PacBio Announces Third Quarter 2021 Financial Results

About this update from Pacific Biosciences Of California, Inc.

[{"type":"text","content":"MENLO PARK, Calif., Nov. 02, 2021 (GLOBE NEWSWIRE) -- PacBio (NASDAQ: PACB) today announced financial results for the quarter ended September 30, 2021. Record revenue reflects 6th straight quarter of sequential growth Revenue of $34.9 million, an 83% increase compared with $19.1 million in the prior year period.Placed 44 Sequel II/IIe systems during the quarter compared to 20 Sequel II systems placed in the prior year quarter and 38 Sequel II/IIe systems placed in the second quarter of 2021.Installed base of 326 Sequel II/IIe systems as of September 30, 2021, compared with 168 as of September 30, 2020.Instrument revenue of $15.9 million, compared with $7.7 million in the prior year period.Consumables revenue of $14.6 million compared with $8.0 million in the prior year period.Service and other revenue of $4.4 million compared with $3.3 million in the prior year period. Gross profit for the third quarter of 2021 was $15.4 million, representing a 117% increase compared with $7.1 million for the third quarter of 2020 and gross margin of 44% in the period compared to 37% for the third quarter of 2020. Excluding merger-related fair value inventory adjustments and amortization of intangible assets, non-GAAP gross profit for the third quarter of 2021 was $15.7 million and represented a non-GAAP gross margin of 45% in the third quarter of 2021, compared to 37% for the third quarter of 2020. Operating expenses totaled $89.8 million for the third quarter of 2021, compared to $31.2 million for the third quarter of 2020. Excluding merger-related expenses and amortization of intangible assets, non-GAAP operating expenses totaled $59.1 million for the third quarter of 2021, compared to $31.2 million for the third quarter of 2020. Operating expenses for the third quarter of 2021 and the third quarter of 2020 included non-cash stock-based compensation of $26.6 million and $4.3 million, respectively. Excluding merger-related expenses, operating expenses in the third quarter of 2021 included $15.1 million of non-cash stock-based compensation. Net income for the third quarter of 2021 was $16.5 million, compared to a net loss of $23.7 million for the third quarter of 2020. Excluding merger-related expenses, an income tax benefit resulting from the acquisitions of Omniome and Circulomics, fair value inventory adjustments, and amortization of intangi...

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