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Pacific Biosciences of California, Inc. Announces Fourth Quarter 2013 Financial Results

February 4, 2014

MENLO PARK, Calif. , Feb. 4, 2014 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (Nasdaq:PACB) today announced financial results for the fourth quarter ended December 31, 2013 . Total revenue for the fourth quarter of 2013 totaled $9.1 million , compared to $5.9 million for the fourth quarter of 2012. Fourth quarter revenue in 2013 reflects the installation of five PacBio RS II systems, compared to five PacBio RS systems in the fourth quarter of 2012. Total revenue for the fourth quarter of 2013 also included $1.7 million of revenue recognized pursuant to a development agreement the Company entered into with Roche Diagnostics at the end of the third quarter of 2013. The Company booked orders for nine PacBio RS II instruments during the fourth quarter and ended the quarter with 13 instruments in backlog. Gross profit for the fourth quarter of 2013 was $3.2 million , resulting in a gross margin of 34.9%, compared to gross profit of $0.6 million and a gross margin of 10.7% for the fourth quarter of 2012. Gross profit for the fourth quarter in 2013 included $1.7 million of gross profit recognized pursuant to the development agreement with Roche Diagonistics. Operating expenses totaled $20.2 million for the fourth quarter of 2013, compared to $22.3 million for the fourth quarter of 2012. Operating expenses for the fourth quarter of 2013 and 2012 included $2.5 million of non-cash stock-based compensation, respectively. The net loss for the fourth quarter of 2013 was $17.2 million , compared to $21.7 million for the fourth quarter of 2012. Cash and investments at December 31, 2013 totaled $112.5 million compared to $100.6 million at December 31, 2012 . Quarterly Conference Call Information Management will host a quarterly conference call to discuss its fourth quarter 2013 results today at 4:30pm Eastern Time / 1:30pm Pacific Time . Investors may listen to the call by dialing 1.888.366.7247, or if outside the U.S., by dialing +1.707.287.9330. The call will be webcast live and will be available for replay at Pacific Biosciences' website at http://investor.pacificbiosciences.com/ . About Pacific Biosciences Pacific Biosciences of California, Inc. (Nasdaq:PACB) offers the PacBio® RS II Sequencing System to help scientists solve genetically complex problems. Based on its novel Single Molecule, Real-Time (SMRT®) Sequencing technology, the company's products enable: targeted sequencing to more comprehensively characterize genetic variations; de novo genome assembly to more fully identify, annotate and decipher genomic structures; and DNA base modification identification to help characterize epigenetic regulation and DNA damage. By providing access to information that was previously inaccessible, Pacific Biosciences enables scientists to increase their understanding of biological systems. Pacific Biosciences of California, Inc. Unaudited Consolidated Statement of Operations (amounts in thousands, except per share amounts) Quarter Ended December 31 , 2013 2012 Revenue: Product revenue $ 5,791 $ 4,279 Service and other revenue 1,647 1,599 Revenue from development agreement 1,696 — Total revenue 9,134 5,878 Cost of revenue: Cost of product revenue 4,568 3,847 Cost of service and other revenue 1,377 1,404 Total cost of revenue 5,945 5,251 Gross profit 3,189 627 Operating expense: Research and development 11,133 11,652 Sales, general and administrative 9,060 10,669 Total operating expense 20,193 22,321 Operating loss (17,004) (21,694) Interest expense (693) (67) Other income, net 466 92 Net loss $ (17,231) $ (21,669) Basic and diluted net loss per share $ (0.26) $ (0.39) Shares used in computing basic and diluted net loss per share 66,190 56,166 Pacific Biosciences of California, Inc. Unaudited Consolidated Statement of Operations (amounts in thousands, except per share amounts) Year Ended December 31, 2013 2012 Revenue: Product revenue $ 20,039 $ 20,089 Service and other revenue 6,446 5,894 Revenue from development agreement 1,696 — Total revenue 28,181 25,983 Cost of Revenue: Cost of product revenue 15,706 18,796 Cost of service and other revenue 6,056 6,247 Total cost of revenue 21,762 25,043 Gross profit 6,419 940 Operating Expense: Research and development 45,217 47,623 Sales, general and administrative 38,745 47,655 Total operating expense 83,962 95,278 Operating loss (77,543) (94,338) Interest expense (2,478) (274) Other income, net 728 147 Net loss $ (79,293) $ (94,465) Basic and diluted net loss per share $ (1.26) $ (1.69) Shares used in computing basic and diluted net loss per share 62,784 55,733 Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets (amounts in thousands) December 31 , December 31, 2013 2012 Assets Cash and investments $ 112,528 $ 100,580 Accounts receivable 2,746 2,822 Inventory 10,050 9,592 Prepaid and other current assets 1,135 2,006 Property and equipment 9,236 14,329 Other long-term assets 490 354 Total Assets $ 136,185 $ 129,683 Liabilities and Stockholders' Equity Accounts payable $ 1,717 $ 2,988 Accrued and other current liabilities 9,797 8,377 Deferred service revenue 4,564 4,178 Deferred development revenue 33,304 — Facility financing and other non-current liabilities 3,727 4,758 Financing derivative 549 — Notes payable 13,347 — Stockholders' equity 69,180 109,382 Total Liabilities and Stockholders' Equity $ 136,185 $ 129,683 CONTACT: Trevin Rard 650.521.8450 ir@pacificbiosciences.com Source: Pacific Biosciences of California, Inc.


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