X

Quality Statement

Pacific Biosciences is committed to providing high-quality products that meet customer expectations and comply with regulations. We will achieve these goals by adhering to and maintaining an effective quality-management system designed to ensure product quality, performance, and safety.

X

Image Use Agreement

By downloading, copying, or making any use of the images located on this website (“Site”) you acknowledge that you have read and understand, and agree to, the terms of this Image Usage Agreement, as well as the terms provided on the Legal Notices webpage, which together govern your use of the images as provided below. If you do not agree to such terms, do not download, copy or use the images in any way, unless you have written permission signed by an authorized Pacific Biosciences representative.

Subject to the terms of this Agreement and the terms provided on the Legal Notices webpage (to the extent they do not conflict with the terms of this Agreement), you may use the images on the Site solely for (a) editorial use by press and/or industry analysts, (b) in connection with a normal, peer-reviewed, scientific publication, book or presentation, or the like. You may not alter or modify any image, in whole or in part, for any reason. You may not use any image in a manner that misrepresents the associated Pacific Biosciences product, service or technology or any associated characteristics, data, or properties thereof. You also may not use any image in a manner that denotes some representation or warranty (express, implied or statutory) from Pacific Biosciences of the product, service or technology. The rights granted by this Agreement are personal to you and are not transferable by you to another party.

You, and not Pacific Biosciences, are responsible for your use of the images. You acknowledge and agree that any misuse of the images or breach of this Agreement will cause Pacific Biosciences irreparable harm. Pacific Biosciences is either an owner or licensee of the image, and not an agent for the owner. You agree to give Pacific Biosciences a credit line as follows: "Courtesy of Pacific Biosciences of California, Inc., Menlo Park, CA, USA" and also include any other credits or acknowledgments noted by Pacific Biosciences. You must include any copyright notice originally included with the images on all copies.

IMAGES ARE PROVIDED BY Pacific Biosciences ON AN "AS-IS" BASIS. Pacific Biosciences DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, NON-INFRINGEMENT, OWNERSHIP, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. IN NO EVENT SHALL Pacific Biosciences BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER WITH RESPECT TO THE IMAGES.

You agree that Pacific Biosciences may terminate your access to and use of the images located on the PacificBiosciences.com website at any time and without prior notice, if it considers you to have violated any of the terms of this Image Use Agreement. You agree to indemnify, defend and hold harmless Pacific Biosciences, its officers, directors, employees, agents, licensors, suppliers and any third party information providers to the Site from and against all losses, expenses, damages and costs, including reasonable attorneys' fees, resulting from any violation by you of the terms of this Image Use Agreement or Pacific Biosciences' termination of your access to or use of the Site. Termination will not affect Pacific Biosciences' rights or your obligations which accrued before the termination.

I have read and understand, and agree to, the Image Usage Agreement.

I disagree and would like to return to the Pacific Biosciences home page.

Pacific Biosciences
Contact:

Pacific Biosciences of California, Inc. Announces Third Quarter 2012 Financial Results

Thursday, October 25, 2012

MENLO PARK, Calif., Oct. 25, 2012 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the third quarter ended September 30, 2012.

During the third quarter of 2012, the Company recognized revenue from SMRT® Cell and reagent consumables, instrument service contracts and grants. Revenue for the third quarter of 2012 totaled $2.8 million compared to revenue of $7.3 million for the second quarter of 2012. Net loss for the quarter was $22.7 million compared to the $22.5 million net loss during the second quarter of 2012.

Gross profit for the third quarter of 2012 totaled $0.2 million, resulting in a gross margin of 7%, compared to a $0.3 million gross profit for the second quarter of 2012 and a gross margin of 4%. Gross profit for the third quarter of 2011 was $3.3 million representing a gross margin of 32%. The gross margin for the third quarter 2011 reflects the positive margin impact of instrument components expensed prior to the Company’s commercial launch during the second quarter of 2011.

Operating expenses totaled $22.8 million for both the second and third quarters of 2012. Operating expenses in the third quarter of 2012 include $2.3 million of non-cash stock-based compensation with $1.2 million and $1.1 million recorded in research and development, and selling, general and administrative expenses, respectively. Operating expenses in the third quarter of 2011 were $32.8 million.

Cash and investments at September 30, 2012 totaled $119.4 million compared to $137.1 million at June 30, 2012.

The Company’s system revenue backlog of 5 units as of September 30, 2012 represents an order for one PacBio RS instrument received during the second quarter of 2012 and four PacBio RS instruments orders received during the third quarter of 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its third quarter 2012 results today at 4:30pm Eastern / 1:30pm Pacific. Investors may listen to the call by dialing 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 the PacBio® RS High Resolution Genetic Analyzer to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, the company’s products enable: targeted sequencing to more comprehensively characterize genetic variations; de novo genome assembly to more fully identify, annotate and decipher genomic structures; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. By providing access to genetic information that was previously inaccessible, Pacific Biosciences enables scientists to increase their understanding of biological systems.

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 revenue. 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 filings with the Securities and Exchange Commission, including the most 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.

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations and Comprehensive Income

(amounts in thousands, except per share amounts)

 

 

 

 

 

Quarters Ended

 

September 30,

2012

June 30,

2012

September 30,

2011

Revenue:

 

 

 

Product revenue

 $ 1,268

 $ 5,827

 $ 9,819

Service and other revenue

1,283

1,284

535

Grant revenue

225

180

165

Total revenue

2,776

7,291

10,519

Cost of revenue:

 

 

 

Cost of product revenue

960

5,382

6,546

Cost of service and other revenue

1,626

1,634

645

Total cost of revenue

2,586

7,016

7,191

Gross profit 

190

275

3,328

Operating expense:

 

 

 

Research and development

12,626

11,272

20,001

Sales, general and administrative

10,143

11,558

12,764

Total operating expense

22,769

22,830

32,765

Operating loss

(22,579)

(22,555)

(29,437)

Other income (expense), net

(150)

68

156

Net loss

 $ (22,729)

 $ (22,487)

 $ (29,281)

 

 

 

 

Basic and diluted net loss per share

 $ (0.41)

 $ (0.40)

 $ (0.54)

 

 

 

 

Shares used in computing basic and diluted net loss per share

55,877 

55,658

54,283

 

 

 

 

Comprehensive loss

 $ (22,738)

 $ (22,547)

 $ (29,466)

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations and Comprehensive Income

(amounts in thousands, except per share amounts)

 

 

 

 

Year to Date 

 

September 30,

2012

September 30,

2011

Revenue:

 

 

Product revenue

 $ 15,810

 $ 19,966

Service and other revenue

3,620

728

Grant revenue

675

725

Total revenue

20,105

21,419

Cost of revenue:

 

 

Cost of product revenue

14,949

9,083

Cost of service and other revenue

4,843

839

Total cost of revenue

19,792

9,922

Gross profit

313

11,497

Operating expense:

 

 

Research and development

35,971

63,665

Sales, general and administrative

36,986

34,899

Total operating expense

72,957

98,564

Operating loss

(72,644)

(87,067)

Other income (expense), net

(152)

502

Net loss

 $ (72,796)

 $ (86,565)

 

 

 

Basic and diluted net loss per share

 $ (1.31)

 $ (1.62)

 

 

 

Shares used in computing basic and diluted net loss per share

55,582

53,466

 

 

 

Comprehensive loss

  $ (72,787) 

  $ (86,548) 

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Balance Sheets

(amounts in thousands, except per share amounts)

 

 

 

 

 

September 30,

2012

June 30,

2012

December 31,

2011

Assets

 

 

 

Cash and investments

 $ 119,402

 $ 137,108

 $ 177,434

Accounts receivable

532

3,371

4,557

Inventory

10,202

10,271

15,517

Prepaid and other current assets

2,202

1,893

2,093

 

 

 

 

Total current assets

132,338

152,643

199,601

Property and equipment

15,514

16,937

18,398

Other assets

356

350

317

 

 

 

 

Total Assets

 $ 148,208

 $ 169,930

 $ 218,316

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

 $ 2,897

 $ 4,061

 $ 4,742

Deferred revenue

3,555

4,170

4,236

Accrued and other current liabilities

7,174

6,695

10,398

 

 

 

 

Total current liabilities

13,626

14,926

19,376

Facility financing and other non-current liabilities

6,045

6,800

7,477

Stockholders’ equity

128,537

148,204

191,463

 

 

 

 

Total Liabilities and Stockholders’ Equity

 $ 148,208

 $ 169,930

 $ 218,316

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

News Provided by Acquire Media