updated 4/27/2011 4:18:20 PM ET 2011-04-27T20:18:20

MENLO PARK, Calif., April 27, 2011 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the quarter ended March 31, 2011.

First Quarter 2011 Financial Highlights:

During the first quarter of 2011, the Company recorded a net loss of $34.8 million, or $0.66 non-GAAP pro forma net loss per share ($0.66 GAAP net loss per share). The Company continued commercial production of the PacBio RS during the first quarter of 2011, investing $6.7 million in commercial inventories comprised of PacBio instruments and consumable products including SMRT cells and reagents. Reductions in discretionary research and development spending resulted in a $1.6 million improvement in net loss when compared to $36.4 million, or $0.76 non-GAAP pro forma net loss per share ($0.97 GAAP net loss per share), reported for the fourth quarter of 2010. Revenue, derived solely from government grants, totaled $270,000 for the first quarter of 2011 as compared to $280,000 for the fourth quarter of 2010.

Research and development expense during the first quarter of 2011 totaled $24.1 million, compared to $26.5 million for the fourth quarter of 2010. The $2.4 million, or 9%, decrease in research and development expenses during the first quarter was primarily driven by lower purchases of development materials for product testing and reduced outside engineering fees. 

Selling, general, and administrative expense during the first quarter of 2011 increased to $11.1 million compared to $10.3 million for the fourth quarter of 2010. The $0.8 million, or 8%, increase during the period was primarily driven by increased headcount in sales and support functions.

Cash and investments at March 31, 2011 totaled $248.5 million compared to $283.7 million at December 31, 2010. The $35.2 million of cash used during the first quarter of 2011 primarily reflects the net loss of $31.7 million, excluding non-cash stock based compensation, $6.7 million invested in commercial inventory offset by increased deferred revenue and compensation related liabilities of $3.4 million.

Conference Call

Pacific Biosciences will host a conference call for investors on April 27, 2011 at 1:30 p.m. PDT (4:30 p.m. EDT). The conference call dial-in numbers are US: 866.356.4281 or International: 617.597.5395, access code "764 830 50". A live webcast of the call will also be available from the Investor Relations section of www.pacb.com . A webcast replay of the conference call will also be available from the Investor Relations section of www.pacb.com approximately two hours after the call and will be available for up to thirty days.

About Pacific Biosciences

Pacific Biosciences' mission is to transform the way humankind acquires, processes and interprets data from living systems through the design, development and commercialization of innovative tools for biological research. The company has developed a novel approach to studying the synthesis and regulation of DNA, RNA and proteins. Combining recent advances in nanofabrication, biochemistry, molecular biology, surface chemistry and optics, Pacific Biosciences has created a powerful technology platform called single molecule, real-time, or SMRT(tm), technology. SMRT technology enables real-time analysis of biomolecules with single molecule resolution, which has the potential to transform the understanding of biological systems by providing a window into these systems that has not previously been open for scientific study.

Forward-Looking Statements

This press release contains forward-looking statements relating to the Company's operations and operating results, including the statements relating to the Company's plans for the commercial launch of the PacBio RS. You should not place undue reliance on these 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 that could materially affect actual results. Factors that could materially affect actual results can be found in Pacific Biosciences of California's recently filed Annual Report on Form 10-K, including those listed under the caption "Risk Factors." Pacific Biosciences of California expressly disclaims any intent or obligation to update these forward-looking statements, except as required by law.

     
Pacific Biosciences of California, Inc.    
Consolidated Balance Sheets    
(Unaudited, in thousands)    
     
  March 31, December 31,
  2011 2010
Assets    
     
Cash and investments $ 248,548 $ 283,674
Accounts receivable 59 341
Inventory 13,539 6,864
Prepaids and other current

assets
2,124 2,235
     
Total current assets 264,270 293,114
Property and equipment 13,932 12,311
Other assets 356 322
     
Total Assets $ 278,558 $ 305,747
     
     
Liabilities and Stockholders

Equity 
   
     
Accounts payable $ 9,432 $ 9,515
Deferred revenue 4,350 3,221
Accrueds and other current

liabilities
10,350 8,104
     
Total current liabilities 24,132 20,840
Facility financing and

deferred rent
5,755 5,041
     
Stockholders' equity   248,671  279,866
     
Total Liabilities and

Stockholders' Equity
$ 278,558 $ 305,747
 
 
Pacific Biosciences of California, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
       
  Quarters Ended
  March 31, December 31, March 31,
  2011 2010 2010
Grant revenue $ 270 $ 280 $ 545
Operating expenses      
Research and development 24,118 26,542 25,324
Sales, general and administrative 11,119 10,327 5,495
       
Total operating expense 35,237 36,869 30,819
Operating loss (34,967) (36,589) (30,274)
Other income (expense), net 158 170 (51)
       
Net loss $ (34,809) $ (36,419) $ (30,325)
       
Basic and diluted net loss per share $ (0.66) $ (0.97) $ (48.97)
       
Shares used in computing basic and diluted

net loss per share
52,756,116 37,651,526 619,250
       
Non-GAAP pro forma (1) basic and diluted

net loss per share
$ (0.66) $ (0.76) $ (0.99)
Non-GAAP pro forma (1) shares used in

computing basic and diluted net loss per

share
 52,756,116  48,159,913  30,669,886

(1)  Upon the closing of the Company's initial public offering all outstanding shares of convertible preferred stock converted into shares of common stock. Non-GAAP pro forma basic and diluted net loss per share presents basic and diluted net loss per share assuming the conversion of outstanding convertible preferred stock into shares of common stock at the beginning of the respective reporting periods. The Company's management believes that this non-GAAP pro forma information provides meaningful supplemental information that helps investors compare current results to those reported in prior periods. A reconciliation of the Company's GAAP net loss per share to non-GAAP pro forma net loss per share is as follows:

 
Pacific Biosciences of California, Inc.
Consolidated Statements of Operations
(Unaudited, in thousands, except share and per share data)
       
  Quarters Ended
  March 31, December 31, March 31,
  2011 2010 2010
Non-GAAP pro forma net loss per share      
       
Numerator:      
Net loss  $ (34,809) $ (36,419) $ (30,325)
Pro forma net loss  $ (34,809) $ (36,419) $ (30,325)
       
Denominator:      
Shares used in computing basic and diluted net loss per

share
52,756,116 37,651,526 619,250
Pro forma adjustment to reflect the assumed conversion

of preferred stock into comon stock at the beginning of

the reporting period.
-- 10,508,387 30,050,636
Non-GAAP pro forma shares used in basic and diluted

pro forma net loss per share
52,756,116 48,159,913 30,669,886
       
Non-GAAP pro forma basic and diluted net loss per

share 
$ (0.66) $ (0.76)  $ (0.99)
CONTACT:  Trevin Rard 
          650.521.8450
          ir@pacificbiosciences.com

          Ben Gong
          650.521.8203

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