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

Thursday, August 4, 2011

MENLO PARK, Calif., Aug. 4, 2011 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the second quarter ended June 30, 2011.

Second Quarter 2011 Financial Results:

During the second quarter of 2011, the Company began recognizing revenue from the initial commercial deliveries of its third generation sequencing platform, the PacBio RS. Revenue for the second quarter of 2011 totaled $10.6 million, reflecting the delivery of 16 commercial PacBio RS instruments to customers, initial revenue from commercial shipments of the Company’s SMRT cell and reagent consumables, as well as revenue derived from instrument service contracts. Net loss decreased to $22.5 million as compared to the $34.8 million loss recognized for the first quarter of 2011.

“The second quarter of 2011 marks a significant milestone as PacBio has now delivered the first third generation sequencing platform to the market,” noted Hugh Martin, the Company’s Chief Executive Officer. “Researchers in North America and Europe are now armed with a technology that will enable insights into genomic research not previously possible.”

Gross profit for the second quarter totaled $7.9 million, resulting in a gross margin of 74%. Gross margin for the quarter was substantially higher than we expect to achieve in the future due to the fact that significant costs associated with the instruments sold during the second quarter were expensed during prior periods. During development, costs relating to instrument components and manufacturing costs were expensed until commercial production started.

Research and development expense during the second quarter of 2011 totaled $19.5 million representing a 19% decrease compared to $24.1 million for the first quarter. The reported expense includes non-cash stock-based compensation totaling $1.5 million and $1.4 million for the second and first quarters of 2011, respectively.

Selling, general, and administrative expense during the second quarter of 2011 of $11.0 million remained consistent with the $11.1 million for the first quarter. The reported expense includes non-cash stock-based compensation totaling $1.3 million and $1.7 million for the second and first quarters of 2011, respectively.

Cash and investments at June 30, 2011 totaled $216.6 million compared to $248.5 million at March 31, 2011.

Second Quarter 2011 Highlights

  • Commercial shipments of the PacBio RS commenced in April resulting in successful customer installation and upgrades of beta instruments at customer sites.

  • We completed a de novo sequencing of the E.coli strain responsible for the recent outbreak in Germany and sequenced 11 related bacterial strains using an early version of chemistry and software in development for the next major product upgrade, planned for the fourth quarter.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its Second Quarter 2011 results today at 4:30pm Eastern / 1:30pm Pacific. Investors may listen to the call by dialing 877-415-3182, or if outside the U.S., by dialing +1-857-244-7325, and entering passcode 63187118. The call will be webcast live and will be available for replay at Pacific Biosciences’ website at http://investor.pacificbiosciences.com/.

Forward-Looking Statements

This press release contains forward-looking statements relating to the Company’s operations and operating results, including statements relating to the Company’s plans for product upgrades. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company’s control and that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of California’s recently filed Quarterly Report on Form 10-Q, including those listed under the caption “Risk Factors.” Pacific Biosciences of California expressly disclaims any intent or obligation to update these forward-looking statements, except as
required by law.

Trevin Rard                                          

650.521.8450                                        

ir@pacificbiosciences.com

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations

 

 (amounts in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

 

Quarters Ended

 

June 30,

March 31,

June 30,

 

2011

2011

2010

Revenue:

 

 

 

Product revenue

 $ 10,148

$ — 

$ — 

Service and other revenue

192

 —

 —

Grant revenue

290

270

629

Total revenue

10,630

270

629

Cost of revenue:

 

 

 

Cost of product revenue

2,537

Cost of service and other revenue

194

Total cost of revenue

2,731

 Gross profit

7,899

270

629

Operating expense:

 

 

 

Research and development

19,546

24,118

27,082

Sales, general and administrative

11,016

11,119

6,222

Total operating expense

30,562

35,237

33,304

Operating loss

(22,663)

(34,967)

(32,675)

Other income (expense), net

188

158

(39)

Net loss

$ (22,475)

$ (34,809)

$ (32,714)

 

 

 

 

Basic and diluted net loss per share

$ (0.42)

$ (0.66)

$(51.20)

 

 

 

 

Shares used in computing basic and diluted net loss per share

53,413,565 

52,756,116

639,007

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations

 (amounts in thousands, except per share amounts)

 

 

 

 

Year to Date 

 

June 30,

June 30,

 

2011

2010

Revenue:

 

 

Product revenue

$ 10,148

$ —

Service and other revenue

192

 —

Grant revenue

560

1,174

Total revenue

10,900

1,174

Cost of revenue:

 

 

Cost of product revenue

2,537

Cost of service and other revenue

194

Total cost of revenue

2,731

 Gross profit

8,169

1,174

Operating expense:

 

 

Research and development

43,664

52,406

Sales, general and administrative

22,135

11,717

Total operating expense

65,799

64,123

Operating loss

(57,630)

(62,949)

Other income (expense), net

346

(90)

Net loss

$ (57,284)

$ (63,039)

 

 

 

Basic and diluted net loss per share

$ (1.08)

$ (99.58)

 

 

 

Shares used in computing basic and diluted net loss per share

53,056,745

633,019

 

Pacific Biosciences of California, Inc.

Consolidated Balance Sheets

 (amounts in thousands, except per share amounts)

 

 

 

 

 

June 30,

March 31,

December 31,

 

2011

2011

2010 (1)

Assets

 

 

 

 

 

 

 

Cash and investments

 $ 216,588

 $ 248,548

 $ 283,674

Accounts receivable

5,437

59

341

Inventory

19,552

13,539

6,864

Prepaid and other current assets

3,151

2,124

2,235

 

 

 

 

Total current assets

244,728

264,270

293,114

Property and equipment

16,180

13,932

12,311

Other assets

312

356

322

 

 

 

 

Total Assets

 $ 261,220

 $ 278,558

 $ 305,747

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

 $ 9,032

 $ 9,432

 $ 9,515

Deferred revenue

2,381

4,350

3,221

Accrued and other current liabilities

10,050

10,350

8,104

 

 

 

 

Total current liabilities

21,463

24,132

20,840

Facility financing and deferred rent

6,431

5,755

5,041

Stockholders’ equity

233,326

248,671

279,866

 

 

 

 

Total Liabilities and Stockholders’ Equity

 $ 261,220

 $ 278,558

 $ 305,747

 

 

 

 

Note 1: The condensed consolidated balance sheet at December 31, 2010 has been derived from the audited consolidated financial statements at that date included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010.

Source: Pacific Biosciences of California, Inc.

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