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Pacific Biosciences of California, Inc. Announces First Quarter 2013 Financial Results

Tuesday, April 23, 2013

MENLO PARK, Calif., April 23, 2013 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the first quarter ended March 31, 2013.

During the first quarter of 2013, the Company recognized revenue from installations of its PacBio RS systems, SMRT® Cell and reagent consumables, instrument service contracts and grants. Revenue for the first quarter of 2013 totaled $5.6 million compared to revenue of $5.9 million for the fourth quarter of 2012. Net loss for the quarter was $21.1 million compared to the $21.7 million net loss during the fourth quarter of 2012.

Gross profit for the first quarter of 2013 totaled $0.9 million, resulting in a gross margin of 17%, compared to a $0.6 million gross profit for the fourth quarter of 2012 and a gross margin of 11%.

Operating expenses totaled $21.5 million for the first quarter of 2013 and $22.3 million for the fourth quarter of 2012. Operating expenses in the first quarter of 2013 include $2.6 million of non-cash stock-based compensation with $1.2 million and $1.4 million recorded in research and development, and selling, general and administrative expenses, respectively, compared to $2.5 million in non-cash stock-based compensation in the fourth quarter of 2012 with $1.2 million and $1.3 million in research and development, and selling, general and administrative expenses, respectively.

Cash and investments at March 31, 2013 totaled $112.3 million compared to $100.6 million at December 31, 2012. The increase in cash and investments during the period reflects $28.5 million provided by debt and equity financing activities offset by operating cash and investment use of $16.8 million.

The Company’s system backlog as of March 31, 2013 includes six PacBio RS instruments reflecting four new bookings during the first quarter of 2013 and two instruments carried forward from December 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its first quarter 2013 results today at 4:30pm Eastern / 1:30pm Pacific. Investors may listen to the call by dialing 888.366.7247, or if outside the U.S., by dialing +1.707.287.9330. The call will be webcast live and will be available for replay at Pacific Biosciences’ website at http://investor.pacificbiosciences.com/.

About Pacific Biosciences

Pacific Biosciences of California, Inc. offers the PacBio® RS II Sequencing System to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) Sequencing technology, the Company’s products enable: targeted sequencing to more comprehensively characterize genetic variations; de novo genome assembly to more fully identify, annotate and decipher genomic structures; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. By providing access to information that was previously inaccessible, Pacific Biosciences enables scientists to increase their understanding of biological systems.

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 backlog and future revenue implied by such 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 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 and Comprehensive Loss

 (amounts in thousands, except per share amounts)

 

 

 

 

 

Quarters Ended

 

March 31,

December 31,

March 31,

 

2013

2012

2012

Revenue:

 

 

 

Product revenue

 $ 3,833

 $ 4,279

 $ 8,715

Service and other revenue

1,475

1,339

1,053

Grant revenue

270

260

270

Total revenue

5,578

5,878

10,038

Cost of revenue:

 

 

 

Cost of product revenue

3,200

3,847

8,607

Cost of service and other revenue

1,448

1,404

1,583

Total cost of revenue

4,648

5,251

10,190

 Gross profit (loss)

930

627

(152)

Operating expense:

 

 

 

Research and development

11,983

11,652

12,073

Sales, general and administrative

9,554

10,669

15,285

Total operating expense

21,537

22,321

27,358

Operating loss

(20,607)

(21,694)

(27,510)

Other income (expense), net

(497)

25

(70)

Net loss

 $ (21,104)

 $ (21,669)

 $ (27,580)

 

 

 

 

Basic and diluted net loss per share

 $ (0.37)

 $ (0.39)

 $ (0.50)

 

 

 

 

Shares used in computing basic and diluted net loss per share

57,372 

56,166

55,201

 

 

 

 

 Comprehensive loss

 $ (21,123)

 $ (21,705)

 $ (27,502)

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

 (amounts in thousands, except per share amounts)

 

 

 

 

March 31,

December 31,

 

2013

2012

Assets

 

 

Cash and investments

 $ 112,305

 $ 100,580

Accounts receivable

2,009

2,822

Inventory, net

10,597

9,592

Prepaid and other current assets

1,570

2,006

 

 

 

Total current assets

126,481

115,000

Property and equipment, net

12,779

14,329

Other long-term assets

514

354

 

 

 

Total Assets

 $ 139,774

 $ 129,683

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

 $ 3,011

 $ 2,988

Deferred revenue, current

2,961

3,378

Accrued and other current liabilities

7,607

8,377

 

 

 

Total current liabilities

13,579

14,743

Facility financing and other non-current liabilities 

5,254

5,558

Financing derivative

999

Note payable

12,851

Stockholders’ equity

107,091

109,382

 

 

 

Total Liabilities and Stockholders’ Equity

 $ 139,774

 $ 129,683

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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