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)
February 4, 2014
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 February 4, 2014, Pacific Biosciences of California, Inc. announced its financial results for the quarter ended December 31, 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 February 4, 2014 titled “Pacific Biosciences of California, Inc. Announces Fourth 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: February 4, 2014
EXHIBIT INDEX
| Exhibit |
Description | |
| 99.1 | Press Release dated February 4, 2014 titled “Pacific Biosciences of California, Inc. Announces Fourth Quarter 2013 Financial Results” (furnished and not filed herewith solely pursuant to Item 2.02). | |
Exhibit 99.1
Pacific Biosciences of California, Inc. Announces
Fourth Quarter 2013 Financial Results
Menlo Park, Calif. – February 4, 2014 – Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for the fourth quarter ended December 31, 2013.
Total revenue for the fourth quarter of 2013 totaled $9.1 million, compared to $5.9 million for the fourth quarter of 2012. Fourth quarter revenue in 2013 reflects the installation of five PacBio RS II systems, compared to five PacBio RS systems in the fourth quarter of 2012. Total revenue for the fourth quarter of 2013 also included $1.7 million of revenue recognized pursuant to a development agreement the Company entered into with Roche Diagnostics at the end of the third quarter of 2013. The Company booked orders for nine PacBio RS II instruments during the fourth quarter and ended the quarter with 13 instruments in backlog.
Gross profit for the fourth quarter of 2013 was $3.2 million, resulting in a gross margin of 34.9%, compared to gross profit of $0.6 million and a gross margin of 10.7% for the fourth quarter of 2012. Gross profit for the fourth quarter in 2013 included $1.7 million of gross profit recognized pursuant to the development agreement with Roche Diagonistics.
Operating expenses totaled $20.2 million for the fourth quarter of 2013, compared to $22.3 million for the fourth quarter of 2012. Operating expenses for the fourth quarter of 2013 and 2012 included $2.5 million of non-cash stock-based compensation, respectively.
The net loss for the fourth quarter of 2013 was $17.2 million, compared to $21.7 million for the fourth quarter of 2012.
Cash and investments at December 31, 2013 totaled $112.5 million compared to $100.6 million at December 31, 2012.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its fourth 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.
Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
Pacific Biosciences of California, Inc.
Unaudited Consolidated Statement of Operations
(amounts in thousands, except per share amounts)
| Quarter Ended December 31, | ||||||||
| 2013 | 2012 | |||||||
| Revenue: |
||||||||
| Product revenue |
$ | 5,791 | $ | 4,279 | ||||
| Service and other revenue |
1,647 | 1,599 | ||||||
| Revenue from development agreement |
1,696 | — | ||||||
|
|
|
|
|
|||||
| Total revenue |
9,134 | 5,878 | ||||||
| Cost of revenue: |
||||||||
| Cost of product revenue |
4,568 | 3,847 | ||||||
| Cost of service and other revenue |
1,377 | 1,404 | ||||||
|
|
|
|
|
|||||
| Total cost of revenue |
5,945 | 5,251 | ||||||
|
|
|
|
|
|||||
| Gross profit |
3,189 | 627 | ||||||
| Operating expense: |
||||||||
| Research and development |
11,133 | 11,652 | ||||||
| Sales, general and administrative |
9,060 | 10,669 | ||||||
|
|
|
|
|
|||||
| Total operating expense |
20,193 | 22,321 | ||||||
| Operating loss |
(17,004 | ) | (21,694 | ) | ||||
| Interest expense |
(693 | ) | (67 | ) | ||||
| Other income, net |
466 | 92 | ||||||
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|
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|
|
|||||
| Net loss |
$ | (17,231 | ) | $ | (21,669 | ) | ||
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| Basic and diluted net loss per share |
$ | (0.26 | ) | $ | (0.39 | ) | ||
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| Shares used in computing basic and diluted net loss per share |
66,190 | 56,166 | ||||||
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Pacific Biosciences of California, Inc.
Unaudited Consolidated Statement of Operations
(amounts in thousands, except per share amounts)
| Year Ended December 31, | ||||||||
| 2013 | 2012 | |||||||
| Revenue: |
||||||||
| Product revenue |
$ | 20,039 | $ | 20,089 | ||||
| Service and other revenue |
6,446 | 5,894 | ||||||
| Revenue from development agreement |
1,696 | — | ||||||
|
|
|
|
|
|||||
| Total revenue |
28,181 | 25,983 | ||||||
| Cost of Revenue: |
||||||||
| Cost of product revenue |
15,706 | 18,796 | ||||||
| Cost of service and other revenue |
6,056 | 6,247 | ||||||
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|
|
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|||||
| Total cost of revenue |
21,762 | 25,043 | ||||||
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| Gross profit |
6,419 | 940 | ||||||
| Operating Expense: |
||||||||
| Research and development |
45,217 | 47,623 | ||||||
| Sales, general and administrative |
38,745 | 47,655 | ||||||
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|
|
|||||
| Total operating expense |
83,962 | 95,278 | ||||||
| Operating loss |
(77,543 | ) | (94,338 | ) | ||||
| Interest expense |
(2,478 | ) | (274 | ) | ||||
| Other income, net |
728 | 147 | ||||||
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| Net loss |
$ | (79,293 | ) | $ | (94,465 | ) | ||
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| Basic and diluted net loss per share |
$ | (1.26 | ) | $ | (1.69 | ) | ||
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| Shares used in computing basic and diluted net loss per share |
62,784 | 55,733 | ||||||
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Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)
| December 31, | December 31, | |||||||
| 2013 | 2012 | |||||||
| Assets |
||||||||
| Cash and investments |
$ | 112,528 | $ | 100,580 | ||||
| Accounts receivable |
2,746 | 2,822 | ||||||
| Inventory |
10,050 | 9,592 | ||||||
| Prepaid and other current assets |
1,135 | 2,006 | ||||||
| Property and equipment |
9,236 | 14,329 | ||||||
| Other long-term assets |
490 | 354 | ||||||
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| Total Assets |
$ | 136,185 | $ | 129,683 | ||||
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| Liabilities and Stockholders’ Equity |
||||||||
| Accounts payable |
$ | 1,717 | $ | 2,988 | ||||
| Accrued and other current liabilities |
9,797 | 8,377 | ||||||
| Deferred service revenue |
4,564 | 4,178 | ||||||
| Deferred development revenue |
33,304 | — | ||||||
| Facility financing and other non-current liabilities |
3,727 | 4,758 | ||||||
| Financing derivative |
549 | — | ||||||
| Notes payable |
13,347 | — | ||||||
| Stockholders’ equity |
69,180 | 109,382 | ||||||
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| Total Liabilities and Stockholders’ Equity |
$ | 136,185 | $ | 129,683 | ||||
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