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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 diluted net loss per share 57,372  56,166 55,201
       
 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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