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

Thursday, July 26, 2012

MENLO PARK, Calif., July 26, 2012 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the second quarter ended June 30, 2012.

During the second 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 second quarter of 2012 totaled $7.3 million and net loss was $22.5 million.

Gross profit for the second quarter of 2012 totaled $0.3 million, resulting in a gross margin of 4%, compared to a $0.2 million gross loss for the first quarter of 2012 and a negative margin of 2%. Gross profit for the second quarter of 2011 was $7.9 million representing a gross margin of 74%. The margin for the second quarter 2011 reflects the positive margin impact of instrument components expensed during earlier periods when the Company was in the development stage.

Operating expenses comprised of research and development and selling, general and administrative expenses for the second quarter of 2012 totaled $22.8 million, representing a 17% decrease compared to $27.4 million for the first quarter of 2012.   Operating expenses in the second quarter of 2012 include $2.5 million of non-cash stock-based compensation with $1.1 million and $1.4 million recorded in research and development and selling, general and administrative expenses, respectively. Operating expenses in the second quarter of 2011 were $30.6 million.

Research and development expense during the second quarter of 2012 totaled $11.3 million, representing a 7% decrease compared to $12.1 million for the first quarter of 2012. Selling, general and administrative expense during the second quarter of 2012 totaled $11.5 million, representing a 24% decrease compared to $15.3 million for the first quarter of 2012. The $3.8 million decrease in quarterly SG&A expense reflects a $3.2 million decrease in outside legal expense as we settled two intellectual property matters in the first quarter of 2012. During the second quarter of 2011, research and development expense totaled $19.5 million and selling, general and administrative expense totaled $11.0 million.

Cash and investments at June 30, 2012 totaled $137.1 million compared to $161.3 million at March 31, 2012.

The Company’s system revenue backlog was less than $1.0 million as of June 30, 2012, which represents an order for one PacBio RS instrument received during the second quarter of 2012. Installation has been completed for all instruments that were in backlog as of March 31, 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its second 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 revenue. 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 and Comprehensive Income

 (amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

Quarters Ended

 

June 30,

March 31,

June 30,

 

2012

2012

2011

Revenue:

 

 

 

Product revenue

 $ 5,827

 $ 8,715

 $ 10,148

Service and other revenue

1,284

1,053

192

Grant revenue

180

270

290

Total revenue

7,291

10,038

10,630

Cost of revenue:

 

 

 

Cost of product revenue

5,382

8,607

2,537

Cost of service and other revenue

1,634

1,583

194

Total cost of revenue

7,016

10,190

2,731

 Gross profit (loss)

275

(152)

7,899

Operating expense:

 

 

 

Research and development

11,272

12,073

19,546

Sales, general and administrative

11,558

15,285

11,016

Total operating expense

22,830

27,358

30,562

Operating loss

(22,555)

(27,510)

(22,663)

Other income (expense), net

68

(70)

188

Net loss

 $ (22,487)

 $ (27,580)

 $ (22,475)

 

 

 

 

Basic and diluted net loss per share

($0.40)

($0.50)

($0.42)

 

 

 

 

Shares used in computing basic and diluted net 

55,658 

55,201

53,414

 loss per share

 

 

 

 

 

 

 

 Comprehensive loss

 $ (22,547)

 $ (27,502)

 $ (22,297)

 

 

 

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations and Comprehensive Income

 (amounts in thousands, except per share amounts)

 

 

 

 

Year to Date 

 

June 30,

June 30,

 

2012

2011

Revenue:

 

 

Product revenue

 $ 14,542

 $ 10,148

Service and other revenue

2,337

192

Grant revenue

450

560

Total revenue

17,329

10,900

Cost of revenue:

 

 

Cost of product revenue

13,989

2,537

Cost of service and other revenue

3,217

194

Total cost of revenue

17,206

2,731

 Gross profit

123

8,169

Operating expense:

 

 

Research and development

23,345

43,664

Sales, general and administrative

26,843

22,135

Total operating expense

50,188

65,799

Operating loss

(50,065)

(57,630)

Other income (expense), net

(2)

346

Net loss

 $ (50,067)

 $ (57,284)

 

 

 

Basic and diluted net loss per share

 $ (0.90)

 $ (1.08)

 

 

 

Shares used in computing basic and 

55,433

53,057

 diluted net loss per share

 

 

 

 

 

  Comprehensive loss

   (50,049) 

   (57,082) 

 

 

 

 

 

 

 

 

 

 

 

 

Pacific Biosciences of California, Inc.

Consolidated Balance Sheets

 (amounts in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

June 30,

March 31,

December 31,

 

2012

2012

2011 (1)

Assets

(unaudited)

(unaudited)

 

Cash and investments

 $ 137,108

 $ 161,349

 $ 177,434

Accounts receivable

3,371

1,505

4,557

Inventory

10,271

11,821

15,517

Prepaid and other current

assets

1,893

2,131

2,093

 

 

 

 

Total current assets

152,643

176,806

199,601

Property and equipment

16,937

17,592

18,398

Other assets

350

340

317

 

 

 

 

Total Assets

 $ 169,930

 $ 194,738

 $ 218,316

 

 

 

 

Liabilities and Stockholders’

Equity

 

 

 

Accounts payable

 $ 4,061

 $ 4,250

 $ 4,742

Deferred revenue

4,170

3,920

4,236

Accrued and other current

liabilities

6,695

11,626

10,398

 

 

 

 

Total current liabilities

14,926

19,796

19,376

Facility financing and

other non-current liabilities

6,800

7,039

7,477

Stockholders’ equity

148,204

167,903

191,463

 

 

 

 

Total Liabilities and

Stockholders’ Equity

 $ 169,930

 $ 194,738

 $ 218,316

 

 

 

 

Note 1: The condensed consolidated balance sheet at December 31, 2011 has been derived from the audited

consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the

fiscal year ended December 31, 2011.

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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Monday, September 14, 2020

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