MENLO
PARK, Calif., Feb. 15,
2024 /PRNewswire/ -- PacBio (NASDAQ: PACB) today
announced financial results for the quarter and fiscal year ended
December 31, 2023.
Fourth quarter results
- Revenue of $58.4 million, a 113%
increase compared with $27.4 million
in the prior-year period.
- Instrument revenue of $35.1
million compared with $6.1
million in the prior-year period.
- Consumables revenue of $18.9
million compared with $16.7
million in the prior-year period.
- Service and other revenue of $4.4
million compared with $4.6
million in the prior-year period.
- Shipped 44 RevioTM sequencing systems in the fourth
quarter of 2023, bringing the installed base as of December 31, 2023, to 173 systems.
Gross profit for the fourth quarter of 2023 was $9.6 million, representing an 86% increase
compared with $5.1 million for the
fourth quarter of 2022 and a gross margin of 16% in the fourth
quarter of 2023 compared to 19% for the fourth quarter of 2022.
Non-GAAP gross profit for the fourth quarter of 2023 was
$11.1 million and represented a
non-GAAP gross margin of 19% in the fourth quarter of 2023,
compared to a non-GAAP gross profit of $5.3
million in the fourth quarter of 2022, which represented a
non-GAAP gross margin of 19% (see accompanying tables for
reconciliations of GAAP and non-GAAP measures).
Operating expenses totaled $97.1
million for the fourth quarter of 2023, compared to
$92.2 million for the fourth quarter
of 2022. Non-GAAP operating expenses totaled $88.4 million for the fourth quarter of 2023,
compared to $87.6 million for the
fourth quarter of 2022. Operating expenses for the fourth quarter
of 2023 and the fourth quarter of 2022 included non-cash
share-based compensation of $15.4
million and $16.8 million,
respectively.
Net loss for the fourth quarter of 2023 was $82.0 million, compared to a net loss of
$84.4 million for the fourth quarter
of 2022. Non-GAAP net loss was $72.5
million for the fourth quarter of 2023, compared to
$79.6 million for the fourth quarter
of 2022.
Net loss per share for the fourth quarter of 2023 was
$0.31 compared to net loss per share
of $0.37 for the fourth quarter of
2022. Non-GAAP net loss per share for the fourth quarter of 2023
was $0.27 compared to $0.35 for the fourth quarter of 2022.
GAAP and non-GAAP gross profit, gross margin, net loss and net
loss per share for the fourth quarter of 2023 reflect charges
related to inventory reserves and loss on purchase commitments
totaling approximately $9.3 million
compared to $7.1 million in the
fourth quarter of 2022, primarily related to a
higher-than-anticipated decline in demand for Sequel II and IIe due
to a faster-than-expected ramp in Revio.
Cash, cash equivalents, and investments, excluding restricted
cash, at December 31, 2023, totaled $631.4 million, compared to $772.3 million at December 31, 2022.
Fiscal year 2023 results
- Revenue of $200.5 million, a 56%
increase compared with $128.3 million
in the prior-year period.
- Instrument revenue of $120.5
million compared with $48.7
million in the prior-year period.
- Consumables revenue of $63.4
million compared with $60.0
million in the prior-year period.
- Service and other revenue of $16.6
million compared with $19.6
million in the prior-year period.
Gross profit for 2023 was $52.8
million, representing an 8% increase compared with
$49.0 million for 2022 and a gross
margin of 26% in 2023 compared to 38% for 2022. Non-GAAP gross
profit for 2023 was $54.9 million and
represented a non-GAAP gross margin of 27% in 2023, compared to a
non-GAAP gross profit of $49.8
million in 2022, which represented a non-GAAP gross margin
of 39% (see accompanying tables for reconciliations of GAAP and
non-GAAP measures).
Operating expenses totaled $387.2
million for 2023, compared to $356.2
million for 2022. Non-GAAP operating expenses totaled
$354.8 million for 2023, compared to
$353.7 million for 2022. Operating
expenses for 2023 and 2022 included non-cash share-based
compensation of $66.7 million and
$73.8 million, respectively.
Net loss for 2023 was $306.7
million, compared to a net loss of $314.2 million for 2022. Non-GAAP net loss was
$281.6 million for 2023, compared to
$311.0 million for 2022.
Net loss per share for 2023 was $1.21 compared to net loss per share of
$1.40 for 2022. Non-GAAP net loss per
share for 2023 was $1.11 compared to
$1.38 for 2022.
GAAP and non-GAAP gross profit, gross margin, net loss and net
loss per share for 2023 reflect charges related to inventory
reserves and loss on purchase commitments totaling approximately
$14.0 million compared to
$9.7 million in 2022, primarily
related to a higher-than-anticipated decline in demand for Sequel
II and IIe due to a faster-than-expected ramp in Revio.
Updates since PacBio's last earnings
release
- Announced the creation of the HiFi Solves consortium, which
brings together researchers from 15 leading genomics research
institutions across 10 countries to study the value that HiFi-based
human genome sequencing may have in clinical research applications
and to further our understanding of genetic diseases.
- Released SMRT Link 13.0 software on the Revio system which
includes the adaptive loading feature for consistent run
performance, run preview for improved lab efficiency, and expanded
application support with functionality to sequence shorter and
longer fragments of DNA.
- Commenced shipment of Kinnex RNA kits, enabling scalable,
cost-effective, full-length RNA sequencing on PacBio Revio and
Sequel IIe.
- Announced PanDNA, a versatile Nanobind DNA extraction kit,
designed to efficiently extract high-quality, high molecular weight
DNA across a wide range of sample types, including cells, bacteria,
blood, tissue, plant nuclei, and insects.
- Developed two new high throughput library preparation kits and
workflows - HiFi Prep Kit 96 and HiFi Plex Prep Kit 96 - offering
customers automated, scalable, and high-performance library
preparation solutions and the potential for an up to 40 percent
reduction in costs and up to 60 percent decrease in workflow
time.
- Added two tertiary analysis partners to PacBio Compatible -
Geneyx and Golden Helix - further enabling customers to leverage
PacBio HiFi data for disease research.
"Our team successfully executed its goals in 2023 and launched
PacBio on a trajectory this company has never seen before," said
Christian Henry, President and CEO
of PacBio. "We continue to build solutions across the workflow,
allowing our customers to further scale on HiFi, and we are
encouraged to see how researchers are already making discoveries
and shifting paradigms with the power and economics of Revio and
the extraordinary accuracy of Onso."
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
fourth quarter ended December 31,
2023, results today at 5:00 p.m.
Eastern Time. Investors may listen to the call by dialing
1-888-349-0136 if outside the U.S., by dialing 1-412-317-0459,
requesting to join the "PacBio Q4 Earnings Call". The call will be
webcast live and available for replay at PacBio's website at
https://investor.pacificbiosciences.com.
About PacBio
Pacific Biosciences of California, Inc. (NASDAQ: PACB) is a premier
life science technology company that designs, develops, and
manufactures advanced sequencing solutions that enable scientists
and clinical researchers to improve their understanding of the
genome and, ultimately, resolve genetically complex problems. Our
products and technology under development stem from two highly
differentiated core technologies focused on accuracy, quality, and
completeness, which include our HiFi long-read sequencing
technology and our short-read Sequencing by Binding
(SBBTM) technology. Our products address solutions
across a broad set of applications, including human genetics, plant
and animal sciences, infectious disease and microbiology, oncology,
and other emerging applications. For more information, please visit
www.pacb.com and follow @PacBio.
PacBio products are provided for research use only. Not for use
in diagnostic procedures.
Statement regarding use of non‐GAAP financial
measures
PacBio reports non‐GAAP results for basic and diluted net income
and loss per share, net income, net loss, gross margins, gross
profit and operating expenses in addition to, and not as a
substitute for, or because it believes that such information is
superior to, financial measures calculated in accordance with GAAP.
PacBio believes that non-GAAP financial information, when taken
collectively, may be helpful to investors because it provides
consistency and comparability with past financial performance.
However, non-GAAP financial information is presented for
supplemental informational purposes only, has limitations as an
analytical tool and should not be considered in isolation or as a
substitute for financial information presented in accordance with
GAAP. In addition, other companies may calculate similarly titled
non-GAAP measures differently or may use other measures to evaluate
their performance, all of which could reduce the usefulness of
PacBio's non-GAAP financial measures as tools for comparison.
PacBio's financial measures under GAAP include substantial
charges that are listed in the itemized reconciliations between
GAAP and non‐GAAP financial measures included in this press
release. The amortization of acquired intangible assets excluded
from GAAP financial measures relates to acquired intangible assets.
The amortization related to these intangible assets will occur in
future periods until they are fully amortized. Management has
excluded the effects of these items in non‐GAAP measures to assist
investors in analyzing and assessing past and future operating
performance. In addition, management uses non-GAAP measures to
compare PacBio's performance relative to forecasts and strategic
plans and to benchmark its performance externally against
competitors.
PacBio encourages investors to carefully consider its results
under GAAP, as well as its supplemental non‐GAAP information and
the reconciliation between these presentations, to more fully
understand its business. A reconciliation of PacBio's non-GAAP
financial measures to their most directly comparable financial
measure stated in accordance with GAAP has been provided in the
financial statement tables included in this press release.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended, and the U.S. Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical fact
are forward-looking statements, including statements relating to
the availability, uses, accuracy, coverage, advantages, quality or
performance of, or benefits or expected benefits of using, PacBio
products or technologies; expectations with respect to
commercialization, development and shipment of PacBio products;
PacBio's financial guidance and expectations for future periods;
and developments affecting our industry and the markets in which we
compete, including the impact of new products and technologies.
Reported results and orders for any instrument system should not be
considered an indication of future performance. You should not
place undue reliance on forward-looking statements because they are
subject to assumptions, risks, and uncertainties and could cause
actual outcomes and results to differ materially from currently
anticipated results, including, challenges inherent in developing,
manufacturing, launching, marketing and selling new products, and
achieving anticipated new sales; potential cancellation of existing
instrument orders; assumptions, risks and uncertainties related to
the ability to attract new customers and retain and grow sales from
existing customers; risks related to PacBio's ability to
successfully execute and realize the benefits of acquisitions; the
impact of U.S. export restrictions on the shipment of PacBio
products to certain countries; rapidly changing technologies and
extensive competition in genomic sequencing; unanticipated
increases in costs or expenses; interruptions or delays in the
supply of components or materials for, or manufacturing of, PacBio
products and products under development; potential product
performance and quality issues and potential delays in development
timelines; the possible loss of key employees, customers, or
suppliers; customers and prospective customers curtailing or
suspending activities using PacBio's products; third-party claims
alleging infringement of patents and proprietary rights or seeking
to invalidate PacBio's patents or proprietary rights; risks
associated with international operations; and other risks
associated with general macroeconomic conditions and geopolitical
instability. Additional factors that could materially affect actual
results can be found in PacBio's most recent filings with the
Securities and Exchange Commission, including PacBio's most recent
reports on Forms 8-K, 10-K, and 10-Q, and include those listed
under the caption "Risk Factors." These forward-looking statements
are based on current expectations and speak only as of the date
hereof; except as required by law, PacBio disclaims any obligation
to revise or update these forward-looking statements to reflect
events or circumstances in the future, even if new information
becomes available.
The unaudited condensed consolidated financial statements that
follow should be read in conjunction with the notes set forth in
PacBio's Annual Report on Form 10-K when filed with the Securities
and Exchange Commission.
Contacts
Investors:
Todd
Friedman
650.521.8450
ir@pacb.com
Media:
Lizelda
Lopez
pr@pacb.com
Pacific Biosciences
of California, Inc.
Unaudited Condensed
Consolidated Statement of Operations
(in thousands,
except per share amounts)
|
|
|
Three Months
Ended
|
|
December 31,
2023
|
|
September 30,
2023
|
|
December 31,
2022
|
Revenue:
|
|
|
|
|
|
Product
revenue
|
$
54,001
|
|
$
51,562
|
|
$
22,771
|
Service and other
revenue
|
4,356
|
|
4,129
|
|
4,582
|
Total
revenue
|
58,357
|
|
55,691
|
|
27,353
|
Cost of
Revenue:
|
|
|
|
|
|
Cost of product
revenue
|
40,421
|
|
33,551
|
|
15,045
|
Cost of service and
other revenue
|
3,496
|
|
4,054
|
|
3,280
|
Amortization of
acquired intangibles
|
1,433
|
|
184
|
|
183
|
Loss on purchase
commitment
|
3,436
|
|
—
|
|
3,705
|
Total cost of
revenue
|
48,786
|
|
37,789
|
|
22,213
|
Gross
profit
|
9,571
|
|
17,902
|
|
5,140
|
Operating
Expense:
|
|
|
|
|
|
Research and
development
|
44,544
|
|
47,514
|
|
42,623
|
Sales, general and
administrative
|
45,996
|
|
43,431
|
|
45,003
|
Merger-related
expenses (1)
|
63
|
|
8,979
|
|
—
|
Change in fair value
of contingent consideration (2)
|
1,100
|
|
(271)
|
|
4,598
|
Amortization of
acquired intangibles
|
5,416
|
|
741
|
|
—
|
Total operating
expense
|
97,119
|
|
100,394
|
|
92,224
|
Operating
loss
|
(87,548)
|
|
(82,492)
|
|
(87,084)
|
Interest
expense
|
(3,571)
|
|
(3,588)
|
|
(3,648)
|
Other income,
net
|
8,383
|
|
8,505
|
|
6,348
|
Loss before benefit
from income taxes
|
(82,736)
|
|
(77,575)
|
|
(84,384)
|
Benefit from income
taxes (3)
|
(718)
|
|
(10,706)
|
|
—
|
Net loss
|
(82,018)
|
|
(66,869)
|
|
(84,384)
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
Basic
|
$
(0.31)
|
|
$
(0.26)
|
|
$
(0.37)
|
Diluted
|
$
(0.31)
|
|
$
(0.26)
|
|
$
(0.37)
|
|
|
|
|
|
|
Weighted average shares
outstanding used in calculating net loss per share
|
|
|
|
|
|
Basic
|
267,121
|
|
255,001
|
|
226,241
|
Diluted
|
267,121
|
|
255,001
|
|
226,241
|
|
|
|
|
|
|
|
|
(1)
|
Merger-related expenses
for the three months ended December 31, 2023 consisted of
transaction costs arising from the acquisition of Apton.
Merger-related expenses for the three months ended September 30,
2023 consisted of $4.9 million of transaction costs arising from
the acquisition of Apton, $2.8 million of compensation expense
resulting from the liquidity event bonus plan in connection with
the Apton merger, and $1.3 million of compensation expense
resulting from the acceleration of certain equity awards in
connection with the Apton merger.
|
(2)
|
Change in fair value of
contingent consideration during the three months ended
December 31, 2023, September 30, 2023, and December 31,
2022 was due to fair value adjustments of milestone payments
payable upon the achievement of the respective milestone
event.
|
(3)
|
Deferred income tax
benefit was $0.7 million and $10.7 million during the three months
ended December 31, 2023 and September 30, 2023, respectively, due
to the release of the valuation allowance for deferred tax assets
due to the recognition of deferred tax liabilities in connection
with the Apton acquisition.
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed
Consolidated Statement of Operations
(in thousands,
except per share amounts)
|
|
|
Three Months
Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue:
|
|
|
|
|
|
|
|
Product
revenue
|
$
54,001
|
|
$
22,771
|
|
$
183,872
|
|
$
108,699
|
Service and other
revenue
|
4,356
|
|
4,582
|
|
16,649
|
|
19,605
|
Total
revenue
|
58,357
|
|
27,353
|
|
200,521
|
|
128,304
|
Cost of
Revenue:
|
|
|
|
|
|
|
|
Cost of product
revenue
|
40,421
|
|
15,045
|
|
127,568
|
|
60,932
|
Cost of service and
other revenue
|
3,496
|
|
3,280
|
|
14,754
|
|
13,899
|
Amortization of
acquired intangibles
|
1,433
|
|
183
|
|
1,983
|
|
733
|
Loss on purchase
commitment
|
3,436
|
|
3,705
|
|
3,436
|
|
3,705
|
Total cost of
revenue
|
48,786
|
|
22,213
|
|
147,741
|
|
79,269
|
Gross
profit
|
9,571
|
|
5,140
|
|
52,780
|
|
49,035
|
Operating
Expense:
|
|
|
|
|
|
|
|
Research and
development
|
44,544
|
|
42,623
|
|
187,170
|
|
193,000
|
Sales, general and
administrative
|
45,996
|
|
45,003
|
|
169,818
|
|
160,854
|
Merger-related
expenses (1)
|
63
|
|
—
|
|
9,042
|
|
—
|
Change in fair value
of contingent consideration (2)
|
1,100
|
|
4,598
|
|
15,060
|
|
2,377
|
Amortization of
acquired intangibles
|
5,416
|
|
—
|
|
6,157
|
|
—
|
Total operating
expense
|
97,119
|
|
92,224
|
|
387,247
|
|
356,231
|
Operating
loss
|
(87,548)
|
|
(87,084)
|
|
(334,467)
|
|
(307,196)
|
Loss on extinguishment
of debt (3)
|
—
|
|
—
|
|
(2,033)
|
|
—
|
Interest
expense
|
(3,571)
|
|
(3,648)
|
|
(14,343)
|
|
(14,690)
|
Other income,
net
|
8,383
|
|
6,348
|
|
32,684
|
|
7,638
|
Loss before benefit
from income taxes
|
(82,736)
|
|
(84,384)
|
|
(318,159)
|
|
(314,248)
|
Benefit from income
taxes (4)
|
(718)
|
|
—
|
|
(11,424)
|
|
—
|
Net loss
|
(82,018)
|
|
(84,384)
|
|
(306,735)
|
|
(314,248)
|
|
|
|
|
|
|
|
|
Net loss per
share:
|
|
|
|
|
|
|
|
Basic
|
$
(0.31)
|
|
$
(0.37)
|
|
$
(1.21)
|
|
$
(1.40)
|
Diluted
|
$
(0.31)
|
|
$
(0.37)
|
|
$
(1.21)
|
|
$
(1.40)
|
|
|
|
|
|
|
|
|
Weighted average shares
outstanding used in calculating net loss per share
|
|
|
|
|
|
|
|
Basic
|
267,121
|
|
226,241
|
|
253,629
|
|
224,550
|
Diluted
|
267,121
|
|
226,241
|
|
253,629
|
|
224,550
|
|
|
|
|
|
|
|
|
(1)
|
Merger-related expenses
for the three months ended December 31, 2023 consisted of
transaction costs arising from the acquisition of Apton.
Merger-related expenses for the twelve months ended
December 31, 2023 consisted of $4.9 million of transaction
costs arising from the acquisition of Apton, $2.8 million of
compensation expense resulting from the liquidity event bonus plan
in connection with the Apton merger, and $1.3 million of
compensation expense resulting from the acceleration of certain
equity awards in connection with the Apton merger.
|
(2)
|
Change in fair value of
contingent consideration during the three and twelve months ended
December 31, 2023 and December 31, 2022 was due to fair
value adjustments of milestone payments payable upon the
achievement of the respective milestone event.
|
(3)
|
Loss on extinguishment
of debt during the twelve months ended December 31, 2023 is
related to the exchange of a portion of PacBio's 1.50% Convertible
Senior Notes due 2028 for PacBio's 1.375% Convertible Senior Notes
due 2030.
|
(4)
|
A deferred income tax
benefit during the three and twelve months ended December 31,
2023 is related to the release of the valuation allowance for
deferred tax assets due to the recognition of deferred tax
liabilities in connection with the Apton acquisition.
|
Pacific Biosciences
of California, Inc.
Unaudited Condensed
Consolidated Balance Sheets
(in
thousands)
|
|
|
|
December 31,
2023
|
|
December 31,
2022
|
Assets
|
|
|
|
|
Cash and
investments
|
|
$
631,416
|
|
$
772,318
|
Accounts receivable,
net
|
|
36,615
|
|
18,786
|
Inventory,
net
|
|
56,676
|
|
50,381
|
Prepaid and other
current assets
|
|
17,040
|
|
10,289
|
Property and
equipment, net
|
|
36,432
|
|
41,580
|
Operating lease
right-of-use assets, net
|
|
32,593
|
|
39,763
|
Restricted
cash
|
|
2,722
|
|
3,222
|
Intangible assets,
net
|
|
456,984
|
|
410,245
|
Goodwill
|
|
462,261
|
|
409,974
|
Other long-term
assets
|
|
13,274
|
|
10,528
|
Total
Assets
|
|
$
1,746,013
|
|
$
1,767,086
|
|
|
|
|
|
Liabilities and
Stockholders' Equity
|
|
|
|
|
Accounts
payable
|
|
$
15,062
|
|
$
12,028
|
Accrued
expenses
|
|
45,708
|
|
32,596
|
Deferred
revenue
|
|
21,872
|
|
32,292
|
Operating lease
liabilities
|
|
41,197
|
|
49,956
|
Contingent
consideration liability
|
|
19,550
|
|
172,094
|
Convertible senior
notes, net
|
|
892,243
|
|
896,683
|
Other
liabilities
|
|
9,077
|
|
8,533
|
Stockholders'
equity
|
|
701,304
|
|
562,904
|
Total Liabilities
and Stockholders' Equity
|
|
$
1,746,013
|
|
$
1,767,086
|
Pacific Biosciences
of California, Inc.
Reconciliation of
Non-GAAP Financial Measures
(in thousands,
except per share amounts)
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
December 31,
2023
|
|
September
30,
2023
|
|
December 31,
2022
|
|
December 31,
2023
|
|
December 31,
2022
|
GAAP net
loss
|
|
$
(82,018)
|
|
$
(66,869)
|
|
$
(84,384)
|
|
$
(306,735)
|
|
$
(314,248)
|
Change in fair value
of contingent consideration (1)
|
|
1,100
|
|
(271)
|
|
4,598
|
|
15,060
|
|
2,377
|
Loss on extinguishment
of debt (2)
|
|
—
|
|
—
|
|
—
|
|
2,033
|
|
—
|
Amortization of
acquired intangible assets
|
|
6,849
|
|
939
|
|
228
|
|
8,244
|
|
913
|
Merger-related
expenses (3)
|
|
63
|
|
8,979
|
|
—
|
|
9,042
|
|
—
|
Income tax benefit
(4)
|
|
(718)
|
|
(10,706)
|
|
—
|
|
(11,424)
|
|
—
|
Restructuring
(5)
|
|
2,224
|
|
—
|
|
—
|
|
2,224
|
|
—
|
Non-GAAP net
loss
|
|
$
(72,500)
|
|
$
(67,928)
|
|
$
(79,558)
|
|
$
(281,556)
|
|
$
(310,958)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per
share
|
|
$
(0.31)
|
|
$
(0.26)
|
|
$
(0.37)
|
|
$
(1.21)
|
|
$
(1.40)
|
Change in fair value
of contingent consideration (1)
|
|
—
|
|
—
|
|
0.02
|
|
0.06
|
|
0.01
|
Loss on extinguishment
of debt (2)
|
|
—
|
|
—
|
|
—
|
|
0.01
|
|
—
|
Amortization of
acquired intangible assets
|
|
0.03
|
|
—
|
|
—
|
|
0.03
|
|
—
|
Merger-related
expenses (3)
|
|
—
|
|
0.04
|
|
—
|
|
0.04
|
|
—
|
Income tax benefit
(4)
|
|
—
|
|
(0.04)
|
|
—
|
|
(0.05)
|
|
—
|
Restructuring
(5)
|
|
0.01
|
|
—
|
|
—
|
|
0.01
|
|
—
|
Other adjustments and
rounding differences
|
|
—
|
|
(0.01)
|
|
—
|
|
—
|
|
0.01
|
Non-GAAP net loss per
share
|
|
$
(0.27)
|
|
$
(0.27)
|
|
$
(0.35)
|
|
$
(1.11)
|
|
$
(1.38)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
9,571
|
|
$
17,902
|
|
$
5,140
|
|
$
52,780
|
|
$
49,035
|
Amortization of
acquired intangible assets
|
|
1,433
|
|
184
|
|
183
|
|
1,983
|
|
733
|
Restructuring
(5)
|
|
112
|
|
—
|
|
—
|
|
112
|
|
—
|
Non-GAAP gross
profit
|
|
$
11,116
|
|
$
18,086
|
|
$
5,323
|
|
$
54,875
|
|
$
49,768
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
%
|
|
16 %
|
|
32 %
|
|
19 %
|
|
26 %
|
|
38 %
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP gross profit
%
|
|
19 %
|
|
32 %
|
|
19 %
|
|
27 %
|
|
39 %
|
|
|
|
|
|
|
|
|
|
|
|
GAAP total operating
expense
|
|
$
97,119
|
|
$
100,394
|
|
$
92,224
|
|
$
387,247
|
|
$
356,231
|
Change in fair value
of contingent consideration (1)
|
|
(1,100)
|
|
271
|
|
(4,598)
|
|
(15,060)
|
|
(2,377)
|
Amortization of
acquired intangible assets
|
|
(5,416)
|
|
(755)
|
|
(45)
|
|
(6,261)
|
|
(180)
|
Merger-related
expenses (3)
|
|
(63)
|
|
(8,979)
|
|
—
|
|
(9,042)
|
|
—
|
Restructuring
(5)
|
|
(2,112)
|
|
—
|
|
—
|
|
(2,112)
|
|
—
|
Non-GAAP total
operating expense
|
|
$
88,428
|
|
$
90,931
|
|
$
87,581
|
|
$
354,772
|
|
$
353,674
|
|
|
|
|
|
|
|
|
(1)
|
Change in fair value of
contingent consideration was due to fair value adjustments of
milestone payments payable upon the achievement of the respective
milestone event.
|
(2)
|
Loss on extinguishment
of debt is related to the exchange of a portion of PacBio's 1.50%
Convertible Senior Notes due 2028 for PacBio's 1.375% Convertible
Senior Notes due 2030.
|
(3)
|
Merger-related expenses
consisted of transaction costs arising from the acquisition of
Apton, compensation expense resulting from the liquidity event
bonus plan in connection with the Apton merger, and compensation
expense resulting from the acceleration of certain equity awards in
connection with the Apton merger.
|
(4)
|
A deferred income tax
benefit was related to the release of the valuation allowance for
deferred tax assets due to the recognition of deferred tax
liabilities in connection with the Apton acquisition.
|
(5)
|
Amounts consist
primarily of employee severance costs related to restructuring
activities.
|
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SOURCE Pacific Biosciences of California, Inc.