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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 diluted net loss per share 56,166  55,877 54,861
       
 
 
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 per share 55,733 53,874
     
 
 
Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
 
  December 31, September 30, December 31,
  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 non-current liabilities 5,558 6,045 7,477
Stockholders' equity 109,382 128,537 191,463
       
Total Liabilities and Stockholders' Equity $ 129,683 $ 148,208 $ 218,316
CONTACT: Trevin Rard
         650.521.8450
         ir@pacificbiosciences.com

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