MENLO
PARK, Calif., Nov. 7, 2022
/PRNewswire/ -- PacBio (NASDAQ: PACB) today announced financial
results for the quarter ended September 30,
2022.
Third quarter results
- Revenue of $32.3 million, a 7%
decrease compared with $34.9 million
in the prior year period.
- Instrument revenue of $11.4
million, compared with $15.9
million in the prior year period.
- Consumables revenue of $16.1
million compared with $14.6
million in the prior year period.
- Service and other revenue of $4.8
million, compared with $4.4
million in the prior year period.
- Delivered 34 Sequel IIe systems, compared with 44 Sequel II/IIe
systems in the prior year period.
- Installed base of 494 Sequel II/IIe systems as of September 30, 2022, compared with 326 as of
September 30, 2021.
Gross profit for the third quarter of 2022 was $13.5 million, representing a 12% decrease
compared with $15.4 million for the
third quarter of 2021, and gross margin was 42% in the third
quarter of 2022 compared to 44% for the third quarter of 2021.
Excluding amortization of intangible assets, non-GAAP gross profit
for the third quarter of 2022 was $13.7
million and represented a non-GAAP gross margin of 42% in
the third quarter of 2022, compared to 45% for the third quarter of
2021, which also excluded a fair value inventory adjustment (see
accompanying tables for reconciliations of GAAP and non-GAAP
measures).
Operating expenses totaled $88.2
million for the third quarter of 2022, compared to
$89.8 million for the third quarter
of 2021. Excluding contingent consideration remeasurement and
amortization of intangible assets, non-GAAP operating expenses
totaled $83.8 million for the third
quarter of 2022, compared to $59.1
million for the third quarter of 2021, which excluded
merger-related expenses and amortization of intangible assets.
Operating expenses for the third quarter of 2022 and the third
quarter of 2021 included non-cash stock-based compensation of
$18.0 million and $26.6 million, respectively. Excluding
merger-related expenses, non-GAAP operating expenses in the third
quarter of 2021 included $15.1
million of non-cash stock-based compensation.
Net loss for the third quarter of 2022 was $77.0 million, compared to net income of
$16.5 million for the third quarter
of 2021. Excluding contingent consideration remeasurement and
amortization of intangible assets in the third quarter of 2022,
non-GAAP net loss was $72.5 million,
compared to a non-GAAP net loss of $47.2
million for the third quarter of 2021, which excluded an
income tax benefit resulting from the acquisitions of Omniome and
Circulomics, merger-related expenses and fair value inventory
adjustments.
GAAP net loss per share for the third quarter of 2022 was
$0.34 compared to basic and diluted
GAAP net income per share of $0.08
for the third quarter of 2021. Non-GAAP net loss per share for the
third quarter of 2022 was $0.32
compared to $0.23 for the third
quarter of 2021.
Cash, cash equivalents, and investments, excluding short and
long-term restricted cash, at September 30,
2022, totaled $834.3 million,
compared to $1,044.4 million at
December 31, 2021.
Recent company updates
- Announced the launch of Revio™, a revolutionary new long-read
sequencing system capable of delivering up to 1,300 human genomes
per year with 30x coverage at under $1,000 per genome. We expect to begin shipping
Revio in the first quarter of 2023.
- Introduced the Onso™ short-read sequencing system based on SBB
(Sequencing by Binding) chemistry, which is expected to provide a
10-fold improvement in accuracy compared with other commercially
available systems. We expect to begin shipping Onso in the first
half of 2023.
- Launched the MAS-Seq kit in partnership with the Broad
Institute and 10x Genomics to enable cost-effective, long-read,
single-cell RNA sequencing for a more complete interrogation of the
transcriptome.
- Collaborated with Twist Bioscience to launch a portfolio of
off-the-shelf long-read gene panels designed to capture target
regions in a cost-effective and high throughput manner.
- Unveiled TGRT, a new computational analysis method for
profiling more than a million tandem repeats across the human
genome and enables scientists to better understand the role of
tandem repeats in human disease.
- Created the Scientific Advisory Board, bringing together a
group of renowned scientific experts to provide critical feedback,
advice, and expertise on future technological and scientific
direction.
- Partnered with leading researchers to create the Consortium for
Long Read Sequencing (CoLoRS), an open coalition of international
researchers focused on cataloging and providing frequency
information for all classes of variation found within the human
genome, using long-read whole genome sequencing.
- Shipped our 1,000th sequencer since the launch of
the RS sequencing platform in 2011.
"It's a historical moment at PacBio as we prepare the launch of
two new, groundbreaking sequencing platforms in the first half of
2023," said Christian Henry,
President and Chief Executive Officer. "RevioTM, our new
long-read sequencing system, can enable scientists to sequence
thousands of complete whole genomes economically.
OnsoTM, our first short-read sequencing platform, has
the potential to provide industry-leading accuracy allowing
researchers to interrogate biology at unprecedented levels. We
believe customer anticipation of a new long-read platform drove
delays in instrument purchases; however, we were encouraged by
their feedback and excitement for both platforms and how these
systems can accelerate their research. I'm also looking forward to
sharing more details regarding Revio and Onso at our first Investor
Day in New York City next
week."
2022 Financial Guidance
As previously announced, we are withdrawing all prior financial
guidance in light of our recent product announcements.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
third quarter ended September 30,
2022 results today at 5:00 p.m.
Eastern Time. Investors may listen to the call by dialing
866-652-5200, or if outside the U.S., by dialing 412-317-6060, and
request to join the "PacBio Q3 Earnings Call." The call will be
webcast live and will be 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 to help scientists and
clinical researchers 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
and our emerging SBB™ short read sequencing technologies. Our
products address solutions across a broad set of research
applications, including human germline sequencing, 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
The Company 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.
The Company 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 the
Company's non-GAAP financial measures as tools for comparison.
The Company's financial measures under GAAP include substantial
charges such as merger related expenses, and others that are listed
in the itemized reconciliations between GAAP and non‐GAAP financial
measures included in this press release. The amortization of
intangible assets excluded from GAAP financial measures relates to
acquired intangible assets that were recorded as part of purchase
accounting last year. Such 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 the Company's
performance relative to forecasts and strategic plans and to
benchmark its performance externally against competitors.
The Company 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 the
Company's non-GAAP financial measures to the 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, including statements relating to future availability,
uses, accuracy, coverage, advantages, quality or performance of, or
benefits or expected benefits of using, PacBio products or
technologies, including Revio and Onso; expectations regarding data
quality and efficiency in connection with genome interrogation; our
expectations with respect to our collaboration efforts, as well as
the potential results of such collaborations; expectations with
respect to our Scientific Advisory Board; expectations with respect
to development and delivery timeframes; and other future
events. Reported results 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 that could cause actual
outcomes and results to differ materially from currently
anticipated results. These risks include, but are not limited to,
challenges inherent in developing, manufacturing, launching,
marketing and selling new products, and achieving anticipated new
sales; Onso is entering beta testing, is not yet commercially
available, and remains subject to additional development and
validation; potential product performance and quality issues and
potential delays in development and commercialization
timelines; assumptions, risks and uncertainties related to the
ability to attract new customers and retain and grow sales from
existing customers; rapidly changing technologies and extensive
competition in genomic sequencing that could make the products
PacBio is developing obsolete or non-competitive; supply chain
risks; successfully completing development of a product that is not
yet commercially available; customers and prospective customers
curtailing or suspending activities utilizing our products; the
impact of U.S. export restrictions on the shipment of PacBio
products to certain countries; the possible loss of key employees,
customers, or suppliers; third-party claims alleging infringement
of patents and proprietary rights or seeking to invalidate PacBio's
patents or proprietary rights; and other risks associated with
macroeconomic conditions such as uncertain capital markets,
pandemic-related lockdowns, heightened inflation, war in
Europe, and international
operations. 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,
|
|
June
30,
|
|
September
30,
|
|
2022
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
|
27,509
|
|
$
|
30,175
|
|
$
|
30,502
|
Service and other
revenue
|
|
4,802
|
|
|
5,292
|
|
|
4,385
|
Total
revenue
|
|
32,311
|
|
|
35,467
|
|
|
34,887
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
15,568
|
|
|
15,499
|
|
|
15,530
|
Cost of service and
other revenue
|
|
3,012
|
|
|
3,592
|
|
|
3,870
|
Amortization of
intangible assets
|
|
184
|
|
|
183
|
|
|
123
|
Total cost of
revenue
|
|
18,764
|
|
|
19,274
|
|
|
19,523
|
Gross
profit
|
|
13,547
|
|
|
16,193
|
|
|
15,364
|
Operating
expense:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
47,092
|
|
|
50,348
|
|
|
27,508
|
Sales, general and
administrative
|
|
36,795
|
|
|
39,252
|
|
|
31,606
|
Merger-related
expenses (1)
|
|
—
|
|
|
—
|
|
|
30,726
|
Change in fair value
of contingent consideration (2)
|
|
4,280
|
|
|
(5,438)
|
|
|
—
|
Total operating
expense
|
|
88,167
|
|
|
84,162
|
|
|
89,840
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(74,620)
|
|
|
(67,969)
|
|
|
(74,476)
|
Interest
expense
|
|
(3,664)
|
|
|
(3,681)
|
|
|
(3,673)
|
Other income
(expense), net
|
|
1,313
|
|
|
256
|
|
|
(133)
|
Loss before benefit
from income taxes
|
|
(76,971)
|
|
|
(71,394)
|
|
|
(78,282)
|
Benefit from income
taxes (3)
|
|
—
|
|
|
—
|
|
|
(94,824)
|
Net (loss)
income
|
$
|
(76,971)
|
|
$
|
(71,394)
|
|
$
|
16,542
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.34)
|
|
$
|
(0.32)
|
|
$
|
0.08
|
Diluted
|
$
|
(0.34)
|
|
$
|
(0.32)
|
|
$
|
0.08
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net (loss) income per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
225,123
|
|
|
224,499
|
|
|
202,194
|
Diluted
|
|
225,123
|
|
|
224,499
|
|
|
215,127
|
|
_______________________
|
(1)
|
Merger-related expenses
for the three months ended September 30, 2021 consists of $11.8
million of transaction costs arising from the acquisitions of
Omniome and Circulomics and $18.9 million of stock-based
compensation expense resulting from the acceleration of certain
equity awards in connection with the Omniome merger.
|
(2)
|
Change in fair value of
contingent consideration for three months ended September 30, 2022
and June 30, 2022 was due to fair value adjustments of milestone
payments payable upon the commercialization of acquired
IPR&D.
|
(3)
|
A deferred income tax
benefit of $94.8 million for the three months ended September 30,
2021, 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 Omniome and Circulomics
acquisitions.
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed
Consolidated Statement of Operations
(in thousands,
except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
|
27,509
|
|
$
|
30,502
|
|
$
|
85,928
|
|
$
|
82,338
|
Service and other
revenue
|
|
4,802
|
|
|
4,385
|
|
|
15,023
|
|
|
12,156
|
Total
revenue
|
|
32,311
|
|
|
34,887
|
|
|
100,951
|
|
|
94,494
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
15,568
|
|
|
15,530
|
|
|
45,887
|
|
|
41,449
|
Cost of service and
other revenue
|
|
3,012
|
|
|
3,870
|
|
|
10,619
|
|
|
10,828
|
Amortization of
intangible assets
|
|
184
|
|
|
123
|
|
|
550
|
|
|
123
|
Total cost of
revenue
|
|
18,764
|
|
|
19,523
|
|
|
57,056
|
|
|
52,400
|
Gross
profit
|
|
13,547
|
|
|
15,364
|
|
|
43,895
|
|
|
42,094
|
Operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
47,092
|
|
|
27,508
|
|
|
150,377
|
|
|
70,323
|
Sales, general and
administrative
|
|
36,795
|
|
|
31,606
|
|
|
115,851
|
|
|
86,804
|
Merger-related
expenses (1)
|
|
—
|
|
|
30,726
|
|
|
—
|
|
|
30,726
|
Change in fair value
of contingent consideration (2)
|
|
4,280
|
|
|
—
|
|
|
(2,221)
|
|
|
—
|
Total operating
expense
|
|
88,167
|
|
|
89,840
|
|
|
264,007
|
|
|
187,853
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(74,620)
|
|
|
(74,476)
|
|
|
(220,112)
|
|
|
(145,759)
|
Loss from Continuation
Advances from Illumina
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52,000)
|
Interest
expense
|
|
(3,664)
|
|
|
(3,673)
|
|
|
(11,042)
|
|
|
(9,051)
|
Other income
(expense), net
|
|
1,313
|
|
|
(133)
|
|
|
1,290
|
|
|
92
|
Loss before benefit
from income taxes
|
|
(76,971)
|
|
|
(78,282)
|
|
|
(229,864)
|
|
|
(206,718)
|
Benefit from income
taxes (3)
|
|
—
|
|
|
(94,824)
|
|
|
—
|
|
|
(94,824)
|
Net (loss)
income
|
$
|
(76,971)
|
|
$
|
16,542
|
|
$
|
(229,864)
|
|
$
|
(111,894)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.34)
|
|
$
|
0.08
|
|
$
|
(1.03)
|
|
$
|
(0.56)
|
Diluted
|
$
|
(0.34)
|
|
$
|
0.08
|
|
$
|
(1.03)
|
|
$
|
(0.56)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
225,123
|
|
|
202,194
|
|
|
223,981
|
|
|
198,545
|
Diluted
|
|
225,123
|
|
|
215,127
|
|
|
223,981
|
|
|
198,545
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________
|
(1)
|
Merger-related expenses
for the three months and nine months ended September 30, 2021
consist of $11.8 million of transaction costs arising from the
acquisitions of Omniome and Circulomics and $18.9 million of
stock-based compensation expense resulting from the acceleration of
certain equity awards in connection with the Omniome
merger.
|
(2)
|
Change in fair value of
contingent consideration for three and nine months ended September
30, 2022 was due to fair value adjustments of milestone payments
payable upon the commercialization of acquired
IPR&D.
|
(3)
|
A deferred income tax
benefit of $94.8 million for the three months and nine months ended
September 30, 2021, 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 Omniome and
Circulomics acquisitions.
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2022
|
|
2021
|
Assets
|
|
|
|
Cash and
investments
|
$
|
834,340
|
|
$
|
1,044,400
|
Accounts receivable,
net
|
|
22,756
|
|
|
24,241
|
Inventory,
net
|
|
43,495
|
|
|
24,599
|
Prepaid and other
current assets
|
|
13,005
|
|
|
7,394
|
Property and
equipment, net
|
|
39,154
|
|
|
32,504
|
Operating lease
right-of-use assets, net
|
|
41,533
|
|
|
46,617
|
Restricted
cash
|
|
3,222
|
|
|
5,092
|
Intangible assets,
net
|
|
410,294
|
|
|
410,979
|
Goodwill
|
|
409,974
|
|
|
409,974
|
Other long-term
assets
|
|
1,176
|
|
|
1,170
|
Total
Assets
|
$
|
1,818,949
|
|
$
|
2,006,970
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Accounts
payable
|
$
|
12,853
|
|
$
|
11,002
|
Accrued
expenses
|
|
24,886
|
|
|
36,261
|
Deferred
revenue
|
|
32,451
|
|
|
36,026
|
Operating lease
liabilities
|
|
51,775
|
|
|
57,680
|
Contingent
consideration liability
|
|
167,496
|
|
|
169,717
|
Convertible senior
notes, net
|
|
896,529
|
|
|
896,067
|
Other
liabilities
|
|
6,368
|
|
|
9,230
|
Stockholders'
equity
|
|
626,591
|
|
|
790,987
|
Total Liabilities
and Stockholders' Equity
|
$
|
1,818,949
|
|
$
|
2,006,970
|
|
|
|
|
|
|
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,
|
|
June
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
GAAP net (loss)
income
|
$
|
(76,971)
|
|
$
|
(71,394)
|
|
$
|
16,542
|
|
$
|
(229,864)
|
|
$
|
(111,894)
|
Merger-related
expenses (1)
|
|
—
|
|
|
—
|
|
|
30,726
|
|
|
—
|
|
|
30,726
|
Change in fair value
of contingent consideration (2)
|
|
4,280
|
|
|
(5,438)
|
|
|
—
|
|
|
(2,221)
|
|
|
—
|
Income tax benefit
resulting from acquisitions (3)
|
|
—
|
|
|
—
|
|
|
(94,824)
|
|
|
—
|
|
|
(94,824)
|
Fair value adjustment
to Circulomics inventory at acquisition date
|
|
—
|
|
|
—
|
|
|
183
|
|
|
—
|
|
|
183
|
Amortization of
intangible assets
|
|
228
|
|
|
228
|
|
|
154
|
|
|
685
|
|
|
154
|
Loss from Continuation
Advances from Illumina
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,000
|
Non-GAAP net
loss
|
$
|
(72,463)
|
|
$
|
(76,604)
|
|
$
|
(47,219)
|
|
$
|
(231,400)
|
|
$
|
(123,655)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net (loss) income
per share – diluted
|
$
|
(0.34)
|
|
$
|
(0.32)
|
|
$
|
0.08
|
|
$
|
(1.03)
|
|
$
|
(0.56)
|
Merger-related
expenses (1)
|
|
—
|
|
|
—
|
|
|
0.15
|
|
|
—
|
|
|
0.15
|
Change in fair value
of contingent consideration (2)
|
|
0.02
|
|
|
(0.02)
|
|
|
—
|
|
|
(0.01)
|
|
|
—
|
Income tax benefit
resulting from acquisitions (3)
|
|
—
|
|
|
—
|
|
|
(0.47)
|
|
|
—
|
|
|
(0.48)
|
Amortization of
intangible assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Loss from Continuation
Advances from Illumina
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.26
|
Other adjustments and
rounding differences
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
Non-GAAP net loss per
share – diluted
|
$
|
(0.32)
|
|
$
|
(0.34)
|
|
$
|
(0.23)
|
|
$
|
(1.03)
|
|
$
|
(0.62)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
$
|
13,547
|
|
$
|
16,193
|
|
$
|
15,364
|
|
$
|
43,895
|
|
$
|
42,094
|
Fair value adjustment
to Circulomics inventory at acquisition date
|
|
—
|
|
|
—
|
|
|
183
|
|
|
—
|
|
|
183
|
Amortization of
intangible assets
|
|
184
|
|
|
183
|
|
|
123
|
|
|
550
|
|
|
123
|
Non-GAAP gross
profit
|
$
|
13,731
|
|
$
|
16,376
|
|
$
|
15,670
|
|
$
|
44,445
|
|
$
|
42,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
%
|
|
42 %
|
|
|
46 %
|
|
|
44 %
|
|
|
43 %
|
|
|
45 %
|
Non-GAAP gross profit
%
|
|
42 %
|
|
|
46 %
|
|
|
45 %
|
|
|
44 %
|
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating
expense
|
$
|
88,167
|
|
$
|
84,162
|
|
$
|
89,840
|
|
$
|
264,007
|
|
$
|
187,853
|
Merger-related
expenses (1)
|
|
—
|
|
|
—
|
|
|
(30,726)
|
|
|
—
|
|
|
(30,726)
|
Change in fair value
of contingent consideration (2)
|
|
(4,280)
|
|
|
5,438
|
|
|
—
|
|
|
2,221
|
|
|
—
|
Amortization of
intangible assets
|
|
(44)
|
|
|
(45)
|
|
|
(31)
|
|
|
(135)
|
|
|
(31)
|
Non-GAAP total
operating expense
|
$
|
83,843
|
|
$
|
89,555
|
|
$
|
59,083
|
|
$
|
266,093
|
|
$
|
157,096
|
|
________________________
|
(1)
|
Merger-related expenses
for the three months and nine months ended September 30, 2021
consist of $11.8 million of transaction costs arising from the
acquisitions of Omniome and Circulomics and $18.9 million of
stock-based compensation expense resulting from the acceleration of
certain equity awards in connection with the Omniome
merger.
|
(2)
|
Change in fair value of
contingent consideration for the three months ended June 30, 2022
and the three and nine months ended September 30, 2022 was due to
fair value adjustments of milestone payments payable upon the
commercialization of acquired IPR&D.
|
(3)
|
A deferred income tax
benefit of $94.8 million for the three months and nine months ended
September 30, 2021, 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 Omniome and
Circulomics acquisitions.
|
View original content to download
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SOURCE Pacific Biosciences of California, Inc.