Business
Pacific Biosciences Announces Fourth Quarter and Annual 2019 Financial Results
Annual Revenue Increase of 16% Year Over Year MENLO PARK, Calif., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB)
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"Annual Revenue Increase of 16% Year Over Year\nMENLO PARK, Calif., Feb. 06, 2020 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for its fourth quarter and year ended December 31, 2019, as attached.\n Product, service and other revenue for the year ended December 31, 2019 increased by 16% to $90.9 million, compared to $78.6 million for 2018. Product, service and other revenue for the fourth quarter of 2019 increased by 43% to $27.9 million, compared to $19.5 million for the fourth quarter of 2018. Gross profit for the year ended December 31, 2019 was $34.6 million, resulting in a gross margin of 38%, compared to a gross profit of $25.1 million, resulting in a gross margin of 32% for 2018. Gross profit for the fourth quarter of 2019 was $12.9 million, resulting in a gross margin of 46%, compared to a gross profit of $5.7 million, resulting in a gross margin of 29% for the same period in 2018. Operating expenses totaled $135.1 million for the year ended December 31, 2019, compared to $126.1 million for 2018. Operating expenses for the year ended December 31, 2019 and 2018 included non-cash stock-based compensation of $14.5 million and $20.0 million, respectively; and legal and professional fees related to the proposed merger with Illumina of $14.1 million and $4.7 million, respectively. Operating expenses totaled $30.8 million for the fourth quarter of 2019, compared to $36.4 million for the fourth quarter of 2018. Operating expenses for the fourth quarters of 2019 and 2018 included non-cash stock-based compensation of $3.4 million and $6.3 million, respectively; and legal and professional fees related to the proposed merger with Illumina of $1.2 million and $4.7 million, respectively. The net loss for the year ended December 31, 2019 was $84.1 million, compared to a net loss of $102.6 million for 2018. The net loss for the fourth quarter of 2019 was $0.1 million, compared to a net loss of $30.8 million for the fourth quarter of 2018. In accordance with the terms of the Agreement and Plan of Merger (as amended, the “Merger Agreement”) with Illumina Inc. (“Illumina”) and FC Ops Corp. (“Merger Subsidiary”), during the fourth quarter of 2019, Pacific Biosciences received cash payments totaling $18.0 million from Illumina (“Continuation Advances”), which are reflected as oth...