Actionable news
0
All posts from Actionable news
Actionable news in PACB: Pacific Biosciences of California, Inc.,

Pacific Biosciences Of California, Inc. Announces

The following excerpt is from the company's SEC filing.

Quarter 201

Financial

Results

Menlo Park, Calif.

– April 21, 2016 – Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for its first quarter ended March 31, 2016.

Revenue for the first quarter of 2016 increased by 8% to $19.1 million compared to $17.6 million for the first quarter of 2015. Product and service revenue for the first quarter of 2016 was $15.5 million, compared to $14.0 million for the first quarter of 2015. Revenue for the first quarter of each of 2016 and 2015 reflected $3.6 million of contractual revenue amortization from t he upfront Roche payment pursuant to the Roche agreement.

Gross profit increased by $3.6 million to $9.5 million for the first quarter of 2016, resulting in a gross margin of 49.7%, compared to gross profit of $5.9 million and a gross margin of 33.6% for the first quarter of 2015. The growth in gross profit and margin was primarily driven by the higher margin sales of the company’s Sequel

System which was launched in the fourth quarter of 2015.

Operating expenses for the first quarter of 2016 totaled $28.1 million, compared to $25.3 million for the first quarter of 2015. Operating expenses for the first quarter of 2016 and 2015 included non-cash stock-based compensation of $4.1 million and $3.0 million, respectively.

Net loss for the first quarter of 2016 was $19.4 million, compared to $20.2 million for the first quarter of 2015.

Cash and investments at March 31, 2016 totaled $91.5 million, compared to $82.3 million at December 31, 2015.

Quarterly Conference Call Information

Management will host a quarterly conference call to discuss its first quarter 2016 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 sequencing systems to help scientists resolve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT

) Technology, Pacific Biosciences’ 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; targeted sequencing to more comprehensively characterize genetic variations; and real-time kinetic information for epigenome characterization. Pacific Biosciences’ technology provides high accuracy, ultra-long reads, uniform coverage, and is the only DNA sequencing technology that provides the ability to simultaneously detect epigenetic changes. PacBio

sequencing systems, including consumables and software, provide a simple, fast, end-to-end workflow for SMRT Sequencing. More information is available at

www.pacb.com

Forward-Looking Statements

All statements in this press release that are not historical are forward-looking statements, including, among other things, statements relating to the timeline for Pacific Biosciences’ potential development of products for Roche, the attributes

and sequencing advantages

Technology and

PacBio

and other future events. You should not place undue reliance on forward-looking statements because they involve known and unknown risks, uncertainties, changes in circumstances and other factors that are, in some cases, beyond Pacific Biosciences’ control and could cause actual results to differ materially from the information expressed or implied by forward-looking statements made in this press release. Factors that could materially affect actual results can be found in Pacific Biosciences’ most recent filings with the Securities and Exchange Commission, including Pacific Biosciences’ most recent reports on Forms 8-K, 10-K and 10-Q, and include those listed under the caption “Risk Factors.” Pacific Biosciences undertakes no obligation to revise or update information in this press release to reflect events or circumstances in the future, even if new information becomes available.

Contact:

Trevin Rard

650.521.8450

ir@pacificbiosciences.com

Unaudited

Condensed

Consolidated Statement of Operations

(amounts in thousa

nds, except

per share amounts)

Quarter Ended March 31,

Revenue:

Product revenue

12,379

11,308

Service and other revenue

3,152

2,741

Contractual revenue

3,596

Total revenue

19,127

17,645

Cost of Revenue:

Cost of product revenue

6,880

9,732

Cost of service and other revenue

2,743

1,986

Total cost of revenue

9,623

11,718

9,504

5,927

Operating Expense:

Research and development

16,361

14,483

Sales, general and administrative

11,708

10,772

Total operating expense

28,069

25,255

Operating loss

(18,565)

(19,328)

Interest expense

(779)

(697)

Other expense, net

(8)

(148)

(19,352)

(20,173)

Basic and diluted net loss per share

(0.23)

(0.27)

Shares used in computing basic and diluted net loss per share

83,604

74,149

Unaudited Condensed Consolidated Balance Sheets

(amounts in thousands)

December 31,

Assets

91,531

82,270

Accounts receivable

8,009

5,245

Inventory

12,162

10,955

Prepaid and other current assets

7,351

12,071

Property and equipment

9,093

8,548

Long-term restricted cash

4,500

Other long-term Assets

7,529

7,518

Total Assets

140,175

131,107

Liabilities and Stockholders' Equity

Accounts payable

4,734

4,749

Accrued expenses

13,644

15,551

Deferred service revenue

7,253

7,958

Deferred contractual revenue

8,539

12,134

Other liabilities

1,462

1,627

Financing derivative

600

Notes payable

15,216

14,948

Stockholders' equity

88,776

73,540

Total Liabilities and Stockholders' Equity

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Pacific Biosciences of California makes a similar move, sign up!

Other recent filings from the company include the following: