Pacific Biosciences of California, Inc. Announces Third Quarter 2017 Financial Results
November 02 2017 - 4:01PM
Pacific Biosciences of California, Inc. (NASDAQ:PACB) today
announced financial results for its third quarter ended September
30, 2017.
Product, service and other revenue for the third quarter of 2017
increased by 9% to $23.5 million, compared to $21.5 million for the
third quarter of 2016. Total revenue for the third quarter of 2017
was $23.5 million, compared to $25.1 million for the third quarter
of 2016. Total revenue for the third quarter of 2016 included $3.6
million of contractual revenue, whereas the third quarter of 2017
included no contractual revenue.
Gross profit for the third quarter of 2017 was $8.2 million,
resulting in a gross margin of 35%. Gross profit for the third
quarter of 2016 was $12.6 million, resulting in a gross margin of
50%. This included $3.6 million of contractual revenue at a 100%
gross margin. Excluding this contractual revenue and related
margin, adjusted gross margin for the third quarter of 2016 would
have been 42%. Adjusted gross margin is not meant to be considered
in isolation or as a substitute for gross margin. Adjusted gross
margin is subject to limitations and should be read only in
conjunction with the Company’s condensed consolidated financial
statements prepared in accordance with GAAP.
Operating expenses for the third quarter of 2017 totaled $29.8
million, compared to $29.4 million for the third quarter of 2016.
Operating expenses for the third quarter of 2017 and 2016 included
non-cash stock-based compensation of $4.4 million and $4.6 million,
respectively.
Net loss for the third quarter of 2017 was $22.0 million,
compared to $17.5 million for the third quarter of 2016.
Cash, cash equivalents and investments, excluding restricted
cash, at September 30, 2017 totaled $84.0 million, compared to
$72.0 million at December 31, 2016.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
third quarter 2017 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, using an Audience
Passcode of 329-7738. 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 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, 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.
Contact: Trevin Rard
650.521.8450ir@pacificbiosciences.com
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Pacific Biosciences of California,
Inc.Unaudited Condensed Consolidated Statement of
Operations (amounts in thousands, except per share
amounts) |
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2017 |
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2016 |
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2017 |
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2016 |
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Revenue: |
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Product
revenue |
$ |
20,343 |
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$ |
18,050 |
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$ |
58,185 |
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|
$ |
44,016 |
|
Service
and other revenue |
|
3,202 |
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|
3,472 |
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|
10,348 |
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|
10,188 |
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Contractual revenue |
|
— |
|
|
|
3,596 |
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|
— |
|
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|
10,788 |
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Total
revenue |
|
23,545 |
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|
|
25,118 |
|
|
|
68,533 |
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|
64,992 |
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Cost of Revenue: |
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Cost of
product revenue |
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11,547 |
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9,273 |
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31,064 |
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23,268 |
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Cost of
service and other revenue |
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3,771 |
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|
|
3,207 |
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12,304 |
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|
8,938 |
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Total
cost of revenue |
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15,318 |
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|
12,480 |
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|
43,368 |
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32,206 |
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Gross
profit |
|
8,227 |
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|
12,638 |
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25,165 |
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|
32,786 |
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Operating Expense: |
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Research
and development |
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15,844 |
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17,479 |
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49,698 |
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51,362 |
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Sales,
general and administrative |
|
13,952 |
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11,894 |
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|
44,722 |
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|
34,794 |
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Total
operating expense |
|
29,796 |
|
|
|
29,373 |
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|
94,420 |
|
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|
86,156 |
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Operating loss |
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(21,569 |
) |
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|
(16,735 |
) |
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|
(69,255 |
) |
|
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(53,370 |
) |
Interest
expense |
|
(633 |
) |
|
|
(821 |
) |
|
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(2,297 |
) |
|
|
(2,395 |
) |
Other
income (expense), net |
|
181 |
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|
62 |
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|
125 |
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|
420 |
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Net loss |
$ |
(22,021 |
) |
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$ |
(17,494 |
) |
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$ |
(71,427 |
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$ |
(55,345 |
) |
Basic and diluted net
loss per share |
$ |
(0.19 |
) |
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$ |
(0.19 |
) |
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$ |
(0.70 |
) |
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$ |
(0.63 |
) |
Shares used in
computing basic and diluted net loss per share |
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115,771 |
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92,110 |
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102,117 |
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87,969 |
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Pacific Biosciences of California,
Inc.Unaudited Condensed Consolidated Balance
Sheets (amounts in thousands) |
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September 30, |
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December 31, |
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2017 |
|
2016 |
Assets |
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Cash and
investments |
$ |
83,965 |
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$ |
71,978 |
Accounts
receivable |
|
8,897 |
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|
11,421 |
Inventory |
|
18,201 |
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|
15,634 |
Prepaid
and other current assets |
|
2,548 |
|
|
9,978 |
Property
and equipment |
|
39,605 |
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|
14,560 |
Long-term
restricted cash |
|
4,500 |
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|
4,500 |
Other
long-term Assets |
|
188 |
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|
9,813 |
Total
Assets |
$ |
157,904 |
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$ |
137,884 |
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Liabilities and
Stockholders' Equity |
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Accounts
payable |
$ |
8,574 |
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$ |
8,359 |
Accrued
expenses |
|
11,232 |
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|
16,604 |
Deferred
service revenue |
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7,225 |
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|
8,427 |
Deferred
rent |
|
14,504 |
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19 |
Other
liabilities |
|
1,428 |
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|
3,345 |
Financing
derivative |
|
170 |
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|
356 |
Notes
payable |
|
13,363 |
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|
16,106 |
Stockholders' equity |
|
101,408 |
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|
84,668 |
Total
Liabilities and Stockholders' Equity |
$ |
157,904 |
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$ |
137,884 |
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