Pacific Biosciences of California Inc

NASDAQ:PACBUnited States

Nov 7, 2024

Show headlines and story abstract

• -- Earnings Flash (PACB) PACBIO Reports Q3 Loss $-0.17, from 4:27PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:27PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: PACB
  04:27 PM EST, 11/07/2024 (MT Newswires) -- ...

• -- Earnings Flash (PACB) PACBIO Reports Q3 Revenue $40M, from 4:27PM ET on Thursday Nov 07, 2024 by MT Newswires

  4:27PM ET on Thursday Nov 07, 2024 by MT Newswires
  Companies Mentioned: PACB
  04:27 PM EST, 11/07/2024 (MT Newswires) -- ...

• PacBio Announces Third Quarter 2024 Financial Results, from 4:05PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: PACB
  benefit(5) -- -- (0.04) -- (0.04) Restructuring(6) 0.02 0.07 -- 0.09 -- Other adjustments and rounding differences -- -- (0.01) -- (0.01) ------- -------- ------- -------- -------- Non-GAAP net loss per share $ (0.17) $ (0.20) $ (0.27) $ (0.64) $ (0.84) ======= ======== ======= ======== ======== GAAP gross profit $ 10,004 $ 5,938 $ 17,902 $ 27,224 $ 43,209 Amortization of acquired intangible assets 3,201 2,628 184 7,172 550 Restructuring(6) (207) 4,650 -- 4,443 -- ------- -------- ------- -------- -------- Non-GAAP gross profit $ 12,998 $ 13,216 $ 18,086 $ 38,839 $ 43,759 ======= ======== ======= ======== ======== GAAP gross profit % 25% 16% 32% 24% 30% Non-GAAP gross profit % 33% 37% 32% 34% 31% GAAP total operating expense $ 74,081 $ 181,784 $100,394 $ 348,509 $ 290,128 Change in fair value of contingent consideration(1) (1,170) -- 271 (1,100) (13,960) Goodwill impairment(2) -- (93,200) -- (93,200) -- Amortization of acquired intangible assets (3,649) (4,222) (755) (13,377) (845) Merger-related expenses(3) -- -- (8,979) -- (8,979) Restructuring(6) (6,908) (13,378) -- (20,286) -- ------- -------- ------- -------- -------- Non-GAAP total operating expense $ 62,354 $ 70,984 $ 90,931 $ 220,546 $ 266,344 ======= ======== ======= ======== ======== (1) Change in fair value of contingent consideration was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. (2) Goodwill impairment during the three months ended June 30, 2024 and nine months ended September 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. (3) Merger-related expenses for the three and nine months ended September 30, 2023 consists of $4.9 million of transaction costs arising from the acquisition of Apton, $2.8 million of compensation expense resulting from the liquidity event bonus plan in connection with the Apton merger, and $1.3 million of compensation expense resulting from the acceleration of certain equity awards in connection with the Apton merger. (4) Loss on extinguishment of debt during the nine months ended September 30, 2023 is related to the exchange of a portion of the Company's 1.50% Convertible Senior Notes due 2028 for the Company's 1.375% Convertible Senior Notes due 2030. (5) A deferred income tax benefit during the three and nine months ended September 30, 2023 is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Apton acquisition. (6) Restructuring costs consist primarily of employee separation costs, accelerated amortization and depreciation for right-of-use assets, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office, including charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives.
  

• *DJ Pacific Biosciences 3Q Loss/Shr 22c >PACB, from 4:05PM ET on Thursday Nov 07, 2024 by Dow Jones

  4:05PM ET on Thursday Nov 07, 2024 by Dow Jones
  Companies Mentioned: PACB
  benefit(5) -- -- (0.04) -- (0.04) Restructuring(6) 0.02 0.07 -- 0.09 -- Other adjustments and rounding differences -- -- (0.01) -- (0.01) ------- -------- ------- -------- -------- Non-GAAP net loss per share $ (0.17) $ (0.20) $ (0.27) $ (0.64) $ (0.84) ======= ======== ======= ======== ======== GAAP gross profit $ 10,004 $ 5,938 $ 17,902 $ 27,224 $ 43,209 Amortization of acquired intangible assets 3,201 2,628 184 7,172 550 Restructuring(6) (207) 4,650 -- 4,443 -- ------- -------- ------- -------- -------- Non-GAAP gross profit $ 12,998 $ 13,216 $ 18,086 $ 38,839 $ 43,759 ======= ======== ======= ======== ======== GAAP gross profit % 25% 16% 32% 24% 30% Non-GAAP gross profit % 33% 37% 32% 34% 31% GAAP total operating expense $ 74,081 $ 181,784 $100,394 $ 348,509 $ 290,128 Change in fair value of contingent consideration(1) (1,170) -- 271 (1,100) (13,960) Goodwill impairment(2) -- (93,200) -- (93,200) -- Amortization of acquired intangible assets (3,649) (4,222) (755) (13,377) (845) Merger-related expenses(3) -- -- (8,979) -- (8,979) Restructuring(6) (6,908) (13,378) -- (20,286) -- ------- -------- ------- -------- -------- Non-GAAP total operating expense $ 62,354 $ 70,984 $ 90,931 $ 220,546 $ 266,344 ======= ======== ======= ======== ======== (1) Change in fair value of contingent consideration was due to fair value adjustments of milestone payments payable upon the achievement of the respective milestone event. (2) Goodwill impairment during the three months ended June 30, 2024 and nine months ended September 30, 2024 was related to a sustained decrease in the Company's share price, among other factors. (3) Merger-related expenses for the three and nine months ended September 30, 2023 consists of $4.9 million of transaction costs arising from the acquisition of Apton, $2.8 million of compensation expense resulting from the liquidity event bonus plan in connection with the Apton merger, and $1.3 million of compensation expense resulting from the acceleration of certain equity awards in connection with the Apton merger. (4) Loss on extinguishment of debt during the nine months ended September 30, 2023 is related to the exchange of a portion of the Company's 1.50% Convertible Senior Notes due 2028 for the Company's 1.375% Convertible Senior Notes due 2030. (5) A deferred income tax benefit during the three and nine months ended September 30, 2023 is related to the release of the valuation allowance for deferred tax assets due to the recognition of deferred tax liabilities in connection with the Apton acquisition. (6) Restructuring costs consist primarily of employee separation costs, accelerated amortization and depreciation for right-of-use assets, leasehold improvements, and furniture and fixtures relating to the abandonment of the San Diego office, including charges for excess inventory due to a decrease in internal demand relating to the expense reduction initiatives.