Pacific Biosciences of California, Inc. Announces Fourth Quarter 2012 Financial Results

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
         ir@pacificbiosciences.com
 
Press spacebar to pause and continue. Press esc to stop.