Pacific Biosciences of California, Inc. Announces Second Quarter 2017 Financial Results
August 02 2017 - 4:02PM
Pacific Biosciences of California, Inc. (NASDAQ:PACB) today
announced financial results for its second quarter ended June 30,
2017.
Product, service and other revenue for the second quarter of
2017 increased by 17% to $20.1 million, compared to $17.2 million
for the second quarter of 2016. Total revenue for the second
quarter of 2017 was $20.1 million, compared to $20.7 million for
the second quarter of 2016. Total revenue for the second quarter of
2016 included $3.6 million of contractual revenue, whereas the
second quarter of 2017 included no contractual revenue.
Gross profit for the second quarter of 2017 was $8.0 million,
resulting in a gross margin of 39.9%. Gross profit for the
second quarter of 2016 was $10.6 million, resulting in a gross
margin of 51.3%. This included $3.6 million of contractual revenue
at 100% gross margin. Excluding this contractual revenue and
related margin, adjusted gross margin for the second quarter of
2016 would have been 41.1%. 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 second quarter of 2017 totaled $32.4
million, compared to $28.7 million for the second quarter of 2016.
Operating expenses for the second quarter of 2017 and 2016 included
non-cash stock-based compensation of $4.4 million and $4.5 million,
respectively.
Net loss for the second quarter of 2017 was $25.5 million,
compared to $18.5 million for the second quarter of 2016.
Cash, cash equivalents and investments, excluding restricted
cash, at June 30, 2017 totaled $102.6 million, compared to $72.0
million at December 31, 2016.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
second 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 6231-3559. 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.
Pacific Biosciences of California,
Inc. |
Unaudited Condensed Consolidated Statement of
Operations |
(amounts in thousands, except per share amounts) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2017 |
|
|
2016 |
|
2017 |
|
|
2016 |
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
$ |
16,548 |
|
|
|
$ |
13,587 |
|
|
$ |
37,842 |
|
|
$ |
25,966 |
|
Service and other revenue |
|
3,525 |
|
|
|
|
3,564 |
|
|
|
7,146 |
|
|
|
6,716 |
|
Contractual revenue |
|
— |
|
|
|
|
3,596 |
|
|
|
— |
|
|
|
7,192 |
|
Total revenue |
|
20,073 |
|
|
|
|
20,747 |
|
|
|
44,988 |
|
|
|
39,874 |
|
Cost of
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product revenue |
|
8,155 |
|
|
|
|
7,115 |
|
|
|
19,517 |
|
|
|
13,995 |
|
Cost of service and other revenue |
|
3,917 |
|
|
|
|
2,988 |
|
|
|
8,533 |
|
|
|
5,731 |
|
Total cost of revenue |
|
12,072 |
|
|
|
|
10,103 |
|
|
|
28,050 |
|
|
|
19,726 |
|
Gross profit |
|
8,001 |
|
|
|
|
10,644 |
|
|
|
16,938 |
|
|
|
20,148 |
|
Operating
Expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
16,883 |
|
|
|
|
17,522 |
|
|
|
33,854 |
|
|
|
33,883 |
|
Sales, general and administrative |
|
15,505 |
|
|
|
|
11,192 |
|
|
|
30,770 |
|
|
|
22,900 |
|
Total operating expense |
|
32,388 |
|
|
|
|
28,714 |
|
|
|
64,624 |
|
|
|
56,783 |
|
Operating
loss |
|
(24,387 |
) |
|
|
|
(18,070 |
) |
|
|
(47,686 |
) |
|
|
(36,635 |
) |
Interest expense |
|
(826 |
) |
|
|
|
(795 |
) |
|
|
(1,664 |
) |
|
|
(1,574 |
) |
Other income (expense), net |
|
(326 |
) |
|
|
|
366 |
|
|
|
(56 |
) |
|
|
358 |
|
Net
loss |
$ |
(25,539 |
) |
|
|
$ |
(18,499 |
) |
|
$ |
(49,406 |
) |
|
$ |
(37,851 |
) |
Basic and
diluted net loss per share |
$ |
(0.26 |
) |
|
|
$ |
(0.21 |
) |
|
$ |
(0.52 |
) |
|
$ |
(0.44 |
) |
Shares used
in computing basic and diluted net loss per share |
|
97,360 |
|
|
|
|
88,148 |
|
|
|
95,177 |
|
|
|
85,876 |
|
Pacific Biosciences of California,
Inc. |
Unaudited Condensed Consolidated Balance
Sheets |
(amounts in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
June 31, |
|
December 31, |
|
2017 |
|
2016 |
Assets |
|
|
|
Cash and
investments |
$ |
102,596 |
|
$ |
71,978 |
Accounts
receivable |
|
9,525 |
|
|
11,421 |
Inventory |
|
17,266 |
|
|
15,634 |
Prepaid
and other current assets |
|
3,545 |
|
|
9,978 |
Property
and equipment |
|
40,289 |
|
|
14,560 |
Long-term
restricted cash |
|
4,500 |
|
|
4,500 |
Other
long-term Assets |
|
184 |
|
|
9,813 |
Total Assets |
$ |
177,905 |
|
$ |
137,884 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
Accounts
payable |
$ |
6,514 |
|
$ |
8,359 |
Accrued
expenses |
|
17,840 |
|
|
16,604 |
Deferred
service revenue |
|
8,078 |
|
|
8,427 |
Deferred
rent |
|
14,599 |
|
|
19 |
Other
liabilities |
|
1,915 |
|
|
3,345 |
Financing
derivative |
|
15 |
|
|
356 |
Notes
payable |
|
13,084 |
|
|
16,106 |
Stockholders' equity |
|
115,860 |
|
|
84,668 |
Total Liabilities and Stockholders' Equity |
$ |
177,905 |
|
$ |
137,884 |
|
|
|
|
|
|
Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
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