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

Thursday, August 1, 2013

MENLO PARK, Calif., Aug. 1, 2013 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the second quarter ended June 30, 2013.

Revenue for the second quarter of 2013 totaled $6.0 million, compared to $5.6 million for the first quarter of 2013. Revenue reflected the installation of three PacBio RS II systems, compared to three systems in the first quarter of 2013, SMRT® Cell and reagent consumables and instrument service contracts. Net loss for the quarter was $20.5 million, compared to $21.1 million during the first quarter of 2013. 

Gross profit for the second quarter of 2013 was $1.1 million, resulting in a gross margin of 18%, compared to gross profit of $0.9 million and a resulting gross margin of 17% for the first quarter of 2013.  

Operating expenses totaled $21.1 million for the second quarter of 2013, compared to $21.5 million for the first quarter of 2013. Operating expenses in the second quarter of 2013 included $2.3 million of non-cash stock-based compensation compared to $2.6 million in non-cash stock-based compensation in the first quarter of 2013.

Cash and investments at June 30, 2013 totaled $107.0 million compared to $112.3 million at March 31, 2013. The decrease in cash and investments during the period reflects cash use of $16.6 million partially offset by $11.3 million of cash received from the sale of stock.

The Company added seven PacBio RS II instrument bookings during the quarter and ended the quarter with 10 instruments in backlog.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its second 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.

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 the Company’s filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, and include those listed under the caption “Risk Factors.” The Company 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 Loss

(amounts in thousands, except per share amounts)

 

 

 

 

 

Quarters Ended

 

June 30,

 March 31,

June 30,

 

2013

2013

2012

Revenue:

 

 

 

Product revenue

$4,601

$3,833

$5,827

Service and other revenue

1,447

1,475

1,284

Grant revenue

270

180

Total revenue

6,048

5,578

7,291

Cost of revenue:

 

 

 

Cost of product revenue

3,322

3,200

5,382

Cost of service and other revenue

1,667

1,448

1,634

Total cost of revenue

4,989

4,648

7,016

 Gross profit (loss)

1,059

930

275

Operating expense:

 

 

 

Research and development

11,682

11,983

11,272

Sales, general and administrative

9,374

9,554

11,558

Total operating expense

21,056

21,537

22,830

Operating loss

(19,997)

(20,607)

(22,555)

Interest Expense

(673)

(426)

(69)

Other income (expense), net

199

(71)

137

Net loss

$(20,471)

$(21,104)

$(22,487)

 

 

 

 

Basic and diluted net loss per share

 $(0.33)

 $(0.37)

 $(0.40)

 

 

 

 

Shares used in computing basic and diluted net loss per share 

61,922 

57,372 

55,658

 

 

 

 

 Comprehensive loss

$(20,484)

$(21,123)

$(22,547)

 

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,

 

2013

2012

Revenue:

 

 

Product revenue

$8,434

$14,542

Service and other revenue

2,922

2,337

Grant revenue

270

450

Total revenue

11,626

17,329

Cost of revenue:

 

 

Cost of product revenue

6,522

13,989

Cost of service and other revenue

3,115

3,217

Total cost of revenue

9,637

17,206

 Gross profit

1,989

123

Operating expense:

 

 

Research and development

23,665

23,345

Sales, general and administrative

18,928

26,843

Total operating expense

42,593

50,188

Operating loss

(40,604)

(50,065)

Interest expense

(1,098)

(139)

Other income (expense), net

127

137

Net loss

$(41,575)

$(50,067)

 

 

 

Basic and diluted net loss per share

$(0.70)

$(0.90)

 

 

 

Shares used in computing basic and diluted net loss per share 

59,660

55,433

 

 

 

Comprehensive loss

  $(41,607)

  $(50,049)

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

 (amounts in thousands)

 

 

 

 

 

June 30,

March 31,

December 31,

 

2013

2013

2012 (1)

Assets

(unaudited)

(unaudited)

 

Cash and investments

$106,968

$112,305

$100,580

Accounts receivable

4,104

2,009

2,822

Inventory

10,283

10,597

9,592

Prepaid and other current assets

759

1,570

2,006

 

 

 

 

Total current assets

122,114

126,481

115,000

Property and equipment

11,655

12,779

14,329

Other assets

508

514

354

 

 

 

 

Total Assets

$134,277

$139,774

$129,683

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

$2,605

$3,011

$2,988

Deferred revenue

3,347

2,961

3,378

Accrued and other current liabilities

9,141

7,607

8,377

 

 

 

 

Total current liabilities

15,093

13,579

14,743

Facility financing and other non-current liabilities

4,885

5,254

5,558

Financing derivative

894

999

Notes Payable

13,007

12,851

Stockholders’ equity

100,398

107,091

109,382

 

 

 

 

Total Liabilities and Stockholders’ Equity

$134,277

$139,774

$129,683

 

 

 

 

Note 1: The condensed consolidated balance sheet at December 31, 2012 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, 2012.

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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