MENLO PARK, Calif., Feb. 5, 2013 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2012.
During the fourth quarter of 2012, the Company recognized revenue from installations of its PacBio RS systems, SMRT® Cell and reagent consumables, instrument service contracts and grants. Revenue for the fourth quarter of 2012 totaled $5.9 million compared to revenue of $2.8 million for the third quarter of 2012. Net loss for the quarter was $21.7 million compared to the $22.7 million net loss during the third quarter of 2012.
Gross profit for the fourth quarter of 2012 totaled $0.6 million, resulting in a gross margin of 11%, compared to a $0.2 million gross profit for the third quarter of 2012 and a gross margin of 7%.
Operating expense totaled $22.3 million for the fourth quarter of 2012 and $22.8 for the third quarter of 2012. Operating expense in the fourth quarter of 2012 include $2.4 million of non-cash stock-based compensation with $1.2 million and $1.2 million recorded in research and development, and selling, general and administrative expenses, respectively.
Cash and investments at December 31, 2012 totaled $100.6 million compared to $119.4 million at September 30, 2012.
The Company's system backlog as of December 31, 2012 includes orders for 5 PacBio RS instruments.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its fourth quarter 2012 results today at 4:30pm Eastern / 1:30pm Pacific. Investors may listen to the call by dialing 888.366.7247, or if outside the U.S., by dialing +1.707.287.9330. 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 the PacBio® RS High Resolution Genetic Analyzer to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, the company's products enable: targeted sequencing to more comprehensively characterize genetic variations; de novo genome assembly to more fully identify, annotate and decipher genomic structures; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. By providing access to genetic information that was previously inaccessible, Pacific Biosciences enables scientists to increase their understanding of biological systems.
Forward-Looking Statements
This press release contains forward-looking statements relating to the Company's operations and operating results, including statements relating to the Company's backlog and future revenue implied by such backlog. You should not place undue reliance on these forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond the Company's control and that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of California's filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, including those listed under the caption "Risk Factors." Pacific Biosciences of California expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
| Pacific Biosciences of California, Inc. | |||
| Unaudited Consolidated Statement of Operations | |||
| (amounts in thousands, except per share amounts) | |||
| Quarters Ended | |||
| December 31, | September 30, | December 31, | |
| 2012 | 2012 | 2011 | |
| Revenue: | |||
| Product revenue | $ 4,279 | $ 1,268 | $ 11,519 |
| Service and other revenue | 1,339 | 1,283 | 760 |
| Grant revenue | 260 | 225 | 165 |
| Total revenue | 5,878 | 2,776 | 12,444 |
| Cost of revenue: | |||
| Cost of product revenue | 3,847 | 960 | 9,642 |
| Cost of service and other revenue | 1,404 | 1,626 | 1,265 |
| Total cost of revenue | 5,251 | 2,586 | 10,907 |
| Gross profit | 627 | 190 | 1,537 |
| Operating expense: | |||
| Research and development | 11,652 | 12,626 | 12,415 |
| Sales, general and administrative | 10,669 | 10,143 | 11,811 |
| Total operating expense | 22,321 | 22,769 | 24,226 |
| Operating loss | (21,694) | (22,579) | (22,689) |
| Other income (expense), net | 25 | (150) | (134) |
| Net loss | $ (21,669) | $ (22,729) | $ (22,823) |
| Basic and diluted net loss per share | $ (0.39) | $ (0.41) | $ (0.42) |
| Shares used in computing basic and diluted net loss per share | 56,166 | 55,877 | 54,861 |
| Pacific Biosciences of California, Inc. | ||
| Unaudited Consolidated Statement of Operations | ||
| (amounts in thousands, except per share amounts) | ||
| Year to Date | ||
| December 31, | December 31, | |
| 2012 | 2011 | |
| Revenue: | ||
| Product revenue | $ 20,089 | $ 31,486 |
| Service and other revenue | 4,959 | 1,487 |
| Grant revenue | 935 | 890 |
| Total revenue | 25,983 | 33,863 |
| Cost of revenue: | ||
| Cost of product revenue | 18,796 | 18,725 |
| Cost of service and other revenue | 6,247 | 2,104 |
| Total cost of revenue | 25,043 | 20,829 |
| Gross profit | 940 | 13,034 |
| Operating expense: | ||
| Research and development | 47,623 | 76,080 |
| Sales, general and administrative | 47,655 | 46,710 |
| Total operating expense | 95,278 | 122,790 |
| Operating loss | (94,338) | (109,756) |
| Other income (expense), net | (127) | 368 |
| Net loss | $ (94,465) | $ (109,388) |
| Basic and diluted net loss per share | $ (1.69) | $ (2.03) |
| Shares used in computing basic and diluted net loss per share | 55,733 | 53,874 |
| Pacific Biosciences of California, Inc. | |||
| Unaudited Condensed Consolidated Balance Sheets | |||
| (amounts in thousands, except per share amounts) | |||
| December 31, | September 30, | December 31, | |
| 2012 | 2012 | 2011 | |
| Assets | |||
| Cash and investments | $ 100,580 | $ 119,402 | $ 177,434 |
| Accounts receivable | 2,822 | 532 | 4,557 |
| Inventory | 9,592 | 10,202 | 15,517 |
| Prepaid and other current assets | 2,006 | 2,202 | 2,093 |
| Total current assets | 115,000 | 132,338 | 199,601 |
| Property and equipment | 14,329 | 15,514 | 18,398 |
| Other assets | 354 | 356 | 317 |
| Total Assets | $ 129,683 | $ 148,208 | $ 218,316 |
| Liabilities and Stockholders' Equity | |||
| Accounts payable | $ 2,988 | $ 2,897 | $ 4,742 |
| Deferred revenue | 3,378 | 3,555 | 4,236 |
| Accrued and other current liabilities | 8,377 | 7,174 | 10,398 |
| Total current liabilities | 14,743 | 13,626 | 19,376 |
| Facility financing and other non-current liabilities | 5,558 | 6,045 | 7,477 |
| Stockholders' equity | 109,382 | 128,537 | 191,463 |
| Total Liabilities and Stockholders' Equity | $ 129,683 | $ 148,208 | $ 218,316 |