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

Wednesday, April 27, 2011

MENLO PARK, Calif., April 27, 2011 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the quarter ended March 31, 2011.

First Quarter 2011 Financial Highlights:

During the first quarter of 2011, the Company recorded a net loss of $34.8 million, or $0.66 non-GAAP pro forma net loss per share ($0.66 GAAP net loss per share). The Company continued commercial production of the PacBio RS during the first quarter of 2011, investing $6.7 million in commercial inventories comprised of PacBio instruments and consumable products including SMRT cells and reagents. Reductions in discretionary research and development spending resulted in a $1.6 million improvement in net loss when compared to $36.4 million, or $0.76 non-GAAP pro forma net loss per share ($0.97 GAAP net loss per share), reported for the fourth quarter of 2010. Revenue, derived solely from government grants, totaled $270,000 for the first
quarter of 2011 as compared to $280,000 for the fourth quarter of 2010.

Research and development expense during the first quarter of 2011 totaled $24.1 million, compared to $26.5 million for the fourth quarter of 2010. The $2.4 million, or 9%, decrease in research and development expenses during the first quarter was primarily driven by lower purchases of development materials for product testing and reduced outside engineering fees. 

Selling, general, and administrative expense during the first quarter of 2011 increased to $11.1 million compared to $10.3 million for the fourth quarter of 2010. The $0.8 million, or 8%, increase during the period was primarily driven by increased headcount in sales and support functions.

Cash and investments at March 31, 2011 totaled $248.5 million compared to $283.7 million at December 31, 2010. The $35.2 million of cash used during the first quarter of 2011 primarily reflects the net loss of $31.7 million, excluding non-cash stock based compensation, $6.7 million invested in commercial inventory offset by increased deferred revenue and compensation related liabilities of $3.4 million.

Conference Call

Pacific Biosciences will host a conference call for investors on April 27, 2011 at 1:30 p.m. PDT (4:30 p.m. EDT). The conference call dial-in numbers are US: 866.356.4281 or International: 617.597.5395, access code “764 830 50”. 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. 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 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.

 

 

Consolidated Balance Sheets

 

 

(Unaudited, in thousands)

 

 

 

 

 

 

March 31,

December 31,

 

2011

2010

Assets

 

 

 

 

 

Cash and investments

$ 248,548

$ 283,674

Accounts receivable

59

341

Inventory

13,539

6,864

Prepaids and other current

assets

2,124

2,235

 

 

 

Total current assets

264,270

293,114

Property and equipment

13,932

12,311

Other assets

356

322

 

 

 

Total Assets

$ 278,558

$ 305,747

 

 

 

 

 

 

Liabilities and Stockholders

Equity 

 

 

 

 

 

Accounts payable

$ 9,432

$ 9,515

Deferred revenue

4,350

3,221

Accrueds and other current

liabilities

10,350

8,104

 

 

 

Total current liabilities

24,132

20,840

Facility financing and

deferred rent

5,755

5,041

 

 

 

Stockholders’ equity 

 248,671

 279,866

 

 

 

Total Liabilities and

Stockholders’ Equity

$ 278,558

$ 305,747

 

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

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

 

 

 

 

 

Quarters Ended

 

March 31,

December 31,

March 31,

 

2011

2010

2010

Grant revenue

$ 270

$ 280

$ 545

Operating expenses

 

 

 

Research and development

24,118

26,542

25,324

Sales, general and administrative

11,119

10,327

5,495

 

 

 

 

Total operating expense

35,237

36,869

30,819

Operating loss

(34,967)

(36,589)

(30,274)

Other income (expense), net

158

170

(51)

 

 

 

 

Net loss

$ (34,809)

$ (36,419)

$ (30,325)

 

 

 

 

Basic and diluted net loss per share

$ (0.66)

$ (0.97)

$ (48.97)

 

 

 

 

Shares used in computing basic and diluted

net loss per share

52,756,116

37,651,526

619,250

 

 

 

 

Non-GAAP pro forma (1) basic and diluted

net loss per share

$ (0.66)

$ (0.76)

$ (0.99)

Non-GAAP pro forma (1) shares used in

computing basic and diluted net loss per

share

 52,756,116

 48,159,913

 30,669,886

(1)  Upon the closing of the Company’s initial public offering all outstanding shares of convertible preferred stock converted into shares of common stock. Non-GAAP pro forma basic and diluted net loss per share presents basic and diluted net loss per share assuming the conversion of outstanding convertible preferred stock into shares of common stock at the beginning of the respective reporting periods. The Company’s management believes that this non-GAAP pro forma information provides meaningful supplemental information that helps investors compare current results to those reported in prior periods. A reconciliation of the Company’s GAAP net loss per share to non-GAAP pro forma net loss per share is as follows:

 

Pacific Biosciences of California, Inc.

Consolidated Statements of Operations

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

 

 

 

 

 

Quarters Ended

 

March 31,

December 31,

March 31,

 

2011

2010

2010

Non-GAAP pro forma net loss per share

 

 

 

 

 

 

 

Numerator:

 

 

 

Net loss 

$ (34,809)

$ (36,419)

$ (30,325)

Pro forma net loss 

$ (34,809)

$ (36,419)

$ (30,325)

 

 

 

 

Denominator:

 

 

 

Shares used in computing basic and diluted net loss per

share

52,756,116

37,651,526

619,250

Pro forma adjustment to reflect the assumed conversion

of preferred stock into comon stock at the beginning of

the reporting period.

10,508,387

30,050,636

Non-GAAP pro forma shares used in basic and diluted

pro forma net loss per share

52,756,116

48,159,913

30,669,886

 

 

 

 

Non-GAAP pro forma basic and diluted net loss per

share 

$ (0.66)

$ (0.76)

 $ (0.99)

CONTACT:  Trevin Rard

          650.521.8450

          ir@pacificbiosciences.com



          Ben Gong

          650.521.8203

Source: Pacific Biosciences of California, Inc.

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