PacBio Announces Second Quarter 2024 Financial Results
PacBio (NASDAQ: PACB) reported Q2 2024 financial results with revenue of $36.0 million, down from $47.6 million in Q2 2023. The company faced headwinds in the capital equipment market, particularly in Europe and Asia. Key highlights include:
- Instrument revenue: $14.7 million (24 Revio™ systems sold)
- Consumables revenue: $17.0 million
- Service and other revenue: $4.3 million
- Net loss: $173.3 million ($0.64 per share)
- Non-GAAP net loss: $55.2 million ($0.20 per share)
Despite challenges, PacBio sees positive developments in population genomics programs and increasing adoption of Revio in clinical research. The company remains on track to reduce annual run rate expenses by over $75 million while maintaining key product development programs.
PacBio (NASDAQ: PACB) ha riportato i risultati finanziari del secondo trimestre 2024 con un fatturato di 36,0 milioni di dollari, in calo rispetto ai 47,6 milioni di dollari del secondo trimestre 2023. L'azienda ha affrontato ostacoli nel mercato delle attrezzature di capitale, in particolare in Europa e Asia. I punti salienti includono:
- Fatturato da strumentazione: 14,7 milioni di dollari (24 sistemi Revio™ venduti)
- Fatturato da consumabili: 17,0 milioni di dollari
- Fatturato da servizi e altro: 4,3 milioni di dollari
- Perdita netta: 173,3 milioni di dollari (0,64 dollari per azione)
- Perdita netta non-GAAP: 55,2 milioni di dollari (0,20 dollari per azione)
Nonostante le difficoltà, PacBio vede sviluppi positivi nei programmi di genomica delle popolazioni e un aumento dell'adozione di Revio nella ricerca clinica. L'azienda rimane sulla buona strada per ridurre le spese annuali di oltre 75 milioni di dollari mantenendo i principali programmi di sviluppo prodotto.
PacBio (NASDAQ: PACB) reportó los resultados financieros del segundo trimestre de 2024 con ingresos de 36.0 millones de dólares, una disminución de los 47.6 millones de dólares en el segundo trimestre de 2023. La compañía enfrentó vientos en contra en el mercado de equipos de capital, particularmente en Europa y Asia. Los aspectos más destacados incluyen:
- Ingresos por instrumentos: 14.7 millones de dólares (24 sistemas Revio™ vendidos)
- Ingresos por consumibles: 17.0 millones de dólares
- Ingresos por servicios y otros: 4.3 millones de dólares
- Pérdida neta: 173.3 millones de dólares (0.64 dólares por acción)
- Pérdida neta no-GAAP: 55.2 millones de dólares (0.20 dólares por acción)
A pesar de los desafíos, PacBio observa desarrollos positivos en programas de genómica poblacional y un aumento en la adopción de Revio en la investigación clínica. La compañía sigue en camino de reducir los gastos anuales en más de 75 millones de dólares mientras mantiene los programas clave de desarrollo de productos.
PacBio (NASDAQ: PACB)는 2024년 2분기 재무 결과를 발표했으며, 매출 3,600만 달러로 2023년 2분기 4,760만 달러에서 감소했습니다. 이 회사는 자본 장비 시장에서의 어려움에 직면했으며, 특히 유럽과 아시아에서 두드러졌습니다. 주요 하이라이트는 다음과 같습니다:
- 기기 매출: 1,470만 달러 (판매된 Revio™ 시스템 24대)
- 소모품 매출: 1,700만 달러
- 서비스 및 기타 매출: 430만 달러
- 순손실: 1억 7,330만 달러 (주당 0.64달러)
- 비-GAAP 순손실: 5,520만 달러 (주당 0.20달러)
어려움에도 불구하고 PacBio는 인구 유전체학 프로그램에서 긍정적인 발전을 보고 있으며, 임상 연구에서 Revio의 채택이 증가하고 있습니다. 이 회사는 주요 제품 개발 프로그램을 유지하면서 연간 운영 비용을 7,500만 달러 이상 절감할 계획입니다.
PacBio (NASDAQ: PACB) a annoncé les résultats financiers du deuxième trimestre 2024, avec des revenus de 36,0 millions de dollars, en baisse par rapport à 47,6 millions de dollars au deuxième trimestre 2023. L'entreprise a été confrontée à des défis sur le marché des équipements de capital, en particulier en Europe et en Asie. Les faits saillants incluent :
- Revenus d'instruments : 14,7 millions de dollars (24 systèmes Revio™ vendus)
- Revenus des consommables : 17,0 millions de dollars
- Revenus des services et autres : 4,3 millions de dollars
- Perte nette : 173,3 millions de dollars (0,64 $ par action)
- Perte nette non-GAAP : 55,2 millions de dollars (0,20 $ par action)
Malgré les défis, PacBio remarque des dévéloppements positifs dans les programmes de génomique des populations et une adoption croissante de Revio dans la recherche clinique. L'entreprise reste sur la bonne voie pour réduire ses coûts annuels de fonctionnement de plus de 75 millions de dollars tout en maintenant ses programmes clés de développement de produits.
PacBio (NASDAQ: PACB) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, mit Umsätzen von 36,0 Millionen Dollar, ein Rückgang von 47,6 Millionen Dollar im zweiten Quartal 2023. Das Unternehmen sah sich Herausforderungen im Markt für Investitionsgüter gegenüber, insbesondere in Europa und Asien. Zu den wichtigsten Highlights gehören:
- Instrumentenumsatz: 14,7 Millionen Dollar (24 verkaufte Revio™-Systeme)
- Umsatz aus Verbrauchsmaterialien: 17,0 Millionen Dollar
- Umsatz aus Dienstleistungen und anderen: 4,3 Millionen Dollar
- Nettoverlust: 173,3 Millionen Dollar (0,64 Dollar pro Aktie)
- Nettoverlust nach Non-GAAP: 55,2 Millionen Dollar (0,20 Dollar pro Aktie)
Trotz der Herausforderungen sieht PacBio positive Entwicklungen in Programmen zur Bevölkerungsgenomik und einen zunehmenden Einsatz von Revio in der klinischen Forschung. Das Unternehmen bleibt auf dem richtigen Weg, um die jährlichen Betriebskosten um über 75 Millionen Dollar zu senken und gleichzeitig wichtige Produktentwicklungsprogramme aufrechtzuerhalten.
- Consumables revenue increased to $17.0 million from $13.7 million in the prior-year period
- Non-GAAP gross margin improved to 37% from 33% in Q2 2023
- Implemented new Revio rental program with Mitsubishi HC Capital, offering U.S. customers an option with no upfront capital
- Secured multiple high-profile collaborations and adoptions of Revio system, including with PRECISE, Quest Diagnostics, and Novogene
- Revenue decreased to $36.0 million from $47.6 million in the prior-year period
- Instrument revenue declined to $14.7 million from $29.9 million in Q2 2023
- Net loss increased to $173.3 million from $69.8 million in Q2 2023
- Recorded a non-cash goodwill impairment charge of $93.2 million
- Cash, cash equivalents, and investments decreased to $509.8 million from $631.4 million at the end of 2023
PacBio's Q2 2024 results reveal significant challenges. Revenue declined
Despite these headwinds, there are some positive indicators. Consumables revenue grew
PacBio's Q2 results reflect broader market challenges, particularly in Europe and Asia. The 24 Revio systems sold indicate ongoing adoption, but at a slower pace than anticipated. However, several positive developments suggest potential for future growth:
- Precision Health Research Singapore's adoption for a major sequencing project
- Quest Diagnostics' use of Revio for neurological disorder test development
- Ambry Genetics' collaboration for rare disease research
- Novogene's expansion in Europe using Revio
The launch of a free HiFi long-read variant database and the new Revio rental program could drive increased adoption and usage. These initiatives, combined with growing interest in population genomics and clinical research applications, may help accelerate revenue growth in the latter half of 2024 and into 2025.
PacBio's Q2 results highlight the growing importance of long-read sequencing in medical research and clinical applications. The adoption of Revio systems by major players like Quest Diagnostics and Ambry Genetics for neurological disorders and rare disease research demonstrates the increasing relevance of HiFi sequencing in precision medicine.
The launch of the first free, publicly available HiFi long-read variant frequency database is a significant development for rare disease researchers. This resource could accelerate discoveries and improve diagnostic capabilities. Additionally, the expansion of Revio's use in population genomics projects, such as Singapore's Long-Read Sequencing Flagship Project, underscores the technology's potential to advance large-scale genetic studies. These developments suggest a growing market for PacBio's technology in medical research and clinical settings, which could drive future growth despite current financial challenges.
MENLO PARK, Calif., Aug. 07, 2024 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended June 30, 2024.
Second quarter results:
- Revenue of
$36.0 million compared with$47.6 million in the prior-year period. - Instrument revenue of
$14.7 million compared with$29.9 million in the prior-year period. Instrument revenue in the second quarter of 2024 included 24 Revio™ sequencing systems. - Consumables revenue of
$17.0 million compared with$13.7 million in the prior-year period. - Service and other revenue of
$4.3 million compared with$3.9 million in the prior-year period.
Gross profit for the second quarter of 2024 was
Operating expenses totaled
Net loss for the second quarter of 2024 was
Net loss per share for the second quarter of 2024 was
Net loss and net loss per share included
Cash, cash equivalents, and investments, excluding short- and long-term restricted cash, at June 30, 2024, totaled
Non-GAAP second quarter results (see accompanying tables for reconciliations of GAAP and non-GAAP measures):
Non-GAAP gross profit for the second quarter of 2024 was
Non-GAAP operating expenses totaled
Non-GAAP net loss for the second quarter of 2024 was
Non-GAAP net loss per share for the second quarter of 2024 was
Updates since PacBio's last earnings release
- Announced that Precision Health Research Singapore (PRECISE) has chosen the Revio HiFi sequencing system for Singapore’s Long-Read Sequencing Flagship Project aiming to generate the largest long-read sequencing dataset in Southeast Asia and marking a significant advancement for precision medicine in Singapore.
- Delivered multiple Revios to Quest Diagnostics to support Quest's development of its tests for neurological disorders based on the advantages of our recently launched PureTarget repeat expansion panel.
- Announced that Ambry Genetics has joined the collaboration with the GREGoR consortium and the University of California, Irvine to sequence up to 7,000 long-read HiFi genomes over three years, advancing rare disease research.
- Announced that Novogene is using Revio to expand the capabilities of its new lab in Munich, Germany to help enable customers to scale their research across a broad range of applications including rare diseases, cancer, microbes, and agriculture in a cost-effective way.
- Launched the first free, publicly available HiFi long-read variant frequency database with the Consortium for Long-Read Sequencing (CoLoRS), providing essential genetic variant data for rare disease researchers.
- Implemented PacBio Capital's new Revio rental program with our leasing partner Mitsubishi HC Capital giving eligible U.S. based customers another option to bring Revio in-house with no upfront capital for just over
$20,000 per month.
"In the second quarter, we continued to see headwinds in the capital equipment market, particularly in Europe and Asia. However, there were several positive developments that give us increasing confidence that revenue will accelerate in the second half of this year and into 2025," said Christian Henry, President and Chief Executive Officer. "For example, population genomic programs across the globe utilizing Revio are just getting started and hospitals and diagnostic companies are increasingly leveraging the comprehensive power of HiFi sequencing and adopting Revio in their clinical research programs. Operationally, we remain on track to reduce annual run rate expenses by more than
Quarterly Conference Call Information
Management will host a quarterly conference call to discuss its second quarter ended June 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 Q2 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 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 Friedman
ir@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) | June 30, 2024 | March 31, 2024 | June 30, 2023 | ||||||||
| Revenue: | |||||||||||
| Product revenue | $ | 31,746 | $ | 35,009 | $ | 43,655 | |||||
| Service and other revenue | 4,267 | 3,801 | 3,918 | ||||||||
| Total revenue | 36,013 | 38,810 | 47,573 | ||||||||
| Cost of Revenue: | |||||||||||
| Cost of product revenue | 23,083 | 22,447 | 28,432 | ||||||||
| Cost of service and other revenue | 3,366 | 3,738 | 3,412 | ||||||||
| Amortization of acquired intangible assets | 2,628 | 1,343 | 183 | ||||||||
| Loss on purchase commitment | 998 | — | — | ||||||||
| Total cost of revenue | 30,075 | 27,528 | 32,027 | ||||||||
| Gross profit | 5,938 | 11,282 | 15,546 | ||||||||
| Operating Expense: | |||||||||||
| Research and development | 38,485 | 43,455 | 46,173 | ||||||||
| Sales, general and administrative | 45,877 | 43,753 | 40,573 | ||||||||
| Goodwill impairment (1) | 93,200 | — | — | ||||||||
| Amortization of acquired intangible assets | 4,222 | 5,506 | — | ||||||||
| Change in fair value of contingent consideration (2) | — | (70 | ) | 1,975 | |||||||
| Total operating expense | 181,784 | 92,644 | 88,721 | ||||||||
| Operating loss | (175,846 | ) | (81,362 | ) | (73,175 | ) | |||||
| Loss on extinguishment of debt (3) | — | — | (2,033 | ) | |||||||
| Interest expense | (3,542 | ) | (3,575 | ) | (3,554 | ) | |||||
| Other income, net | 6,069 | 6,759 | 8,929 | ||||||||
| Loss before benefit from income taxes | (173,319 | ) | (78,178 | ) | (69,833 | ) | |||||
| Benefit from income taxes | — | — | — | ||||||||
| Net loss | $ | (173,319 | ) | $ | (78,178 | ) | $ | (69,833 | ) | ||
| Net loss per share: | |||||||||||
| Basic | $ | (0.64 | ) | $ | (0.29 | ) | $ | (0.28 | ) | ||
| Diluted | $ | (0.64 | ) | $ | (0.29 | ) | $ | (0.28 | ) | ||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||
| Basic | 272,385 | 269,578 | 250,070 | ||||||||
| Diluted | 272,385 | 269,578 | 250,070 | ||||||||
(1) 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.
(2) Change in fair value of contingent consideration during the three months ended March 31, 2024 and June 30, 2023 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 three months ended June 30, 2023 is related to the exchange of a portion of the Company's
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| (in thousands, except per share amounts) | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 31,746 | $ | 43,655 | $ | 66,755 | $ | 78,309 | |||||||
| Service and other revenue | 4,267 | 3,918 | 8,068 | 8,164 | |||||||||||
| Total revenue | 36,013 | 47,573 | 74,823 | 86,473 | |||||||||||
| Cost of Revenue: | |||||||||||||||
| Cost of product revenue | 23,083 | 28,432 | 45,530 | 53,596 | |||||||||||
| Cost of service and other revenue | 3,366 | 3,412 | 7,104 | 7,204 | |||||||||||
| Amortization of acquired intangible assets | 2,628 | 183 | 3,971 | 366 | |||||||||||
| Loss on purchase commitment | 998 | — | 998 | — | |||||||||||
| Total cost of revenue | 30,075 | 32,027 | 57,603 | 61,166 | |||||||||||
| Gross profit | 5,938 | 15,546 | 17,220 | 25,307 | |||||||||||
| Operating Expense: | |||||||||||||||
| Research and development | 38,485 | 46,173 | 81,940 | 95,112 | |||||||||||
| Sales, general and administrative | 45,877 | 40,573 | 89,630 | 80,391 | |||||||||||
| Goodwill impairment (1) | 93,200 | — | 93,200 | — | |||||||||||
| Amortization of acquired intangible assets | 4,222 | — | 9,728 | — | |||||||||||
| Change in fair value of contingent consideration (2) | — | 1,975 | (70 | ) | 14,231 | ||||||||||
| Total operating expense | 181,784 | 88,721 | 274,428 | 189,734 | |||||||||||
| Operating loss | (175,846 | ) | (73,175 | ) | (257,208 | ) | (164,427 | ) | |||||||
| Loss on extinguishment of debt (3) | — | (2,033 | ) | — | (2,033 | ) | |||||||||
| Interest expense | (3,542 | ) | (3,554 | ) | (7,117 | ) | (7,184 | ) | |||||||
| Other income, net | 6,069 | 8,929 | 12,828 | 15,796 | |||||||||||
| Loss before benefit from income taxes | (173,319 | ) | (69,833 | ) | (251,497 | ) | (157,848 | ) | |||||||
| Benefit from income taxes | — | — | — | — | |||||||||||
| Net loss | $ | (173,319 | ) | $ | (69,833 | ) | $ | (251,497 | ) | $ | (157,848 | ) | |||
| Net loss per share: | |||||||||||||||
| Basic | $ | (0.64 | ) | $ | (0.28 | ) | $ | (0.93 | ) | $ | (0.64 | ) | |||
| Diluted | $ | (0.64 | ) | $ | (0.28 | ) | $ | (0.93 | ) | $ | (0.64 | ) | |||
| Weighted average shares outstanding used in calculating net loss per share: | |||||||||||||||
| Basic | 272,385 | 250,070 | 270,982 | 246,074 | |||||||||||
| Diluted | 272,385 | 250,070 | 270,982 | 246,074 | |||||||||||
(1) Goodwill impairment during the three and six months ended June 30, 2024 was related to a sustained decrease in the Company’s share price, among other factors.
(2) Change in fair value of contingent consideration during the six months ended June 30, 2024 and the three and six months ended June 30, 2023 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 three and six months ended June 30, 2023 is related to the exchange of a portion of the Company's
| Pacific Biosciences of California, Inc. Unaudited Condensed Consolidated Balance Sheets | |||||||
| (in thousands) | June 30, 2024 | December 31, 2023 | |||||
| Assets | |||||||
| Cash and investments | $ | 509,802 | $ | 631,416 | |||
| Accounts receivable, net | 32,433 | 36,615 | |||||
| Inventory, net | 68,594 | 56,676 | |||||
| Prepaid and other current assets | 16,968 | 17,040 | |||||
| Property and equipment, net | 34,910 | 36,432 | |||||
| Operating lease right-of-use assets, net | 22,391 | 32,593 | |||||
| Restricted cash | 2,264 | 2,722 | |||||
| Intangible assets, net | 443,278 | 456,984 | |||||
| Goodwill | 369,061 | 462,261 | |||||
| Other long-term assets | 9,790 | 13,274 | |||||
| Total Assets | $ | 1,509,491 | $ | 1,746,013 | |||
| Liabilities and Stockholders' Equity | |||||||
| Accounts payable | $ | 17,488 | $ | 15,062 | |||
| Accrued expenses | 22,456 | 45,708 | |||||
| Deferred revenue | 24,918 | 21,872 | |||||
| Operating lease liabilities | 32,107 | 41,197 | |||||
| Contingent consideration liability | 19,480 | 19,550 | |||||
| Convertible senior notes, net | 892,844 | 892,243 | |||||
| Other liabilities | 7,498 | 9,077 | |||||
| Stockholders' equity | 492,700 | 701,304 | |||||
| Total Liabilities and Stockholders' Equity | $ | 1,509,491 | $ | 1,746,013 | |||
| Pacific Biosciences of California, Inc. Reconciliation of Non-GAAP Financial Measures | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| (in thousands, except per share amounts) | June 30, 2024 | March 31, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||||
| GAAP net loss | $ | (173,319 | ) | $ | (78,178 | ) | $ | (69,833 | ) | $ | (251,497 | ) | $ | (157,848 | ) | |||||
| Change in fair value of contingent consideration (1) | — | (70 | ) | 1,975 | (70 | ) | 14,231 | |||||||||||||
| Goodwill impairment (2) | 93,200 | — | — | 93,200 | — | |||||||||||||||
| Amortization of acquired intangible assets | 6,850 | 6,849 | 228 | 13,699 | 456 | |||||||||||||||
| Loss on extinguishment of debt (3) | — | — | 2,033 | — | 2,033 | |||||||||||||||
| Restructuring (4) | 18,028 | — | — | 18,028 | — | |||||||||||||||
| Non-GAAP net loss | $ | (55,241 | ) | $ | (71,399 | ) | $ | (65,597 | ) | $ | (126,640 | ) | $ | (141,128 | ) | |||||
| GAAP net loss per share | $ | (0.64 | ) | $ | (0.29 | ) | $ | (0.28 | ) | $ | (0.93 | ) | $ | (0.64 | ) | |||||
| Change in fair value of contingent consideration (1) | — | — | 0.01 | — | 0.06 | |||||||||||||||
| Goodwill impairment (2) | 0.34 | — | — | 0.34 | — | |||||||||||||||
| Amortization of acquired intangible assets | 0.03 | 0.03 | — | 0.05 | — | |||||||||||||||
| Loss on extinguishment of debt (3) | — | — | 0.01 | — | 0.01 | |||||||||||||||
| Restructuring (4) | 0.07 | — | — | 0.07 | — | |||||||||||||||
| Non-GAAP net loss per share | $ | (0.20 | ) | $ | (0.26 | ) | $ | (0.26 | ) | $ | (0.47 | ) | $ | (0.57 | ) | |||||
| GAAP gross profit | $ | 5,938 | $ | 11,282 | $ | 15,546 | $ | 17,220 | $ | 25,307 | ||||||||||
| Amortization of acquired intangible assets | 2,628 | 1,343 | 183 | 3,971 | 366 | |||||||||||||||
| Restructuring (4) | 4,650 | — | — | 4,650 | — | |||||||||||||||
| Non-GAAP gross profit | $ | 13,216 | $ | 12,625 | $ | 15,729 | $ | 25,841 | $ | 25,673 | ||||||||||
| GAAP gross profit % | 16 | % | 29 | % | 33 | % | 23 | % | 29 | % | ||||||||||
| Non-GAAP gross profit % | 37 | % | 33 | % | 33 | % | 35 | % | 30 | % | ||||||||||
| GAAP total operating expense | $ | 181,784 | $ | 92,644 | $ | 88,721 | $ | 274,428 | $ | 189,734 | ||||||||||
| Change in fair value of contingent consideration (1) | — | 70 | (1,975 | ) | 70 | (14,231 | ) | |||||||||||||
| Goodwill impairment (2) | (93,200 | ) | — | — | (93,200 | ) | — | |||||||||||||
| Amortization of acquired intangible assets | (4,222 | ) | (5,506 | ) | (45 | ) | (9,728 | ) | (90 | ) | ||||||||||
| Restructuring (4) | (13,378 | ) | — | — | (13,378 | ) | — | |||||||||||||
| Non-GAAP total operating expense | $ | 70,984 | $ | 87,208 | $ | 86,701 | $ | 158,192 | $ | 175,413 | ||||||||||
(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 and six months ended June 30, 2024 was related to a sustained decrease in the Company's share price, among other factors.
(3) Loss on extinguishment of debt during the three and six months ended June 30, 2023 is related to the exchange of a portion of the Company's
(4) Restructuring costs during the three and six months ended June 30, 2024 consist primarily of employee separation costs, accelerated amortization and depreciation for right-of-use assets, leasehold improvements, and furniture and fixtures relating to the planned abandonment of the San Diego office, including charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives during the three months ended June 30, 2024.
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