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Pacific Biosciences Announces Third Quarter of 2010 Operating Results

Tuesday, November 30, 2010

MENLO PARK, Calif., Nov. 30, 2010 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the third quarter ended September 30, 2010.

Financial Highlights

For the third quarter of 2010, the Company reported net losses of $40.7 million, compared to $24.5 million for the same period last year. The increase in net loss is largely due to an increase in purchases of material for the manufacture of prototype instruments and consumable products and the expansion of sales, service and manufacturing operations as the Company prepares for the commercial launch of the PacBio RS. Revenue for the third quarter of 2010, which was comprised of government grants, was $220,000 compared to no revenue for the same period last year. The Company has not yet recognized any revenue from the sale of its products. 

Research and development expenses in the third quarter of 2010 totaled $32.9 million, compared to $21.1 million for the third quarter of 2009. Research and development expenses include all costs associated with manufacturing operations, as the Company does not yet generate revenues from sales of products and services. Selling, general and administrative expenses in the third quarter of 2010 increased to $8.0 million compared to $3.4 million for the same period of 2009. The Company added 146 employees over the past year, bringing the total to 406 employees as of September 30, 2010. 

Cash and investments at September 30, 2010 were $112.9 million compared to $138.8 million at June 30, 2010. The Company received $210.4 million in net proceeds from its initial public offering during the fourth quarter of 2010.

The Company had a backlog of approximately $20 million as of September 30, 2010, which includes both orders for limited production release instruments and full commercial release instruments for its PacBio RS received as of that date. The Company is planning to commercially launch the PacBio RS during the first half of 2011.

Highlights of Limited Production Release Program

As of today, the Company has shipped all eleven systems included in its beta testing, or Limited Production Release program. Of those eleven systems, ten have been installed and eight have been accepted. The system performance specifications for the limited production release program include:

  • Average readlength of 500 to 550 bases

     

  • 99.99% Consensus accuracy

     

  • 80% to 85% Single molecule raw read accuracy

The installed beta systems have met these performance specifications. 

Conference Call

Pacific Biosciences will host a conference call for investors on November 30, 2010 at 1:30 p.m. PST (4:30 p.m. EST). The conference call dial-in numbers are US: 888.989.5214 or International: 630.395.0127, access code “PACB.” A live webcast of the call will also be available from the Investor Relations section of www.pacb.com. A webcast replay from today’s call will also be available from the Investor Relations section of www.pacb.com approximately two hours after the call and will be available for up to thirty days.

About Pacific Biosciences

Pacific Biosciences’ mission is to transform the way humankind acquires, processes and interprets data from living systems through the design, development and commercialization of innovative tools for biological research. The company has developed a novel approach to studying the synthesis and regulation of DNA, RNA and proteins. Combining recent advances in nanofabrication, biochemistry, molecular biology, surface chemistry and optics, Pacific Biosciences has created a powerful technology platform called single molecule, real-time, or SMRT(tm), technology. SMRT technology enables real-time analysis of biomolecules with single molecule resolution, which has the potential to transform the understanding of biological systems by providing a window into these systems that has not previously been open for scientific study.

CONTACTS:

 

 

 

Trevin Rard 

Ben Gong

650.521.8450 

650.521.8203

ir@pacificbiosciences.com       

 

Forward-Looking Statements

This press release contains forward-looking statements relating to the company’s operations and operating results, including the statement that the Company plans to begin selling the PacBio RS during the first half of 2011 . You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of California’s Registration Statement and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission, including those listed under the caption “Risk Factors.” Pacific Biosciences of
California
expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

Pacific Biosciences of California, Inc.

Consolidated Balance Sheets

(Unaudited, in thousands)

 

 

 

 

 

 

 

 

 

September 30,

2010

June 30,

2010

December 31,

2009

Assets

 

 

 

Cash and investments

$112,932

$138,756

$92,735

Accounts receivable

1,052

Prepaids and other current assets

3,302

1,251

1,010

Total current assets

117,286

140,007

93,745

Property and equipment

12,350

12,669

7,142

Other assets

300

221

211

Total assets

$129,936

$152,897

$101,098

 

 

 

 

Liabilities and Stockholders Deficit

 

 

 

Accounts payable

$13,211

$7,613

$5,778

Deferred revenue

1,052

Accrueds and other current liabilities

8,650

8,498

2,641

Total current liabilities

22,913

16,111

8,419

Faciltiy financing and deferred rent 

5,056

5,118

475

Preferred stock warrant liability

292

282

226

 

 

 

 

Convertible preferred stock

374,975

367,036

269,101

 

 

 

 

Stockholders’ deficit

(273,300)

(235,650)

(177,123)

Total Liabilities and Stockholders’ Equity

$129,936

$152,897

$101,098

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands)

 

 

 

 

Quarter ended 

 

September 30,

2010

September 30,

2009

 

 

 

Grant revenue

$220

$ —

 

 

 

Operating expenses

 

 

Research and development

32,873

21,121

Sales, general and administrative

8,043

3,447

Total operating expense

40,916

24,568

Operating loss

(40,696)

(24,568)

Other income (expense), net

(12)

39

Net Loss

 $ (40,708)

 $ (24,529)

 

 

 

Basic and diluted net loss per share

 $ (39.70)

 $ (46.74)

Shares used in computing basic and

net loss per share

1,025,326

524,840

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands)

 

 

 

 

Year-to-date September 30,

 

2010

2009

 

 

 

Grant revenue

$1,394

$ —

 

 

 

Operating expenses

 

 

Research and development

85,279

51,211

Sales, general and administrative

19,760

8,785

Total operating expense

105,039

59,996

Operating loss

(103,645)

(59,996)

Other income (expense), net

(102)

356

Net Loss

 $ (103,747)

 $ (59,640)

 

 

 

Basic and diluted net loss per share

 $ (134.07)

 $ (122.34)

Shares used in computing basic and

net loss per share

773,839

487,483

Source: Pacific Biosciences of California, Inc.

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Pacific Biosciences Announces New Chief Financial Officer

Monday, September 14, 2020

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