UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
August 1, 2013
Pacific Biosciences of California, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-34899 | 16-1590339 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
1380 Willow Road
Menlo Park, California 94025
(Address of principal executive offices, including zip code)
(650) 521-8000
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| ITEM 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION. |
On August 1, 2013, Pacific Biosciences of California, Inc. announced its financial results for the quarter ended June 30, 2013. A copy of the press release containing the announcement is included as Exhibit 99.1 and is incorporated herein by reference.
This information, as well as Exhibit 99.1, is intended to be furnished under Item 2.02 of Form 8-K, “Results of Operations and Financial Condition” and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
| ITEM 9.01. | FINANCIAL STATEMENTS AND EXHIBITS. |
| (d) | Exhibits. |
| 99.1 | Press Release dated August 1, 2013 titled “Pacific Biosciences of California, Inc. Announces Second Quarter 2013 Financial Results” (furnished and not filed herewith solely pursuant to Item 2.02). |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Pacific Biosciences of California, Inc. | ||
| By: | /s/ Brian B. Dow | |
| Brian B. Dow Vice President and Principal Accounting Officer | ||
Date: August 1, 2013
EXHIBIT INDEX
| Exhibit No. |
Description | |
| 99.1 | Press Release dated August 1, 2013 titled “Pacific Biosciences of California Announces Second Quarter 2013 Financial Results” (furnished and not filed herewith solely pursuant to Item 2.02). | |
Exhibit 99.1
Pacific Biosciences of California, Inc. Announces
Second Quarter 2013 Financial Results
Menlo Park, Calif. – August 1, 2013 – Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for the second quarter ended June 30, 2013.
Revenue for the second quarter of 2013 totaled $6.0 million, compared to $5.6 million for the first quarter of 2013. Revenue reflected the installation of three PacBio RS II systems, compared to three systems in the first quarter of 2013, SMRT® Cell and reagent consumables and instrument service contracts. Net loss for the quarter was $20.5 million, compared to $21.1 million during the first quarter of 2013.
Gross profit for the second quarter of 2013 was $1.1 million, resulting in a gross margin of 18%, compared to gross profit of $0.9 million and a resulting gross margin of 17% for the first quarter of 2013.
Operating expenses totaled $21.1 million for the second quarter of 2013, compared to $21.5 million for the first quarter of 2013. Operating expenses in the second quarter of 2013 included $2.3 million of non-cash stock-based compensation compared to $2.6 million in non-cash stock-based compensation in the first quarter of 2013.
Cash and investments at June 30, 2013 totaled $107.0 million compared to $112.3 million at March 31, 2013. The decrease in cash and investments during the period reflects cash use of $16.6 million partially offset by $11.3 million of cash received from the sale of stock.
The Company added seven PacBio RS II instrument bookings during the quarter and ended the quarter with 10 instruments in backlog.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its second quarter 2013 results today at 4:30pm Eastern Time / 1:30pm Pacific 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. 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 II Sequencing System to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT® ) Sequencing 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 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 backlog and future revenue implied by such 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 the Company’s filings with the Securities and Exchange Commission, including the most recently filed Quarterly Report on Form 10-Q, and include those listed under the caption “Risk Factors.” The Company expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.
Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
Pacific Biosciences of California, Inc.
Unaudited Consolidated Statement of Operations and Comprehensive Loss
(amounts in thousands, except per share amounts)
| Quarters Ended | ||||||||||||
| June 30, | March 31, | June 30, | ||||||||||
| 2013 | 2013 | 2012 | ||||||||||
| Revenue: |
||||||||||||
| Product revenue |
$ | 4,601 | $ | 3,833 | $ | 5,827 | ||||||
| Service and other revenue |
1,447 | 1,475 | 1,284 | |||||||||
| Grant revenue |
— | 270 | 180 | |||||||||
|
|
|
|
|
|
|
|||||||
| Total revenue |
6,048 | 5,578 | 7,291 | |||||||||
|
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|
|
|
|
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|||||||
| Cost of revenue: |
||||||||||||
| Cost of product revenue |
3,322 | 3,200 | 5,382 | |||||||||
| Cost of service and other revenue |
1,667 | 1,448 | 1,634 | |||||||||
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|||||||
| Total cost of revenue |
4,989 | 4,648 | 7,016 | |||||||||
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| Gross profit (loss) |
1,059 | 930 | 275 | |||||||||
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| Operating expense: |
||||||||||||
| Research and development |
11,682 | 11,983 | 11,272 | |||||||||
| Sales, general and administrative |
9,374 | 9,554 | 11,558 | |||||||||
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| Total operating expense |
21,056 | 21,537 | 22,830 | |||||||||
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| Operating loss |
(19,997 | ) | (20,607 | ) | (22,555 | ) | ||||||
| Interest Expense |
(673 | ) | (426 | ) | (69 | ) | ||||||
| Other income (expense), net |
199 | (71 | ) | 137 | ||||||||
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| Net loss |
$ | (20,471 | ) | $ | (21,104 | ) | $ | (22,487 | ) | |||
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| Basic and diluted net loss per share |
$ | (0.33 | ) | $ | (0.37 | ) | $ | (0.40 | ) | |||
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| Shares used in computing basic and diluted net loss per share |
61,922 | 57,372 | 55,658 | |||||||||
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| Comprehensive loss |
$ | (20,484 | ) | $ | (21,123 | ) | $ | (22,547 | ) | |||
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Pacific Biosciences of California, Inc.
Unaudited Consolidated Statement of Operations and Comprehensive Income
(amounts in thousands, except per share amounts)
| Year to Date | ||||||||
| June 30, | June 30, | |||||||
| 2013 | 2012 | |||||||
| Revenue: |
||||||||
| Product revenue |
$ | 8,434 | $ | 14,542 | ||||
| Service and other revenue |
2,922 | 2,337 | ||||||
| Grant revenue |
270 | 450 | ||||||
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|||||
| Total revenue |
11,626 | 17,329 | ||||||
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| Cost of revenue: |
||||||||
| Cost of product revenue |
6,522 | 13,989 | ||||||
| Cost of service and other revenue |
3,115 | 3,217 | ||||||
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|||||
| Total cost of revenue |
9,637 | 17,206 | ||||||
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| Gross profit |
1,989 | 123 | ||||||
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| Operating expense: |
||||||||
| Research and development |
23,665 | 23,345 | ||||||
| Sales, general and administrative |
18,928 | 26,843 | ||||||
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| Total operating expense |
42,593 | 50,188 | ||||||
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| Operating loss |
(40,604 | ) | (50,065 | ) | ||||
| Interest expense |
(1,098 | ) | (139 | ) | ||||
| Other income (expense), net |
127 | 137 | ||||||
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| Net loss |
$ | (41,575 | ) | $ | (50,067 | ) | ||
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| Basic and diluted net loss per share |
$ | (0.70 | ) | $ | (0.90 | ) | ||
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| Shares used in computing basic and diluted net loss per share |
59,660 | 55,433 | ||||||
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| Comprehensive loss |
$ | (41,607 | ) | $ | (50,049 | ) | ||
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Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)
| June 30, | March 31, | December 31, | ||||||||||
| 2013 | 2013 | 2012 (1) | ||||||||||
| (unaudited) | (unaudited) | |||||||||||
| Assets |
||||||||||||
| Cash and investments |
$ | 106,968 | $ | 112,305 | $ | 100,580 | ||||||
| Accounts receivable |
4,104 | 2,009 | 2,822 | |||||||||
| Inventory |
10,283 | 10,597 | 9,592 | |||||||||
| Prepaid and other current assets |
759 | 1,570 | 2,006 | |||||||||
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| Total current assets |
122,114 | 126,481 | 115,000 | |||||||||
| Property and equipment |
11,655 | 12,779 | 14,329 | |||||||||
| Other assets |
508 | 514 | 354 | |||||||||
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| Total Assets |
$ | 134,277 | $ | 139,774 | $ | 129,683 | ||||||
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| Liabilities and Stockholders’ Equity |
||||||||||||
| Accounts payable |
$ | 2,605 | $ | 3,011 | $ | 2,988 | ||||||
| Deferred revenue |
3,347 | 2,961 | 3,378 | |||||||||
| Accrued and other current liabilities |
9,141 | 7,607 | 8,377 | |||||||||
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| Total current liabilities |
15,093 | 13,579 | 14,743 | |||||||||
| Facility financing and other non-current liabilities |
4,885 | 5,254 | 5,558 | |||||||||
| Financing derivative |
894 | 999 | — | |||||||||
| Notes Payable |
13,007 | 12,851 | — | |||||||||
| Stockholders’ equity |
100,398 | 107,091 | 109,382 | |||||||||
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| Total Liabilities and Stockholders’ Equity |
$ | 134,277 | $ | 139,774 | $ | 129,683 | ||||||
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| Note 1: | The condensed consolidated balance sheet at December 31, 2012 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, 2012. |