MENLO
PARK, Calif., Feb. 16,
2023 /PRNewswire/ -- PacBio (NASDAQ: PACB) today
announced financial results for the quarter and fiscal year ended
December 31, 2022.
Fourth quarter results
- Received record orders in the fourth quarter, including orders
for 96 instruments, which included orders for 76 Revio systems from
43 customers across 13 countries and representing a broad set of
applications.
- Revenue of $27.4 million, a 24%
decrease compared with $36.0 million
in the prior year period.
- Instrument revenue of $6.1
million, compared with $16.2
million in the prior-year period.
- Consumables revenue of $16.7
million compared with $15.0
million in the prior year period. Sequel II and IIe
consumables represented approximately 94% of our total consumable
revenue in the fourth quarter of 2022, with the rest from older
systems and other consumables.
- Service and other revenue of $4.6
million compared with $4.8
million in the prior year period.
- Delivered 18 Sequel IIe systems, compared with 48 Sequel II/IIe
systems in the prior year period.
- Installed base of 512 Sequel II/IIe systems as of December 31, 2022, compared with 374 as of
December 31, 2021.
Gross profit for the fourth quarter of 2022 was $5.1 million, representing a 69% decrease
compared with $16.8 million for the
fourth quarter of 2021 and a gross margin of 19% in the fourth
quarter of 2022 compared to 47% for the fourth quarter of 2021.
Non-GAAP gross profit for the fourth quarter of 2022 was
$5.3 million and represented a
non-GAAP gross margin of 19% in the fourth quarter of 2022,
compared to 47% for the fourth quarter of 2021 (see accompanying
tables for reconciliations of GAAP and non-GAAP
measures).
Operating expenses totaled $92.2
million for the fourth quarter of 2022, compared to
$81.4 million for the fourth quarter
of 2021. Non-GAAP operating expenses totaled $87.6 million for the fourth quarter of 2022,
compared to $79.9 million for the
fourth quarter of 2021. Operating expenses for the fourth quarter
of 2022 and the fourth quarter of 2021 included non-cash
share-based compensation of $16.8
million and $17.5 million,
respectively.
Net loss for the fourth quarter of 2022 was $84.4 million, compared to a net loss of
$69.3 million for the fourth quarter
of 2021. Non-GAAP net loss was $79.6
million for the fourth quarter of 2022, compared to
$66.4 million for the prior-year
period.
Net loss per share for the fourth quarter of 2022 was
$0.37 compared to net loss per share
of $0.31 for the fourth quarter of
2021. Non-GAAP net loss per share for the fourth quarter of 2022
was $0.35 compared to $0.30 for the fourth quarter of 2021.
GAAP and non-GAAP gross profit, net loss, and net loss per share
in the fourth quarter reflect loss on purchase commitments and
adjustments for excess inventory totaling approximately
$7.1 million primarily related to a
faster-than-expected ramp in Revio demand, which resulted in a
faster-than-expected decline in Sequel II/IIe demand upon the
launch of Revio.
Cash, cash equivalents, and investments, excluding short- and
long-term restricted cash, at December 31,
2022, totaled $772.3 million,
compared to $1,044.4 million at
December 31, 2021.
Fiscal year 2022 results
- Revenue of $128.3 million, a 2%
decrease compared with $130.5 million
in 2021.
- Placed 138 Sequel II/IIe systems during the year compared to
171 Sequel II/IIe systems placed in 2021.
- Instrument revenue of $48.7
million compared with $61.3
million in 2021.
- Consumables revenue of $60.0
million compared with $52.2
million in 2021.
- Service and other revenue of $19.6
million compared with $17.0
million in 2021.
Gross profit for 2022 was $49.0
million, representing a 17% decrease compared with
$58.9 million for 2021 and gross
margin of 38% compared to 45% for 2021. Non-GAAP gross profit for
2022 was $49.8 million and
represented a non-GAAP gross margin of 39%, compared to 45% for
2021.
Operating expenses totaled $356.2
million, compared to $269.3
million for 2021. Non-GAAP operating expenses totaled
$353.7 million, compared to
$236.9 million for 2021. Operating
expenses for 2022 and 2021 included non-cash share-based
compensation of $73.8 million and
$67.2 million, respectively.
Excluding merger-related expenses, non-GAAP operating expenses
included non-cash share-based compensation of $73.8 million in 2022 compared to $55.7 million in 2021.
Net loss for 2022 was $314.2
million, compared to a net loss of $181.2 million for 2021. Non-GAAP net loss was
$311.0 million, compared to
$190.0 million for 2021.
Net loss per share for 2022 was $1.40, compared to net loss per share of
$0.89 for 2021. Non-GAAP net loss per
share for 2022 was $1.38 compared to
$0.93 for 2021.
Updates since our last earnings release
- Celebrated long-read sequencing being named Nature Methods'
"Method of the Year 2022," recognizing the impact of long-read
sequencing in various groundbreaking studies, including those
leveraging PacBio.
- Shipped our first early access Revio system to the Broad
Institute and expect to commence commercial Revio shipments in
March 2023.
- Delivered Onso to three beta customers, including the Broad
Institute, Corteva Agriscience, and Weill Cornell Medical College,
and remain on track to begin commercialization of Onso in the
second quarter of 2023.
- Announced plans to expand MAS-Seq technology to 16S rRNA and
bulk RNA-Seq solutions, which can expand throughput in these
applications by up to 16-fold through short fragment
concatenation.
- Introduced the PacBio Compatible program designed to make
PacBio sequencing more accessible, which includes partners across
all ends of the sequencing workflow, from automation and sample and
library prep to secondary and tertiary analysis tools.
- Announced a collaboration with the University of Tokyo Graduate School of Medicine to
study the use of long-read sequencing and novel bioinformatics
methods in the hopes of better understanding the genetic causes of
certain rare diseases in individuals and cohorts within the
Japanese population.
- Announced HiFi sequencing technology will be used in a pilot
project for the Children's Rare Disease Cohorts Initiative (CRDC)
at Boston Children's Hospital to investigate genetic and epigenetic
variants associated with rare pediatric diseases.
- Raised approximately $201 million
in gross proceeds in an upsized public offering of common stock in
January 2023.
"The year is off to an excellent start with a strong Revio order
book and continued customer enthusiasm for the new product," said
Christian Henry, President, and
Chief Executive Officer. "Momentum is clearly building for highly
accurate, long-read solutions, with Nature Methods naming
long-read sequencing its 'Method of the Year' and studies like the
preprint from All of Us researchers concluding that we should
continue developing population-scale cohorts sequenced with
long-reads only."
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
fourth quarter ended December 31,
2022, results today at 4:30 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 Q4 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 the
purchase accounting this 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 has not reconciled the forward-looking non-GAAP
gross margin and non-GAAP operating expenses to the most directly
comparable GAAP measures because we cannot predict with reasonable
certainty and without unreasonable effort certain costs, the most
significant of which are certain fair value measurements,
acquisition-related items, including future amortization of
developed technology, and others that may arise during the year,
each of which are potential adjustments to future earnings. The
Company expects the variability of these items to have a
potentially unpredictable, and a potentially significant, impact on
our future GAAP financial results.
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 historical 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 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 with respect to development and shipment timeframes or
the fulfillment of customer orders; expectations with respect to
our collaborations, and other future events. Reported results and
orders for Revio 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 in beta testing; neither
Revio nor Onso are commercially available yet and remain subject to
additional development and validation; potential cancellation of
existing instrument orders; 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 PacBio's
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 condensed consolidated financial statements that follow
should be read in conjunction with the notes set forth in PacBio's
Annual Report on Form 10-K 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
December
31,
|
|
Twelve Months
Ended
December
31,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
|
22,771
|
|
$
|
31,167
|
|
$
|
108,699
|
|
$
|
113,505
|
Service and other
revenue
|
|
4,582
|
|
|
4,852
|
|
|
19,605
|
|
|
17,008
|
Total
revenue
|
|
27,353
|
|
|
36,019
|
|
|
128,304
|
|
|
130,513
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
15,045
|
|
|
14,909
|
|
|
60,932
|
|
|
56,358
|
Cost of service and
other revenue
|
|
3,280
|
|
|
4,161
|
|
|
13,899
|
|
|
14,989
|
Amortization of
intangible assets
|
|
183
|
|
|
183
|
|
|
733
|
|
|
306
|
Loss on purchase
commitment
|
|
3,705
|
|
|
—
|
|
|
3,705
|
|
|
—
|
Total cost of
revenue
|
|
22,213
|
|
|
19,253
|
|
|
79,269
|
|
|
71,653
|
Gross
profit
|
|
5,140
|
|
|
16,766
|
|
|
49,035
|
|
|
58,860
|
Operating
expense:
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
42,623
|
|
|
42,576
|
|
|
193,000
|
|
|
112,899
|
Sales, general and
administrative
|
|
45,003
|
|
|
37,320
|
|
|
160,854
|
|
|
124,124
|
Merger-related
expenses (1)
|
|
—
|
|
|
403
|
|
|
—
|
|
|
31,129
|
Change in fair value
of contingent consideration (2)
|
|
4,598
|
|
|
1,143
|
|
|
2,377
|
|
|
1,143
|
Total operating
expense
|
|
92,224
|
|
|
81,442
|
|
|
356,231
|
|
|
269,295
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(87,084)
|
|
|
(64,676)
|
|
|
(307,196)
|
|
|
(210,435)
|
Loss from Continuation
Advances from Illumina
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52,000)
|
Interest
expense
|
|
(3,648)
|
|
|
(3,479)
|
|
|
(14,690)
|
|
|
(12,530)
|
Other income,
net
|
|
6,348
|
|
|
1
|
|
|
7,638
|
|
|
93
|
Loss before expense
(benefit) from income taxes
|
|
(84,384)
|
|
|
(68,154)
|
|
|
(314,248)
|
|
|
(274,872)
|
Expense (benefit) from
income taxes (3)
|
|
—
|
|
|
1,175
|
|
|
—
|
|
|
(93,649)
|
Net loss
|
$
|
(84,384)
|
|
$
|
(69,329)
|
|
$
|
(314,248)
|
|
$
|
(181,223)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.37)
|
|
$
|
(0.31)
|
|
$
|
(1.40)
|
|
$
|
(0.89)
|
Diluted
|
$
|
(0.37)
|
|
$
|
(0.31)
|
|
$
|
(1.40)
|
|
$
|
(0.89)
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
226,241
|
|
|
220,730
|
|
|
224,550
|
|
|
204,136
|
Diluted
|
|
226,241
|
|
|
220,730
|
|
|
224,550
|
|
|
204,136
|
__________________
|
|
|
(1)
|
Merger-related expenses
during the three months ended December 31, 2021 consisted of
transaction costs arising from the acquisitions of Omniome and
Circulomics. Merger-related expenses during the twelve months ended
December 31, 2021, consisted of $12.2 million in transaction costs
arising from the acquisitions of Omniome and Circulomics and $18.9
million in share-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 during the three months and twelve months
ended December 31, 2022 and 2021 was due to fair value adjustments
of milestone payments payable upon the commercialization of
acquired IPR&D.
|
(3)
|
Deferred income tax
expense during the three months ended December 31, 2021 was due to
an adjustment made to the valuation allowance in connection with
the Omniome acquisition. Deferred income tax benefit during the
twelve months ended December 31, 2021 was due 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
|
|
|
December 31,
2022
|
|
September 30,
2022
|
|
December 31,
2021
|
|
Revenue:
|
|
|
|
|
|
|
|
|
Product
revenue
|
$
|
22,771
|
|
$
|
27,509
|
|
$
|
31,167
|
Service and other
revenue
|
|
4,582
|
|
|
4,802
|
|
|
4,852
|
Total
revenue
|
|
27,353
|
|
|
32,311
|
|
|
36,019
|
Cost of
revenue:
|
|
|
|
|
|
|
|
|
Cost of product
revenue
|
|
15,045
|
|
|
15,568
|
|
|
14,909
|
Cost of service and
other revenue
|
|
3,280
|
|
|
3,012
|
|
|
4,161
|
Amortization of
intangible assets
|
|
183
|
|
|
184
|
|
|
183
|
Loss on purchase
commitment
|
|
3,705
|
|
|
—
|
|
|
—
|
Total cost of
revenue
|
|
22,213
|
|
|
18,764
|
|
|
19,253
|
Gross
profit
|
|
5,140
|
|
|
13,547
|
|
|
16,766
|
Operating
expense:
|
|
|
|
|
|
|
|
|
Research and
development
|
|
42,623
|
|
|
47,092
|
|
|
42,576
|
Sales, general and
administrative
|
|
45,003
|
|
|
36,795
|
|
|
37,320
|
Merger-related
expenses (1)
|
|
—
|
|
|
—
|
|
|
403
|
Change in fair value
of contingent consideration (2)
|
|
4,598
|
|
|
4,280
|
|
|
1,143
|
Total operating
expense
|
|
92,224
|
|
|
88,167
|
|
|
81,442
|
|
|
|
|
|
|
|
|
|
Operating
loss
|
|
(87,084)
|
|
|
(74,620)
|
|
|
(64,676)
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(3,648)
|
|
|
(3,664)
|
|
|
(3,479)
|
Other income,
net
|
|
6,348
|
|
|
1,313
|
|
|
1
|
Loss before expense
from income taxes
|
|
(84,384)
|
|
|
(76,971)
|
|
|
(68,154)
|
Expense from income
taxes (3)
|
|
—
|
|
|
—
|
|
|
1,175
|
Net loss
|
$
|
(84,384)
|
|
$
|
(76,971)
|
|
$
|
(69,329)
|
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.37)
|
|
$
|
(0.34)
|
|
$
|
(0.31)
|
Diluted
|
$
|
(0.37)
|
|
$
|
(0.34)
|
|
$
|
(0.31)
|
|
|
|
|
|
|
|
|
|
Shares used in
computing net loss per share:
|
|
|
|
|
|
|
|
|
Basic
|
|
226,241
|
|
|
225,123
|
|
|
220,730
|
Diluted
|
|
226,241
|
|
|
225,123
|
|
|
220,730
|
|
|
|
|
|
|
|
|
|
|
|
|
__________
|
|
(1)
|
Merger-related expenses
for the three months ended December 31, 2021 consisted of
transaction costs arising from the acquisitions of Omniome and
Circulomics.
|
(2)
|
Change in fair value of
contingent consideration during the three months ended December 31,
2022, September 30, 2022, and December 31, 2021 was due to fair
value adjustments of milestone payments payable upon the
commercialization of acquired IPR&D.
|
(3)
|
Deferred income tax
expense during the three months ended December 31, 2021 was due to
an adjustment made to the valuation allowance in connection with
the Omniome acquisition.
|
Pacific Biosciences
of California, Inc. Unaudited Condensed Consolidated
Balance Sheets (in thousands)
|
|
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2022
|
|
2021
|
Assets
|
|
|
|
Cash and
investments
|
$
|
772,318
|
|
$
|
1,044,400
|
Accounts receivable,
net
|
|
18,786
|
|
|
24,241
|
Inventory,
net
|
|
50,381
|
|
|
24,599
|
Prepaid and other
current assets
|
|
10,289
|
|
|
7,394
|
Property and
equipment, net
|
|
41,580
|
|
|
32,504
|
Operating lease
right-of-use assets, net
|
|
39,763
|
|
|
46,617
|
Restricted
cash
|
|
3,222
|
|
|
5,092
|
Intangible assets,
net
|
|
410,245
|
|
|
410,979
|
Goodwill
|
|
409,974
|
|
|
409,974
|
Other long-term
assets
|
|
10,528
|
|
|
1,170
|
Total
Assets
|
$
|
1,767,086
|
|
$
|
2,006,970
|
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
|
Accounts
payable
|
$
|
12,028
|
|
$
|
11,002
|
Accrued
expenses
|
|
32,596
|
|
|
36,261
|
Deferred
revenue
|
|
32,292
|
|
|
36,026
|
Operating lease
liabilities
|
|
49,956
|
|
|
57,680
|
Contingent
consideration liability
|
|
172,094
|
|
|
169,717
|
Convertible senior
notes, net
|
|
896,683
|
|
|
896,067
|
Other
liabilities
|
|
8,533
|
|
|
9,230
|
Stockholders'
equity
|
|
562,904
|
|
|
790,987
|
Total Liabilities
and Stockholders' Equity
|
$
|
1,767,086
|
|
$
|
2,006,970
|
|
|
|
|
|
|
Pacific Biosciences
of California, Inc. Reconciliation of Non-GAAP Financial
Measures (in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December
31,
|
|
September
30,
|
|
December
31,
|
|
December
31,
|
|
December
31,
|
|
|
2022
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net
loss
|
|
$
|
(84,384)
|
|
$
|
(76,971)
|
|
$
|
(69,329)
|
|
$
|
(314,248)
|
|
$
|
(181,223)
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
—
|
|
|
403
|
|
|
—
|
|
|
31,129
|
Income tax expense
(benefit) resulting from acquisitions (2)
|
|
|
—
|
|
|
—
|
|
|
1,175
|
|
|
—
|
|
|
(93,649)
|
Fair value adjustment
to Circulomics inventory at acquisition date
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
Change in fair value
of contingent consideration (3)
|
|
|
4,598
|
|
|
4,280
|
|
|
1,143
|
|
|
2,377
|
|
|
1,143
|
Amortization of
intangible assets
|
|
|
228
|
|
|
228
|
|
|
226
|
|
|
913
|
|
|
380
|
Loss from Continuation
Advances from Illumina
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
52,000
|
Non-GAAP net
loss
|
|
$
|
(79,558)
|
|
$
|
(72,463)
|
|
$
|
(66,382)
|
|
$
|
(310,958)
|
|
$
|
(190,037)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
share
|
|
$
|
(0.37)
|
|
$
|
(0.34)
|
|
$
|
(0.31)
|
|
$
|
(1.40)
|
|
$
|
(0.89)
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.15
|
Income tax benefit
resulting from
acquisitions
(2)
|
|
|
—
|
|
|
—
|
|
|
0.01
|
|
|
—
|
|
|
(0.46)
|
Change in fair value
of contingent consideration (3)
|
|
|
0.02
|
|
|
0.02
|
|
|
0.01
|
|
|
0.01
|
|
|
0.01
|
Amortization of
intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
Loss from Continuation
Advances from Illumina
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.25
|
Other adjustments and
rounding differences
|
|
|
—
|
|
|
—
|
|
|
(0.01)
|
|
|
0.01
|
|
|
0.01
|
Non-GAAP net loss per
share
|
|
$
|
(0.35)
|
|
$
|
(0.32)
|
|
$
|
(0.30)
|
|
$
|
(1.38)
|
|
$
|
(0.93)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
|
5,140
|
|
$
|
13,547
|
|
$
|
16,766
|
|
$
|
49,035
|
|
$
|
58,860
|
Fair value adjustment
to Circulomics inventory at acquisition date
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
183
|
Amortization of
intangible assets
|
|
|
183
|
|
|
184
|
|
|
183
|
|
|
733
|
|
|
306
|
Non-GAAP gross
profit
|
|
$
|
5,323
|
|
$
|
13,731
|
|
$
|
16,949
|
|
$
|
49,768
|
|
$
|
59,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
%
|
|
|
19 %
|
|
|
42 %
|
|
|
47 %
|
|
|
38 %
|
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
%
|
|
|
19 %
|
|
|
42 %
|
|
|
47 %
|
|
|
39 %
|
|
|
45 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating
expense
|
|
$
|
92,224
|
|
$
|
88,167
|
|
$
|
81,442
|
|
$
|
356,231
|
|
$
|
269,295
|
Merger-related
expenses (1)
|
|
|
—
|
|
|
—
|
|
|
(403)
|
|
|
—
|
|
|
(31,129)
|
Change in fair value
of contingent consideration (3)
|
|
|
(4,598)
|
|
|
(4,280)
|
|
|
(1,143)
|
|
|
(2,377)
|
|
|
(1,143)
|
Amortization of
intangible assets
|
|
|
(45)
|
|
|
(44)
|
|
|
(43)
|
|
|
(180)
|
|
|
(74)
|
Non-GAAP total
operating expense
|
|
$
|
87,581
|
|
$
|
83,843
|
|
$
|
79,853
|
|
$
|
353,674
|
|
$
|
236,949
|
____________
|
|
|
(1)
|
Merger-related expenses
consisted of transaction costs arising from the acquisitions of
Omniome and Circulomics and share-based compensation expense
resulting from the acceleration of certain equity awards in
connection with the Omniome merger.
|
(2)
|
A deferred income tax
expense (benefit) was 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.
|
(3)
|
Change in fair value of
contingent consideration was related to fair value adjustments of
milestone payments payable upon the commercialization of acquired
IPR&D.
|
View original content to download
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SOURCE Pacific Biosciences of California, Inc.