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 | |||
|
September 30, 2013 |
June 30, 2013 |
September 30, 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 diluted net loss per share | 65,523 | 61,922 | 55,877 |
| Pacific Biosciences of California, Inc. | ||
| Unaudited Consolidated Statement of Operations | ||
| (amounts in thousands, except per share amounts) | ||
| Year to Date | ||
|
September 30, 2013 |
September 30, 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 loss per share | 61,636 | 55,582 |
| Pacific Biosciences of California, Inc. | |||
| Unaudited Condensed Consolidated Balance Sheets | |||
| (amounts in thousands) | |||
|
September 30, 2013 |
June 30, 2013 |
December 31, 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 liabilities | 3,836 | 4,151 | 4,758 |
| Financing Derivative | 894 | 894 | — |
| Notes Payable | 13,173 | 13,007 | — |
| Stockholders' equity | 83,543 | 100,398 | 109,382 |
| Total Liabilities and Stockholders' Equity | $ 152,800 | $ 134,277 | $ 129,683 |