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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
Revenue:                        
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
Assets        
Cash and
investments
  $ 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
cash
    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
             
Contact:

Trevin Rard

650.521.8450

ir@pacificbiosciences.com

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Source: Pacific Biosciences, Inc.

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