PacBio (NASDAQ: PACB) today announced financial results for the
quarter ended September 30, 2024.
Third quarter results:
- Revenue of $40.0 million compared with
$55.7 million in the prior-year period.
- Instrument revenue of $16.8 million
compared with $34.7 million in the prior-year period. Instrument
revenue in the third quarter of 2024 included 22
Revio™ sequencing systems.
- Consumables revenue of $18.5 million
compared with $16.9 million in the prior-year period.
- Service and other revenue of $4.7
million compared with $4.1 million in the prior-year period.
Gross profit, operating expenses, net loss, and net loss per
share are reported on a GAAP and non-GAAP basis. The non-GAAP
measures are described below and reconciled to the corresponding
GAAP measures at the end of this release.
Gross profit for the third quarter of 2024 was $10.0 million,
which reflected a $3.2 million expense related to the amortization
of acquired intangible assets, compared with $17.9 million for the
third quarter of 2023.
Operating expenses totaled $74.1 million for the third quarter
of 2024, compared to $100.4 million for the third quarter of 2023.
Operating expenses for the third quarter of 2024 included $6.9
million of restructuring expenses, $3.6 million related to the
amortization of acquired intangible assets, and $1.2 million
related to the change in fair value of contingent consideration.
Operating expenses for the third quarter of 2024 and the third
quarter of 2023 included non-cash share-based compensation of $17.0
million and $18.6 million, respectively.
Net loss for the third quarter of 2024 was $60.7 million,
compared to a net loss of $66.9 million for the third quarter of
2023.
Net loss per share for the third quarter of 2024 was $0.22,
compared to net loss per share of $0.26 for the third quarter of
2023.
Cash, cash equivalents, and investments, excluding short- and
long-term restricted cash, at September 30, 2024, totaled
$471.1 million, compared to $631.4 million at December 31,
2023.
Non-GAAP third quarter
results (see accompanying tables for
reconciliations of GAAP and non-GAAP measures):
Non-GAAP gross profit for the third quarter of 2024 was $13.0
million compared with $18.1 million for the third quarter of 2023
and a non-GAAP gross margin of 33% in the third quarter of 2024
compared to 32% for the third quarter of 2023.
Non-GAAP operating expenses totaled $62.4 million for the third
quarter of 2024, compared to $90.9 million for the third quarter of
2023.
Non-GAAP net loss for the third quarter of 2024 was $46.0
million, compared to a non-GAAP net loss of $67.9 million for the
third quarter of 2023.
Non-GAAP net loss per share for the third quarter of 2024 was
$0.17 compared to a non-GAAP net loss per share of $0.27 for the
third quarter of 2023.
Updates since PacBio's last earnings
release
- Announced SPRQ chemistry for the Revio
sequencing system, increasing throughput by 33% and enabling
sub-$500 whole genome sequencing. This advancement raises Revio’s
capacity to 2,500 human genomes per year while reducing DNA input
requirements fourfold to 500ng, allowing more samples to be
sequenced on the platform. The update also enhances and expands
methylation detection capabilities.
- Unveiled Vega™, a new long-read
benchtop sequencer offering customers the extraordinary data
accuracy of HiFi technology and a fast turnaround time, with
simplified and integrated consumables delivering up to 60 gigabases
per run, all at a U.S. list price of $169,000 per system.
- Introduced the SMRT Link Cloud
software, expected to be available in early 2025, allowing
customers to access, store, and analyze their HiFi data without
local hardware, making it easier for new and existing customers to
ramp up their PacBio sequencing.
- Collaborated with the Agency for
Science, Technology, and Research (A*STAR) and Macrogen to open a
state-of-the-art joint laboratory in Singapore, providing the local
research community with access to cutting-edge long-read sequencing
technology and support for the National Precision Medicine (NPM)
program's long-read sequencing needs.
- Announced the formation of the HiFi
Solves Sub-fertility Consortium, which unites leading experts and
leverages HiFi sequencing technology alongside DNAstack’s federated
data platform to advance the diagnosis and treatment of
subfertility and recurrent pregnancy loss.
- Partnered with the University Hospital
of Münster to use long-read whole genome sequencing in advancing
research on male infertility and rare diseases.
- Joined the 10x Genomics Compatible
Partner Program, expanding the range of applications Onso can
address, particularly in the fast-growing fields of single-cell and
spatial biology.
- Signed a Research Collaboration
Agreement with the National Cancer Centre of Singapore to use Onso
to profile the genomic landscape of prevalent cancers in Asia.
- Announced a private convertible note
exchange transaction of $459 million principal amount of 1.50%
convertible Senior Notes due 2028, meaningfully reducing and
extending the duration of our long-term debt while balancing
shareholder dilution and impact to our cash, which is anticipated
to close on or about November 21, 2024.
"While PacBio continued to operate in a difficult macro
environment for capital purchases in the third quarter, we saw
several positive signs that lead us to believe that we are on the
path to return to growth in 2025 and beyond," said Christian Henry,
President and Chief Executive Officer. "We're seeing sequential
growth in consumables with growing sequencing data output,
continued Revio adoption from new customers, and a record quarter
for Onso. Meanwhile, we continue to decrease our cash burn and
remain committed to our goal of being cashflow positive exiting
2026. Additionally, we’re strengthening our balance sheet by
reducing our total debt while balancing dilution through our
recently announced note exchange with SoftBank. With the launch of
our SPRQ chemistry and the Vega benchtop system, PacBio is
delivering on its strategy to bring a suite of advanced platforms
and solutions to the market and expand HiFi's ability to reach more
customers than ever before.”
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its
third quarter ended September 30, 2024, results today at 4:30
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 Q3 Earnings Call". The call will be
webcast live and available for replay at PacBio's website at
https://investor.pacificbiosciences.com.
About PacBio
PacBio (NASDAQ: PACB) is a premier life science technology
company that designs, develops, and manufactures advanced
sequencing solutions to help scientists and clinical researchers
resolve genetically complex problems. Our products and technologies
stem from two highly differentiated core technologies focused on
accuracy, quality and completeness which include our HiFi long-read
sequencing and our SBB® short-read sequencing technologies. Our
products address solutions across a broad set of research
applications including human germline sequencing, 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. PacBio excludes recurring charges from its non-GAAP
financial statements, including amortization of intangible assets,
changes in fair value of contingent consideration and restructuring
related expenses, and further excludes infrequent and limited
charges including impairment charges and gains or losses on the
extinguishment of debt. The amortization of acquired intangible
assets excluded from GAAP financial measures relates to acquired
intangible assets that were recorded as part of the purchase
accounting during the year ended December 31, 2021. 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. PacBio
is unable to reconcile future-looking non-GAAP guidance included in
this press release without unreasonable effort because certain
items that impact this measure are out of PacBio's control and/or
cannot be reasonably predicted at this time.
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
PacBio’s note exchange transaction and its anticipated financial
impact and closing timing; cost-saving plans and initiatives as
well as the expected financial impact and timing of these plans and
initiatives; PacBio’s financial guidance and expectations for
future periods; developments affecting our industry and the markets
in which we compete, including the impact of new products and
technologies; anticipated future customer use of our products; and
the availability, uses, accuracy, coverage, advantages, quality or
performance of, or benefits or expected benefits of using, PacBio
products or technologies; and, 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 Quarterly Report on Form 10-Q when filed with the
Securities and Exchange Commission.
Contacts
Investors:
Todd Friedmanir@pacb.com
Media:pr@pacb.com
|
Pacific Biosciences of California,
Inc.Unaudited Condensed Consolidated Statements of
Operations |
| |
| |
Three Months Ended |
| (in thousands, except per
share amounts) |
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
| Revenue: |
|
|
|
|
|
|
Product revenue |
$ |
35,296 |
|
|
$ |
31,746 |
|
|
$ |
51,562 |
|
|
Service and other revenue |
|
4,671 |
|
|
|
4,267 |
|
|
|
4,129 |
|
|
Total revenue |
|
39,967 |
|
|
|
36,013 |
|
|
|
55,691 |
|
| Cost of Revenue: |
|
|
|
|
|
|
Cost of product revenue(1) |
|
23,278 |
|
|
|
23,083 |
|
|
|
33,551 |
|
|
Cost of service and other revenue(2) |
|
3,484 |
|
|
|
3,366 |
|
|
|
4,054 |
|
|
Amortization of acquired intangible assets |
|
3,201 |
|
|
|
2,628 |
|
|
|
184 |
|
|
Loss on purchase commitment |
|
— |
|
|
|
998 |
|
|
|
— |
|
|
Total cost of revenue |
|
29,963 |
|
|
|
30,075 |
|
|
|
37,789 |
|
|
Gross profit |
|
10,004 |
|
|
|
5,938 |
|
|
|
17,902 |
|
| Operating Expense: |
|
|
|
|
|
|
Research and development(1) |
|
25,516 |
|
|
|
38,485 |
|
|
|
47,514 |
|
|
Sales, general and administrative(1) |
|
43,746 |
|
|
|
45,877 |
|
|
|
43,431 |
|
|
Goodwill impairment(3) |
|
— |
|
|
|
93,200 |
|
|
|
— |
|
|
Merger-related expenses(4) |
|
— |
|
|
|
— |
|
|
|
8,979 |
|
|
Amortization of acquired intangible assets |
|
3,649 |
|
|
|
4,222 |
|
|
|
741 |
|
|
Change in fair value of contingent consideration(5) |
|
1,170 |
|
|
|
— |
|
|
|
(271 |
) |
|
Total operating expense |
|
74,081 |
|
|
|
181,784 |
|
|
|
100,394 |
|
| Operating loss |
|
(64,077 |
) |
|
|
(175,846 |
) |
|
|
(82,492 |
) |
|
Interest expense |
|
(3,538 |
) |
|
|
(3,542 |
) |
|
|
(3,588 |
) |
|
Other income, net |
|
6,890 |
|
|
|
6,069 |
|
|
|
8,505 |
|
| Loss before benefit from
income taxes |
|
(60,725 |
) |
|
|
(173,319 |
) |
|
|
(77,575 |
) |
| Benefit from income
taxes(6) |
|
— |
|
|
|
— |
|
|
|
(10,706 |
) |
| Net loss |
$ |
(60,725 |
) |
|
$ |
(173,319 |
) |
|
$ |
(66,869 |
) |
|
|
|
|
|
|
|
| Net loss per share: |
|
|
|
|
|
|
Basic |
$ |
(0.22 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.26 |
) |
|
Diluted |
$ |
(0.22 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.26 |
) |
| |
|
|
|
|
|
| Weighted average shares
outstanding used in calculating net loss per share: |
|
|
|
|
|
|
Basic |
|
272,915 |
|
|
|
272,385 |
|
|
|
255,001 |
|
|
Diluted |
|
272,915 |
|
|
|
272,385 |
|
|
|
255,001 |
|
|
(1) |
Balances for
the three months ended September 30, 2024 and June 30, 2024 include
restructuring costs. Refer to the Reconciliation of Non-GAAP
Financial Measures table below for additional information on such
costs and related amounts. |
| (2) |
Balance for the three months ended June 30, 2024 includes
restructuring costs of $0.6 million. Refer to the Reconciliation of
Non-GAAP Financial Measures table below for additional information
on such costs. |
| (3) |
Goodwill impairment during the three months ended June 30, 2024
was related to a sustained decrease in the Company's share price,
among other factors. |
| (4) |
Merger-related expenses for the three months ended September
30, 2023 consists 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. |
| (5) |
Change in fair value of contingent consideration during the
three months ended September 30, 2024 and September 30,
2023 was due to fair value adjustments of milestone payments
payable upon the achievement of the respective milestone
event. |
| (6) |
A deferred income tax benefit during the three months ended
September 30, 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 Statements of
Operations |
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
| (in thousands, except per
share amounts) |
September 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
| Revenue: |
|
|
|
|
|
|
|
|
Product revenue |
$ |
35,296 |
|
|
$ |
51,562 |
|
|
$ |
102,051 |
|
|
$ |
129,871 |
|
|
Service and other revenue |
|
4,671 |
|
|
|
4,129 |
|
|
|
12,739 |
|
|
|
12,293 |
|
|
Total revenue |
|
39,967 |
|
|
|
55,691 |
|
|
|
114,790 |
|
|
|
142,164 |
|
| Cost of Revenue: |
|
|
|
|
|
|
|
|
Cost of product revenue(1) |
|
23,278 |
|
|
|
33,551 |
|
|
|
68,808 |
|
|
|
87,147 |
|
|
Cost of service and other revenue(2) |
|
3,484 |
|
|
|
4,054 |
|
|
|
10,588 |
|
|
|
11,258 |
|
|
Amortization of acquired intangible assets |
|
3,201 |
|
|
|
184 |
|
|
|
7,172 |
|
|
|
550 |
|
|
Loss on purchase commitment |
|
— |
|
|
|
— |
|
|
|
998 |
|
|
|
— |
|
|
Total cost of revenue |
|
29,963 |
|
|
|
37,789 |
|
|
|
87,566 |
|
|
|
98,955 |
|
|
Gross profit |
|
10,004 |
|
|
|
17,902 |
|
|
|
27,224 |
|
|
|
43,209 |
|
| Operating Expense: |
|
|
|
|
|
|
|
|
Research and development(1) |
|
25,516 |
|
|
|
47,514 |
|
|
|
107,456 |
|
|
|
142,626 |
|
|
Sales, general and administrative(1) |
|
43,746 |
|
|
|
43,431 |
|
|
|
133,376 |
|
|
|
123,822 |
|
|
Goodwill impairment(3) |
|
— |
|
|
|
— |
|
|
|
93,200 |
|
|
|
— |
|
|
Merger-related expenses(4) |
|
— |
|
|
|
8,979 |
|
|
|
— |
|
|
|
8,979 |
|
|
Amortization of acquired intangible assets |
|
3,649 |
|
|
|
741 |
|
|
|
13,377 |
|
|
|
741 |
|
|
Change in fair value of contingent consideration(5) |
|
1,170 |
|
|
|
(271 |
) |
|
|
1,100 |
|
|
|
13,960 |
|
|
Total operating expense |
|
74,081 |
|
|
|
100,394 |
|
|
|
348,509 |
|
|
|
290,128 |
|
| Operating loss |
|
(64,077 |
) |
|
|
(82,492 |
) |
|
|
(321,285 |
) |
|
|
(246,919 |
) |
|
Loss on extinguishment of debt(6) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,033 |
) |
|
Interest expense |
|
(3,538 |
) |
|
|
(3,588 |
) |
|
|
(10,655 |
) |
|
|
(10,772 |
) |
|
Other income, net |
|
6,890 |
|
|
|
8,505 |
|
|
|
19,718 |
|
|
|
24,301 |
|
| Loss before benefit from
income taxes |
|
(60,725 |
) |
|
|
(77,575 |
) |
|
|
(312,222 |
) |
|
|
(235,423 |
) |
| Benefit from income
taxes(7) |
|
— |
|
|
|
(10,706 |
) |
|
|
— |
|
|
|
(10,706 |
) |
| Net loss |
$ |
(60,725 |
) |
|
$ |
(66,869 |
) |
|
$ |
(312,222 |
) |
|
$ |
(224,717 |
) |
|
|
|
|
|
|
|
|
|
| Net loss per share: |
|
|
|
|
|
|
|
|
Basic |
$ |
(0.22 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.90 |
) |
|
Diluted |
$ |
(0.22 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.90 |
) |
|
|
|
|
|
|
|
|
|
| Weighted average shares
outstanding used in calculating net loss per share: |
|
|
|
|
|
|
|
|
Basic |
|
272,915 |
|
|
|
255,001 |
|
|
|
271,631 |
|
|
|
249,082 |
|
|
Diluted |
|
272,915 |
|
|
|
255,001 |
|
|
|
271,631 |
|
|
|
249,082 |
|
|
(1) |
Balances for
the three and nine months ended September 30, 2024 include
restructuring costs. Refer to the Reconciliation of Non-GAAP
Financial Measures table below for additional information on such
costs and related amounts. |
| (2) |
Balance for the nine months ended September 30, 2024 includes
restructuring costs of $0.6 million. Refer to the Reconciliation of
Non-GAAP Financial Measures table below for additional information
on such costs. |
| (3) |
Goodwill impairment during the nine months ended
September 30, 2024 was related to a sustained decrease in the
Company's share price, among other factors. |
| (4) |
Merger-related expenses for the three and nine months ended
September 30, 2023 consists 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. |
| (5) |
Change in fair value of contingent consideration during the
three and nine months ended September 30, 2024 and
September 30, 2023 was due to fair value adjustments of
milestone payments payable upon the achievement of the respective
milestone event. |
| (6) |
Loss on extinguishment of debt during the nine months ended
September 30, 2023 is related to the exchange of a portion of
the Company's 1.50% Convertible Senior Notes due 2028 for the
Company's 1.375% Convertible Senior Notes due 2030. |
| (7) |
A deferred income tax benefit during the three and nine months
ended September 30, 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) |
|
September 30,2024 |
|
December 31,2023 |
| Assets |
|
|
|
|
|
Cash and investments |
|
$ |
471,147 |
|
$ |
631,416 |
|
Accounts receivable, net |
|
|
29,383 |
|
|
36,615 |
|
Inventory, net |
|
|
65,737 |
|
|
56,676 |
|
Prepaid and other current assets |
|
|
17,277 |
|
|
17,040 |
|
Property and equipment, net |
|
|
31,952 |
|
|
36,432 |
|
Operating lease right-of-use assets, net |
|
|
17,344 |
|
|
32,593 |
|
Restricted cash |
|
|
2,222 |
|
|
2,722 |
|
Intangible assets, net |
|
|
436,426 |
|
|
456,984 |
|
Goodwill |
|
|
369,061 |
|
|
462,261 |
|
Other long-term assets |
|
|
9,503 |
|
|
13,274 |
| Total
Assets |
|
$ |
1,450,052 |
|
$ |
1,746,013 |
| |
|
|
|
|
| Liabilities and
Stockholders' Equity |
|
|
|
|
|
Accounts payable |
|
$ |
12,064 |
|
$ |
15,062 |
|
Accrued expenses |
|
|
19,183 |
|
|
45,708 |
|
Deferred revenue |
|
|
22,747 |
|
|
21,872 |
|
Operating lease liabilities |
|
|
27,608 |
|
|
41,197 |
|
Contingent consideration liability |
|
|
20,650 |
|
|
19,550 |
|
Convertible senior notes, net |
|
|
893,144 |
|
|
892,243 |
|
Other liabilities |
|
|
1,534 |
|
|
9,077 |
|
Stockholders' equity |
|
|
453,122 |
|
|
701,304 |
| Total Liabilities and
Stockholders' Equity |
|
$ |
1,450,052 |
|
$ |
1,746,013 |
|
Pacific Biosciences of California,
Inc.Reconciliation of Non-GAAP Financial
Measures |
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
(in thousands, except per share amounts) |
|
September 30,2024 |
|
June 30,2024 |
|
September 30,2023 |
|
September 30,2024 |
|
September 30,2023 |
|
GAAP net loss |
|
$ |
(60,725 |
) |
|
$ |
(173,319 |
) |
|
$ |
(66,869 |
) |
|
$ |
(312,222 |
) |
|
$ |
(224,717 |
) |
|
Change in fair value of contingent consideration(1) |
|
|
1,170 |
|
|
|
— |
|
|
|
(271 |
) |
|
|
1,100 |
|
|
|
13,960 |
|
|
Goodwill impairment(2) |
|
|
— |
|
|
|
93,200 |
|
|
|
— |
|
|
|
93,200 |
|
|
|
— |
|
|
Amortization of acquired intangible assets |
|
|
6,850 |
|
|
|
6,850 |
|
|
|
939 |
|
|
|
20,549 |
|
|
|
1,395 |
|
|
Merger-related expenses(3) |
|
|
— |
|
|
|
— |
|
|
|
8,979 |
|
|
|
— |
|
|
|
8,979 |
|
|
Loss on extinguishment of debt(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,033 |
|
|
Income tax benefit(5) |
|
|
— |
|
|
|
— |
|
|
|
(10,706 |
) |
|
|
— |
|
|
|
(10,706 |
) |
|
Restructuring(6) |
|
|
6,701 |
|
|
|
18,028 |
|
|
|
— |
|
|
|
24,729 |
|
|
|
— |
|
| Non-GAAP net loss |
|
$ |
(46,004 |
) |
|
$ |
(55,241 |
) |
|
$ |
(67,928 |
) |
|
$ |
(172,644 |
) |
|
$ |
(209,056 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP net loss per share |
|
$ |
(0.22 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.26 |
) |
|
$ |
(1.15 |
) |
|
$ |
(0.90 |
) |
|
Change in fair value of contingent consideration(1) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.06 |
|
|
Goodwill impairment(2) |
|
|
— |
|
|
|
0.34 |
|
|
|
— |
|
|
|
0.34 |
|
|
|
— |
|
|
Amortization of acquired intangible assets |
|
|
0.03 |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.08 |
|
|
|
— |
|
|
Merger-related expenses(3) |
|
|
— |
|
|
|
— |
|
|
|
0.04 |
|
|
|
— |
|
|
|
0.04 |
|
|
Loss on extinguishment of debt(4) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
Income tax benefit(5) |
|
|
— |
|
|
|
— |
|
|
|
(0.04 |
) |
|
|
— |
|
|
|
(0.04 |
) |
|
Restructuring(6) |
|
|
0.02 |
|
|
|
0.07 |
|
|
|
— |
|
|
|
0.09 |
|
|
|
— |
|
|
Other adjustments and rounding differences |
|
|
— |
|
|
|
— |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
(0.01 |
) |
| Non-GAAP net loss per
share |
|
$ |
(0.17 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.64 |
) |
|
$ |
(0.84 |
) |
| |
|
|
|
|
|
|
|
|
|
|
| GAAP gross profit |
|
$ |
10,004 |
|
|
$ |
5,938 |
|
|
$ |
17,902 |
|
|
$ |
27,224 |
|
|
$ |
43,209 |
|
|
Amortization of acquired intangible assets |
|
|
3,201 |
|
|
|
2,628 |
|
|
|
184 |
|
|
|
7,172 |
|
|
|
550 |
|
|
Restructuring(6) |
|
|
(207 |
) |
|
|
4,650 |
|
|
|
— |
|
|
|
4,443 |
|
|
|
— |
|
| Non-GAAP gross profit |
|
$ |
12,998 |
|
|
$ |
13,216 |
|
|
$ |
18,086 |
|
|
$ |
38,839 |
|
|
$ |
43,759 |
|
| |
|
|
|
|
|
|
|
|
|
|
| GAAP gross profit % |
|
|
25 |
% |
|
|
16 |
% |
|
|
32 |
% |
|
|
24 |
% |
|
|
30 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| Non-GAAP gross profit % |
|
|
33 |
% |
|
|
37 |
% |
|
|
32 |
% |
|
|
34 |
% |
|
|
31 |
% |
| |
|
|
|
|
|
|
|
|
|
|
| GAAP total operating
expense |
|
$ |
74,081 |
|
|
$ |
181,784 |
|
|
$ |
100,394 |
|
|
$ |
348,509 |
|
|
$ |
290,128 |
|
|
Change in fair value of contingent consideration(1) |
|
|
(1,170 |
) |
|
|
— |
|
|
|
271 |
|
|
|
(1,100 |
) |
|
|
(13,960 |
) |
|
Goodwill impairment(2) |
|
|
— |
|
|
|
(93,200 |
) |
|
|
— |
|
|
|
(93,200 |
) |
|
|
— |
|
|
Amortization of acquired intangible assets |
|
|
(3,649 |
) |
|
|
(4,222 |
) |
|
|
(755 |
) |
|
|
(13,377 |
) |
|
|
(845 |
) |
|
Merger-related expenses(3) |
|
|
— |
|
|
|
— |
|
|
|
(8,979 |
) |
|
|
— |
|
|
|
(8,979 |
) |
|
Restructuring(6) |
|
|
(6,908 |
) |
|
|
(13,378 |
) |
|
|
— |
|
|
|
(20,286 |
) |
|
|
— |
|
| Non-GAAP total operating
expense |
|
$ |
62,354 |
|
|
$ |
70,984 |
|
|
$ |
90,931 |
|
|
$ |
220,546 |
|
|
$ |
266,344 |
|
|
(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) |
Goodwill impairment during the three months ended June 30, 2024
and nine months ended September 30, 2024 was related to a sustained
decrease in the Company's share price, among other factors. |
| (3) |
Merger-related expenses for the three and nine months ended
September 30, 2023 consists 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. |
| (4) |
Loss on extinguishment of debt during the nine months ended
September 30, 2023 is related to the exchange of a portion of the
Company's 1.50% Convertible Senior Notes due 2028 for the Company's
1.375% Convertible Senior Notes due 2030. |
| (5) |
A deferred income tax benefit during the three and nine months
ended September 30, 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. |
| (6) |
Restructuring costs consist primarily of employee separation
costs, accelerated amortization and depreciation for right-of-use
assets, leasehold improvements, and furniture and fixtures relating
to the abandonment of the San Diego office, including charges for
excess inventory due to a decrease in internal demand relating to
the expense reduction initiatives. |
Pacific Biosciences of C... (NASDAQ:PACB)
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