Revenue for the second quarter of 2016 totaled
Gross profit for the second quarter of 2016 was
Operating expenses for the second quarter of 2016 totaled
Net loss for the second quarter of 2016 was
Cash and investments at
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its second quarter 2016 results today at
About Pacific Biosciences
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
Unaudited Condensed Consolidated Statement of Operations | ||||||||||||||||||||
(amounts in thousands, except per share amounts) | ||||||||||||||||||||
Three-month Periods Ended |
Six-month Periods Ended |
|||||||||||||||||||
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 | ||||||||||||||||
Unaudited Condensed Consolidated Balance Sheets | ||||||
(amounts in thousands) | ||||||
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
Source:
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