Pacific Biosciences of California, Inc. Announces First Quarter 2013 Financial Results

Pacific Biosciences of California, Inc. Announces First Quarter 2013 Financial
Results

MENLO PARK, Calif., April 23, 2013 (GLOBE NEWSWIRE) -- Pacific Biosciences of
California, Inc. (Nasdaq:PACB) today announced financial results for the first
quarter ended March 31, 2013.

During the first quarter of 2013, the Company recognized revenue from
installations of its PacBio RS systems, SMRT^® Cell and reagent consumables,
instrument service contracts and grants. Revenue for the first quarter of 2013
totaled $5.6 million compared to revenue of $5.9 million for the fourth
quarter of 2012. Net loss for the quarter was $21.1 million compared to the
$21.7 million net loss during the fourth quarter of 2012.

Gross profit for the first quarter of 2013 totaled $0.9 million, resulting in
a gross margin of 17%, compared to a $0.6 million gross profit for the fourth
quarter of 2012 and a gross margin of 11%.

Operating expenses totaled $21.5 million for the first quarter of 2013 and
$22.3 million for the fourth quarter of 2012.Operating expenses in the first
quarter of 2013 include $2.6 million of non-cash stock-based compensation with
$1.2 million and $1.4 million recorded in research and development, and
selling, general and administrative expenses, respectively, compared to $2.5
million in non-cash stock-based compensation in the fourth quarter of 2012
with $1.2 million and $1.3 million in research and development, and selling,
general and administrative expenses, respectively.

Cash and investments at March 31, 2013 totaled $112.3 million compared to
$100.6 million at December 31, 2012.The increase in cash and investments
during the period reflects $28.5 million provided by debt and equity financing
activities offset by operating cash and investment use of $16.8 million.

The Company's system backlog as of March 31, 2013 includes six PacBio RS
instruments reflecting four new bookings during the first quarter of 2013 and
two instruments carried forward from December 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its first quarter
2013 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. 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 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 annual report on Form
10-K, 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 and Comprehensive Loss
(amounts in thousands, except per share amounts)
                                                                
                                         Quarters Ended
                                         March 31,   December 31, March 31,
                                         2013        2012         2012
Revenue:                                                         
Product revenue                           $3,833    $4,279     $8,715
Service and other revenue                 1,475       1,339        1,053
Grant revenue                             270         260          270
Total revenue                             5,578       5,878        10,038
Cost of revenue:                                                 
Cost of product revenue                   3,200       3,847        8,607
Cost of service and other revenue         1,448       1,404        1,583
Total cost of revenue                     4,648       5,251        10,190
Gross profit (loss)                      930         627          (152)
Operating expense:                                               
Research and development                  11,983      11,652       12,073
Sales, general and administrative         9,554       10,669       15,285
Total operating expense                   21,537      22,321       27,358
Operating loss                            (20,607)    (21,694)     (27,510)
Other income (expense), net               (497)       25           (70)
Net loss                                  $ (21,104) $(21,669)  $ (27,580)
                                                                
Basic and diluted net loss per share      $(0.37)   $(0.39)    $(0.50)
                                                                
Shares used in computing basic and        57,372     56,166       55,201
diluted netloss per share
                                                                
Comprehensive loss                       $ (21,123) $(21,705)  $ (27,502)


Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
                                                               
                                                     March 31,  December 31,
                                                     2013       2012
Assets                                                          
Cash and investments                                  $112,305 $100,580
Accounts receivable                                   2,009      2,822
Inventory, net                                        10,597     9,592
Prepaid and other current assets                      1,570      2,006
                                                               
Total current assets                                  126,481    115,000
Property and equipment, net                           12,779     14,329
Other long-term assets                                514        354
                                                               
Total Assets                                          $139,774 $129,683
                                                               
Liabilities and Stockholders' Equity                            
Accounts payable                                      $3,011   $2,988
Deferred revenue, current                             2,961      3,378
Accrued and other current liabilities                 7,607      8,377
                                                               
Total current liabilities                             13,579     14,743
Facility financing and other non-current liabilities 5,254      5,558
Financing derivative                                  999        --
Note payable                                          12,851     --
Stockholders' equity                                  107,091    109,382
                                                               
Total Liabilities and Stockholders' Equity            $139,774 $129,683

CONTACT: Trevin Rard
         650.521.8450
         ir@pacificbiosciences.com
 
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