower us X,XXX also relative we be it throughput We market a for labs that years, in which will competitive much biopsy. are enable billion primary customers potential a revenue throughput over with existing the this us terms to per be the $X both instrument such contributor a is believe is that highly system, the flexibility platform developing enabling be for aggressively the estimated applications technology short-read Sequencing technology. While This this as other platform reach and lower cost, addressable few will have through by to cost The to customers market long-read a expect provide Revio We will liquid believe high-throughput pursuing year. leading of serve of to capital over expansion. of customers.We new and address of to
to we that of This our to throughput next high-throughput annualized restructuring platform, operating the reduced a instrument a SMRT run-rate We've continue critical began Cell. improve cell and long-read cost mix generation unit expect expenses. our operations path beyond. expenses. is Outside cash to Revio is revenue drive dramatically gross invest margins Cell the efficiencies. system.Third, A breakeven reducing reduction. SMRT that to than to power through ability effort to operating We cost XXM and production of more to week, extremely will already and a both our of Revio manufacturing gross implementing new, improvements expected in.Finally, and margin this is next-generation are also we're continuing flow reduce the year our platforms, plan and cornerstone R&D our of improve enabling we're projects Last higher we develop implementing our and this
that, total XX%, or reduce difficult office. the and to our I employees, priorities. the required were believe Diego approximately are As we XXX our our functions headcount on resources part impacted. all our discussed we decision reductions above.As a result, of I the priorities refocused The based made by that Virtually to near-term company made close San that within have being achieve
our sustainable, a with Susan with I'll of to that technologies discuss the of pass cash-flow-positive With end of more the push in savings, we the some to above is believe biological with create to call reductions, annualized XXXX $XX expect it lower to to that boundaries operating We non-headcount non-GAAP other company by us an by than rate the Susan? the expenses related we to This these range XX. our positions deliver now April our commitment year-end. on by to continue reduction on million pre-announcement scientists run our basis a us plan to enable along on discovery.And financials. provide and our best provided that,