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Pacific Biosciences Reports Fourth Quarter 2014 Financial Results

Tuesday, February 3, 2015

MENLO PARK, Calif., Feb. 3, 2015 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today reported an 85% increase in revenue to $16.9 million for the fourth quarter ended December 31, 2014, compared to $9.1 million for the fourth quarter of 2013.

Fourth quarter 2014 revenue reflects the delivery of 15 PacBio® RS II Sequencing instruments, compared to five instruments during the fourth quarter of 2013. The Company also booked orders for 10 instruments during the period, ending the quarter with 15 in backlog.

Gross profit increased $1.2 million to $4.4 million for the quarter, resulting in a gross margin of 26.3%, compared to gross profit of $3.2 million and a gross margin of 34.9% for the fourth quarter of 2013. Higher revenue in the fourth quarter of 2014 led to the increase in gross profit, while the higher mix of revenue from instruments, which has lower margins than other revenue segments, led to the decrease in gross margin.

Operating expenses totaled $22.3 million for the quarter, compared to $20.2 million for the fourth quarter of 2013. Operating expenses for the fourth quarters of 2014 and 2013 included non-cash stock-based compensation of $2.7 million and $2.4 million, respectively.

The net loss for the quarter was $19.0 million, compared to $17.2 million for the fourth quarter of 2013.

Cash and investments at December 31, 2014 totaled $101.3 million, compared to $112.5 million at December 31, 2013.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its fourth quarter 2014 results today at 4:30 p.m. Eastern 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 resolve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, the company’s products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes in the most comprehensively studied human cell lines; targeted sequencing to more comprehensively characterize genetic variations; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. Our technology provides the
industry’s highest consensus accuracy and longest read lengths along with the ability to detect real-time kinetic information. The PacBio RS II System, including consumables and software provides a simple, fast, end-to-end workflow for SMRT Sequencing.

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including future revenue implied by backlog. You should not place undue reliance on 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 could materially affect actual results. Factors that could materially affect actual results can be found in our filings with the Securities and Exchange Commission, including our most recent reports on Forms 10-K and 10-Q, and include those listed under the caption “Risk Factors.” The Company undertakes no obligation to update forward-looking statements.

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Statement of Operations

(amounts in thousands, except per share amounts)

 

 

 

 

 

 

Three-Month Periods Ended

Twelve-Month Periods Ended

 

December 31,

December 31,

 

2014

2013

2014

2013

Revenue:

 

 

 

 

Product revenue

 $ 12,923

 $ 5,791

 $ 35,299

 $ 20,039

Service and other revenue

2,285

1,647

8,511

6,446

Contractual revenue

1,696

1,696

16,784

1,696

Total revenue

16,904

9,134

60,594

28,181

Cost of Revenue:

 

 

 

 

Cost of product revenue

10,578

4,568

29,626

15,706

Cost of service and other revenue

1,888

1,377

7,566

6,056

Total cost of revenue

12,466

5,945

37,192

21,762

Gross profit

4,438

3,189

23,402

6,419

Operating Expense:

 

 

 

 

Research and development

12,331

11,133

48,230

45,217

Sales, general and administrative

10,001

9,060

38,026

38,745

Total operating expense

22,332

20,193

86,256

83,962

Operating loss

(17,894)

(17,004)

(62,854)

(77,543)

Interest expense

(725)

(693)

(2,828)

(2,478)

Other income (expense), net

(356)

466

(478)

728

Net loss

 $ (18,975)

 $ (17,231)

 $ (66,160)

 $ (79,293)

Basic and diluted net loss per share

 $ (0.26)

 $ (0.26)

 $ (0.94)

 $ (1.26)

Shares used in computing basic and diluted net loss per share

72,729

66,190

70,475

62,784

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

(amounts in thousands)

 

 

 

 

December 31,

December 31,

 

2014

2013

Assets

 

 

Cash and investments

 $ 101,348

 $ 112,528

Accounts receivable

3,406

2,746

Inventory

11,335

10,050

Prepaid and other current assets

1,671

1,135

Property and equipment

6,601

9,236

Other long-term Assets

162

490

Total Assets

 $ 124,523

 $ 136,185

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

 $ 5,608

 $ 1,717

Accrued expenses

11,441

7,905

Deferred service revenue

7,250

4,564

Deferred contractual revenue

26,520

33,304

Other liabilities

3,687

5,619

Financing derivative

944

549

Notes payable

14,124

13,347

Stockholders’ equity

54,949

69,180

Total Liabilities and Stockholders’ Equity

 $ 124,523

 $ 136,185

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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