Product and service revenue for the first quarter of 2017 increased by 60% to
Gross profit for the first quarter of 2017 was
Excluding this charge, adjusted gross margin for the first quarter of 2017 would have been 41.0%. Gross profit for the first quarter of 2016 was
Operating expenses for the first quarter of 2017 totaled
quarter of 2017 and 2016 included non-cash stock-based compensation of
Net loss for the first quarter of 2017 was
Cash, cash equivalents and investments, excluding restricted cash, at
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its first quarter 2017 results today at
using an Audience Passcode of 6231-3559. The call will be webcast live and will be available for replay at Pacific Biosciences’ website at http://investor.pacificbiosciences.com/.
About Pacific Biosciences
genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Pacific Biosciences’ technology provides high accuracy, ultra-long reads, uniform coverage, and is the only DNA sequencing technology that provides the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide a simple, fast, end-to-end workflow for SMRT Sequencing. More information is available at
www.pacb.com.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the timeline for Pacific Biosciences’ potential development of products, future uses, quality or performance of, or benefits of using, products or technologies and other future events. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, changes in circumstances and other factors that are, in some cases, beyond Pacific Biosciences’ control and could cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. Factors that could materially affect actual results can be found in Pacific Biosciences’ most recent filings
with the
| Unaudited Condensed Consolidated Statement of Operations | |||||||
| (amounts in thousands, except per share amounts) | |||||||
| Quarter Ended |
|||||||
| 2017 | 2016 | ||||||
| Revenue: | |||||||
| Product revenue | $ | 21,294 | $ | 12,379 | |||
| Service and other revenue | 3,621 | 3,152 | |||||
| Contractual revenue | — | 3,596 | |||||
| Total revenue | 24,915 | 19,127 | |||||
| Cost of Revenue: | |||||||
| Cost of product revenue | 11,362 | 6,880 | |||||
| Cost of service and other revenue | 4,616 | 2,743 | |||||
| Total cost of revenue | 15,978 | 9,623 | |||||
| Gross profit | 8,937 | 9,504 | |||||
| Operating Expense: | |||||||
| Research and development | 16,971 | 16,361 | |||||
| Sales, general and administrative | 15,265 | 11,708 | |||||
| Total operating expense | 32,236 | 28,069 | |||||
| Operating loss | (23,299 | ) | (18,565 | ) | |||
| Interest expense | (838 | ) | (779 | ) | |||
| Other income (expense), net | 270 | (8 | ) | ||||
| Net loss | $ | (23,867 | ) | $ | (19,352 | ) | |
| Basic and diluted net loss per share | $ | (0.26 | ) | $ | (0.23 | ) | |
| Shares used in computing basic and diluted net loss per share | 92,970 | 83,604 | |||||
| Unaudited Condensed Consolidated Balance Sheets |
|||||
| (amounts in thousands) | |||||
| 2017 | 2016 | ||||
| Assets | |||||
| Cash and investments | $ | 56,050 | $ | 71,978 | |
| Accounts receivable | 10,441 | 11,421 | |||
| Inventory | 15,348 | 15,634 | |||
| Prepaid and other current assets | 6,501 | 9,978 | |||
| Property and equipment | 42,449 | 14,560 | |||
| Long-term restricted cash | 4,500 | 4,500 | |||
| Other long-term Assets | 219 | 9,813 | |||
| Total Assets | $ | 135,508 | $ | 137,884 | |
| Liabilities and Stockholders’ Equity | |||||
| Accounts payable | $ | 8,221 | $ | 8,359 | |
| Accrued expenses | 17,246 | 16,604 | |||
| Deferred service revenue | 8,167 | 8,427 | |||
| Deferred rent | 14,148 | 19 | |||
| Other liabilities | 1,908 | 3,345 | |||
| Financing derivative | 208 | 356 | |||
| Notes payable | 16,425 | 16,106 | |||
| Stockholders’ equity | 69,185 | 84,668 | |||
| Total Liabilities and Stockholders’ Equity | $ | 135,508 | $ | 137,884 | |
Contact:Trevin Rard 650.521.8450 ir@pacificbiosciences.com
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