Product, service and other revenue for the second quarter of 2017 increased by 17% to
Gross profit for the second quarter of 2017 was
margin, adjusted gross margin for the second quarter of 2016 would have been 41.1%. Adjusted gross margin is not meant to be considered in isolation or as a substitute for gross margin. Adjusted gross margin is subject to limitations and should be read only in conjunction with the Company’s condensed consolidated financial statements prepared in accordance with GAAP.
Operating expenses for the second quarter of 2017 totaled
Net loss for the second quarter of 2017 was
Cash, cash
equivalents and investments, excluding restricted cash, at
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its second quarter 2017 results today at
About Pacific Biosciences
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 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, 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
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.
| Unaudited Condensed Consolidated Statement of Operations | |||||||||||||||||||||||||
| (amounts in thousands, except per share amounts) | |||||||||||||||||||||||||
| Three Months Ended |
Six Months Ended |
||||||||||||||||||||||||
| 2017 |
2016 |
2017 |
2016 | ||||||||||||||||||||||
| Revenue: | |||||||||||||||||||||||||
| Product revenue | $ | 16,548 | $ | 13,587 | $ | 37,842 | $ | 25,966 | |||||||||||||||||
| Service and other revenue | 3,525 | 3,564 | 7,146 | 6,716 | |||||||||||||||||||||
| Contractual revenue | — | 3,596 | — | 7,192 | |||||||||||||||||||||
| Total revenue | 20,073 | 20,747 | 44,988 | 39,874 | |||||||||||||||||||||
| Cost of Revenue: | |||||||||||||||||||||||||
| Cost of product revenue | 8,155 | 7,115 | 19,517 | 13,995 | |||||||||||||||||||||
| Cost of service and other revenue | 3,917 | 2,988 | 8,533 | 5,731 | |||||||||||||||||||||
| Total cost of revenue | 12,072 | 10,103 | 28,050 | 19,726 | |||||||||||||||||||||
| Gross profit | 8,001 | 10,644 | 16,938 | 20,148 | |||||||||||||||||||||
| Operating Expense: | |||||||||||||||||||||||||
| Research and development | 16,883 | 17,522 | 33,854 | 33,883 | |||||||||||||||||||||
| Sales, general and administrative | 15,505 | 11,192 | 30,770 | 22,900 | |||||||||||||||||||||
| Total operating expense | 32,388 | 28,714 | 64,624 | 56,783 | |||||||||||||||||||||
| Operating loss | (24,387 | ) | (18,070 | ) | (47,686 | ) | (36,635 | ) | |||||||||||||||||
| Interest expense | (826 | ) | (795 | ) | (1,664 | ) | (1,574 | ) | |||||||||||||||||
| Other income (expense), net | (326 | ) | 366 | (56 | ) | 358 | |||||||||||||||||||
| Net loss | $ | (25,539 | ) | $ | (18,499 | ) | $ | (49,406 | ) | $ | (37,851 | ) | |||||||||||||
| Basic and diluted net loss per share | $ | (0.26 | ) | $ | (0.21 | ) | $ | (0.52 | ) | $ | (0.44 | ) | |||||||||||||
| Shares used in computing basic and diluted net loss per share | 97,360 | 88,148 | 95,177 | 85,876 | |||||||||||||||||||||
| Unaudited Condensed Consolidated Balance Sheets |
|||||
| (amounts in thousands) | |||||
| 2017 | 2016 | ||||
| Assets | |||||
| Cash and investments | $ | 102,596 | $ | 71,978 | |
| Accounts receivable | 9,525 | 11,421 | |||
| Inventory | 17,266 | 15,634 | |||
| Prepaid and other current assets | 3,545 | 9,978 | |||
| Property and equipment | 40,289 | 14,560 | |||
| Long-term restricted cash | 4,500 | 4,500 | |||
| Other long-term Assets | 184 | 9,813 | |||
| Total Assets | $ | 177,905 | $ | 137,884 | |
| Liabilities and Stockholders’ Equity | |||||
| Accounts payable | $ | 6,514 | $ | 8,359 | |
| Accrued expenses | 17,840 | 16,604 | |||
| Deferred service revenue | 8,078 | 8,427 | |||
| Deferred rent | 14,599 | 19 | |||
| Other liabilities | 1,915 | 3,345 | |||
| Financing derivative | 15 | 356 | |||
| Notes payable | 13,084 | 16,106 | |||
| Stockholders’ equity | 115,860 | 84,668 | |||
| Total Liabilities and Stockholders’ Equity | $ | 177,905 | $ | 137,884 | |
Contact:Trevin Rard 650.521.8450 ir@pacificbiosciences.com
Source:
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