Menlo Park, California, USA
May 4, 2022
PacBio (NASDAQ: PACB) today announced financial results for the quarter ended March 31, 2022.
First quarter results
- Revenue of $33.2 million, a 14% increase compared with $29.0 million in the prior year period.
- Delivered a record 50 Sequel II/IIe systems during the quarter compared to 41 Sequel II/IIe systems placed in the prior year quarter.
- Installed base of 424 Sequel II/IIe systems as of March 31, 2022, compared with 244 as of March 31, 2021.
- Instrument revenue of $15.6 million, compared with $14.9 million in the prior-year period.
- Consumables revenue of $12.7 million compared with $10.4 million in the prior-year period.
- Service and other revenue of $4.9 million compared with $3.7 million in the prior-year period.
“Our team continued to make progress expanding our installed base with our third consecutive quarter of record Sequel II/IIe placements,” said Christian Henry, President and Chief Executive Officer. “As expected, COVID-19 restrictions created challenges for both our customers and our team which lowered system utilization, but we believe those challenges are transitory and our continued strength in system placements and our recent Sequel IIe platform enhancements can enable more customers to realize the benefits of our technology than ever before. Additionally, PacBio is in a strong financial position, and based on our estimates, we intend to fund the company’s current development and commercialization plans using the cash and investments on our balance sheet until we reach positive operating cash flows, without needing to raise additional capital.”
Gross profit for the first quarter of 2022 was $14.2 million, representing a 9% increase compared with $13.0 million for the first quarter of 2021 and gross margin of 43% in the period compared to 45% for the first quarter of 2021. Excluding amortization of intangible assets, non-GAAP gross profit for the first quarter of 2022 was $14.3 million and represented a non-GAAP gross margin of 43% in the first quarter of 2022, compared to 45% for the first quarter of 2021 (see accompanying tables for reconciliations of GAAP and non-GAAP measures).
Operating expenses totaled $91.7 million for the first quarter of 2022, compared to $46.7 million for the first quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible assets, non-GAAP operating expenses totaled $92.7 million for the first quarter of 2022, compared to $46.7 million for the first quarter of 2021. Operating expenses for the first quarter of 2022 and the first quarter of 2021 included non-cash stock-based compensation of $20.9 million and $9.2 million, respectively.
Net loss for the first quarter of 2022 was $81.5 million, compared to a net loss of $87.4 million for the first quarter of 2021. Excluding contingent consideration remeasurement and amortization of intangible assets in the first quarter of 2022 and the $52.0 million loss from the repayment of Continuation Advances to Illumina in the first quarter of 2021, non-GAAP net loss was $82.3 million, compared to $35.4 million for the prior-year period.
GAAP net loss per share for the first quarter of 2022 was $0.37 compared to GAAP net loss per share of $0.45 for the first quarter of 2021. Non-GAAP net loss per share for the first quarter of 2022 was $0.37 compared to $0.18 for the first quarter of 2021.
Cash, cash equivalents, and investments, excluding short and long-term restricted cash, at March 31, 2022, totaled $962.8 million, compared to $1,044.4 million at December 31, 2021.
Updates since our last earnings release
- Delivered 18 Sequel IIe systems to the Broad Institute which increased their installed fleet of Sequel IIe systems to 23 units. The increased capacity will be used to accelerate genomic discoveries in a wide range of research initiatives.
- Launched a transformational product update to the Sequel II/IIe platform which includes, direct methylation calling with every sequencing run at no additional sample preparation or cost, a further streamlined sample preparation process, and support for high-growth gene therapy applications.
- Enabled the Telomere-to-Telomere Consortium with HiFi sequencing to decipher nearly 200 million base pairs of sequence missing from the prior human genome reference.
- Expanded our research collaboration with Children’s Mercy Kansas City to add the direct methylation detection capability and Iso-Seq™ full-length RNA sequencing to better understand the multi-omic drivers of genetic disease.
- Announced PacBio’s support of The Hospital for Sick Children (SickKids) effort to use HiFi whole-genome sequencing to potentially identify genetic variants that may be associated with medical and developmental conditions.
- Announced collaboration with KK Women’s and Children’s Hospital in Singapore to use HiFi sequencing technology to investigate the effect on diagnostic yield in unresolved neurodevelopmental disorder cases.
- Entered into a collaboration agreement with Corteva Agriscience to develop high-throughput plant, pest, and microbial sequencing workflows.
- Opened our European headquarters in London to better serve our growing customer base in Europe, the Middle East, and Africa (EMEA).
- Welcomed Dr. Michael Eberle as Vice President of Computational Biology to lead the company’s bioinformatics and data sciences program and enhance PacBio’s genomic analysis offerings.
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