Third Quarter 2020 Financial Results
Total revenue for the third quarter of 2020 was
Gross profit for the third quarter of 2020 was
Operating expenses for the third quarter of 2020 totaled
Net loss for the third quarter of 2020 was
Cash, cash equivalents and investments, excluding restricted cash, at
As previously announced, in
In addition, during the first quarter ended
Recent Company Highlights
- Announced the appointments of
Christian Henry as President & Chief Executive Officer andSusan Kim as Chief Financial Officer - Launched the new Sequel IIe System, representing the next evolution in our sequencing platform. The system features significantly increased computational capacity and on-instrument data processing to generate PacBio HiFi reads more efficiently. The Sequel IIe system can reduce compute costs by 80% or more when compared to the Sequel II system
- Entered into multiple collaborations with customers focused on clinical research and potential diagnostic applications using PacBio sequencing, including:
- A collaboration with
Asuragen, Inc. to develop assays based on SMRT Sequencing for the carrier screening market - A collaboration with Children’s Mercy Kansas City to sequence a cohort of rare disease cases for which previous whole-genome and whole-exome sequencing studies using short-read sequencing yielded no answers
- A collaboration with Invitae Corporation to study clinically relevant targets for use in the development of advanced diagnostic testing for epilepsy
- A collaboration with
“It is an exciting time to join Pacific Biosciences,” said
Impact of COVID-19 Pandemic
Financial results for the nine months of 2020 were negatively impacted as many of our customers in multiple regions around the world shut down operations for various periods of time in efforts to curb the spread of the COVID-19 pandemic. This resulted in lower product revenues for the nine months of 2020 compared to the same period of 2019. Due to the uncertain scope and duration of the pandemic, we cannot reasonably estimate the future impact to our operations and financial results.
We have implemented various measures to help protect our employees while continuing to support our customers. In accordance with local and state guidelines, a large number of our
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its third quarter ended
About Pacific Biosciences
Forward-Looking Statements
All statements in this press release that are not historical are forward-looking statements, including, among other things, our financial outlook for the fourth quarter of 2020 and long-term, the accounting treatment of payments we received from Illumina, expectations related to the newly launched Sequel IIe instrument, the future impact of COVID-19 on our business, including the impact to revenue and the impact and sufficiency of safety measures we have implemented. 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
The condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in the Pacific Biosciences’ Quarterly Report on Form 10-Q when filed with the
Contact:
650.521.8450
ir@pacificbiosciences.com
Unaudited Condensed Consolidated Statement of Operations
(amounts in thousands, except per share amounts)
Three Months Ended | Nine Months Ended | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue: | |||||||||||||||
Product revenue | $ | 15,749 | $ | 18,484 | $ | 41,798 | $ | 53,191 | |||||||
Service and other revenue | 3,333 | 3,431 | 9,959 | 9,770 | |||||||||||
Total revenue | 19,082 | 21,915 | 51,757 | 62,961 | |||||||||||
Cost of Revenue: | |||||||||||||||
Cost of product revenue | 9,228 | 12,188 | 22,874 | 32,786 | |||||||||||
Cost of service and other revenue | 2,790 | 2,813 | 7,718 | 8,531 | |||||||||||
Total cost of revenue | 12,018 | 15,001 | 30,592 | 41,317 | |||||||||||
Gross profit | 7,064 | 6,914 | 21,165 | 21,644 | |||||||||||
Operating Expense: | |||||||||||||||
Research and development | 16,467 | 14,962 | 46,727 | 45,357 | |||||||||||
Sales, general and administrative | 14,772 | 20,066 | 54,846 | 58,915 | |||||||||||
Total operating expense | 31,239 | 35,028 | 101,573 | 104,272 | |||||||||||
Operating loss | (24,175 | ) | (28,114 | ) | (80,408 | ) | (82,628 | ) | |||||||
Gain from Continuation Advances from Illumina | — | — | 34,000 | — | |||||||||||
Interest expense | — | (664 | ) | (267 | ) | (1,933 | ) | ||||||||
Other income (expenses), net | 467 | (345 | ) | 1,143 | 518 | ||||||||||
Net loss | $ | (23,708 | ) | $ | (29,123 | ) | $ | (45,532 | ) | $ | (84,043 | ) | |||
Basic and diluted net loss per share | $ | (0.14 | ) | $ | (0.19 | ) | $ | (0.29 | ) | $ | (0.55 | ) | |||
Shares used in computing basic and diluted net loss per share | 166,862 | 152,983 | 158,195 | 152,351 |
Unaudited Condensed Consolidated Balance Sheets
(amounts in thousands)
2020 | 2019 | ||||
Assets | |||||
Cash and investments | $ | 208,550 | $ | 49,099 | |
Accounts receivable | 11,806 | 15,266 | |||
Inventory | 15,940 | 13,312 | |||
Prepaid and other current assets | 3,212 | 3,369 | |||
Property and equipment, net | 26,568 | 30,070 | |||
Operating lease right-of-use assets, net | 30,700 | 32,827 | |||
Long-term restricted cash | 3,500 | 4,000 | |||
Other long-term assets | 42 | 42 | |||
Total Assets | $ | 300,318 | $ | 147,985 | |
Liabilities and Stockholders' Equity | |||||
Accounts payable | $ | 5,406 | $ | 8,368 | |
Accrued expenses | 15,079 | 13,242 | |||
Deferred gain from Reverse Termination Fee from Illumina | 98,000 | — | |||
Deferred revenue | 8,743 | 9,561 | |||
Operating lease liabilities | 43,010 | 45,801 | |||
Notes payable | — | 15,871 | |||
Other liabilities | 584 | 225 | |||
Stockholders' equity | 129,496 | 54,917 | |||
Total Liabilities and Stockholders' Equity | $ | 300,318 | $ | 147,985 |
Source:
2020 GlobeNewswire, Inc., source