Business
Pacific Biosciences of California, Inc. Announces Fourth Quarter and Fiscal Year 2020 Financial Results
MENLO PARK, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for the quarter
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Feb. 10, 2021 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for the quarter and fiscal year ended December 31, 2020. Reported revenue is consistent with the Company’s press release issued on January 11, 2021. Q4 2020 Financial Highlights Revenue for the fourth quarter of 2020 was $27.1 million, representing a 42% increase sequentially compared with $19.1 million for the third quarter of 2020 and a 3% decrease compared with $27.9 million for the fourth quarter of 2019. The Company placed 35 Sequel II/IIe systems during the fourth quarter, bringing the total installed base of Sequel II/IIe systems up to 203 as of December 31, 2020, compared with 168 as of September 30, 2020. Gross profit for the fourth quarter of 2020 was $11.4 million, representing a 61% increase sequentially compared with $7.1 million for the third quarter of 2020 and a 12% decrease compared with $12.9 million for the fourth quarter of 2019. Gross margin for the fourth quarter of 2020 was 42%, compared to 37% for the third quarter of 2020 and 46% for the fourth quarter of 2019. Operating expenses totaled $35.4 million for the fourth quarter of 2020, compared to $31.2 million for the third quarter of 2020 and $30.8 million for the fourth quarter of 2019. Operating expenses for the fourth quarter of 2020, third quarter of 2020 and fourth quarter of 2019 included non-cash stock-based compensation of $4.8 million, $4.3 million and $3.4 million, respectively. Net income for the fourth quarter of 2020 was $74.9 million, compared to a net loss of $23.7 million for the third quarter of 2020 and a net loss of $0.1 million for the fourth quarter of 2019. The increase in net income for the fourth quarter of 2020 was primarily driven by the recognition of the $98.0 million Reverse Termination Fee received from Illumina in January 2020 and reflected as other income after the associated contingency clauses lapsed on October 1, 2020. Basic and diluted net income per share for the fourth quarter of 2020 was $0.40 per share and $0.37 per share, respectively, compared to basic and diluted net loss of $0.14 per share and $0.00 per share for the third quarter of 2020and the fourth quarter of 2019, respectively. The Company received $93.6 million in net proceeds from an underwritten public offering of...