Pacific Biosciences of California, Inc. Announces Third Quarter 2016 Financial Results
November 02 2016 - 4:03PM
Pacific Biosciences of California, Inc. (NASDAQ:PACB) today
announced financial results for its third quarter ended September
30, 2016.
Revenue for the third quarter of 2016 totaled $25.1 million, up
80% compared to $13.9 million for the third quarter of 2015.
Product and service revenue for the third quarter of 2016 increased
by 109% to $21.5 million, compared to $10.3 million for the third
quarter of 2015. Revenue for the third quarter of each of 2016 and
2015 reflected $3.6 million of amortization of the upfront payment
pursuant to the Company’s development, commercialization and
license agreement with F. Hoffman-La Roche Ltd.
Gross profit for the third quarter of 2016 was $12.6 million,
resulting in a gross margin of 50.3%, an increase of $6.1 million
compared to gross profit of $6.6 million and a gross margin of
47.1% for the third quarter of 2015. The growth in gross profit and
margin was primarily driven by higher margin sales of the Company’s
SequelTM System, which was launched in the fourth quarter of
2015.
Operating expenses for the third quarter of 2016 totaled $29.4
million, compared to $3.9 million for the third quarter of 2015.
Operating expenses of $3.9 million for the third quarter of 2015
included aggregate expenses of $26.9 million offset by a one-time
gain on lease amendments of $23.0 million. Operating expenses for
the third quarters of 2016 and 2015 included non-cash stock-based
compensation of $4.5 million and $2.9 million, respectively.
Net loss for the third quarter of 2016 was $17.5 million and net
loss per share for the third quarter of 2016 was $0.19 per share.
Net income for the third quarter of 2015 was $1.8 million and net
income per share for the third quarter of 2015 was $0.02 per share,
primarily driven by a one-time gain on lease amendments of $23.0
million.
Cash and investments at September 30, 2016 totaled $87.3
million, compared to $82.3 million at December 31, 2015.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
third quarter 2016 results today at 4:30 p.m. Eastern 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
sequencing systems to help scientists resolve genetically complex
problems. Based on its novel Single Molecule, Real-Time (SMRT®)
Technology, Pacific Biosciences’ products enable: de novo genome
assembly to finish genomes in order to more fully identify,
annotate and decipher genomic structures; full-length transcript
analysis to improve annotations in reference genomes, characterize
alternatively spliced isoforms in important gene families, and find
novel genes; targeted sequencing to more comprehensively
characterize genetic variations; and real-time kinetic information
for epigenome characterization. Pacific Biosciences’ technology
provides high accuracy, ultra-long reads, uniform coverage, and is
the only DNA sequencing technology that provides the ability to
simultaneously detect epigenetic changes. PacBio® sequencing
systems, including consumables and software, provide a simple,
fast, end-to-end workflow for SMRT Sequencing. More
information is available at www.pacb.com
Forward-Looking StatementsAll statements in
this press release that are not historical are forward-looking
statements, including, among other things, statements relating to
the timeline for Pacific Biosciences’ potential development of
products, including for Roche, future uses, quality or performance
of, or benefits of using, products or technologies and other future
events. You should not place undue reliance on forward-looking
statements because they involve known and unknown risks,
uncertainties, changes in circumstances and other factors that are,
in some cases, beyond Pacific Biosciences’ control and could cause
actual results to differ materially from the information expressed
or implied by forward-looking statements made in this press
release. Factors that could materially affect actual results can be
found in Pacific Biosciences’ most recent filings with the
Securities and Exchange Commission, including Pacific Biosciences’
most recent reports on Forms 8-K, 10-K and 10-Q, and include those
listed under the caption “Risk Factors.” Pacific Biosciences
undertakes no obligation to revise or update information in this
press release to reflect events or circumstances in the future,
even if new information becomes available.
Pacific Biosciences of California,
Inc.Unaudited Condensed Consolidated Statement of
Operations (amounts in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three-month Periods Ended September
30, |
|
Nine -month Periods Ended September
30, |
|
|
2016 |
|
2015 |
|
2016 |
|
2015 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
|
18,050 |
|
|
$ |
|
7,570 |
|
|
$ |
|
44,016 |
|
|
$ |
|
27,703 |
|
Service and other revenue |
|
|
|
3,472 |
|
|
|
|
2,751 |
|
|
|
|
10,188 |
|
|
|
|
8,010 |
|
Contractual revenue |
|
|
|
3,596 |
|
|
|
|
3,596 |
|
|
|
|
10,788 |
|
|
|
|
20,788 |
|
Total revenue |
|
|
|
25,118 |
|
|
|
|
13,917 |
|
|
|
|
64,992 |
|
|
|
|
56,501 |
|
Cost of Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
|
9,273 |
|
|
|
|
5,119 |
|
|
|
|
23,268 |
|
|
|
|
23,289 |
|
Cost of service and other
revenue |
|
|
|
3,207 |
|
|
|
|
2,247 |
|
|
|
|
8,938 |
|
|
|
|
6,228 |
|
Total cost of revenue |
|
|
|
12,480 |
|
|
|
|
7,366 |
|
|
|
|
32,206 |
|
|
|
|
29,517 |
|
Gross profit |
|
|
|
12,638 |
|
|
|
|
6,551 |
|
|
|
|
32,786 |
|
|
|
|
26,984 |
|
Operating Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
|
17,479 |
|
|
|
|
16,162 |
|
|
|
|
51,362 |
|
|
|
|
45,688 |
|
Sales, general and
administrative |
|
|
|
11,894 |
|
|
|
|
10,818 |
|
|
|
|
34,794 |
|
|
|
|
32,411 |
|
Gain on lease amendments |
|
|
— |
|
|
|
(23,043 |
) |
|
|
— |
|
|
|
(23,043 |
) |
Total operating expense |
|
|
|
29,373 |
|
|
|
|
3,937 |
|
|
|
|
86,156 |
|
|
|
|
55,056 |
|
Operating income (loss) |
|
|
|
(16,735 |
) |
|
|
|
2,614 |
|
|
|
|
(53,370 |
) |
|
|
|
(28,072 |
) |
Interest expense |
|
|
|
(821 |
) |
|
|
|
(741 |
) |
|
|
|
(2,395 |
) |
|
|
|
(2,153 |
) |
Other income (expense), net |
|
|
|
62 |
|
|
|
|
(52 |
) |
|
|
|
420 |
|
|
|
|
(62 |
) |
Net income (loss) |
|
$ |
|
(17,494 |
) |
|
$ |
|
1,821 |
|
|
$ |
|
(55,345 |
) |
|
$ |
|
(30,287 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
|
(0.19 |
) |
|
$ |
|
0.02 |
|
|
$ |
|
(0.63 |
) |
|
$ |
|
(0.41 |
) |
Diluted |
|
$ |
|
(0.19 |
) |
|
$ |
|
0.02 |
|
|
$ |
|
(0.63 |
) |
|
$ |
|
(0.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding
used in calculating net income (loss) per share |
Basic |
|
|
|
92,110 |
|
|
|
|
75,205 |
|
|
|
|
87,969 |
|
|
|
|
74,699 |
|
Diluted |
|
|
|
92,110 |
|
|
|
|
80,479 |
|
|
|
|
87,969 |
|
|
|
|
74,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pacific Biosciences of California,
Inc.Unaudited Condensed Consolidated Balance
Sheets (amounts in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
September
30, |
|
December 31, |
|
2016 |
|
2015 |
Assets |
|
|
|
Cash and investments |
$ |
87,333 |
|
$ |
82,270 |
Accounts receivable |
|
11,761 |
|
|
5,245 |
Inventory |
|
16,473 |
|
|
10,955 |
Prepaid and other current
assets |
|
6,900 |
|
|
12,071 |
Property and equipment |
|
14,003 |
|
|
8,548 |
Long-term restricted cash |
|
4,500 |
|
|
4,500 |
Other long-term Assets |
|
9,665 |
|
|
7,518 |
Total
Assets |
$ |
150,635 |
|
$ |
131,107 |
|
|
|
|
|
|
Liabilities and
Stockholders' Equity |
|
|
|
|
|
Accounts payable |
$ |
8,311 |
|
$ |
4,749 |
Accrued expenses |
|
16,482 |
|
|
15,551 |
Deferred service revenue |
|
7,456 |
|
|
7,958 |
Deferred contractual revenue |
|
1,347 |
|
|
12,134 |
Other liabilities |
|
2,347 |
|
|
1,627 |
Financing derivative |
|
218 |
|
|
600 |
Notes payable |
|
15,794 |
|
|
14,948 |
Stockholders' equity |
|
98,680 |
|
|
73,540 |
Total
Liabilities and Stockholders' Equity |
$ |
150,635 |
|
$ |
131,107 |
|
|
|
|
|
|
Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
Pacific Biosciences of C... (NASDAQ:PACB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Pacific Biosciences of C... (NASDAQ:PACB)
Historical Stock Chart
From Apr 2023 to Apr 2024