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

Tuesday, February 5, 2013

MENLO PARK, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2012.

During the fourth 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 for the fourth quarter of 2012 totaled $5.9 million compared to revenue of $2.8 million for the third quarter of 2012. Net loss for the quarter was $21.7 million compared to the $22.7 million net loss during the third quarter of 2012.

Gross profit for the fourth quarter of 2012 totaled $0.6 million, resulting in a gross margin of 11%, compared to a $0.2 million gross profit for the third quarter of 2012 and a gross margin of 7%.

Operating expense totaled $22.3 million for the fourth quarter of 2012 and $22.8 for the third quarter of 2012. Operating expense in the fourth quarter of 2012 include $2.4 million of non-cash stock-based compensation with $1.2 million and $1.2 million recorded in research and development, and selling, general and administrative expenses, respectively.

Cash and investments at December 31, 2012 totaled $100.6 million compared to $119.4 million at September 30, 2012.

The Company’s system backlog as of December 31, 2012 includes orders for 5 PacBio RS instruments.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its fourth quarter 2012 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. (Nasdaq:PACB) offers the PacBio® RS High Resolution Genetic Analyzer to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) 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 genetic 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 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 per share amounts)

 

 

Quarters Ended

 

December 31,

September 30,

December 31,

 

2012

2012

2011

Revenue:

 

 

 

Product revenue

$ 4,279

$ 1,268

$ 11,519

Service and other revenue

1,339

1,283

760

Grant revenue

260

225

165

Total revenue

5,878

2,776

12,444

Cost of revenue:

 

 

 

Cost of product revenue

3,847

960

9,642

Cost of service and other revenue

1,404

1,626

1,265

Total cost of revenue

5,251

2,586

10,907

Gross profit

627

190

1,537

Operating expense:

 

 

 

Research and development

11,652

12,626

12,415

Sales, general and administrative

10,669

10,143

11,811

Total operating expense

22,321

22,769

24,226

Operating loss

(21,694)

(22,579)

(22,689)

Other income (expense), net

25

(150)

(134)

Net loss

$ (21,669)

$ (22,729)

$ (22,823)

 

 

 

 

Basic and diluted net loss per share

$ (0.39)

$ (0.41)

$ (0.42)

 

 

 

 

Shares used in computing basic and diluted net loss per share

56,166 

55,877

54,861

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations

(amounts in thousands, except per share amounts)

 

 

Year to Date

 

December 31,

December 31,

 

2012

2011

Revenue:

 

 

Product revenue

$ 20,089

$ 31,486

Service and other revenue

4,959

1,487

Grant revenue

935

890

Total revenue

25,983

33,863

Cost of revenue:

 

 

Cost of product revenue

18,796

18,725

Cost of service and other revenue

6,247

2,104

Total cost of revenue

25,043

20,829

Gross profit

940

13,034

Operating expense:

 

 

Research and development

47,623

76,080

Sales, general and administrative

47,655

46,710

Total operating expense

95,278

122,790

Operating loss

(94,338)

(109,756)

Other income (expense), net

(127)

368

Net loss

$ (94,465)

$ (109,388)

 

 

 

Basic and diluted net loss per share

$ (1.69)

$ (2.03)

 

 

 

Shares used in computing basic and diluted net loss per share

55,733

53,874

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

(amounts in thousands, except per share amounts)

 

 

December 31,

September 30,

December 31,

 

2012

2012

2011

Assets

 

 

 

Cash and investments

$ 100,580

$ 119,402

$ 177,434

Accounts receivable

2,822

532

4,557

Inventory

9,592

10,202

15,517

Prepaid and other current assets

2,006

2,202

2,093

 

 

 

 

Total current assets

115,000

132,338

199,601

Property and equipment

14,329

15,514

18,398

Other assets

354

 356

317

 

 

 

 

Total Assets

$ 129,683

$ 148,208

$ 218,316

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

$ 2,988

$ 2,897

$ 4,742

Deferred revenue

3,378

3,555

4,236

Accrued and other current liabilities

8,377

7,174

10,398

 

 

 

 

Total current liabilities

14,743

13,626

19,376

Facility financing and other non-current liabilities

5,558

6,045

7,477

Stockholders’ equity

109,382

128,537

191,463

 

 

 

 

Total Liabilities and Stockholders’ Equity

$ 129,683

$ 148,208

$ 218,316

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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