Revenue for the fourth quarter of 2016 totaled
amortization of the upfront Roche payment.
Gross profit for the fourth quarter of 2016 was
Operating expenses totaled
fourth quarter of 2015. Operating expenses for the fourth quarters of 2016 and 2015 included non-cash stock-based compensation of
The net loss for the fourth quarter of 2016 was
Cash, cash equivalents and investments, excluding restricted cash, at
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its fourth quarter 2016 results today at
About Pacific Biosciences
genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Pacific Biosciences’ technology provides high accuracy, ultra-long reads, uniform coverage, and is the only DNA sequencing technology that provides the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide a simple, fast, end-to-end workflow for SMRT Sequencing. More information is available at www.pacb.com
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the timeline for Pacific Biosciences’ potential development of products, future uses, quality or performance of, or benefits of using, products or technologies and other future events. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, changes in circumstances and other factors that are, in some cases, beyond Pacific Biosciences’ control and could cause actual results to differ materially from the information expressed or implied
by forward-looking statements made in this press release. Factors that could materially affect actual results can be found in Pacific Biosciences’ most recent filings with the
| Unaudited Condensed Consolidated Statement of Operations | ||||||||||||||||
| (amounts in thousands, except per share amounts) | ||||||||||||||||
| Three-month Periods Ended | Twelve-month Periods Ended | |||||||||||||||
| 2016 | 2015 | 2016 |
2015 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 20,593 | $ | 9,799 | $ | 64,609 | $ | 37,502 | ||||||||
| Service and other revenue | 3,783 | 2,886 | 13,971 | 10,896 | ||||||||||||
| Contractual revenue | 1,346 | 23,596 | 12,134 | 44,384 | ||||||||||||
| Total revenue | 25,722 | 36,281 | 90,714 | 92,782 | ||||||||||||
| Cost of Revenue: | ||||||||||||||||
| Cost of product revenue | 11,244 | 7,415 | 34,512 | 30,704 | ||||||||||||
| Cost of service and other revenue | 3,104 | 2,400 | 12,042 | 8,628 | ||||||||||||
| Total cost of revenue | 14,348 | 9,815 | 46,554 | 39,332 | ||||||||||||
| Gross profit | 11,374 | 26,466 | 44,160 | 53,450 | ||||||||||||
| Operating Expense: | ||||||||||||||||
| Research and development | 16,255 | 14,752 | 67,617 | 60,440 | ||||||||||||
| Sales, general and administrative | 12,993 | 12,776 | 47,787 | 45,187 | ||||||||||||
| Gain on lease amendments | — | — | — | (23,043 | ) | |||||||||||
| Total operating expense | 29,248 | 27,528 | 115,404 | 82,584 | ||||||||||||
| Operating loss | (17,874 | ) | (1,062 | ) | (71,244 | ) | (29,134 | ) | ||||||||
| Interest expense | (839 | ) | (773 | ) | (3,234 | ) | (2,926 | ) | ||||||||
| Other income (expense), net | (317 | ) | 426 | 103 | 364 | |||||||||||
| Net loss | $ | (19,030 | ) | $ | (1,409 | ) | $ | (74,375 | ) | $ | (31,696 | ) | ||||
| Basic and diluted net loss per share | $ | (0.21 | ) | $ | (0.02 | ) | $ | (0.83 | ) | $ | (0.42 | ) | ||||
| Shares used in computing basic and diluted net loss per share | 92,660 | 78,327 | 89,148 | 75,614 | ||||||||||||
| Unaudited Condensed Consolidated Balance Sheets | |||||
| (amounts in thousands) | |||||
| 2016 | 2015 | ||||
| Assets | |||||
| Cash and investments | $ | 71,978 | $ | 82,270 | |
| Accounts receivable | 11,421 | 5,245 | |||
| Inventory | 15,634 | 10,955 | |||
| Prepaid and other current assets | 9,978 | 12,071 | |||
| Property and equipment | 14,560 | 8,548 | |||
| Long-term restricted cash | 4,500 | 4,500 | |||
| Other long-term Assets | 9,813 | 7,518 | |||
| Total Assets | $ | 137,884 | $ | 131,107 | |
| Liabilities and Stockholders’ Equity | |||||
| Accounts payable | $ | 8,359 | $ | 4,749 | |
| Accrued expenses | 16,604 | 15,551 | |||
| Deferred service revenue | 8,427 | 7,958 | |||
| Deferred contractual revenue | — | 12,134 | |||
| Other liabilities | 3,364 | 1,627 | |||
| Financing derivative | 356 | 600 | |||
| Notes payable | 16,106 | 14,948 | |||
| Stockholders’ equity | 84,668 | 73,540 | |||
| Total Liabilities and Stockholders’ Equity | $ | 137,884 | $ | 131,107 | |
Contact:Trevin Rard 650.521.8450 ir@pacificbiosciences.com
Source:
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