There were 550 press releases posted in the last 24 hours and 171,216 in the last 365 days.

Pacific Biosciences of California, Inc. Announces Second Quarter 2017 Financial Results

Product and Service Revenue Increases by 17% Over Same Period in Previous Year

MENLO PARK, Calif., Aug. 02, 2017 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ:PACB) today announced financial results for its second quarter ended June 30, 2017.

/EIN News/ -- 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 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.

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

Primary Logo

Distribution channels: Technology