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

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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
           

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