Second quarter 2014 revenue reflects the delivery of eight PacBio® RS II systems, compared to three systems during the second quarter of 2013. Total revenue for the second quarter of 2014 also included
Gross profit for the quarter increased 195% to
Operating expenses totaled
The net loss for the quarter was
Cash and investments at
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its second quarter 2014 results today at
About Pacific Biosciences
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements are based on management’s beliefs and assumptions and on information currently available to them. The Company’s actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by us and described in the Company’s most recently filed Quarterly Report on Form 10-Q, Annual Report on Form 10-K, or the Company’s other filings with the
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Unaudited Condensed Consolidated Statement of Operations |
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(amounts in thousands, except per share amounts) |
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Three-month Periods Ended |
Six-month Periods Ended |
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2014 |
2013 |
2014 |
2013 |
Revenue: |
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Product revenue |
$ 7,749 |
$ 4,601 |
$ 15,614 |
$ 8,434 |
Service and other revenue |
1,980 |
1,447 |
4,061 |
3,192 |
Contractual revenue |
1,696 |
— |
3,392 |
— |
Total revenue |
11,425 |
6,048 |
23,067 |
11,626 |
Cost of Revenue: |
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Cost of product revenue |
6,271 |
3,322 |
13,440 |
6,522 |
Cost of service and other revenue |
2,028 |
1,667 |
3,825 |
3,115 |
Total cost of revenue |
8,299 |
4,989 |
17,265 |
9,637 |
Gross profit |
3,126 |
1,059 |
5,802 |
1,989 |
Operating Expense: |
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Research and development |
12,435 |
11,682 |
24,206 |
23,665 |
Sales, general and administrative |
8,993 |
9,374 |
18,143 |
18,928 |
Total operating expense |
21,428 |
21,056 |
42,349 |
42,593 |
Operating loss |
(18,302) |
(19,997) |
(36,547) |
(40,604) |
Interest expense |
(701) |
(673) |
(1,387) |
(1,098) |
Other income (expense), net |
(133) |
199 |
(88) |
127 |
Net loss |
$ (19,136) |
$ (20,471) |
$ (38,022) |
$ (41,575) |
Basic and diluted net loss per share |
$ (0.27) |
$ (0.33) |
$ (0.55) |
$ (0.70) |
Shares used in computing basic and diluted net loss per share |
70,515 |
61,922 |
69,195 |
59,660 |
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Unaudited Condensed Consolidated Balance Sheets |
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(amounts in thousands) |
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December 31, |
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2014 |
2014 |
2013 |
Assets |
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Cash and investments |
$ 105,034 |
$ 118,736 |
$ 112,528 |
Accounts receivable |
4,255 |
3,383 |
2,746 |
Inventory |
9,440 |
8,301 |
10,050 |
Prepaid and other current assets |
1,169 |
1,642 |
1,135 |
Property and equipment |
7,861 |
8,492 |
9,236 |
Other long-term Assets |
482 |
486 |
490 |
Total Assets |
$ 128,241 |
$ 141,040 |
$ 136,185 |
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Liabilities and Stockholders’ Equity |
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Accounts payable |
$ 5,379 |
$ 3,926 |
$ 1,717 |
Accrued expenses |
9,225 |
6,625 |
8,766 |
Deferred service revenue |
6,146 |
4,822 |
4,564 |
Deferred contractual revenue |
29,912 |
31,608 |
33,304 |
Other liabilities |
4,151 |
4,460 |
4,758 |
Financing derivative |
699 |
549 |
549 |
Notes payable |
13,714 |
13,525 |
13,347 |
Stockholders’ equity |
59,015 |
75,525 |
69,180 |
Total Liabilities and Stockholders’ Equity |
$ 128,241 |
$ 141,040 |
$ 136,185 |
CONTACT:Trevin Rard 650.521.8450 ir@pacificbiosciences.com
Source:
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