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Pacific Biosciences Reports Third Quarter 2014 Financial Results

Thursday, October 23, 2014

MENLO PARK, Calif., Oct. 23, 2014 (GLOBE NEWSWIRE) — Pacific Biosciences of California, Inc. (Nasdaq:PACB) today reported a 178% increase in revenue to $20.6 million for the third quarter ended September 30, 2014, compared to $7.4 million for the third quarter of 2013. Third quarter 2014 revenue included the achievement of the $10.0 million milestone related to Roche along with the $1.7 million quarterly amortization from the upfront Roche payment in addition to the delivery of six PacBio® RS II systems. Third quarter 2013 revenue reflected the delivery of six systems and did not include any Roche related revenue. The Company also reported booking orders for 16
PacBio RS II instruments during the period, ending the quarter with 20 instruments in backlog.

Gross profit increased $12.0 million to $13.2 million for the quarter, resulting in a gross margin of 63.8%, compared to gross profit of $1.2 million and a gross margin of 16.7% for the third quarter of 2013. Gross margin increased due to an increase in Roche contractual revenue.

Operating expenses totaled $21.6 million for the quarter, compared to $21.2 million for the third quarter of 2013. Operating expenses for the third quarters of 2014 and 2013 included non-cash stock-based compensation of $2.2 million and $2.1 million, respectively.

The net loss for the quarter was $9.2 million, compared to $20.5 million for the third quarter of 2013.

Cash and investments at September 30, 2014 totaled $99.3 million, compared to $112.5 million at December 31, 2013.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its third 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 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 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 SEC, as the case may be. You should not place undue reliance on forward-looking statements, which apply only as of the date of this press release. The Company assumes no obligation to update these 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

Nine-Month Periods Ended

 

September 30,

September 30,

 

2014

2013

2014

2013

Revenue:

 

 

 

 

Product revenue

 $ 6,762

$ 5,814

$ 22,376

 $ 14,248

Service and other revenue

 2,165

 1,607

 6,226

 4,800

Contractual revenue

 11,696

 —

 15,088

 —

Total revenue

 20,623

 7,421

 43,690

 19,048

Cost of Revenue:

 

 

 

 

Cost of product revenue

 5,608

 4,616

 19,048

 11,138

Cost of service and other revenue

 1,853

 1,564

 5,678

 4,680

Total cost of revenue

 7,461

 6,180

 24,726

 15,818

Gross profit

 13,162

 1,241

 18,964

 3,230

Operating Expense:

 

 

 

 

Research and development

 11,693

 10,419

 35,899

 34,084

Sales, general and administrative

 9,882

 10,757

 28,025

 29,685

Total operating expense

 21,575

 21,176

 63,924

 63,769

Operating loss

 (8,413)

 (19,935)

 (44,960)

 (60,539)

Interest expense

 (716)

 (686)

 (2,103)

 (1,785)

Other income (expense), net

 (34)

 134

 (122)

 262

Net loss

 $ (9,163)

 $ (20,487)

$ (47,185)

 $ (62,062)

Basic and diluted net loss per share

$  (0.13)

$  (0.31)

$ (0.68)

$ (1.01)

Shares used in computing basic and diluted net loss per share

 70,740

 65,523

 69,716

 61,636

 

 

 

 

 

Pacific Biosciences of California, Inc.

Unaudited Condensed Consolidated Balance Sheets

(amounts in thousands)

 

 

September 30,

December 31,

 

2014

2013

Assets

 

 

Cash and investments

$ 99,312

$ 112,528

Accounts receivable

 2,370

 2,746

Inventory

 11,398

 10,050

Prepaid and other current assets

 1,057

 1,135

Property and equipment

 7,034

 9,236

Other long-term Assets

 471

 490

Total Assets

$ 121,642

$ 136,185

 

 

 

Liabilities and Stockholders’ Equity

 

 

Accounts payable

$ 5,845

$ 1,717

Accrued expenses

 8,726

 7,905

Deferred service revenue

 6,225

 4,564

Deferred contractual revenue

 28,216

 33,304

Other liabilities

 4,982

 5,619

Financing derivative

 699

 549

Notes payable

 13,914

 13,347

Stockholders’ equity

 53,035

 69,180

Total Liabilities and Stockholders’ Equity

$ 121,642

$ 136,185

 

 

 

CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com

Source: Pacific Biosciences of California, Inc.

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Monday, September 14, 2020

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