October 25, 2012

Pacific Biosciences of California, Inc. Announces Third Quarter 2012 Financial Results

MENLO PARK, Calif., Oct. 25, 2012 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the third quarter ended September 30, 2012.

During the third quarter of 2012, the Company recognized revenue from SMRT® Cell and reagent consumables, instrument service contracts and grants. Revenue for the third quarter of 2012 totaled $2.8 million compared to revenue of $7.3 million for the second quarter of 2012. Net loss for the quarter was $22.7 million compared to the $22.5 million net loss during the second quarter of 2012.

Gross profit for the third quarter of 2012 totaled $0.2 million, resulting in a gross margin of 7%, compared to a $0.3 million gross profit for the second quarter of 2012 and a gross margin of 4%. Gross profit for the third quarter of 2011 was $3.3 million representing a gross margin of 32%. The gross margin for the third quarter 2011 reflects the positive margin impact of instrument components expensed prior to the Company's commercial launch during the second quarter of 2011.

Operating expenses totaled $22.8 million for both the second and third quarters of 2012. Operating expenses in the third quarter of 2012 include $2.3 million of non-cash stock-based compensation with $1.2 million and $1.1 million recorded in research and development, and selling, general and administrative expenses, respectively. Operating expenses in the third quarter of 2011 were $32.8 million.

Cash and investments at September 30, 2012 totaled $119.4 million compared to $137.1 million at June 30, 2012.

The Company's system revenue backlog of 5 units as of September 30, 2012 represents an order for one PacBio RS instrument received during the second quarter of 2012 and four PacBio RS instruments orders received during the third quarter of 2012.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its third 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 revenue. 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 and Comprehensive Income
(amounts in thousands, except per share amounts)
       
  Quarters Ended
  September 30,
2012
June 30,
2012
September 30,
2011
Revenue:      
Product revenue  $ 1,268  $ 5,827  $ 9,819
Service and other revenue 1,283 1,284 535
Grant revenue 225 180 165
Total revenue 2,776 7,291 10,519
Cost of revenue:      
Cost of product revenue 960 5,382 6,546
Cost of service and other revenue 1,626 1,634 645
Total cost of revenue 2,586 7,016 7,191
Gross profit  190 275 3,328
Operating expense:      
Research and development 12,626 11,272 20,001
Sales, general and administrative 10,143 11,558 12,764
Total operating expense 22,769 22,830 32,765
Operating loss (22,579) (22,555) (29,437)
Other income (expense), net (150) 68 156
Net loss  $ (22,729)  $ (22,487)  $ (29,281)
       
Basic and diluted net loss per share  $ (0.41)  $ (0.40)  $ (0.54)
       
Shares used in computing basic and diluted net loss per share 55,877  55,658 54,283
       
Comprehensive loss  $ (22,738)  $ (22,547)  $ (29,466)
 
Pacific Biosciences of California, Inc.
Unaudited Consolidated Statement of Operations and Comprehensive Income
(amounts in thousands, except per share amounts)
     
  Year to Date 
  September 30,
2012
September 30,
2011
Revenue:    
Product revenue  $ 15,810  $ 19,966
Service and other revenue 3,620 728
Grant revenue 675 725
Total revenue 20,105 21,419
Cost of revenue:    
Cost of product revenue 14,949 9,083
Cost of service and other revenue 4,843 839
Total cost of revenue 19,792 9,922
Gross profit 313 11,497
Operating expense:    
Research and development 35,971 63,665
Sales, general and administrative 36,986 34,899
Total operating expense 72,957 98,564
Operating loss (72,644) (87,067)
Other income (expense), net (152) 502
Net loss  $ (72,796)  $ (86,565)
     
Basic and diluted net loss per share  $ (1.31)  $ (1.62)
     
Shares used in computing basic and diluted net loss per share 55,582 53,466
     
Comprehensive loss   $ (72,787)    $ (86,548) 
 
Pacific Biosciences of California, Inc.
Unaudited Consolidated Balance Sheets
(amounts in thousands, except per share amounts)
       
  September 30,
2012
June 30,
2012
December 31,
2011
Assets      
Cash and investments  $ 119,402  $ 137,108  $ 177,434
Accounts receivable 532 3,371 4,557
Inventory 10,202 10,271 15,517
Prepaid and other current assets 2,202 1,893 2,093
       
Total current assets 132,338 152,643 199,601
Property and equipment 15,514 16,937 18,398
Other assets 356 350 317
       
Total Assets  $ 148,208  $ 169,930  $ 218,316
       
Liabilities and Stockholders' Equity      
Accounts payable  $ 2,897  $ 4,061  $ 4,742
Deferred revenue 3,555 4,170 4,236
Accrued and other current liabilities 7,174 6,695 10,398
       
Total current liabilities 13,626 14,926 19,376
Facility financing and other non-current liabilities 6,045 6,800 7,477
Stockholders' equity 128,537 148,204 191,463
       
Total Liabilities and Stockholders' Equity  $ 148,208  $ 169,930  $ 218,316
CONTACT: Trevin Rard

         650.521.8450

         ir@pacificbiosciences.com
Source: Pacific Biosciences of California, Inc.

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