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

Pacific Biosciences of California, Inc. Announces Fourth Quarter 2013 Financial Results  MENLO PARK, Calif., Feb. 4, 2014 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2013.  Total revenue for the fourth quarter of 2013 totaled $9.1 million, compared to $5.9 million for the fourth quarter of 2012. Fourth quarter revenue in 2013 reflects the installation of five PacBio RS II systems, compared to five PacBio RS systems in the fourth quarter of 2012. Total revenue for the fourth quarter of 2013 also included $1.7 million of revenue recognized pursuant to a development agreement the Company entered into with Roche Diagnostics at the end of the third quarter of 2013. The Company booked orders for nine PacBio RS II instruments during the fourth quarter and ended the quarter with 13 instruments in backlog.  Gross profit for the fourth quarter of 2013 was $3.2 million, resulting in a gross margin of 34.9%, compared to gross profit of $0.6 million and a gross margin of 10.7% for the fourth quarter of 2012. Gross profit for the fourth quarter in 2013 included $1.7 million of gross profit recognized pursuant to the development agreement with Roche Diagonistics.  Operating expenses totaled $20.2 million for the fourth quarter of 2013, compared to $22.3 million for the fourth quarter of 2012. Operating expenses for the fourth quarter of 2013 and 2012 included $2.5 million of non-cash stock-based compensation, respectively.  The net loss for the fourth quarter of 2013 was $17.2 million, compared to $21.7 million for the fourth quarter of 2012.  Cash and investments at December 31, 2013 totaled $112.5 million compared to $100.6 million at December 31, 2012.  Quarterly Conference Call Information  Management will host a quarterly conference call to discuss its fourth 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.                                                                   Pacific Biosciences of California, Inc. Unaudited Consolidated Statement of Operations (amounts in thousands, except per share amounts)                                                                                                                     Quarter Ended December 31,                                                    2013          2012 Revenue:                                                          Product revenue                                    $5,791      $4,279 Service and other revenue                          1,647         1,599 Revenue from development agreement                 1,696         — Total revenue                                      9,134         5,878 Cost of revenue:                                                  Cost of product revenue                            4,568         3,847 Cost of service and other revenue                  1,377         1,404 Total cost of revenue                              5,945         5,251 Gross profit                                       3,189         627 Operating expense:                                                Research and development                           11,133        11,652 Sales, general and administrative                  9,060         10,669 Total operating expense                            20,193        22,321 Operating loss                                     (17,004)      (21,694) Interest expense                                   (693)         (67) Other income, net                                  466           92 Net loss                                           $(17,231)   $(21,669) Basic and diluted net loss per share                $(0.26)     $(0.39) Shares used in computing basic and diluted net loss 66,190        56,166 per share                                                                                                                                     Pacific Biosciences of California, Inc. Unaudited Consolidated Statement of Operations (amounts in thousands, except per share amounts)                                                                                                                        Year Ended December 31,                                                      2013         2012 Revenue:                                                           Product revenue                                      $20,039    $20,089 Service and other revenue                            6,446        5,894 Revenue from development agreement                   1,696        — Total revenue                                        28,181       25,983 Cost of Revenue:                                                   Cost of product revenue                              15,706       18,796 Cost of service and other revenue                    6,056        6,247 Total cost of revenue                                21,762       25,043 Gross profit                                         6,419        940 Operating Expense:                                                 Research and development                             45,217       47,623 Sales, general and administrative                    38,745       47,655 Total operating expense                              83,962       95,278 Operating loss                                       (77,543)     (94,338) Interest expense                                     (2,478)      (274) Other income, net                                    728          147 Net loss                                             $(79,293)  $(94,465) Basic and diluted net loss per share                 $(1.26)    $(1.69) Shares used in computing basic and diluted net loss   62,784       55,733 per share                                                                                                                                     Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets (amounts in thousands)                                                                                                                      December 31, December31,                                                     2013         2012 Assets                                                            Cash and investments                                 $112,528   $100,580 Accounts receivable                                  2,746        2,822 Inventory                                            10,050       9,592 Prepaid and other current assets                    1,135        2,006 Property and equipment                               9,236        14,329 Other long-term assets                               490          354 Total Assets                                         $136,185   $129,683                                                                  Liabilities and Stockholders' Equity                              Accounts payable                                     $1,717     $2,988 Accrued and other current liabilities                9,797        8,377 Deferred service revenue                             4,564        4,178 Deferred development revenue                         33,304       — Facility financing and other non-current liabilities 3,727        4,758 Financing derivative                                 549          — Notes payable                                        13,347       — Stockholders' equity                                 69,180       109,382 Total Liabilities and Stockholders' Equity           $136,185   $129,683                                                                   CONTACT: Trevin Rard          650.521.8450          ir@pacificbiosciences.com