May 03, 2016 12:56 PM ET

Life Sciences Tools and Services

Company Overview of Pacific Biosciences of California, Inc.

Company Overview

Pacific Biosciences of California, Inc. designs, develops, and manufactures sequencing systems to resolve genetically complex problems. The company’s single molecule real-time (SMRT) sequencing technology enables single molecule real-time detection of biological processes. It offers PacBio RS II and Sequel Systems that conducts, monitors, and analyzes biochemical sequencing reactions. The company also provides consumable products, including sealed and packaged SMRT cells, as well as various reagent kits, such as template preparation, binding, and sequencing kits to run the PacBio RS II or Sequel System. Its customers include research institutions; commercial laboratories; genome centers; cli...

1380 Willow Road

Menlo Park, CA 94025

United States

Founded in 2000

394 Employees

Phone:

650-521-8000

Key Executives for Pacific Biosciences of California, Inc.

Executive Chairman, Chief Executive Officer and President
Age: 66
Total Annual Compensation: $1.0
Chief Financial Officer, Principal Accounting Officer and Executive Vice President
Age: 61
Total Annual Compensation: $1.0
Senior Vice President of Market Development
Age: 56
Total Annual Compensation: $424.3K
Senior Vice President of Research and Development
Age: 64
Total Annual Compensation: $424.3K
Compensation as of Fiscal Year 2015.

Pacific Biosciences of California, Inc. Key Developments

Pacific Biosciences of California, Inc. Provides Earnings Guidance for the Second Quarter and Full Year of 2016

Pacific Biosciences of California, Inc. provided earnings guidance for the second quarter and full year of 2016. For the second quarter, the company expects revenue to grow sequentially over first quarter of 2016. The company expects product and service revenue to increase significantly year-over-year. However, that growth will not likely make up for the $10 million decrease in milestone revenue. However, that growth will not likely make up for the $10 million decrease in milestone revenue. Therefore, the company expects total second quarter revenue to be less than the $25 million the company reported for second quarter of last year. The company expects to see a similar gross margin in the near term. For the full year of 2016, the company continue to expect total revenue for the year to be at least $93 million. Excluding Roche contractual revenue, this represents at least a 70% increase in product and service revenue year-over-year. The company were pleased to see the improvement in gross margin, up to 50% this past quarter, which was largely driven by the change from RS II instrument shipments in first quarter last year to primarily Sequel instrument shipments in first quarter this year. For the year, the company expects average gross margin percent to be in the high 40%, which is up from previous forecast of the low 40s. The company expects total operating expense to grow by roughly 10% for the year. Regarding interest expense, the company continue to expect to record approximately $3 million for the year. The company expects to record a net loss of approximately $73 million for the year, which includes over $20 million of noncash expense.

Pacific Biosciences of California, Inc. Announces Unaudited Consolidated Financial Results for the First Quarter Ended March 31, 2016

Pacific Biosciences of California, Inc. announced unaudited consolidated financial results for its first quarter ended March 31, 2016. Revenue for the first quarter of 2016 increased by 8% to $19.1 million compared to $17.6 million for the first quarter of 2015. Product and service revenue for the first quarter of 2016 was $15.5 million, compared to $14.0 million for the first quarter of 2015. Gross profit increased by $3.6 million to $9.5 million for the first quarter of 2016, resulting in a gross margin of 49.7%, compared to gross profit of $5.9 million and a gross margin of 33.6% for the first quarter of 2015. The growth in gross profit and margin was primarily driven by the higher margin sales of the company's SequelTM System which was launched in the fourth quarter of 2015. Net loss for the first quarter of 2016 was $19.4 million, compared to $20.2 million for the first quarter of 2015. Operating loss was $18.565 million against $19.328 million a year ago. Basic and diluted net loss per share was $0.23 against $0.27 per share a year ago.

Pacific Biosciences of California, Inc., Q1 2016 Earnings Call, Apr 21, 2016

Pacific Biosciences of California, Inc., Q1 2016 Earnings Call, Apr 21, 2016

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