Pacific Biosciences of California, Inc. Announces Fourth Quarter 2012 Financial Results MENLO PARK, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2012. During the fourth quarter of 2012, the Company recognized revenue from installations of its PacBio RS systems, SMRT^® Cell and reagent consumables, instrument service contracts and grants. Revenue for the fourth quarter of 2012 totaled $5.9 million compared to revenue of $2.8 million for the third quarter of 2012. Net loss for the quarter was $21.7 million compared to the $22.7 million net loss during the third quarter of 2012. Gross profit for the fourth quarter of 2012 totaled $0.6 million, resulting in a gross margin of 11%, compared to a $0.2 million gross profit for the third quarter of 2012 and a gross margin of 7%. Operating expense totaled $22.3 million for the fourth quarter of 2012 and $22.8 for the third quarter of 2012. Operating expense in the fourth quarter of 2012 include $2.4 million of non-cash stock-based compensation with $1.2 million and $1.2 million recorded in research and development, and selling, general and administrative expenses, respectively. Cash and investments at December 31, 2012 totaled $100.6 million compared to $119.4 million at September 30, 2012. The Company's system backlog as of December 31, 2012 includes orders for 5 PacBio RS instruments. Quarterly Conference Call Information Management will host a quarterly conference call to discuss its fourth 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 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 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 (amounts in thousands, except per share amounts) Quarters Ended December 31, September 30, December 31, 2012 2012 2011 Revenue: Product revenue $ 4,279 $ 1,268 $ 11,519 Service and other revenue 1,339 1,283 760 Grant revenue 260 225 165 Total revenue 5,878 2,776 12,444 Cost of revenue: Cost of product revenue 3,847 960 9,642 Cost of service and other revenue 1,404 1,626 1,265 Total cost of revenue 5,251 2,586 10,907 Gross profit 627 190 1,537 Operating expense: Research and development 11,652 12,626 12,415 Sales, general and administrative 10,669 10,143 11,811 Total operating expense 22,321 22,769 24,226 Operating loss (21,694) (22,579) (22,689) Other income (expense), net 25 (150) (134) Net loss $ (21,669) $ (22,729) $ (22,823) Basic and diluted net loss per share $(0.39) $ (0.41) $ (0.42) Shares used in computing basic and 56,166 55,877 54,861 diluted net loss per share Pacific Biosciences of California, Inc. Unaudited Consolidated Statement of Operations (amounts in thousands, except per share amounts) Year to Date December 31, December 31, 2012 2011 Revenue: Product revenue $ 20,089 $ 31,486 Service and other revenue 4,959 1,487 Grant revenue 935 890 Total revenue 25,983 33,863 Cost of revenue: Cost of product revenue 18,796 18,725 Cost of service and other revenue 6,247 2,104 Total cost of revenue 25,043 20,829 Gross profit 940 13,034 Operating expense: Research and development 47,623 76,080 Sales, general and administrative 47,655 46,710 Total operating expense 95,278 122,790 Operating loss (94,338) (109,756) Other income (expense), net (127) 368 Net loss $ (94,465) $ (109,388) Basic and diluted net loss per share $ (1.69) $ (2.03) Shares used in computing basic and diluted net loss 55,733 53,874 per share Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets (amounts in thousands, except per share amounts) December 31, September 30, December31, 2012 2012 2011 Assets Cash and investments $ 100,580 $ 119,402 $ 177,434 Accounts receivable 2,822 532 4,557 Inventory 9,592 10,202 15,517 Prepaid and other current assets 2,006 2,202 2,093 Total current assets 115,000 132,338 199,601 Property and equipment 14,329 15,514 18,398 Other assets 354 356 317 Total Assets $ 129,683 $ 148,208 $ 218,316 Liabilities and Stockholders' Equity Accounts payable $ 2,988 $ 2,897 $ 4,742 Deferred revenue 3,378 3,555 4,236 Accrued and other current liabilities 8,377 7,174 10,398 Total current liabilities 14,743 13,626 19,376 Facility financing and other 5,558 6,045 7,477 non-current liabilities Stockholders' equity 109,382 128,537 191,463 Total Liabilities and Stockholders' $ 129,683 $ 148,208 $ 218,316 Equity CONTACT: Trevin Rard 650.521.8450 firstname.lastname@example.org
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Pacific Biosciences of California, Inc. Announces Fourth Quarter 2012 Financial Results
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