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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.  Consolidated Balance Sheets (unaudited)         December 31, (in thousands, except per share amounts) 2016

Thursday, February 2, 2017 1 min read
Key Takeaway: PACIFIC BIOSCIENCES OF CALIFORNIA, INC. Consolidated Balance Sheets December 31, (in thousands, except per share amounts) 2016 2015 Assets Current assets Cash and cash equivalents $ 16,765 $ 33,629 Investments 55,213 48,641 Accounts receivable 11,421 5,245 In

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PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Balance Sheets
December 31,
(in thousands, except per share amounts) 2016 2015
Assets
Current assets
Cash and cash equivalents $ 16,765 $ 33,629
Investments 55,213 48,641
Accounts receivable 11,421 5,245
Inventory 15,634 10,955
Prepaid expenses and other current assets 9,978 12,071
Total current assets 109,011 110,541
Property and equipment, net 14,560 8,548
Long-term restricted cash 4,500 4,500
Other long-term assets 9,813 7,518
Total assets $ 137,884 $ 131,107
Liabilities and Stockholders' Equity
Current liabilities
Accounts payable $ 8,359 $ 4,749
Accrued expenses 16,604 15,551
Deferred service revenue, current 7,130 6,815
Deferred contractual revenue, current 10,822
Other liabilities, current 1,681 241
Total current liabilities 33,774 38,178
Deferred service revenue, non-current 1,297 1,143
Deferred contractual revenue, non-current 1,312
Other liabilities, non-current 1,683 1,386
Notes payable 16,106 14,948
Financing derivative 356 600
Total liabilities 53,216 57,567
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 92,677 and 79,983 shares at December 31, 2016 and 2015, respectively 93 80
Additional paid-in-capital 872,114 786,636
Accumulated other comprehensive income (loss) 5 (7)
Accumulated deficit (787,544) (713,169)
Total stockholders' equity 84,668 73,540
Total liabilities and stockholders' equity $ 137,884 $ 131,107
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Operations and Comprehensive Loss
Years ended December 31,
(in thousands, except per share amounts) 2016 2015 2014
Revenue:
Product revenue $ 64,609 $ 37,502 $ 35,299
Service and other revenue 13,971 10,896 8,511
Contractual revenue 12,134 44,384 16,784
Total revenue 90,714 92,782 60,594
Cost of Revenue:
Cost of product revenue 34,512 30,704 29,626
Cost of service and other revenue 12,042 8,628 7,566
Total cost of revenue 46,554 39,332 37,192
Gross profit 44,160 53,450 23,402
Operating Expense:
Research and development 67,617 60,440 48,230
Sales, general and administrative 47,787 45,187 38,026
Gain on lease amendments (23,043)
Total operating expense 115,404 82,584 86,256
Operating loss (71,244) (29,134) (62,854)
Interest expense (3,234) (2,926) (2,828)
Other income (expense), net 103 364 (478)
Net loss (74,375) (31,696) (66,160)
Other comprehensive loss:
Unrealized gain (loss) on investments 12 (16) (5)
Comprehensive loss $ (74,363) $ (31,712) $ (66,165)
Net loss per share:
Basic and diluted net loss per share $ (0.83) $ (0.42) $ (0.94)
Shares used in computing basic and diluted net loss per share 89,148 75,614 70,475
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Cash Flows
Years Ended December 31,
(in thousands) 2016 2015 2014
Cash flows from operating activities
Net loss $ (74,375) $ (31,696) $ (66,160)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization 3,875 3,677 4,221
Amortization of debt discount and financing costs 1,158 957 793
Stock-based compensation 19,562 13,840 9,943
Non-cash portion of gain on lease amendments (3,043)
Other items (147) (230) 507
Changes in assets and liabilities
Accounts receivable (6,176) (1,738) (660)
Inventory (6,151) (2,466) (1,285)
Prepaid expenses and other assets (202) (17,889) (224)
Accounts payable 3,402 (716) 3,891
Accrued expenses 1,053 5,732 3,536
Deferred service revenue 469 708 2,686
Deferred contractual revenue (12,134) (14,386) (6,784)
Other liabilities 1,737 (639) (1,932)
Net cash used in operating activities (67,929) (47,889) (51,468)
Cash flows from investing activities
Purchase of property and equipment (8,207) (3,009) (1,609)
Proceeds from disposal of property and equipment 10 36
Long-term restricted cash (4,500)
Purchase of investments (95,848) (84,579) (126,413)
Sales of investments 23,285 8,317
Maturities of investments 65,896 92,341 147,586
Net cash provided by (used in) investing activities (14,864) 8,606 19,564
Cash flows from financing activities
Proceeds from issuance of common stock from equity plans 7,729 7,363 3,968
Proceeds from issuance of common stock from "at-the-market" offering, net of issuance costs 58,200 29,100 38,023
Net cash provided by financing activities 65,929 36,463 41,991
Net increase (decrease) in cash and cash equivalents (16,864) (2,820) 10,087
Cash and cash equivalents at beginning of period 33,629 36,449 26,362
Cash and cash equivalents at end of period $ 16,765 $ 33,629 $ 36,449
Supplemental disclosure of cash flow information
Interest paid $ 1,799 $ 1,794 $ 1,794
Supplemental disclosure of non-cash investing and financing activities
Inventory transferred to property and equipment 1,282 2,846
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Last updated: Feb 2, 2017