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Pacific Biosciences of California, Inc. Announces Third Quarter 2013 Financial Results

Tuesday, October 22, 2013

MENLO PARK, Calif., Oct. 22, 2013 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the third quarter ended September 30, 2013.

Total revenue for the third quarter of 2013 totaled $7.4 million, compared to $6.0 million for the second quarter of 2013. Third quarter revenue reflects the installation of six PacBio RS II systems, compared to three systems in the second quarter of 2013. The Company added five PacBio RS II instrument bookings during the third quarter and ended the quarter with nine instruments in backlog.

Gross profit for the third quarter of 2013 was $1.2 million, resulting in a gross margin of 17%, compared to gross profit of $1.1 million and a gross margin of 18% for the second quarter of 2013.

Operating expenses totaled $21.2 million for the third quarter of 2013, compared to $21.1 million for the second quarter of 2013. Operating expenses included $2.0 million of advisory and professional fees incurred in connection with the Company’s Development, Commercialization and License Agreement with Roche Diagnostics announced on September 25, 2013. Operating expenses for the third quarter of 2013 also included $2.2 million of non-cash stock-based compensation compared to $2.4 million of non-cash stock-based compensation in the second quarter of 2013.

The net loss for the quarter was $20.5 million, the same as the net loss for the second quarter of 2013.

Cash and investments at September 30, 2013 totaled $126.9 million compared to $107.0 million at June 30, 2013. The increase in cash and investments reported for the third quarter reflects an up-front, non-refundable $35.0 million payment received from Roche Diagnostics. Excluding the proceeds received from Roche Diagnostics, net cash and investments used during the period reflects cash used of $15.1 million.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its third quarter 2013 results today at 4:30pm Eastern Time / 1:30pm Pacific 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 the PacBio® RS II Sequencing System to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) Sequencing 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 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 backlog and future revenue implied by such backlog. 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 the Company’s filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, and include those listed under the caption “Risk Factors.” The Company 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 

 (amounts in thousands, except per share amounts)

 

 

 

 

 

Quarters Ended 

 

September 30,

2013

June 30,

2013

September 30,

2012

Revenue:

 

 

 

Product revenue 

 $ 5,814

 $ 4,601

 $ 1,268

Service and other revenue 

1,607

1,447

1,283

Grant revenue 

 —

 —

225

Total revenue 

7,421

6,048

2,776

Cost of revenue:

 

 

 

Cost of product revenue 

4,616

3,322

960

Cost of service and other revenue 

1,564

1,667

1,626

Total cost of revenue 

6,180

4,989

2,586

Gross profit 

1,241

1,059

190

Operating expense:

 

 

 

Research and development 

10,419

11,682

12,626

Sales, general and administrative 

10,757

9,374

10,143

Total operating expense 

21,176

21,056

22,769

Operating loss 

(19,935)

(19,997)

(22,579)

Interest expense 

(686)

(673)

(68)

Other income (expense), net 

134

199

(82)

Net loss 

 $ (20,487)

 $ (20,471)

 $ (22,729)

Basic and diluted net loss per share

 $ (0.31)

 $ (0.33)

 $ (0.41)

Shares used in computing basic and diluted net loss per share 

65,523

61,922

55,877

 

Pacific Biosciences of California, Inc.

Unaudited Consolidated Statement of Operations

 (amounts in thousands, except per share amounts)

 

 

 

 

Year to Date

 

September 30,

2013

September 30,

2012

Revenue:

 

 

Product revenue 

 $ 14,248

 $ 15,810

Service and other revenue 

4,528

3,620

Grant revenue 

272

675

Total revenue 

19,048

20,105

Cost of Revenue:

 

 

Cost of product revenue 

11,138

14,949

Cost of service and other revenue 

4,680

4,843

Total cost of revenue 

15,818

19,792

Gross profit 

3,230

313

Operating Expense:

 

 

Research and development 

34,084

35,971

Sales, general and administrative 

29,685

36,986

Total operating expense 

63,769

72,957

Operating loss 

(60,539)

(72,644)

Interest expense 

(1,785)

(207)

Other income (expense), net 

262

55

Net loss 

 $ (62,062)

 $ (72,796)

Basic and diluted net loss per share 

 $ (1.01)

 $ (1.31)

Shares used in computing basic and diluted net loss per share 

61,636

55,582

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

 (amounts in thousands)

 

 

 

 

 

September 30,

2013

June 30,

2013

December 31,

2012

Assets

 

 

 

Cash and investments

 $ 126,936

 $ 106,968

 $ 100,580

Accounts receivable

3,814

4,104

2,822

Inventory

9,819

10,283

9,592

Prepaid and other current assets 

1,194

759

2,006

Property and equipment

10,544

11,655

14,329

Other long-term Assets

493

508

354

Total Assets

 $ 152,800

 $ 134,277

 $ 129,683

 

 

 

 

Liabilities and Stockholders’ Equity

 

 

 

Accounts payable

 $ 3,413

 $ 2,605

 $ 2,988

Accrued and other current liabilities

8,707

9,141

8,377

Deferred revenue

4,234

4,081

4,178

Deferred development revenue

35,000

 —

 —

Facility financing and other non-current liabilities

3,836

4,151

4,758

Financing Derivative

894

894

 —

Notes Payable

13,173

13,007

 —

Stockholders’ equity

83,543

100,398

109,382

Total Liabilities and Stockholders’ Equity

 $ 152,800

 $ 134,277

 $ 129,683

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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