MENLO
PARK, Calif., Oct. 30,
2023 /PRNewswire/ -- PacBio (NASDAQ: PACB) today
announced financial results for the quarter ended September 30, 2023.
Third quarter results
- Revenue of $55.7 million, a 72%
increase compared with $32.3 million
in the prior-year period.
- Instrument revenue of $34.7
million compared with $11.4
million in the prior-year period. Instrument revenue in the
third quarter of 2023 included revenue recognized from 52
RevioTM sequencing systems.
- Consumables revenue of $16.9
million compared with $16.1
million in the prior-year period.
- Service and other revenue of $4.1
million compared with $4.8
million in the prior-year period.
Gross profit for the third quarter of 2023 was $17.9 million, representing a 32% increase
compared with $13.5 million for the
third quarter of 2022 and a gross margin of 32% in the third
quarter of 2023 compared to 42% for the third quarter of 2022.
Non-GAAP gross profit for the third quarter of 2023 was
$18.1 million and represented a
non-GAAP gross margin of 32% in the third quarter of 2023, compared
to a non-GAAP gross profit of $13.7
million in the third quarter of 2022, which represented a
non-GAAP gross margin of 42% (see accompanying tables for
reconciliations of GAAP and non-GAAP measures).
Operating expenses totaled $100.4
million for the third quarter of 2023, compared to
$88.2 million for the third quarter
of 2022. Non-GAAP operating expenses totaled $90.9 million for the third quarter of 2023,
compared to $83.8 million for the
third quarter of 2022. Operating expenses for the third quarter of
2023 and the third quarter of 2022 included non-cash share-based
compensation of $18.6 million and
$18.0 million, respectively.
Net loss for the third quarter of 2023 was $66.9 million, compared to a net loss of
$77.0 million for the third quarter
of 2022. Non-GAAP net loss was $67.9
million for the third quarter of 2023, compared to
$72.5 million for the third quarter
of 2022.
Net loss per share for the third quarter of 2023 was
$0.26 compared to net loss per share
of $0.34 for the third quarter of
2022. Non-GAAP net loss per share for the third quarter of 2023 was
$0.27 compared to $0.32 for the third quarter of 2022.
Cash, cash equivalents, and investments, excluding short- and
long-term restricted cash, at September 30,
2023, totaled $767.8 million,
compared to $772.3 million at
December 31, 2022.
Updates since PacBio's last earnings release
- Launched PacBio WGS Variant Pipeline, a standardized
computational method consolidating over ten separate secondary and
tertiary analysis tools into a single user-friendly workflow,
further enabling users with all levels of bioinformatics experience
to access HiFi whole genome sequencing (WGS).
- Collaborated with automation providers Hamilton, Integra,
Revvity, and Tecan to create fully automated sample preparation
protocols for Revio and Sequel II/IIe systems.
- Collaborated with GeneDx and the University of Washington to study the potential
capabilities of HiFi long-read WGS to increase diagnostic rates in
pediatric patients with genetic conditions.
- Announced PacBio Capital, a program that allows customers
greater flexibility and a streamlined process for leasing PacBio
sequencing systems.
- Appointed David Meline, former
CFO of Moderna Inc., Amgen Inc., and 3M Company, to PacBio's Board of Directors.
"PacBio had another successful quarter as we continued to drive
Revio adoption and exceeded $50
million in quarterly revenue for the first time in company
history," said Christian Henry,
President and Chief Executive Officer. "We also had record
consumable revenue in the quarter, with Revio consumables exceeding
Sequel II/IIe consumables, underscoring our customers' enthusiasm
and ability to ramp up sequencing volumes on the new platform.
Additionally, we shipped the first Onso systems, and I'm encouraged
by the initial customer reception of the platform and the
Sequencing by Binding chemistry."
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
third quarter ended September 30, 2023, results today at
4:30 p.m. Eastern Time. Investors may
listen to the call by dialing 1-888-349-0136, if outside the U.S.,
by dialing 1-412-317-0459, requesting to join the "PacBio Q3
Earnings Call". The call will be webcast live and available for
replay at PacBio's website at
https://investor.pacificbiosciences.com.
About PacBio
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier
life science technology company that is designing, developing, and
manufacturing advanced sequencing solutions that enable scientists
and clinical researchers to improve their understanding of the
genome and ultimately, resolve genetically complex problems. Our
products and technology under development stem from two highly
differentiated core technologies focused on accuracy, quality, and
completeness, which include our existing HiFi long-read sequencing
technology and our emerging short-read Sequencing by Binding
(SBBTM) technology. Our products address solutions
across a broad set of applications, including human genomics, plant
and animal sciences, infectious disease and microbiology, oncology,
and other emerging applications. For more information, please visit
www.pacb.com and follow @PacBio.
PacBio products are provided for research use only. Not for use
in diagnostic procedures.
Statement regarding use of non‐GAAP financial
measures
PacBio reports non‐GAAP results for basic and diluted net income
and loss per share, net income, net loss, gross margins, gross
profit and operating expenses in addition to, and not as a
substitute for, or because it believes that such information is
superior to, financial measures calculated in accordance with
GAAP. PacBio believes that non-GAAP financial information,
when taken collectively, may be helpful to investors because it
provides consistency and comparability with past financial
performance. However, non-GAAP financial information is presented
for supplemental informational purposes only, has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. In addition, other companies may calculate similarly titled
non-GAAP measures differently or may use other measures to evaluate
their performance, all of which could reduce the usefulness of
PacBio's non-GAAP financial measures as tools for
comparison.
PacBio's financial measures under GAAP include substantial
charges that are listed in the itemized reconciliations between
GAAP and non‐GAAP financial measures included in this press
release. The amortization of acquired intangible assets excluded
from GAAP financial measures relates to acquired intangible assets
that were recorded as part of the purchase accounting during the
year ended December 31, 2021. Certain
intangible assets contribute to revenue generation and its
amortization will recur in future periods until they are fully
amortized. Management has excluded the effects of these items in
non‐GAAP measures to assist investors in analyzing and assessing
past and future operating performance. In addition, management uses
non-GAAP measures to compare PacBio's performance relative to
forecasts and strategic plans and to benchmark its performance
externally against competitors.
PacBio encourages investors to carefully consider its results
under GAAP, as well as its supplemental non‐GAAP information and
the reconciliation between these presentations, to more fully
understand its business. A reconciliation of PacBio's non-GAAP
financial measures to their most directly comparable financial
measure stated in accordance with GAAP has been provided in the
financial statement tables included in this press release.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the U.S. Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact
are forward-looking statements, including statements relating to
the availability, uses, accuracy, coverage, advantages, quality or
performance of, or benefits or expected benefits of using, PacBio
products or technologies; and, the impact of new products and
technologies. Reported results and orders for any instrument system
should not be considered an indication of future performance. You
should not place undue reliance on forward-looking statements
because they are subject to assumptions, risks, and uncertainties
and could cause actual outcomes and results to differ materially
from currently anticipated results, including, challenges inherent
in developing, manufacturing, launching, marketing and selling new
products, and achieving anticipated new sales; potential
cancellation of existing instrument orders; assumptions, risks and
uncertainties related to the ability to attract new customers and
retain and grow sales from existing customers; risks related to
PacBio's ability to successfully execute and realize the benefits
of acquisitions; the impact of U.S. export restrictions on the
shipment of PacBio products to certain countries; rapidly changing
technologies and extensive competition in genomic sequencing;
unanticipated increases in costs or expenses; interruptions or
delays in the supply of components or materials for, or
manufacturing of, PacBio products and products under development;
potential product performance and quality issues and potential
delays in development timelines; the possible loss of key
employees, customers, or suppliers; customers and prospective
customers curtailing or suspending activities using PacBio's
products; third-party claims alleging infringement of patents and
proprietary rights or seeking to invalidate PacBio's patents or
proprietary rights; risks associated with international operations;
and other risks associated with general macroeconomic conditions
and geopolitical instability.. Additional factors that could
materially affect actual results can be found in PacBio's most
recent filings with the Securities and Exchange Commission,
including PacBio's most recent reports on Forms 8-K, 10-K, and
10-Q, and include those listed under the caption "Risk Factors."
These forward-looking statements are based on current expectations
and speak only as of the date hereof; except as required by law,
PacBio disclaims any obligation to revise or update these
forward-looking statements to reflect events or circumstances in
the future, even if new information becomes available.
The unaudited condensed consolidated financial statements that
follow should be read in conjunction with the notes set forth in
PacBio's Quarterly Report on Form 10-Q when filed with the
Securities and Exchange Commission.
Contacts
Investors:
Todd
Friedman
650.521.8450
ir@pacb.com
Media:
Lizelda
Lopez
pr@pacb.com
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed Consolidated
Statement of Operations
(in thousands, except per share
amounts)
|
|
|
Three Months
Ended
|
|
September 30,
2023
|
|
June 30,
2023
|
|
September 30,
2022
|
|
Revenue:
|
|
|
|
|
|
|
Product
revenue
|
$
51,562
|
|
$
43,655
|
|
$
27,509
|
|
Service and other
revenue
|
4,129
|
|
3,918
|
|
4,802
|
|
Total
revenue
|
55,691
|
|
47,573
|
|
32,311
|
|
Cost of
Revenue:
|
|
|
|
|
|
|
Cost of product
revenue
|
33,735
|
|
28,615
|
|
15,752
|
|
Cost of service and
other revenue
|
4,054
|
|
3,412
|
|
3,012
|
|
Total cost of
revenue
|
37,789
|
|
32,027
|
|
18,764
|
|
Gross
profit
|
17,902
|
|
15,546
|
|
13,547
|
|
Operating
Expense:
|
|
|
|
|
|
|
Research and
development
|
47,514
|
|
46,173
|
|
47,092
|
|
Sales, general and
administrative
|
43,431
|
|
40,573
|
|
36,795
|
|
Merger-related
expenses (1)
|
8,979
|
|
—
|
|
—
|
|
Amortization of
acquired intangible assets
|
741
|
|
—
|
|
—
|
|
Change in fair value
of contingent consideration (2)
|
(271)
|
|
1,975
|
|
4,280
|
|
Total operating
expense
|
100,394
|
|
88,721
|
|
88,167
|
|
Operating
loss
|
(82,492)
|
|
(73,175)
|
|
(74,620)
|
|
Loss on extinguishment
of debt (3)
|
—
|
|
(2,033)
|
|
—
|
|
Interest
expense
|
(3,588)
|
|
(3,554)
|
|
(3,664)
|
|
Other income,
net
|
8,505
|
|
8,929
|
|
1,313
|
|
Loss before benefit
from income taxes
|
(77,575)
|
|
(69,833)
|
|
(76,971)
|
|
Benefit from income
taxes (4)
|
(10,706)
|
|
—
|
|
—
|
|
Net loss
|
$
(66,869)
|
|
$
(69,833)
|
|
$
(76,971)
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
Basic
|
$
(0.26)
|
|
$
(0.28)
|
|
$
(0.34)
|
|
Diluted
|
$
(0.26)
|
|
$
(0.28)
|
|
$
(0.34)
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in calculating net loss per share:
|
|
|
|
|
|
|
Basic
|
255,001
|
|
250,070
|
|
225,123
|
|
Diluted
|
255,001
|
|
250,070
|
|
225,123
|
|
__________________
|
|
(1)
|
Merger-related expenses
for the three months ended September 30, 2023 consists of $4.9
million of transaction costs arising from the acquisition of Apton,
$2.8 million of compensation expense resulting from the liquidity
event bonus plan in connection with the Apton merger, and $1.3
million of compensation expense resulting from the acceleration of
certain equity awards in connection with the Apton
merger.
|
|
(2)
|
Change in fair value of
contingent consideration during the three months ended September
30, 2023, June 30, 2023, and September 30, 2022 was due
to fair value adjustments of milestone payments payable upon the
commercialization of acquired IPR&D.
|
|
(3)
|
Loss on extinguishment
of debt during the three months ended June 30, 2023 is related to
the exchange of a portion of PacBio's 1.50% Convertible Senior
Notes due 2028 for PacBio's 1.375% Convertible Senior Notes due
2030.
|
|
(4)
|
A deferred income tax
benefit during the three months ended September 30, 2023 is
related to the release of the valuation allowance for deferred tax
assets due to the recognition of deferred tax liabilities in
connection with the Apton acquisition.
|
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed Consolidated
Statement of Operations
(in thousands, except per share
amounts)
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
September 30,
2023
|
|
September 30,
2022
|
|
September 30,
2023
|
|
September 30,
2022
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
51,562
|
|
$
27,509
|
|
$
129,871
|
|
$
85,928
|
|
Service and other
revenue
|
4,129
|
|
4,802
|
|
12,293
|
|
15,023
|
|
Total
revenue
|
55,691
|
|
32,311
|
|
142,164
|
|
100,951
|
|
Cost of
Revenue:
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
33,735
|
|
15,752
|
|
87,697
|
|
46,437
|
|
Cost of service and
other revenue
|
4,054
|
|
3,012
|
|
11,258
|
|
10,619
|
|
Total cost of
revenue
|
37,789
|
|
18,764
|
|
98,955
|
|
57,056
|
|
Gross
profit
|
17,902
|
|
13,547
|
|
43,209
|
|
43,895
|
|
Operating
Expense:
|
|
|
|
|
|
|
|
|
Research and
development
|
47,514
|
|
47,092
|
|
142,626
|
|
150,377
|
|
Sales, general and
administrative
|
43,431
|
|
36,795
|
|
123,822
|
|
115,851
|
|
Merger-related
expenses (1)
|
8,979
|
|
—
|
|
8,979
|
|
—
|
|
Amortization of
acquired intangible assets
|
741
|
|
—
|
|
741
|
|
—
|
|
Change in fair value
of contingent consideration (2)
|
(271)
|
|
4,280
|
|
13,960
|
|
(2,221)
|
|
Total operating
expense
|
100,394
|
|
88,167
|
|
290,128
|
|
264,007
|
|
Operating
loss
|
(82,492)
|
|
(74,620)
|
|
(246,919)
|
|
(220,112)
|
|
Loss on extinguishment
of debt (3)
|
—
|
|
—
|
|
(2,033)
|
|
—
|
|
Interest
expense
|
(3,588)
|
|
(3,664)
|
|
(10,772)
|
|
(11,042)
|
|
Other income,
net
|
8,505
|
|
1,313
|
|
24,301
|
|
1,290
|
|
Loss before benefit
from income taxes
|
(77,575)
|
|
(76,971)
|
|
(235,423)
|
|
(229,864)
|
|
Benefit from income
taxes (4)
|
(10,706)
|
|
—
|
|
(10,706)
|
|
—
|
|
Net loss
|
$
(66,869)
|
|
$
(76,971)
|
|
$
(224,717)
|
|
$
(229,864)
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
(0.26)
|
|
$
(0.34)
|
|
$
(0.90)
|
|
$
(1.03)
|
|
Diluted
|
$
(0.26)
|
|
$
(0.34)
|
|
$
(0.90)
|
|
$
(1.03)
|
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in calculating net loss per share:
|
|
|
|
|
|
|
|
|
Basic
|
255,001
|
|
225,123
|
|
249,082
|
|
223,981
|
|
Diluted
|
255,001
|
|
225,123
|
|
249,082
|
|
223,981
|
|
__________________
|
|
(1)
|
Merger-related expenses
for the three and nine months ended September 30, 2023
consists of $4.9 million of transaction costs arising from the
acquisition of Apton, $2.8 million of compensation expense
resulting from the liquidity event bonus plan in connection with
the Apton merger, and $1.3 million of compensation expense
resulting from the acceleration of certain equity awards in
connection with the Apton merger.
|
|
(2)
|
Change in fair value of
contingent consideration during the three and nine months ended
September 30, 2023 and September 30, 2022 was due to fair
value adjustments of milestone payments payable upon the
commercialization of acquired IPR&D.
|
|
(3)
|
Loss on extinguishment
of debt during the nine months ended September 30, 2023 is
related to the exchange of a portion of PacBio's 1.50% Convertible
Senior Notes due 2028 for PacBio's 1.375% Convertible Senior Notes
due 2030.
|
|
(4)
|
A deferred income tax
benefit during the three and nine months ended September 30,
2023 is related to the release of the valuation allowance for
deferred tax assets due to the recognition of deferred tax
liabilities in connection with the Apton acquisition.
|
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed Consolidated
Balance Sheets
(in thousands)
|
|
|
|
September
30,
2023
|
|
December 31,
2022
|
|
Assets
|
|
|
|
|
|
Cash and
investments
|
|
$
767,789
|
|
$
772,318
|
|
Accounts receivable,
net
|
|
30,486
|
|
18,786
|
|
Inventory,
net
|
|
68,256
|
|
50,381
|
|
Prepaid and other
current assets
|
|
15,466
|
|
10,289
|
|
Property and
equipment, net
|
|
40,340
|
|
41,580
|
|
Operating lease
right-of-use assets, net
|
|
34,610
|
|
39,763
|
|
Restricted
cash
|
|
2,722
|
|
3,222
|
|
Intangible assets,
net
|
|
461,838
|
|
410,245
|
|
Goodwill
|
|
463,843
|
|
409,974
|
|
Other long-term
assets
|
|
13,004
|
|
10,528
|
|
Total
Assets
|
|
$
1,898,354
|
|
$
1,767,086
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Accounts
payable
|
|
$
16,106
|
|
$
12,028
|
|
Accrued
expenses
|
|
34,660
|
|
32,596
|
|
Deferred
revenue
|
|
27,425
|
|
32,292
|
|
Operating lease
liabilities
|
|
43,560
|
|
49,956
|
|
Contingent
consideration liability
|
|
114,643
|
|
172,094
|
|
Convertible senior
notes, net
|
|
891,996
|
|
896,683
|
|
Other
liabilities
|
|
6,221
|
|
8,533
|
|
Stockholders'
equity
|
|
763,743
|
|
562,904
|
|
Total Liabilities
and Stockholders' Equity
|
|
$
1,898,354
|
|
$
1,767,086
|
|
Pacific Biosciences
of California, Inc.
Reconciliation of Non-GAAP Financial
Measures
(in thousands, except per share
amounts)
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
September
30,
2023
|
|
June 30,
2023
|
|
September
30,
2022
|
|
September
30,
2023
|
|
September
30,
2022
|
|
GAAP net
loss
|
|
$
(66,869)
|
|
$
(69,833)
|
|
$
(76,971)
|
|
$
(224,717)
|
|
$
(229,864)
|
|
Merger-related
expenses (1)
|
|
8,979
|
|
—
|
|
—
|
|
8,979
|
|
—
|
|
Amortization of
acquired intangible assets
|
|
939
|
|
228
|
|
228
|
|
1,395
|
|
685
|
|
Change in fair value
of contingent consideration (2)
|
|
(271)
|
|
1,975
|
|
4,280
|
|
13,960
|
|
(2,221)
|
|
Loss on extinguishment
of debt (3)
|
|
—
|
|
2,033
|
|
—
|
|
2,033
|
|
—
|
|
Income tax benefit
resulting from acquisition(4)
|
|
(10,706)
|
|
—
|
|
—
|
|
(10,706)
|
|
—
|
|
Non-GAAP net
loss
|
|
$
(67,928)
|
|
$
(65,597)
|
|
$
(72,463)
|
|
$
(209,056)
|
|
$
(231,400)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
share
|
|
$
(0.26)
|
|
$
(0.28)
|
|
$
(0.34)
|
|
$
(0.90)
|
|
$
(1.03)
|
|
Merger-related
expenses (1)
|
|
0.04
|
|
—
|
|
—
|
|
0.04
|
|
—
|
|
Amortization of
acquired intangible assets
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
Change in fair value
of contingent consideration (2)
|
|
—
|
|
0.01
|
|
0.02
|
|
0.06
|
|
(0.01)
|
|
Loss on extinguishment
of debt (3)
|
|
—
|
|
0.01
|
|
—
|
|
0.01
|
|
—
|
|
Income tax benefit
resulting from acquisition (4)
|
|
(0.04)
|
|
—
|
|
—
|
|
(0.04)
|
|
—
|
|
Other adjustments and
rounding differences
|
|
(0.01)
|
|
—
|
|
—
|
|
(0.01)
|
|
0.01
|
|
Non-GAAP net loss per
share
|
|
$
(0.27)
|
|
$
(0.26)
|
|
$
(0.32)
|
|
$
(0.84)
|
|
$
(1.03)
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
17,902
|
|
$
15,546
|
|
$
13,547
|
|
$
43,209
|
|
$
43,895
|
|
Amortization of
acquired intangible assets
|
|
184
|
|
183
|
|
184
|
|
550
|
|
550
|
|
Non-GAAP gross
profit
|
|
$
18,086
|
|
$
15,729
|
|
$
13,731
|
|
$
43,759
|
|
$
44,445
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
%
|
|
32 %
|
|
33 %
|
|
42 %
|
|
30 %
|
|
43 %
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
%
|
|
32 %
|
|
33 %
|
|
42 %
|
|
31 %
|
|
44 %
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating
expense
|
|
$
100,394
|
|
$
88,721
|
|
$
88,167
|
|
$
290,128
|
|
$
264,007
|
|
Merger-related
expenses (1)
|
|
(8,979)
|
|
—
|
|
—
|
|
(8,979)
|
|
—
|
|
Amortization of
acquired intangible assets
|
|
(755)
|
|
(45)
|
|
(44)
|
|
(845)
|
|
(135)
|
|
Change in fair value
of contingent consideration (2)
|
|
271
|
|
(1,975)
|
|
(4,280)
|
|
(13,960)
|
|
2,221
|
|
Non-GAAP total
operating expense
|
|
$
90,931
|
|
$
86,701
|
|
$
83,843
|
|
$
266,344
|
|
$
266,093
|
|
__________________
|
|
(1)
|
Merger-related expenses
for the three and nine months ended September 30, 2023
consists of $4.9 million of transaction costs arising from the
acquisition of Apton, $2.8 million of compensation expense
resulting from the liquidity event bonus plan in connection with
the Apton merger, and $1.3 million of compensation expense
resulting from the acceleration of certain equity awards in
connection with the Apton merger.
|
|
(2)
|
Change in fair value of
contingent consideration during the three months ended September
30, 2023, June 30, 2023, September 30, 2022 and nine
months ended September 30, 2023 and September 30, 2022
was due to fair value adjustments of milestone payments payable
upon the commercialization of acquired IPR&D.
|
|
(3)
|
Loss on extinguishment
of debt during the three months ended June 30, 2023 and nine months
ended September 30, 2023 is related to the exchange of a
portion of PacBio's 1.50% Convertible Senior Notes due 2028 for
PacBio's 1.375% Convertible Senior Notes due 2030.
|
|
(4)
|
Income tax benefit
resulting from acquisition during the three and nine months ended
September 30, 2023 is related to the release of the valuation
allowance for deferred tax assets due to the recognition of
deferred tax liabilities in connection with the Apton
acquisition.
|
|
Pacific Biosciences
of California, Inc.
Unaudited Reconciliation of Consolidated Non-GAAP Financial
Guidance
(in thousands)
|
|
|
Our future performance
and financial results are subject to risks and uncertainties, and
actual results could
differ materially from the guidance set forth below. Some of the
factors that could affect our financial results
are stated above in this press release. More information on
potential factors that could affect our financial
results is included from time to time in the public reports filed
with the Securities and Exchange Commission,
including Form 10-K for the fiscal
year ended December 31, 2022 filed with the SEC on February 28,
2023 and
Form 10-Q for the
fiscal quarter ended June 30, 2023. We assume no obligation to
update any forward-looking
statements or information.
|
|
|
|
Fiscal Year 2023
|
|
Reconciliation between GAAP and non-GAAP gross profit
%:
|
|
|
|
GAAP gross profit %
|
|
32% - 34%
|
|
Amortization of
acquired intangible assets (2)
|
|
- %
|
|
Non-GAAP gross profit
%
|
|
32% - 34%
|
|
|
|
|
Reconciliation between GAAP and non-GAAP operating
expenses:
|
|
|
|
GAAP total operating expense
|
|
$391,201 - $394,731
|
|
Merger-related
expenses (1)
|
|
(8,979)
|
|
Amortization of
acquired intangible assets (2)
|
|
(7,512)
|
|
Change in fair value
of contingent consideration (3)
|
|
(13,960)
|
|
Non-GAAP total
operating expense (growth 2% - 3%)
|
|
$360,750 -
$364-280
|
|
__________________
|
|
(1)
|
Merger-related expenses
for the year ending December 31, 2023 consists of $4.9 million of
transaction costs arising from the acquisition of Apton, $2.8
million of compensation expense resulting from the liquidity event
bonus plan in connection with the Apton merger, and $1.3 million of
compensation expense resulting from the acceleration of certain
equity awards in connection with the Apton merger.
|
|
(2)
|
The amortization of
acquired intangible assets relates to acquired intangible assets
that were recorded as part of the prior
acquisitions.
|
|
(3)
|
Change in fair value of
contingent consideration for the year ending December 31, 2023 is
due to fair value adjustments of milestone payments payable upon
the commercialization of acquired IPR&D.
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pacbio-announces-third-quarter-2023-financial-results-301971770.html
SOURCE Pacific Biosciences of California, Inc.