Full Press Release Details
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Balance Sheets
| December 31, | |||||
| (in thousands, except per share amounts) | 2014 | 2013 | |||
| Assets | |||||
| Current assets | |||||
| Cash and cash equivalents | $ | 36,449 | $ | 26,362 | |
| Investments | 64,899 | 86,166 | |||
| Accounts receivable | 3,406 | 2,746 | |||
| Inventory, net | 11,335 | 10,050 | |||
| Prepaid expenses and other current assets | 1,671 | 1,135 | |||
| Total current assets | 117,760 | 126,459 | |||
| Property and equipment, net | 6,601 | 9,236 | |||
| Other long-term assets | 162 | 490 | |||
| Total assets | $ | 124,523 | $ | 136,185 | |
| Liabilities and Stockholders' Equity | |||||
| Current liabilities | |||||
| Accounts payable | $ | 5,608 | $ | 1,717 | |
| Accrued expenses | 11,441 | 7,905 | |||
| Deferred service revenue, current | 6,121 | 4,046 | |||
| Deferred contractual revenue, current | 6,785 | 6,785 | |||
| Other liabilities, current | 1,534 | 2,102 | |||
| Total current liabilities | 31,489 | 22,555 | |||
| Deferred service revenue, non-current | 1,129 | 518 | |||
| Deferred contractual revenue, non-current | 19,735 | 26,519 | |||
| Other liabilities, non-current | 2,153 | 3,517 | |||
| Notes payable | 14,124 | 13,347 | |||
| Financing derivative | 944 | 549 | |||
| Total liabilities | 69,574 | 67,005 | |||
| Commitments and contingencies | |||||
| Stockholders' equity | |||||
| Preferred Stock, $0.001 par value: | |||||
| Authorized 50,000 shares; No shares issued or outstanding | |||||
| Common Stock, $0.001 par value: | |||||
| Authorized 1,000,000 shares; Issued and outstanding 73,927 and 66,275 shares at December 31, 2014 and 2013, respectively | 74 | 66 | |||
| Additional paid-in-capital | 736,339 | 684,413 | |||
| Accumulated other comprehensive income | 9 | 14 | |||
| Accumulated deficit | (681,473) | (615,313) | |||
| Total stockholders' equity | 54,949 | 69,180 | |||
| Total liabilities and stockholders' equity | $ | 124,523 | $ | 136,185 |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Operations and Comprehensive Loss
| Years ended December 31, | ||||||||
| (in thousands, except per share amounts) | 2014 | 2013 | 2012 | |||||
| Revenue: | ||||||||
| Product revenue | $ | 35,299 | $ | 20,039 | $ | 20,089 | ||
| Service and other revenue | 8,511 | 6,446 | 5,894 | |||||
| Contractual revenue | 16,784 | 1,696 | ||||||
| Total revenue | 60,594 | 28,181 | 25,983 | |||||
| Cost of Revenue: | ||||||||
| Cost of product revenue | 29,626 | 15,706 | 18,796 | |||||
| Cost of service and other revenue | 7,566 | 6,056 | 6,247 | |||||
| Total cost of revenue | 37,192 | 21,762 | 25,043 | |||||
| Gross profit | 23,402 | 6,419 | 940 | |||||
| Operating Expense: | ||||||||
| Research and development | 48,230 | 45,217 | 47,623 | |||||
| Sales, general and administrative | 38,026 | 38,745 | 47,655 | |||||
| Total operating expense | 86,256 | 83,962 | 95,278 | |||||
| Operating loss | (62,854) | (77,543) | (94,338) | |||||
| Interest expense | (2,828) | (2,478) | (274) | |||||
| Other income (expense), net | (478) | 728 | 147 | |||||
| Net loss | (66,160) | (79,293) | (94,465) | |||||
| Other comprehensive loss: | ||||||||
| Unrealized loss on investments | (5) | (16) | (27) | |||||
| Comprehensive loss | $ | (66,165) | $ | (79,309) | $ | (94,492) | ||
| Net loss per share: | ||||||||
| Basic and diluted net loss per share | $ | (0.94) | $ | (1.26) | $ | (1.69) | ||
| Shares used in computing basic and diluted net loss per share | 70,475 | 62,784 | 55,733 |
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Cash Flows
| Years Ended December 31, | ||||||||
| (in thousands) | 2014 | 2013 | 2012 | |||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | (66,160) | $ | (79,293) | $ | (94,465) | ||
| Adjustments to reconcile net loss to net cash used in operating activities | ||||||||
| Depreciation and amortization | 4,221 | 5,648 | 6,649 | |||||
| Amortization of debt discount and financing costs | 793 | 595 | ||||||
| Stock-based compensation | 9,943 | 9,905 | 9,705 | |||||
| Other items | 507 | (352) | 1,295 | |||||
| Changes in assets and liabilities | ||||||||
| Accounts receivable | (660) | 76 | 1,735 | |||||
| Inventory | (1,285) | (60) | 4,761 | |||||
| Prepaid expenses and other assets | (224) | 840 | 50 | |||||
| Accounts payable | 3,891 | (1,271) | (1,754) | |||||
| Accrued expenses | 3,536 | 1,327 | (1,333) | |||||
| Deferred service revenue | 2,686 | 386 | (1,674) | |||||
| Deferred contractual revenue | (6,784) | 33,304 | ||||||
| Other liabilities | (1,932) | (938) | (1,791) | |||||
| Net cash used in operating activities | (51,468) | (29,833) | (76,822) | |||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | (1,609) | (909) | (1,703) | |||||
| Purchase of investments | (126,413) | (201,547) | (87,889) | |||||
| Sales of investments | 100 | 7,896 | ||||||
| Maturities of investments | 147,586 | 169,239 | 143,488 | |||||
| Net cash provided by (used in) investing activities | 19,564 | (33,117) | 61,792 | |||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of common stock from equity plans | 3,968 | 3,079 | 2,705 | |||||
| Proceeds from issuance of common stock from at-the-market equity offering, net of issuance costs | 38,023 | 19,927 | ||||||
| Proceeds from issuance of debt agreement, net of issuance costs | 19,766 | |||||||
| Net cash provided by financing activities | 41,991 | 42,772 | 2,705 | |||||
| Net increase (decrease) in cash and cash equivalents | 10,087 | (20,178) | (12,325) | |||||
| Cash and cash equivalents at beginning of period | 26,362 | 46,540 | 58,865 | |||||
| Cash and cash equivalents at end of period | $ | 36,449 | $ | 26,362 | $ | 46,540 | ||
| Supplemental disclosure of cash flow information | ||||||||
| Interest paid | $ | 1,342 | $ | 1,165 | $ | |||
| Supplemental disclosure of non-cash investing and financing activities | ||||||||
| Inventory transferred to (from) property and equipment for internal use | (558) | 1,164 |