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Pacific Biosciences of California, Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results

Wednesday, February 10, 2021

MENLO PARK, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31, 2020. Reported revenue is consistent with the Company’s press release issued on January 11, 2021.

Q4 2020 Financial Highlights

Revenue for the fourth quarter of 2020 was $27.1 million, representing a 42% increase sequentially compared with $19.1 million for the third quarter of 2020 and a 3% decrease compared with $27.9 million for the fourth quarter of 2019. The Company placed 35 Sequel II/IIe systems during the fourth quarter, bringing the total installed base of Sequel II/IIe systems up to 203 as of December 31, 2020, compared with 168 as of September 30, 2020.

Gross profit for the fourth quarter of 2020 was $11.4 million, representing a 61% increase sequentially compared with $7.1 million for the third quarter of 2020 and a 12% decrease compared with $12.9 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 42%, compared to 37% for the third quarter of 2020 and 46% for the fourth quarter of 2019.

Operating expenses totaled $35.4 million for the fourth quarter of 2020, compared to $31.2 million for the third quarter of 2020 and $30.8 million for the fourth quarter of 2019. Operating expenses for the fourth quarter of 2020, third quarter of 2020 and fourth quarter of 2019 included non-cash stock-based compensation of $4.8 million, $4.3 million and $3.4 million, respectively.

Net income for the fourth quarter of 2020 was $74.9 million, compared to a net loss of $23.7 million for the third quarter of 2020 and a net loss of $0.1 million for the fourth quarter of 2019. The increase in net income for the fourth quarter of 2020 was primarily driven by the recognition of the $98.0 million Reverse Termination Fee received from Illumina in January 2020 and reflected as other income after the associated contingency clauses lapsed on October 1, 2020.

Basic and diluted net income per share for the fourth quarter of 2020 was $0.40 per share and $0.37 per share, respectively, compared to basic and diluted net loss of $0.14 per share and $0.00 per share for the third quarter of 2020and the fourth quarter of 2019, respectively.

The Company received $93.6 million in net proceeds from an underwritten public offering of its common stock in November 2020. Cash, cash equivalents and investments, excluding short-term restricted cash and long-term restricted cash, at December 31, 2020 totaled $318.8 million, compared to $208.6 million at September 30, 2020 and $49.1 million at December 31, 2019.

Recent Company Highlights

  • As separately announced, SB Management, a subsidiary of SoftBank Group Corp., will make an investment of $900 million in convertible senior notes to support the Company’s future growth initiatives.
  • The Company announced a multi-year collaboration with Invitae Corporation to begin development of a production-scale high-throughput sequencing platform leveraging the power of PacBio’s highly accurate HiFi sequencing to expand Invitae’s whole genome testing capabilities.
  • Mark Van Oene joined PacBio as Chief Operating Officer and Peter Fromen joined the Company as Chief Commercial Officer, both newly established roles which expand the company’s management strength.
  • Wellcome Sanger Institute committed to purchase seven new Sequel IIe systems to support the Darwin Tree of Life initiative, making it one of the world’s largest SMRT sequencing facilities.

Commenting on the announcement, Christian Henry, President and Chief Executive Officer of Pacific Biosciences said, “Our financial performance in the fourth quarter was above our expectations and we were pleased that the global pandemic did not significantly impact our business in the quarter. We are thrilled to have started the new year with a strategic partnership with Invitae and a transformative investment from SoftBank.”

Impact of COVID-19 Pandemic

Financial results for the twelve months of 2020 were negatively impacted as many of our customers in multiple regions around the world shut down operations for various periods of time in efforts to curb the spread of the COVID-19 pandemic. This resulted in lower product revenues of $65.4 million for the twelve months of 2020 compared to $77.7 million for the same period of 2019. Uncertainties associated with the pandemic, including recent resurgences in infection rates, may cause further impacts to our operations and financial results.

Quarterly Conference Call Information 

Management will host a quarterly conference call to discuss its fourth quarter and year ended December 31, 2020 results today at 4:30 p.m. Eastern 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, using Conference ID # 8096067. The call will be webcast live and will be available for replay at Pacific Biosciences’ website at https://investor.pacificbiosciences.com/.

About Pacific Biosciences

Pacific Biosciences of California, Inc. (NASDAQ: PACB), is empowering life scientists with highly accurate long-read sequencing. The company’s innovative instruments are based on Single Molecule, Real-Time (SMRT®) Sequencing technology, which delivers a comprehensive view of genomes, transcriptomes, and epigenomes, enabling access to the full spectrum of genetic variation in any organism. Cited in thousands of peer-reviewed publications, PacBio® sequencing systems are in use by scientists around the world to drive discovery in human biomedical research, plant and animal sciences, and microbiology.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, our preliminary financial results for the fourth quarter ended December 31, 2020, including our revenue, instrument revenue, consumable revenue and service and other revenue and our installed instruments during the quarter, customer interest in SMRT Sequencing with HiFi reads, sales momentum, the impact of COVID-19 on our business, 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 Securities and Exchange Commission, including Pacific Biosciences’ most recent reports on Forms 8-K, 10-K and 10-Q, and include those listed under the caption “Risk Factors.” Pacific Biosciences undertakes no obligation to revise or update information in this press release to reflect events or circumstances in the future, even if new information becomes available.

The condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in the Pacific Biosciences’ Annual Report on Form 10-K when filed with the Securities and Exchange Commission.

Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com


Pacific Biosciences of California, Inc.

Unaudited Quarterly Condensed Consolidated Statement of Operations
(amounts in thousands, except per share amounts)

    Three Months Ended
    December 31, 2020   September 30, 2020   December 31, 2019
Revenue:                  
Product revenue   $ 23,626     $ 15,749     $ 24,551  
Service and other revenue     3,510       3,333       3,379  
Total revenue     27,136       19,082       27,930  
Cost of Revenue:                  
Cost of product revenue     12,550       9,228       11,985  
Cost of service and other revenue     3,185       2,790       3,013  
Total cost of revenue     15,735       12,018       14,998  
Gross profit     11,401       7,064       12,932  
Operating Expense:                  
Research and development     17,425       16,467       14,273  
Sales, general and administrative     17,953       14,772       16,576  
Total operating expense     35,378       31,239       30,849  
                   
Operating loss     (23,977 )     (24,175 )     (17,917 )
Gain from Reverse Termination Fee from Illumina     98,000              
Gain from Continuation Advances from Illumina                 18,000  
Interest expense                 (678 )
Other income, net     912       467       504  
Net income (loss)   $ 74,935     $ (23,708 )   $ (91 )
                   
Net income (loss) per share                  
Basic   $ 0.40     $ (0.14 )   $ (0.00 )
Diluted   $ 0.37     $ (0.14 )   $ (0.00 )
Weighted average shares outstanding used in calculating net income (loss) per share                  
Basic     186,013       166,862       153,051  
Diluted     203,822       166,862       153,051  


Pacific Biosciences of California, Inc.

Unaudited Twelve Months Ended Condensed Consolidated Statement of Operations
(amounts in thousands, except per share amounts)

    Twelve Months Ended December 31,
    2020   2019
Revenue:            
Product revenue   $ 65,424     $ 77,742  
Service and other revenue     13,469       13,149  
Total revenue     78,893       90,891  
Cost of Revenue:            
Cost of product revenue     35,424       44,771  
Cost of service and other revenue     10,903       11,544  
Total cost of revenue     46,327       56,315  
Gross profit     32,566       34,576  
Operating Expense:            
Research and development     64,152       59,630  
Sales, general and administrative     72,799       75,491  
Total operating expense     136,951       135,121  
             
Operating loss     (104,385 )     (100,545 )
Gain from Reverse Termination Fee from Illumina     98,000        
Gain from Continuation Advances from Illumina     34,000       18,000  
Interest expense     (267 )     (2,611 )
Other income, net     2,055       1,022  
Net income (loss)   $ 29,403     $ (84,134 )
             
Net income (loss) per share            
Basic   $ 0.18     $ (0.55 )
Diluted   $ 0.17     $ (0.55 )
Weighted average shares outstanding used in calculating net income (loss) per share            
Basic     165,187       152,527  
Diluted     174,970       152,527  


Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)

    December 31,   December 31,
    2020   2019
Assets        
Cash and investments   $ 318,814     $ 49,099  
Accounts receivable     16,837       15,266  
Inventory     14,230       13,312  
Prepaid and other current assets     4,870       3,069  
Property and equipment, net     24,899       30,070  
Operating lease right-of-use assets, net     29,951       32,827  
Restricted cash     4,336       4,300  
Other long-term assets     43       42  
Total Assets   $ 413,980     $ 147,985  
                 
Liabilities and Stockholders’ Equity                
Accounts payable   $ 3,579     $ 8,368  
Accrued expenses     17,350       13,242  
Deferred revenue     10,290       9,561  
Operating lease liabilities     41,999       45,801  
Notes payable           15,871  
Other liabilities     5,271       225  
Stockholders’ equity     335,491       54,917  
Total Liabilities and Stockholders’ Equity   $ 413,980     $ 147,985  

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