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 3, 2015
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):
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
o |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
o |
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 3, 2015, Pacific Biosciences of California, Inc. reported its financial results for its fourth fiscal quarter ended December 31, 2014. 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 3, 2015 titled “Pacific Biosciences Reports Fourth Quarter 2014 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 3, 2015
EXHIBIT INDEX
|
Exhibit No. |
|
Description |
|
99.1 |
|
Press Release dated February 3, 2015 titled “Pacific Biosciences Reports Fourth Quarter 2014 Financial Results” (furnished and not filed herewith solely pursuant to Item 2.02). |
Pacific Biosciences Reports Fourth Quarter 2014 Financial Results
Menlo Park, Calif. – February 3, 2015 – Pacific Biosciences of California, Inc. (NASDAQ: PACB) today reported an 85% increase in revenue to $16.9 million for the fourth quarter ended December 31, 2014, compared to $9.1 million for the fourth quarter of 2013.
Fourth quarter 2014 revenue reflects the delivery of 15 PacBio® RS II Sequencing instruments, compared to five instruments during the fourth quarter of 2013. The Company also booked orders for 10 instruments during the period, ending the quarter with 15 in backlog.
Gross profit increased $1.2 million to $4.4 million for the quarter, resulting in a gross margin of 26.3%, compared to gross profit of $3.2 million and a gross margin of 34.9% for the fourth quarter of 2013. Higher revenue in the fourth quarter of 2014 led to the increase in gross profit, while the higher mix of revenue from instruments, which has lower margins than other revenue segments, led to the decrease in gross margin.
Operating expenses totaled $22.3 million for the quarter, compared to $20.2 million for the fourth quarter of 2013. Operating expenses for the fourth quarters of 2014 and 2013 included non-cash stock-based compensation of $2.7 million and $2.4 million, respectively.
The net loss for the quarter was $19.0 million, compared to $17.2 million for the fourth quarter of 2013.
Cash and investments at December 31, 2014 totaled $101.3 million, compared to $112.5 million at December 31, 2013.
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its fourth quarter 2014 results today at 4:30 p.m. Eastern 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 resolve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) technology, the company’s products enable: de novo genome assembly to finish genomes in order to more fully identify, annotate and decipher genomic structures; full-length transcript analysis to improve annotations in reference genomes, characterize alternatively spliced isoforms in important gene families, and find novel genes in the most comprehensively studied human cell lines; targeted sequencing to more comprehensively characterize genetic variations; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. Our technology provides the industry’s highest consensus accuracy and longest read lengths along with the ability to detect real-time kinetic information. The PacBio RS II System, including consumables and software provides a simple, fast, end-to-end workflow for SMRT Sequencing.
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including future revenue implied by backlog. You should not place undue reliance on 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 could materially affect actual results. Factors that could materially affect actual results can be found in our filings with the Securities and Exchange Commission, including our most recent reports on Forms 10-K and 10-Q, and include those listed under the caption "Risk Factors." The Company undertakes no obligation to update forward-looking statements.
Contact:
Trevin Rard
650.521.8450
ir@pacificbiosciences.com
Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Statement of Operations
(amounts in thousands, except per share amounts)
|
Three-Month Periods Ended |
Twelve-Month Periods Ended |
|||||||||||
|
December 31, |
December 31, |
|||||||||||
|
2014 |
2013 |
2014 |
2013 |
|||||||||
|
Revenue: |
||||||||||||
|
Product revenue |
$ |
12,923 |
$ |
5,791 |
$ |
35,299 |
$ |
20,039 | ||||
|
Service and other revenue |
2,285 | 1,647 | 8,511 | 6,446 | ||||||||
|
Contractual revenue |
1,696 | 1,696 | 16,784 | 1,696 | ||||||||
|
Total revenue |
16,904 | 9,134 | 60,594 | 28,181 | ||||||||
|
Cost of Revenue: |
||||||||||||
|
Cost of product revenue |
10,578 | 4,568 | 29,626 | 15,706 | ||||||||
|
Cost of service and other revenue |
1,888 | 1,377 | 7,566 | 6,056 | ||||||||
|
Total cost of revenue |
12,466 | 5,945 | 37,192 | 21,762 | ||||||||
|
Gross profit |
4,438 | 3,189 | 23,402 | 6,419 | ||||||||
|
Operating Expense: |
||||||||||||
|
Research and development |
12,331 | 11,133 | 48,230 | 45,217 | ||||||||
|
Sales, general and administrative |
10,001 | 9,060 | 38,026 | 38,745 | ||||||||
|
Total operating expense |
22,332 | 20,193 | 86,256 | 83,962 | ||||||||
|
Operating loss |
(17,894) | (17,004) | (62,854) | (77,543) | ||||||||
|
Interest expense |
(725) | (693) | (2,828) | (2,478) | ||||||||
|
Other income (expense), net |
(356) | 466 | (478) | 728 | ||||||||
|
Net loss |
$ |
(18,975) |
$ |
(17,231) |
$ |
(66,160) |
$ |
(79,293) | ||||
|
Basic and diluted net loss per share |
$ |
(0.26) |
$ |
(0.26) |
$ |
(0.94) |
$ |
(1.26) | ||||
|
Shares used in computing basic and diluted net loss per share |
|
|
72,729 |
|
|
66,190 |
|
|
70,475 |
|
|
62,784 |
Pacific Biosciences of California, Inc.
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)
|
December 31, |
December 31, |
||||
|
2014 |
2013 |
||||
|
Assets |
|||||
|
Cash and investments |
$ |
101,348 |
$ |
112,528 | |
|
Accounts receivable |
3,406 | 2,746 | |||
|
Inventory |
11,335 | 10,050 | |||
|
Prepaid and other current assets |
1,671 | 1,135 | |||
|
Property and equipment |
6,601 | 9,236 | |||
|
Other long-term Assets |
162 | 490 | |||
|
Total Assets |
$ |
124,523 |
$ |
136,185 | |
|
Liabilities and Stockholders' Equity |
|||||
|
Accounts payable |
$ |
5,608 |
$ |
1,717 | |
|
Accrued expenses |
11,441 | 7,905 | |||
|
Deferred service revenue |
7,250 | 4,564 | |||
|
Deferred contractual revenue |
26,520 | 33,304 | |||
|
Other liabilities |
3,687 | 5,619 | |||
|
Financing derivative |
944 | 549 | |||
|
Notes payable |
14,124 | 13,347 | |||
|
Stockholders' equity |
54,949 | 69,180 | |||
|
Total Liabilities and Stockholders' Equity |
$ |
124,523 |
$ |
136,185 | |