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Pacific Biosciences of California, Inc. Announces Second Quarter 2015 Financial Results

Wednesday, August 5, 2015

MENLO PARK, Calif., Aug. 5, 2015 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (NASDAQ:PACB) today reported a 118% increase in revenue with $24.9 million for the second quarter ended June 30, 2015, compared to $11.4 million for the second quarter of 2014.

Second quarter 2015 revenue includes product and service revenue of $11.3 million and $13.6 million of contractual revenue, while second quarter 2014 revenue includes product and service revenue of $9.7 million and $1.7 million of contractual revenue. Second quarter 2015 contractual revenue includes $10 million of milestone revenue and also reflects a higher quarterly amortization of the upfront Roche payment.

Gross profit increased $11.4 million to $14.5 million for the quarter, resulting in a gross margin of 58.2%, compared to gross profit of $3.1 million and a gross margin of 27.4% for the second quarter of 2014. The growth in gross profit and margin was driven by the additional $11.9 million Roche revenue at 100% margin.

Operating expenses totaled $25.9 million for the quarter, compared to $21.4 million for the second quarter of 2014. Operating expenses for the second quarters of 2015 and 2014 included non-cash stock-based compensation of $3.0 million and $2.1 million, respectively.

The net loss for the quarter was $11.9 million, compared to $19.1 million for the second quarter of 2014.

Cash and investments at June 30, 2015 totaled $72.7 million, compared to $101.3 million at December 31, 2014.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its second quarter 2015 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. 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 resolve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, Pacific Biosciences’ products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes; targeted sequencing to more comprehensively characterize genetic variations; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. Pacific Biosciences’ technology provides the industry’s highest consensus accuracy
over the longest read lengths in combination with the ability to detect real-time kinetic information. The PacBio RS II System, including consumables and software, provides a simple, fast, end-to-end workflow for SMRT Sequencing. More information is available at www.pacb.com.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the timeline for Pacific Biosciences’ potential development of products for Roche, future milestone achievement 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.

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Statement of Operations 

(amounts in thousands, except per share amounts)

 

 

 

 

 

 

Three-month Periods Ended June 30,

Six-month Periods Ended June 30,

 

2015

2014

2015

2014

Revenue:

 

 

 

 

Product revenue 

$8,825

$7,749

$20,133

$15,614

Service and other revenue 

2,518

1,980

5,259

4,061

Contractual revenue 

13,596

1,696

17,192

3,392

Total revenue 

24,939

11,425

42,584

23,067

Cost of Revenue:

 

 

 

 

Cost of product revenue 

8,438

6,271

18,170

13,440

Cost of service and other revenue 

1,995

2,028

3,981

3,825

Total cost of revenue 

10,433

8,299

22,151

17,265

Gross profit 

14,506

3,126

20,433

5,802

Operating Expense:

 

 

 

 

Research and development 

15,043

12,435

29,526

24,206

Sales, general and administrative 

10,821

8,993

21,593

18,143

Total operating expense 

25,864

21,428

51,119

42,349

Operating loss 

(11,358)

(18,302)

(30,686)

(36,547)

Interest expense 

(715)

(701)

(1,412)

(1,387)

Other income (expense), net 

138

(133)

(10)

(88)

Net loss 

$(11,935)

$(19,136)

$(32,108)

$(38,022)

Basic and diluted net loss per share 

$(0.16)

$(0.27)

$(0.43)

$(0.55)

Shares used in computing basic and diluted net loss per share 

74,733

70,515

74,442

69,195

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

(amounts in thousands)

 

 

 

 

June 30,

December 31,

 

2015

2014

Assets

 

 

Cash and investments

$72,674

$101,348

Accounts receivable

3,950

3,406

Inventory

11,978

11,335

Prepaid and other current assets 

1,587

1,671

Property and equipment

6,428

6,601

Other long-term Assets

153

162

Total Assets

$96,770

$124,523

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

$5,818

$5,608

Accrued expenses

11,316

11,441

Deferred service revenue

7,823

7,250

Deferred contractual revenue

19,328

26,520

Other liabilities

3,183

3,687

Financing derivative

899

944

Notes payable

14,567

14,124

Stockholders’ equity

33,836

54,949

Total Liabilities and Stockholders’ Equity

$96,770

$124,523

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

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Source: Pacific Biosciences of California, Inc.

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