Pacific Biosciences of California, Inc. Announces Third Quarter 2013 Financial Results MENLO PARK, Calif., Oct. 22, 2013 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the third quarter ended September 30, 2013. Total revenue for the third quarter of 2013 totaled $7.4 million, compared to $6.0 million for the second quarter of 2013. Third quarter revenue reflects the installation of six PacBio RS II systems, compared to three systems in the second quarter of 2013. The Company added five PacBio RS II instrument bookings during the third quarter and ended the quarter with nine instruments in backlog. Gross profit for the third quarter of 2013 was $1.2 million, resulting in a gross margin of 17%, compared to gross profit of $1.1 million and a gross margin of 18% for the second quarter of 2013. Operating expenses totaled $21.2 million for the third quarter of 2013, compared to $21.1 million for the second quarter of 2013. Operating expenses included $2.0 million of advisory and professional fees incurred in connection with the Company's Development, Commercialization and License Agreement with Roche Diagnostics announced on September 25, 2013. Operating expenses for the third quarter of 2013 also included $2.2 million of non-cash stock-based compensation compared to $2.4 million of non-cash stock-based compensation in the second quarter of 2013. The net loss for the quarter was $20.5 million, the same as the net loss for the second quarter of 2013. Cash and investments at September 30, 2013 totaled $126.9 million compared to $107.0 million at June 30, 2013. The increase in cash and investments reported for the third quarter reflects an up-front, non-refundable $35.0 million payment received from Roche Diagnostics. Excluding the proceeds received from Roche Diagnostics, net cash and investments used during the period reflects cash used of $15.1 million. Quarterly Conference Call Information Management will host a quarterly conference call to discuss its third quarter 2013 results today at 4:30pm Eastern Time / 1:30pm Pacific 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 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 the Company's filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, and include those listed under the caption "Risk Factors." The Company 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 September30, June 30, September30, 2013 2013 2012 Revenue: Product revenue $5,814 $4,601 $1,268 Service and other revenue 1,607 1,447 1,283 Grant revenue — — 225 Total revenue 7,421 6,048 2,776 Cost of revenue: Cost of product revenue 4,616 3,322 960 Cost of service and other revenue 1,564 1,667 1,626 Total cost of revenue 6,180 4,989 2,586 Gross profit 1,241 1,059 190 Operating expense: Research and development 10,419 11,682 12,626 Sales, general and administrative 10,757 9,374 10,143 Total operating expense 21,176 21,056 22,769 Operating loss (19,935) (19,997) (22,579) Interest expense (686) (673) (68) Other income (expense), net 134 199 (82) Net loss $(20,487) $(20,471) $(22,729) Basic and diluted net loss per share $(0.31) $(0.33) $(0.41) Shares used in computing basic and 65,523 61,922 55,877 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 September30, September30, 2013 2012 Revenue: Product revenue $14,248 $15,810 Service and other revenue 4,528 3,620 Grant revenue 272 675 Total revenue 19,048 20,105 Cost of Revenue: Cost of product revenue 11,138 14,949 Cost of service and other revenue 4,680 4,843 Total cost of revenue 15,818 19,792 Gross profit 3,230 313 Operating Expense: Research and development 34,084 35,971 Sales, general and administrative 29,685 36,986 Total operating expense 63,769 72,957 Operating loss (60,539) (72,644) Interest expense (1,785) (207) Other income (expense), net 262 55 Net loss $(62,062) $(72,796) Basic and diluted net loss per share $(1.01) $(1.31) Shares used in computing basic and diluted net 61,636 55,582 loss per share Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets (amounts in thousands) September30, June30, December31, 2013 2013 2012 Assets Cash and investments $126,936 $106,968 $100,580 Accounts receivable 3,814 4,104 2,822 Inventory 9,819 10,283 9,592 Prepaid and other current assets 1,194 759 2,006 Property and equipment 10,544 11,655 14,329 Other long-term Assets 493 508 354 Total Assets $152,800 $134,277 $129,683 Liabilities and Stockholders' Equity Accounts payable $3,413 $2,605 $2,988 Accrued and other current liabilities 8,707 9,141 8,377 Deferred revenue 4,234 4,081 4,178 Deferred development revenue 35,000 — — Facility financing and other non-current 3,836 4,151 4,758 liabilities Financing Derivative 894 894 — Notes Payable 13,173 13,007 — Stockholders' equity 83,543 100,398 109,382 Total Liabilities and Stockholders' $152,800 $134,277 $129,683 Equity CONTACT: Trevin Rard 650.521.8450 firstname.lastname@example.org
Pacific Biosciences of California, Inc. Announces Third Quarter 2013 Financial Results
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