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Pacific Biosciences of California, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2011

Tuesday, February 7, 2012

MENLO PARK, Calif., Feb. 7, 2012 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter and the year ended December 31, 2011.

During the fourth quarter of 2011, the Company recognized revenue from deliveries of its third generation sequencing platform, the PacBio® RS, SMRT® Cell and reagent consumables, as well as revenue derived from instrument service contracts and grants, totaling $12.4 million, compared to revenue recognized of $10.5 million for the third quarter of 2011. Net loss for the quarter decreased to $22.8 million compared to the $29.3 million net loss recognized during the third quarter of 2011, which included workforce reduction charges of $4.9 million.

Gross profit for the fourth quarter totaled $1.5 million, resulting in a gross margin of 12%, compared to gross profit for the third quarter 2011 of $3.3 million and a gross margin of 32%. Gross margin for both the fourth and third quarters reflect the margin positive impact of significant instrument component costs that were expensed during prior periods. During development, costs relating to instrument components and manufacturing costs were expensed until commercial production started.

Operating expenses comprised of research and development and selling, general and administrative expenses for the fourth quarter of 2011 totaled $24.2 million, representing a 26% decrease compared to $32.8 million for the third quarter. Third quarter operating expenses included a $4.9 million of workforce reduction expense, of which $3.5 million and $1.4 million were recorded in research and development and selling, general and administrative expenses, respectively.

Research and development expense during the fourth quarter of 2011 totaled $12.4 million, representing a 38% decrease compared to $20.0 million for the third quarter. The reported expense includes non-cash stock-based compensation totaling $1.7 million and $1.6 million for the fourth and third quarters of 2011, respectively.

Selling, general and administrative expense during the fourth quarter of 2011 totaled $11.8 million, representing a 7% decrease compared to $12.8 million for the third quarter. The reported expense includes non-cash stock-based compensation totaling $1.6 million and $1.4 million for the fourth and third quarters of 2011, respectively.

Cash and investments at December 31, 2011 totaled $177.4 million compared to $193.7 million at September 30, 2011.

Fiscal Year 2011 Financial Highlights:

For the year ended December 31, 2011, the Company’s reported annual revenue of $33.9 million was derived primarily from the delivery of 48 PacBio RS instruments and related consumable products and product services. Net loss for 2011 decreased 22% to $109.4 million, compared to a net loss of $140.2 million for 2010. The decrease in net loss is largely attributable to increased revenue recognized during 2011.

Research and development expenses during fiscal 2011 totaled $76.1 million, compared to $111.8 million for fiscal 2010. 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 2011 increased to $46.7 million from $30.1 million for fiscal 2010, reflecting the continued growth of the Company’s sales and customer support organizations due to the commercial launch of the PacBio RS in 2011.

The Company’s system revenue backlog totaled approximately $11.0 million as of December 31, 2011, which represents orders for 16 PacBio RS instruments received as of that date. The backlog of 16 instruments reflects the 27 instruments in backlog as of September 30, 2011, 17 deliveries and six bookings during the fourth quarter.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its Fourth Quarter 2011 results today at 3:00pm Eastern / 12:00pm Pacific. Investors may listen to the call by dialing 866.700.0161, or if outside the U.S., by dialing +1.617.213.8832, and entering passcode 391.807.81. The call will be webcast live and will be available for replay at Pacific Biosciences’ website at http://investor.pacificbiosciences.com/.

Forward-Looking Statements

This press release contains forward-looking statements relating to the Company’s operations and operating results, including statements relating to the Company’s revenue. 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 filings with the Securities and Exchange Commission, including the 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.

Unaudited Consolidated Statement of Operations

(amounts in thousands, except share and per share amounts)

 

 

Quarters Ended  

 

December 31,

2011

September 30,

2011

December 31,

2010

Revenue:

 

 

 

Product revenue

$ 11,519

$ 9,819

$ — 

Service and other revenue

 760

 535

 — 

Grant revenue

 165

 165

 280

Total revenue

 12,444

 10,519

 280

 

 

 

 

Cost of revenue:

 

 

 

Cost of product revenue

 9,642

 6,546

 — 

Cost of service and other revenue

 1,265

 645

 — 

Total cost of revenue

 10,907

 7,191

 — 

Gross profit

 1,537

 3,328

 280

 

 

 

 

Operating expense:

 

 

 

Research and development

 12,415

 20,001

 26,542

Sales, general and administrative

 11,811

 12,764

 10,327

Total operating expense

 24,226

 32,765

 36,869

 

 

 

 

Operating loss

 (22,689)

 (29,437)

 (36,589)

Other (expense) income, net

  (134)

 156

 170

Net loss

$ (22,823)

$ (29,281)

$ (36,419)

Basic and diluted net loss per share

$ (0.42)

$ (0.54)

$ (0.97)

Shares used in computing basic and diluted net loss per share

 54,860,697

 54,283,162

 37,651,526

 

 

 

 

Pacific Biosciences of California, Inc.

Consolidated Statement of Operations

(amounts in thousands, except per share amounts)

 

 

Years Ended

 

December 31,

2011

December 31,

2010(1)

 

(unaudited)

 

Revenue:

 

 

Product revenue

$ 31,486

$ — 

Service and other revenue

 1,487

 — 

Grant revenue

 890

 1,674

Total revenue

 33,863

 1,674

 

 

 

Cost of revenue:

 

 

Cost of product revenue

 18,725

 — 

Cost of service and other revenue

 2,104

 — 

Total cost of revenue

 20,829

 — 

Gross profit

 13,034

 1,674

 

 

 

Operating expense:

 

 

Research and development

 76,080

 111,821

Sales, general and administrative

 46,710

 30,087

Total operating expense

 122,790

 141,908

 

 

 

Operating loss

 (109,756)

 (140,234)

Other income, net

 368

 68

Net loss

$ (109,388)

$ (140,166)

Basic and diluted net loss per share

$ (2.03)

$ (14.10)

Shares used in computing basic and diluted net loss per share

 53,873,928

 9,938,411

 

Note 1: The consolidated statement of operations for the year ended December 31, 2010 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Consolidated Balance Sheets

(amounts in thousands)

 

 

December 31,

2011

September 30,

2011

December 31,

2010 (1)

 

(unaudited)

(unaudited)

 

Assets

 

 

 

Cash and investments

$ 177,434

$ 193,696

$ 283,674

Accounts receivable

 4,557

 4,434

 341

Inventory

 15,517

 20,262

 6,864

Prepaid and other current assets

 2,093

 1,891

 2,235

Total current assets

 199,601

 220,283

 293,114

Property and equipment

 18,398

 17,359

 12,311

Other assets

 317

 319

 322

Total Assets

$ 218,316

$ 237,961

$ 305,747

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

$ 4,742

$ 8,158

$ 9,515

Deferred revenue

 5,852

 3,970

 3,221

Accrued and other current liabilities

 10,398

 9,004

 8,104

Total current liabilities

 20,992

 21,132

 20,840

Facility financing and other non-current liabilities

 5,861

 6,145

 5,041

Stockholders’ equity

 191,463

 210,684

 279,866

 

 

 

 

Total Liabilities and Stockholders’ Equity

$ 218,316

$ 237,961

$ 305,747

 

Note 1: The consolidated balance sheet at December 31, 2010 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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