Pacific Biosciences reported a 178% increase in revenue to $20.6 million for the third quarter ended September 30, 2014, compared to $7.4 million for the third quarter of 2013. Third quarter 2014 revenue included the achievement of the $10.0 million milestone related to Roche along with the $1.7 million quarterly amortization from the upfront Roche payment in addition to the delivery of six PacBio® RS II systems. Third quarter 2013 revenue reflected the delivery of six systems and did not include any Roche related revenue. The Company also reported booking orders for 16 PacBio RS II instruments during the period, ending the quarter with 20 instruments in backlog.
Gross profit increased $12.0 million to $13.2 million for the quarter, resulting in a gross margin of 63.8%, compared to gross profit of $1.2 million and a gross margin of 16.7% for the third quarter of 2013. Gross margin increased due to an increase in Roche contractual revenue.
Operating expenses totaled $21.6 million for the quarter, compared to $21.2 million for the third quarter of 2013. Operating expenses for the third quarters of 2014 and 2013 included non-cash stock-based compensation of $2.2 million and $2.1 million, respectively.
The net loss for the quarter was $9.2 million, compared to $20.5 million for the third quarter of 2013.
Cash and investments at September 30, 2014 totaled $99.3 million, compared to $112.5 million at December 31, 2013.
Follow Evolution Global Talent Attraction on Twitter, Facebook and LinkedIN to keep up-to-date with news and trends from the biotechnology, biosciences, medical device, IT and Intellectual Property industries.
