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Pacific Biosciences

Pacific Biosciences of California, Inc. Announces Second Quarter 2016 Financial Results

Thursday, August 4, 2016

MENLO PARK, Calif., Aug. 04, 2016 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (NASDAQ:PACB) today announced financial results for its second quarter ended June 30, 2016.

Revenue for the second quarter of 2016 totaled $20.7 million, compared to $24.9 million for the second quarter of 2015. Product and service revenue for the second quarter of 2016 increased by 51% to $17.1 million, compared to $11.3 million for the second quarter of 2015.  Contractual revenue for the second quarter of 2016 was $3.6 million, compared to $13.6 million for the second quarter of 2015. Both quarters reflected $3.6 million of amortization of the upfront payment pursuant to the Company’s development, commercialization and license agreement with F. Hoffman-La Roche Ltd (the “Roche Agreement”). Second quarter 2015 contractual revenue also included $10.0 million of milestone revenue from the Roche Agreement.

Gross profit for the second quarter of 2016 was $10.6 million, resulting in a gross margin of 51.3%, compared to gross profit of $14.5 million and a gross margin of 58.2% for the second quarter of 2015. The gross profit and margin for the second quarter of 2015 included $10.0 million of milestone revenue from the Roche Agreement at a 100% margin. Excluding this milestone revenue, gross profit and gross margin for the second quarter of 2016 increased significantly over the same period in 2015 primarily as a result of the higher margin sales of the Company’s SequelTM System which was launched in the fourth quarter of 2015.

Operating expenses for the second quarter of 2016 totaled $28.7 million, compared to $25.9 million for the second quarter of 2015. Operating expenses for the second quarter of 2016 and 2015 included non-cash stock-based compensation of $4.4 million and $3.0 million, respectively.

Net loss for the second quarter of 2016 was $18.5 million, compared to $11.9 million for the second quarter of 2015.

Cash and investments at June 30, 2016 totaled $102.5 million, compared to $82.3 million at December 31, 2015

Quarterly Conference Call Information 

Management will host a quarterly conference call to discuss its second quarter 2016 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 sequencing systems 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 real-time kinetic information for epigenome characterization. Pacific Biosciences’ technology provides high accuracy, ultra-long reads, uniform coverage, and is the only DNA sequencing technology that provides the ability to simultaneously detect epigenetic changes. PacBio® sequencing systems, including consumables and software, provide 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, including for Roche, future uses, quality or performance of, or benefits of using, products or technologies 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,
  2016 2015 2016 2015
Product revenue $ 13,587  $ 8,825  $ 25,966  $ 20,133 
Service and other revenue   3,564    2,518    6,716    5,259 
Contractual revenue   3,596    13,596    7,192    17,192 
Total revenue   20,747    24,939    39,874    42,584 
Cost of Revenue:            
Cost of product revenue   7,115    8,438    13,995    18,170 
Cost of service and other revenue   2,988    1,995    5,731    3,981 
Total cost of revenue   10,103    10,433    19,726    22,151 
Gross profit   10,644    14,506    20,148    20,433 
Operating Expense:            
Research and development   17,522     15,043    33,883    29,526 
Sales, general and administrative   11,192    10,821    22,900    21,593 
Total operating expense   28,714    25,864    56,783    51,119 
Operating loss    (18,070)   (11,358)   (36,635)    (30,686)
Interest income (expense)   (795)   (715)   (1,574)   (1,412)
Other income (expense), net   366     138    358    (10)
Net loss $ (18,499) $ (11,935) $ (37,851) $ (32,108)
Basic and diluted net loss per share $ (0.21) $ (0.16) $ (0.44) $ (0.43)
Shares used in computing basic and diluted net loss per share   88,148    74,733    85,876    74,442 

Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)
  June 30, December 31,
  2016 2015
Cash and
 $102,470 $82,270
Accounts receivable  10,427  5,245
Inventory  14,201  10,955
Prepaid and other current assets  10,957  12,071
Property and equipment  11,188  8,548
Long-term restricted
  4,500  4,500
Other long-term Assets  7,628  7,518
Total Assets $161,371 $131,107
Liabilities and Stockholders’ Equity      
Accounts payable $5,395 $4,749
Accrued expenses  16,329  15,551
Deferred service revenue  7,922  7,958
Deferred contractual revenue  4,942  12,134
Other liabilities  2,954  1,627
Financing derivative  264  600
Notes payable  15,496  14,948
Stockholders’ equity  108,069  73,540
Total Liabilities and Stockholders’ Equity $161,371  $131,107

Trevin Rard



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