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Pacific Biosciences of California, Inc. Announces Second Quarter 2018 Financial Results

MENLO PARK, Calif., Aug. 02, 2018 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for its second quarter ended June 30, 2018.

Total revenue for the second quarter of 2018 was $21.6 million, compared to $20.1 million for the second quarter of 2017.

Gross profit for the second quarter of 2018 was $8.9 million, resulting in a gross margin of 41.1%. Gross profit for the second quarter of 2017 was $8.0 million, resulting in a gross margin of 39.9%.

Operating expenses for the second quarter of 2018 totaled $30.6 million, compared to $32.4 million for the second quarter of 2017. Operating expenses for the second quarter of 2018 and 2017 included non-cash stock-based compensation of $4.6 million and $4.4 million, respectively.

Net loss for the second quarter of 2018 was $22.5 million, compared to $25.5 million for the second quarter of 2017.

Cash, cash equivalents and investments, excluding restricted cash, at June 30, 2018 totaled $63.5 million, compared to $62.9 million at December 31, 2017.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its second quarter ended June 30, 2018 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 Conference ID # 2075988. 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 Statements

All 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
650.521.8450
ir@pacificbiosciences.com

 
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,
  2018  2017  2018  2017
Revenue:           
Product revenue$ 18,485  $ 16,548  $ 34,767  $ 37,842 
Service and other revenue  3,093    3,525    6,173    7,146 
Total revenue  21,578    20,073    40,940    44,988 
Cost of Revenue:           
Cost of product revenue  9,858    8,155    18,877    19,517 
Cost of service and other revenue  2,858    3,917    5,905    8,533 
Total cost of revenue  12,716    12,072    24,782    28,050 
Gross profit  8,862    8,001    16,158    16,938 
Operating Expense:           
Research and development  15,664    16,883    31,975    33,854 
Sales, general and administrative  14,943    15,505    29,877    30,770 
Total operating expense  30,607    32,388    61,852    64,624 
Operating loss  (21,745)   (24,387)   (45,694)   (47,686)
Interest expense  (598)   (826)   (1,179)   (1,664)
Other income (expense), net  (197)   (326)   154    (56)
Net loss$ (22,540) $ (25,539) $ (46,719) $ (49,406)
Basic and diluted net loss per share$ (0.17) $ (0.26) $ (0.37) $ (0.52)
Shares used in computing basic and diluted net loss per share  131,882    97,360    127,847    95,177 
                


 
Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
 (amounts in thousands)
 
 June 30, December 31,
 2018 2017
Assets   
Cash and investments$ 63,491 $ 62,872
Accounts receivable  7,446   13,433
Inventory  23,440   23,065
Prepaid and other current assets  2,035   2,249
Property and equipment  36,103   37,920
Long-term restricted cash  4,500   4,500
Other long-term Assets  43   45
Total Assets$        137,058 $ 144,084
      
Liabilities and Stockholders' Equity     
Accounts payable$ 4,169 $ 9,093
Accrued expenses  10,935   12,618
Deferred service revenue  7,469   7,394
Deferred rent  14,106   14,453
Other liabilities  744   605
Financing derivative  40   183
Notes payable  14,121   13,635
Stockholders' equity  85,474   86,103
Total Liabilities and Stockholders' Equity$ 137,058 $ 144,084
      
Thursday, August 2, 2018 - 16:01