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Pacific Biosciences of California Announces Fourth Quarter and Fiscal Year 2010 Operating Results

Tuesday, February 15, 2011

MENLO PARK, Calif., Feb. 15, 2011 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter and fiscal year ended December 31, 2010.

Fourth Quarter 2010 Financial Highlights:

During the fourth quarter of 2010, the Company continued investments in developing and manufacturing commercial versions of PacBio RS and SMRTTM technologies while expanding sales, service, and manufacturing operations in preparation for the planned commercial launch during the second quarter of 2011. During the fourth quarter the Company commenced commercial production of the PacBio RS and capitalized component and manufacturing costs incurred during the period as inventory. The capitalization of inventory during the period contributed to the $4.3 million reduction of the Company’s quarter over quarter net loss of $36.4 million, compared to $40.7 million for the third quarter of 2010. Revenue derived from government grants totaled $280,000 for
the fourth quarter of 2010 as compared to $220,000 for the third quarter.

Research and development expenses during the fourth quarter of 2010 totaled $26.5 million, compared to $32.9 million for the third quarter of 2010. The decrease in research and development expenses during the fourth quarter reflects the capitalization of $6.9 million of inventory, which approximates the amount of similar costs expensed as research and development costs during the third quarter. Selling, general, and administrative expenses during the fourth quarter of 2010 increased to $10.3 million compared to $8.0 million for the third quarter of 2010.

Cash and investments at December 31, 2010 totaled $283.7 million compared to $112.9 million at September 30, 2010 and $92.7 million at December 31, 2009. The Company received $210.8 million in net proceeds from its initial public offering during the fourth quarter and $106.1 million in net proceeds from the sale of preferred stock during mid-2010.

Fiscal Year 2010 Financial Highlights:

For the year ended December 31, 2010, the Company reported a net loss of $140.2 million, compared to a net loss of $87.7 million for 2009. The increase in net loss is largely attributable to increased purchases of material for the manufacture of prototype instruments and consumable products in addition to the expansion of sales, service and manufacturing operations as the Company prepares for the commercial launch of the PacBio RS. Revenue for the year ended December 31, 2010, comprised solely of government grants, totaled $1.7 million compared to $135,000 for 2009.

Research and development expenses during fiscal 2010 totaled $111.8 million, compared to $75.9 million for fiscal 2009. Research and development expenses for periods prior to the fourth quarter of 2010 include all costs associated with manufacturing operations. Selling, general and administrative expenses during fiscal 2010 increased to $30.1 million compared to $12.3 million for fiscal 2009, reflecting the continued growth of the Company’s sales and customer support organizations. The Company added a total of 135 employees during 2010, bringing the total to 431 employees as of December 31, 2010.

The Company’s backlog totaled approximately $24 million as of December 31, 2010, which includes delivered limited production release versions of the PacBio RS and orders for full commercial release versions of the PacBio RS received as of that date.

Conference Call

Pacific Biosciences will host a conference call for investors on February 15, 2011 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 of the conference 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.

Forward-Looking Statements

This press release contains forward-looking statements relating to the Company’s operations and operating results, including the statements relating to the Company’s plans for the commercial launch of the PacBio RS in the second quarter of 2011 and future revenue implied in the Company’s backlog. 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 the Company’s control and that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of California’s most recently filed Quarterly Report on Form 10-Q, 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)

 

 

 

 

 

December 31,

September 30,

December 31,

 

2010

2010

2009

Assets

 

 

 

 

 

 

 

Cash and investments

$ 283,674

$ 112,932

$ 92,735

 

 

 

 

Accounts receivable

341

1,052

— 

 

 

 

 

Inventory

6,864

 — 

 — 

 

 

 

 

Prepaids and other current assets

2,235

3,302

1,010

 

 

 

 

 

 

 

 

Total current assets

293,114

117,286

93,745

 

 

 

 

Property and equipment

12,311

12,350

7,142

 

 

 

 

Other assets

322

300

211

 

 

 

 

 

 

 

 

Total Assets

$ 305,747

$ 129,936

$ 101,098

 

 

 

 

 

 

 

 

Liabilities and Stockholders Equity (Deficit)

 

 

 

 

 

 

 

Accounts payable

$ 9,515

$ 13,211

$ 5,778

 

 

 

 

Deferred revenue

3,221

1,052

 

 

 

 

Accrueds and other current liabilities

8,104

8,650

2,641

 

 

 

 

 

 

 

 

Total current liabilities

20,840

22,913

8,419

 

 

 

 

Facility financing and deferred rent

5,041

5,056

475

 

 

 

 

Preferred stock warrant liability

 — 

292

226

 

 

 

 

Convertible preferred stock

 — 

374,975

269,101

 

 

 

 

Stockholders’ equity (deficit)

 279,866

(273,300)

(177,123)

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

$ 305,747

$ 129,936

$ 101,098

 

 

 

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

 

 

Quarters Ended

 

December 31,

September 30,

 

2010

2010

Grant revenue

$ 280

$ 220

 

 

 

Operating expenses

 

 

 

 

 

Research and development

26,542

32,873

 

 

 

Sales, general and administrative

10,327

8,043

 

 

 

 

 

 

Total operating expense

36,869

40,916

 

 

 

 

 

 

Operating loss

(36,589)

(40,696)

 

 

 

Other income (expense), net

170

(12)

 

 

 

 

 

 

Net loss

$ (36,419)

$ (40,708)

 

 

 

 

 

 

Basic and diluted net loss per share

$ (0.97)

$ (39.70)

 

 

 

 

 

 

Shares used in computing basic and net loss per share

37,651,526

1,025,326

 

 

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

(Unaudited, in thousands, except share and per share data)

 

 

Years Ended December 31,

 

2010

2009

Grant revenue

$ 1,674

$ 135

 

 

 

Operating expenses

 

 

 

 

 

Research and development

111,821

75,879

 

 

 

Sales, general and administrative

30,087

12,326

 

 

 

 

 

 

Total operating expense

141,908

88,205

 

 

 

 

 

 

Operating loss

(140,234)

(88,070)

 

 

 

Other income (expense), net

68

367

 

 

 

 

 

 

Net loss

$ (140,166)

$ (87,703)

 

 

 

 

 

 

Basic and diluted net loss per share

$ (14.10)

$ (173.03)

 

 

 

 

 

 

Shares used in computing basic and net loss per share

9,938,411

506,865

 

 

 

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com



         Ben Gong

         650.521.8203

Source: Pacific Biosciences of California, Inc.

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