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PacBio Q4 Revenues Climb 85 Percent

NEW YORK (GenomeWeb) – Pacific Biosciences reported today after the close of the market that its fourth quarter 2014 revenues spiked 85 percent year over year.

The Menlo Park, Calif.-based single-molecule sequencing technology firm reported Q4 2014 revenues of $16.9 million, up from $9.1 million in the prior-year period, beating the consensus analyst estimate of $14.9 million.

Revenues reflect the delivery of 15 PacBio RS II instruments, compared to five during the fourth quarter 2013. The company also booked orders for 10 instruments in the quarter, ending with 15 in backlog.

Revenue growth "stems from the progress we have made over the past few years in multiple parts of our business, from product development, to manufacturing, and on to customer delivery and support," CEO Mike Hunkapiller said during a conference call discussing the firm's Q4 results.

The company posted a net loss for the quarter of $19.0 million, or $.26 per share, compared to $17.2 million, or $.26 per share, in Q4 2013, and in line with the consensus Wall Street estimate.

Product revenue was $12.9 million, including $8.6 million in instrument revenue and $4.3 million in consumable revenue. Product revenue was up from $5.8 million in the year-ago Q4, while service and other revenue was $2.3 million, up from $1.6 million in the prior year period.

Its R&D expenses were up to $12.3 million from $11.1 million in Q4 2013, while SG&A expenses were $10.0 million compared to $9.1 million in Q4 2013.

Revenues for full-year 2014 increased 115 percent to $60.6 million from $28.2 million in 2013 and beating the Wall Street consensus estimate of $58.4 million.

Total revenues also include $17 million the firm received from its development agreement with Roche.

Net loss for the year was $66.2 million, or $.94 per share, down from $79.3 million, or $1.26 per share, in 2013, and in line with the Wall Street estimate.

Full-year R&D expenses were $48.2 million, up from $45.2 million in 2013, while SG&A expenses were down slightly to $38.0 million from $38.7 million.

Cash and investments at Dec. 31, 2014 totaled $101.3 million.

In 2015, the firm is anticipating at least 20 percent revenue growth, Ben Gong, vice president of finance and treasurer, said during the call. Gong added that the company anticipates growth across all its products and services, and also expects to recognize another $10 million in milestone payments from Roche.

Even though its FY 2015 revenue guidance was above Wall Street estimates, in Wednesday morning trade on the Nasdaq shares of PacBio dropped 16 percent to $7.01.

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