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

Tuesday, February 4, 2014

MENLO PARK, Calif., Feb. 4, 2014 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2013.

Total revenue for the fourth quarter of 2013 totaled $9.1 million, compared to $5.9 million for the fourth quarter of 2012. Fourth quarter revenue in 2013 reflects the installation of five PacBio RS II systems, compared to five PacBio RS systems in the fourth quarter of 2012. Total revenue for the fourth quarter of 2013 also included $1.7 million of revenue recognized pursuant to a development agreement the Company entered into with Roche Diagnostics at the end of the third quarter of 2013. The Company booked orders for nine PacBio RS II instruments during the fourth quarter and ended the quarter with 13 instruments in backlog.

Gross profit for the fourth quarter of 2013 was $3.2 million, resulting in a gross margin of 34.9%, compared to gross profit of $0.6 million and a gross margin of 10.7% for the fourth quarter of 2012. Gross profit for the fourth quarter in 2013 included $1.7 million of gross profit recognized pursuant to the development agreement with Roche Diagonistics.

Operating expenses totaled $20.2 million for the fourth quarter of 2013, compared to $22.3 million for the fourth quarter of 2012. Operating expenses for the fourth quarter of 2013 and 2012 included $2.5 million of non-cash stock-based compensation, respectively.

The net loss for the fourth quarter of 2013 was $17.2 million, compared to $21.7 million for the fourth quarter of 2012.

Cash and investments at December 31, 2013 totaled $112.5 million compared to $100.6 million at December 31, 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its fourth quarter 2013 results today at 4:30pm Eastern Time / 1:30pm Pacific Time. Investors may listen to the call by dialing 1.888.366.7247, 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 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.

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations 

 (amounts in thousands, except per share amounts)

 

 

 

 

Quarter Ended December 31,

 

2013

2012

Revenue:

 

 

Product revenue 

 $ 5,791

 $ 4,279

Service and other revenue 

1,647

1,599

Revenue from development agreement 

1,696

 —

Total revenue 

9,134

5,878

Cost of revenue:

 

 

Cost of product revenue 

4,568

3,847

Cost of service and other revenue 

1,377

1,404

Total cost of revenue 

5,945

5,251

Gross profit 

3,189

627

Operating expense:

 

 

Research and development 

11,133

11,652

Sales, general and administrative 

9,060

10,669

Total operating expense 

20,193

22,321

Operating loss 

(17,004)

(21,694)

Interest expense 

(693)

(67)

Other income, net 

466

92

Net loss 

 $ (17,231)

 $ (21,669)

Basic and diluted net loss per share

 $ (0.26)

 $ (0.39)

Shares used in computing basic and diluted net loss per share 

66,190

56,166

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations

 (amounts in thousands, except per share amounts)

 

 

 

 

Year Ended December 31, 

 

2013

2012

Revenue:

 

 

Product revenue 

 $ 20,039

 $ 20,089

Service and other revenue 

6,446

5,894

Revenue from development agreement 

1,696

 —

Total revenue 

28,181

25,983

Cost of Revenue:

 

 

Cost of product revenue 

15,706

18,796

Cost of service and other revenue 

6,056

6,247

Total cost of revenue 

21,762

25,043

Gross profit 

6,419

940

Operating Expense:

 

 

Research and development 

45,217

47,623

Sales, general and administrative 

38,745

47,655

Total operating expense 

83,962

95,278

Operating loss 

(77,543)

(94,338)

Interest expense 

(2,478)

(274)

Other income, net 

728

147

Net loss 

 $ (79,293)

 $ (94,465)

Basic and diluted net loss per share 

 $ (1.26)

 $ (1.69)

Shares used in computing basic and diluted net loss per share 

62,784

55,733

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

 (amounts in thousands)

 

 

 

 

December 31,

December 31,

 

2013

2012

Assets

 

 

Cash and investments

 $ 112,528

 $ 100,580

Accounts receivable

2,746

2,822

Inventory

10,050

9,592

Prepaid and other current assets 

1,135

2,006

Property and equipment

9,236

14,329

Other long-term assets

490

354

Total Assets

 $ 136,185

 $ 129,683

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

 $ 1,717

 $ 2,988

Accrued and other current liabilities

9,797

8,377

Deferred service revenue

4,564

4,178

Deferred development revenue

33,304

 —

Facility financing and other non-current liabilities

3,727

4,758

Financing derivative

549

 —

Notes payable

13,347

 —

Stockholders’ equity

69,180

109,382

Total Liabilities and Stockholders’ Equity

 $ 136,185

 $ 129,683

 

 

 

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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