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Pacific Biosciences of California, Inc. Announces First Quarter 2012 Financial Results

Tuesday, May 1, 2012

MENLO PARK, Calif., May 1, 2012 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the first quarter ended March 31, 2012.

During the first quarter of 2012, the Company recognized revenue from installations of its PacBio RS systems, SMRT® cell and reagent consumables, instrument service contracts and grants. Revenue totaled $10.0 million for the quarter, compared to revenue recognized of $12.4 million for the fourth quarter of 2011. Net loss for the quarter was $27.6 million compared to the $22.8 million net loss recognized during the fourth quarter of 2011.

Gross loss for the first quarter totaled $0.2 million, resulting in a negative margin of 2%, compared to gross profit for the fourth quarter of 2011 of $1.5 million and a positive gross margin of 12%.

Operating expenses comprised of research and development and selling, general and administrative expenses for the first quarter of 2012 totaled $27.4 million, representing a 13% increase compared to $24.2 million for the fourth quarter of 2011. The first quarter operating expenses include $2.0 million of non-cash stock-based compensation with $1.1 million and $0.9 million recorded in research and development and selling, general and administrative expenses, respectively.

Research and development expense during the first quarter of 2012 totaled $12.1 million, representing a 3% decrease compared to $12.4 million for the fourth quarter of 2011. Selling, general and administrative expense during the first quarter of 2012 totaled $15.3 million, representing a 29% increase compared to $11.8 million for the fourth quarter of 2011. The $3.5 million increase in quarterly SG&A expense includes a $2.6 million increase in legal expense, of which $1.8 million relates to the settlement of two intellectual property matters.

Cash and investments at March 31, 2012 totaled $161.3 million compared to $177.4 million at December 31, 2011.

The Company’s system revenue backlog totaled approximately $4.7 million as of March 31, 2012, which represents orders for seven PacBio RS instruments received as of that date. The backlog of seven instruments reflects the 16 instruments in backlog as of December 31, 2011, 11 installations and two additions during the first quarter.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its First Quarter 2012  results today at 4:30pm Eastern / 1:30pm Pacific. Investors may listen to the call by dialing 866.783.2137, or if outside the U.S., by dialing +1.857.350.1596, and entering passcode 916.273.13. 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 Annual Report on Form 10-K, 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 per share amounts)

 

 

Quarters Ended

 

March 31,

2012

December 31,

2011

March 31,

2011

Revenue:

 

 

 

Product revenue

$ 8,715

$ 11,519

$ — 

Service and other revenue

 1,053

 760

 — 

Grant revenue

 270

 165

 270

Total revenue

 10,038

 12,444

 270

 

 

 

 

Cost of revenue:

 

 

 

Cost of product revenue

 8,607

 9,642

 — 

Cost of service and other revenue

 1,583

 1,265

 — 

Total cost of revenue

 10,190

 10,907

 — 

Gross (loss) profit

 (152)

 1,537

 270

 

 

 

 

Operating expense:

 

 

 

Research and development

 12,073

 12,415

 24,118

Sales, general and administrative

 15,285

 11,811

 11,119

Total operating expense

 27,358

 24,226

 35,237

Operating loss

 (27,510)

 (22,689)

 (34,967)

Other (expense) income, net

  (70)

 (134)

 158

Net loss

$ (27,580)

$ (22,823)

$ (34,809)

Basic and diluted net loss per share

$ (0.50)

$ (0.42)

$ (0.66)

Shares used in computing basic and diluted net loss per share

 55,201

 54,861

 52,756

 

Pacific Biosciences of California, Inc.

Consolidated Balance Sheets

(amounts in thousands)

 

 

March 31,

2012

December 31,

2011 (1)

 

(unaudited)

 

Assets

 

 

Cash and investments

$ 161,349

$ 177,434

Accounts receivable

 1,505

 4,557

Inventory

 11,821

 15,517

Prepaid and other current assets

 2,131

 2,093

Total current assets

 176,806

 199,601

Property and equipment

 17,592

 18,398

Other assets

 340

 317

Total Assets

$ 194,738

$ 218,316

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

$ 4,250

$ 4,742

Deferred revenue

 3,920

 4,236

Accrued and other current liabilities

 11,626

 10,398

Total current liabilities

 19,796

 19,376

Facility financing and other non-current liabilities

 7,039

 7,477

Stockholders’ equity

 167,903

 191,463

 

 

 

Total Liabilities and Stockholders’ Equity

$ 194,738

$ 218,316

 

Note 1:   The consolidated balance sheet at December 31, 2011 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, 2011.

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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