Second Quarter 2011 Financial Results:
During the second quarter of 2011, the Company began recognizing revenue from the initial commercial deliveries of its third generation sequencing platform, the PacBio RS. Revenue for the second quarter of 2011 totaled
"The second quarter of
Gross profit for the second quarter totaled
Research and development expense during the second quarter of 2011 totaled
Selling, general, and administrative expense during the second quarter of 2011 of
Cash and investments at
Second Quarter 2011 Highlights
- Commercial shipments of the PacBio RS commenced in April resulting in successful customer installation and upgrades of beta instruments at customer sites.
-
We completed a de novo sequencing of the E.coli strain responsible for the recent outbreak in
Germany and sequenced 11 related bacterial strains using an early version of chemistry and software in development for the next major product upgrade, planned for the fourth quarter.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its Second Quarter 2011 results today at
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 plans for product upgrades. 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
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
| Pacific Biosciences of California, Inc. | ||||
| Unaudited Consolidated Statement of Operations | ||||
| (amounts in thousands, except share and per share amounts) | ||||
| Quarters Ended | ||||
| June 30, | March 31, | June 30, | ||
| 2011 | 2011 | 2010 | ||
| Revenue: | ||||
| Product revenue | $ 10,148 | $ -- | $ -- | |
| Service and other revenue | 192 | -- | -- | |
| Grant revenue | 290 | 270 | 629 | |
| Total revenue | 10,630 | 270 | 629 | |
| Cost of revenue: | ||||
| Cost of product revenue | 2,537 | -- | -- | |
| Cost of service and other revenue | 194 | -- | -- | |
| Total cost of revenue | 2,731 | -- | -- | |
| Gross profit | 7,899 | 270 | 629 | |
| Operating expense: | ||||
| Research and development | 19,546 | 24,118 | 27,082 | |
| Sales, general and administrative | 11,016 | 11,119 | 6,222 | |
| Total operating expense | 30,562 | 35,237 | 33,304 | |
| Operating loss | (22,663) | (34,967) | (32,675) | |
| Other income (expense), net | 188 | 158 | (39) | |
| Net loss | $ (22,475) | $ (34,809) | $ (32,714) | |
| Basic and diluted net loss per share | $ (0.42) | $ (0.66) | $(51.20) | |
| Shares used in computing basic and diluted net loss per share | 53,413,565 | 52,756,116 | 639,007 | |
| Pacific Biosciences of California, Inc. | ||
| Unaudited Consolidated Statement of Operations | ||
| (amounts in thousands, except per share amounts) | ||
| Year to Date | ||
| June 30, | June 30, | |
| 2011 | 2010 | |
| Revenue: | ||
| Product revenue | $ 10,148 | $ -- |
| Service and other revenue | 192 | -- |
| Grant revenue | 560 | 1,174 |
| Total revenue | 10,900 | 1,174 |
| Cost of revenue: | ||
| Cost of product revenue | 2,537 | -- |
| Cost of service and other revenue | 194 | -- |
| Total cost of revenue | 2,731 | -- |
| Gross profit | 8,169 | 1,174 |
| Operating expense: | ||
| Research and development | 43,664 | 52,406 |
| Sales, general and administrative | 22,135 | 11,717 |
| Total operating expense | 65,799 | 64,123 |
| Operating loss | (57,630) | (62,949) |
| Other income (expense), net | 346 | (90) |
| Net loss | $ (57,284) | $ (63,039) |
| Basic and diluted net loss per share | $ (1.08) | $ (99.58) |
| Shares used in computing basic and diluted net loss per share | 53,056,745 | 633,019 |
| Pacific Biosciences of California, Inc. | |||
| Consolidated Balance Sheets | |||
| (amounts in thousands, except per share amounts) | |||
| June 30, | March 31, | December 31, | |
| 2011 | 2011 | 2010 (1) | |
| Assets | |||
| Cash and investments | $ 216,588 | $ 248,548 | $ 283,674 |
| Accounts receivable | 5,437 | 59 | 341 |
| Inventory | 19,552 | 13,539 | 6,864 |
| Prepaid and other current assets | 3,151 | 2,124 | 2,235 |
| Total current assets | 244,728 | 264,270 | 293,114 |
| Property and equipment | 16,180 | 13,932 | 12,311 |
| Other assets | 312 | 356 | 322 |
| Total Assets | $ 261,220 | $ 278,558 | $ 305,747 |
| Liabilities and Stockholders' Equity | |||
| Accounts payable | $ 9,032 | $ 9,432 | $ 9,515 |
| Deferred revenue | 2,381 | 4,350 | 3,221 |
| Accrued and other current liabilities | 10,050 | 10,350 | 8,104 |
| Total current liabilities | 21,463 | 24,132 | 20,840 |
| Facility financing and deferred rent | 6,431 | 5,755 | 5,041 |
| Stockholders' equity | 233,326 | 248,671 | 279,866 |
| Total Liabilities and Stockholders' Equity | $ 261,220 | $ 278,558 | $ 305,747 |
| Note 1: The condensed consolidated balance sheet at December 31, 2010 has been derived from the audited consolidated financial statements at that date included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010. | |||
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