Fourth Quarter 2010 Financial Highlights:
During the fourth quarter of 2010, the Company continued investments in developing and manufacturing commercial versions of PacBio RS and
Research and development expenses during the fourth quarter of 2010 totaled
Cash and investments at
Fiscal Year 2010 Financial Highlights:
For the year ended
Research and development expenses during fiscal 2010 totaled
The Company's backlog totaled approximately
Conference Call
Pacific Biosciences will host a conference call for investors on
About Pacific Biosciences
Pacific Biosciences' mission is to transform the way humankind acquires, processes and interprets data from living systems through the design, development and commercialization of innovative tools for biological research. The company has developed a novel approach to studying the synthesis and regulation of DNA, RNA and proteins. Combining recent advances in nanofabrication, biochemistry, molecular biology, surface chemistry and optics, Pacific Biosciences has created a powerful technology platform called single molecule, real-time, or
Forward-Looking Statements
This press release contains forward-looking statements relating to the Company's operations and operating results, including the statements relating to the Company's plans for the commercial launch of the PacBio RS in the second quarter of 2011 and future revenue implied in the Company's 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
Pacific Biosciences of California, Inc. Consolidated Balance Sheets (Unaudited, in thousands) |
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December 31, | September 30, | December 31, | |
2010 | 2010 | 2009 | |
Assets | |||
Cash and investments | $ 283,674 | $ 112,932 | $ 92,735 |
Accounts receivable | 341 | 1,052 | -- |
Inventory | 6,864 | -- | -- |
Prepaids and other current assets | 2,235 | 3,302 | 1,010 |
Total current assets | 293,114 | 117,286 | 93,745 |
Property and equipment | 12,311 | 12,350 | 7,142 |
Other assets | 322 | 300 | 211 |
Total Assets | $ 305,747 | $ 129,936 | $ 101,098 |
Liabilities and Stockholders Equity (Deficit) | |||
Accounts payable | $ 9,515 | $ 13,211 | $ 5,778 |
Deferred revenue | 3,221 | 1,052 | -- |
Accrueds and other current liabilities | 8,104 | 8,650 | 2,641 |
Total current liabilities | 20,840 | 22,913 | 8,419 |
Facility financing and deferred rent | 5,041 | 5,056 | 475 |
Preferred stock warrant liability | -- | 292 | 226 |
Convertible preferred stock | -- | 374,975 | 269,101 |
Stockholders' equity (deficit) | 279,866 | (273,300) | (177,123) |
Total Liabilities and Stockholders' Equity | $ 305,747 | $ 129,936 | $ 101,098 |
Pacific Biosciences of California, Inc. Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) |
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Quarters Ended | ||
December 31, | September 30, | |
2010 | 2010 | |
Grant revenue | $ 280 | $ 220 |
Operating expenses | ||
Research and development | 26,542 | 32,873 |
Sales, general and administrative | 10,327 | 8,043 |
Total operating expense | 36,869 | 40,916 |
Operating loss | (36,589) | (40,696) |
Other income (expense), net | 170 | (12) |
Net loss | $ (36,419) | $ (40,708) |
Basic and diluted net loss per share | $ (0.97) | $ (39.70) |
Shares used in computing basic and net loss per share | 37,651,526 | 1,025,326 |
Pacific Biosciences of California, Inc. Consolidated Statements of Operations (Unaudited, in thousands, except share and per share data) |
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Years Ended December 31, | ||
2010 | 2009 | |
Grant revenue | $ 1,674 | $ 135 |
Operating expenses | ||
Research and development | 111,821 | 75,879 |
Sales, general and administrative | 30,087 | 12,326 |
Total operating expense | 141,908 | 88,205 |
Operating loss | (140,234) | (88,070) |
Other income (expense), net | 68 | 367 |
Net loss | $ (140,166) | $ (87,703) |
Basic and diluted net loss per share | $ (14.10) | $ (173.03) |
Shares used in computing basic and net loss per share | 9,938,411 | 506,865 |
CONTACT:Source:Trevin Rard 650.521.8450 ir@pacificbiosciences.comBen Gong 650.521.8203
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