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Pacific Biosciences of California, Inc. Announces Third Quarter 2019 Financial Results
MENLO PARK, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) (the “Company’) today announced financial results
About this update from Pacific Biosciences Of California, Inc.
[{"type":"text","content":"MENLO PARK, Calif., Nov. 07, 2019 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) (the “Company’) today announced financial results for its third quarter ended September 30, 2019.\n The Company has continued its commercial launch of the Sequel II System, which it began during the second quarter of 2019. As of September 30, 2019, the Company had installed a total of 75 Sequel II Systems, which includes a number of sites with multiple systems installed. Instrument revenue for the three months ended September 30, 2019 totaled $11.6 million, compared with $6.3 million in instrument revenue for the same period in 2018, driven by robust demand for Sequel II instruments. However, consumable revenue for the three months ended September 30, 2019 totaled $6.9 million, compared with $8.9 million for the same period in 2018. The decrease in consumable revenue was driven by lower utilization of Sequel instruments as a number of customers are transitioning from Sequel to Sequel II. Total revenue for the third quarter of 2019 was $21.9 million, compared with $18.2 million for the third quarter of 2018. On November 1, 2018, the Company entered into an Agreement and Plan of Merger with Illumina, Inc. (“Illumina”) and FC Ops Corp. (“Merger Subsidiary”), a wholly-owned subsidiary of Illumina (the “Merger Agreement”) pursuant to which Illumina will acquire the Company for $8.00 per share of the Company’s common stock in an all-cash transaction and Merger Subsidiary will be merged with and into the Company (the “Merger”), with the Company surviving the Merger and becoming a wholly-owned subsidiary of Illumina. Completion of the transaction is subject to terms and conditions set forth in the Merger Agreement, including expiration or termination of any waiting periods applicable to the consummation of the Merger under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, and clearance under the antitrust laws of certain non-U.S. jurisdictions. The Merger has been notified to the United States Federal Trade Commission (“FTC”) and to the Competition and Markets Authority of the United Kingdom (“CMA”) and is under review by both the FTC and the CMA. The Company and Illumina continue to work cooperatively with the FTC and the CMA. On September 25, 2019, the Company, Illumina and Merger Subsidiary en...