$PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2018 Q4 Form 10-K Financial Statement

#000129913019000014 Filed on February 26, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q1 2018
Revenue $19.53M $19.36M $78.63M
YoY Change -21.69% -22.29% -15.88%
Cost Of Revenue $13.78M $12.07M $53.53M
YoY Change -10.75% -24.47% -8.98%
Gross Profit $5.746M $7.296M $25.10M
YoY Change -39.48% -18.36% -27.59%
Gross Profit Margin 29.43% 37.68% 31.92%
Selling, General & Admin $20.11M $14.93M $63.49M
YoY Change 39.65% -2.2% 7.39%
% of Gross Profit 349.98% 204.69% 252.98%
Research & Development $16.26M $16.31M $62.59M
YoY Change 4.03% -3.88% -4.18%
% of Gross Profit 282.98% 223.56% 249.42%
Depreciation & Amortization $1.780M $1.802M $7.215M
YoY Change -1.66% -36.77% -14.53%
% of Gross Profit 30.98% 24.7% 28.75%
Operating Expenses $36.37M $31.25M $126.1M
YoY Change 21.14% -3.07% 1.32%
Operating Profit -$30.62M -$23.95M -$101.0M
YoY Change 49.17% 2.79% 12.48%
Interest Expense -$630.0K $581.0K $2.423M
YoY Change 1.61% -169.17% -17.05%
% of Operating Profit
Other Income/Expense, Net $450.0K $351.0K $848.0K
YoY Change 15.38% 30.0% 64.34%
Pretax Income -$30.80M -$24.18M -$103.1M
YoY Change 48.36% 1.3% 11.22%
Income Tax
% Of Pretax Income
Net Earnings -$30.80M -$24.18M -$102.6M
YoY Change 48.34% 1.31% 11.25%
Net Earnings / Revenue -157.73% -124.88% -130.44%
Basic Earnings Per Share -$0.76
Diluted Earnings Per Share -$206.1K -$195.4K -$0.76
COMMON SHARES
Basic Shares Outstanding 148.9M 135.1M
Diluted Shares Outstanding 135.1M

Balance Sheet

Concept 2018 Q4 2018 Q1 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.9M $79.30M $102.4M
YoY Change 60.36% 41.35% 62.8%
Cash & Equivalents $18.84M $25.46M $18.80M
Short-Term Investments $82.02M $53.80M $83.50M
Other Short-Term Assets $2.800M $2.100M $2.800M
YoY Change 27.27% -67.69% 27.27%
Inventory $17.88M $25.90M $17.90M
Prepaid Expenses
Receivables $8.595M $8.500M $8.600M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $131.7M $115.7M $131.7M
YoY Change 29.56% 31.03% 29.63%
LONG-TERM ASSETS
Property, Plant & Equipment $34.07M $36.70M $34.10M
YoY Change -10.15% -13.44% -10.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $43.00K $4.500M $4.500M
YoY Change -4.44% -4.26% 0.0%
Total Long-Term Assets $38.62M $41.20M $38.60M
YoY Change -9.06% -12.71% -9.18%
TOTAL ASSETS
Total Short-Term Assets $131.7M $115.7M $131.7M
Total Long-Term Assets $38.62M $41.20M $38.60M
Total Assets $170.3M $156.9M $170.3M
YoY Change 18.18% 15.79% 18.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.736M $8.600M $6.700M
YoY Change -25.92% 4.88% -26.37%
Accrued Expenses $12.82M $10.20M $12.80M
YoY Change 1.62% -40.7% 1.59%
Deferred Revenue $6.537M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.88M $24.90M $26.90M
YoY Change -6.11% -29.66% -5.94%
LONG-TERM LIABILITIES
Long-Term Debt $14.70M $13.90M $14.70M
YoY Change 8.09% 4.51% 8.09%
Other Long-Term Liabilities $14.70M $15.40M $14.70M
YoY Change -6.37% -12.5% -6.37%
Total Long-Term Liabilities $29.40M $29.30M $29.40M
YoY Change 0.34% -5.18% 0.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.88M $24.90M $26.90M
Total Long-Term Liabilities $29.40M $29.30M $29.40M
Total Liabilities $56.21M $54.20M $56.20M
YoY Change -3.05% -18.25% -3.1%
SHAREHOLDERS EQUITY
Retained Earnings -$982.1M -$879.5M
YoY Change 11.64%
Common Stock $150.0K
YoY Change 29.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.1M $102.7M $114.1M
YoY Change
Total Liabilities & Shareholders Equity $170.3M $156.9M $170.3M
YoY Change 18.18% 15.79% 18.18%

Cashflow Statement

Concept 2018 Q4 2018 Q1 2018
OPERATING ACTIVITIES
Net Income -$30.80M -$24.18M -$102.6M
YoY Change 48.34% 1.31% 11.25%
Depreciation, Depletion And Amortization $1.780M $1.802M $7.215M
YoY Change -1.66% -36.77% -14.53%
Cash From Operating Activities -$18.98M -$18.77M -$66.43M
YoY Change -6.04% 12.62% -1.61%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $344.0K $1.854M
YoY Change -95.28% -112.88% -82.23%
Acquisitions
YoY Change
Other Investing Activities -$5.450M -$7.410M -$36.56M
YoY Change -146.42% -126.32% -511.71%
Cash From Investing Activities -$5.520M -$7.749M -$38.42M
YoY Change -151.69% -130.41% 2379.99%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.487M $9.652M
YoY Change 8.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.280M 35.47M 107.2M
YoY Change 5180.0% 940.26% 55.77%
NET CHANGE
Cash From Operating Activities -18.98M -18.77M -66.43M
Cash From Investing Activities -5.520M -7.749M -38.42M
Cash From Financing Activities 5.280M 35.47M 107.2M
Net Change In Cash -19.22M 8.951M 2.337M
YoY Change 104.03% -26.75% -1005.81%
FREE CASH FLOW
Cash From Operating Activities -$18.98M -$18.77M -$66.43M
Capital Expenditures -$50.00K $344.0K $1.854M
Free Cash Flow -$18.93M -$19.12M -$68.28M
YoY Change -1.1% 36.55% -12.4%

Facts In Submission

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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;text-align:justify;text-justify:inter-ideograph;font-weight:bold;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">NOTE 7. COMMITMENTS AND CONTINGENCIES </font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Lease</font> </p> <p style="margin:4.5pt 0pt 0pt;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On July 22, 2015, we entered into a lease agreement (the &#x201C;O&#x2019;Brien Lease&#x201D;) with respect to our facility located at 1305 O&#x2019;Brien Drive, Menlo Park, California (the &#x201C;O&#x2019;Brien Premises&#x201D;). The term of the O&#x2019;Brien Lease is one hundred thirty-two </font><font style="display: inline;">(132)</font><font style="display: inline;"> months. In December 2016, we entered into an amendment to the O&#x2019;Brien Lease which defined the commencement date of the lease to be October 25, 2016, notwithstanding that such substantial completion did not occur until the first quarter of 2017. Base monthly rent was abated for the first six (6) months of the lease term and thereafter was </font><font style="display: inline;">$540,000</font><font style="display: inline;"> per month during the first year of the lease term, with specified annual increases thereafter until reaching </font><font style="display: inline;">$711,000</font><font style="display: inline;"> per month during the last twelve (12) months of the lease term</font><font style="display: inline;">. If the rent is not received within </font><font style="display: inline;">five</font><font style="display: inline;"> days of the due date there will be an additional sum equal to </font><font style="display: inline;">5%</font><font style="display: inline;"> of the amount overdue as a late charge. Any amount not paid within </font><font style="display: inline;">10</font><font style="display: inline;"> days after receipt of landlord&#x2019;s written notice will bear interest from the date due until paid, at the lesser rate of (1) the prime rate of interest as published in the Wall Street Journal, plus </font><font style="display: inline;">2%</font><font style="display: inline;"> or (2) the maximum rate allowed by law, in addition to the late payment charge.</font><font style="display: inline;"> We were required to establish a letter of credit for the benefits of the landlord and to submit </font><font style="display: inline;">$4.5</font><font style="display: inline;"> million as a deposit for the letter of credit in October 2015; and, as such, </font><font style="display: inline;">$4.5</font><font style="display: inline;"> million was recorded at such time and continued to be recorded in &#x201C;Long-term restricted cash&#x201D; in the consolidated balance sheet as of both December 31, 2018 and December 31, 2017. </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The landlord was obligated to construct certain warm shell improvements at the landlord&#x2019;s cost and expense and provide us with a tenant improvement allowance in the amount of </font><font style="display: inline;">$12.6</font><font style="display: inline;"> million. Construction was completed in phases and we began moving into the O&#x2019;Brien Premises during January 2017. By the end of the first quarter of 2017, improvements associated with the entire O&#x2019;Brien Premises were substantially completed. As a result, during the first quarter of 2017 we capitalized </font><font style="display: inline;">$28.8</font><font style="display: inline;"> million of tenant improvements, of which </font><font style="display: inline;">$12.6</font><font style="display: inline;"> million was paid by the landlord as a tenant improvement allowance. As the </font><font style="display: inline;">$12.6</font><font style="display: inline;"> million tenant improvement allowance is accounted for as a lease incentive, we recorded the </font><font style="display: inline;">$12.6</font><font style="display: inline;"> million to &#x201C;Deferred rent, non-current&#x201D;, which will be amortized over the lease term of approximately </font><font style="display: inline;">11</font><font style="display: inline;"> years. In addition, as the premises were completed in phases in 2017, tenant improvements were placed into service in phases once construction was substantially complete and the related asset was ready for its intended use.&nbsp; </font> </p> <p style="margin:4.5pt 0pt 0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">As of December&nbsp;31, 2018, the future annual minimum lease payments under all noncancelable operating leases with remaining terms in excess of one year are as follows: </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-indent:24.5pt;font-family:Times New Roman;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font> </p> <div style="width:100%"><table cellpadding="0" cellspacing="0" style="border-collapse:collapse;width: 100.00%;margin-left:0pt;"> <tr> <td valign="bottom" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size: 1pt"> <font style="display: inline;font-size:1pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:1.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:1.00pt;overflow:hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:5.25pt;font-size: 11pt"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&#xFEFF;</font></p> </td> <td valign="bottom" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:5.25pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;height:5.25pt;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> </tr> <tr> <td valign="bottom" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 11pt"> <font style="display: inline;font-family:Calibri;font-size:11pt;">&#xFEFF;</font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">Amount </font></p> </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">&#xFEFF;</font><font style="display: inline;font-weight:bold;font-size:8pt;">Years ending December 31,</font></p> </td> <td colspan="2" valign="middle" style="width:00.02%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #auto;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;text-align:center;font-family:Times New Roman;font-size: 8pt"> <font style="display: inline;font-weight:bold;font-size:8pt;">(in thousands)</font></p> </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">2019</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">6,930&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">2020</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,056&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">2021</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,272&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">2022</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,488&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">2023</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">7,704&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">Thereafter</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;overflow: hidden;font-size:0pt;"> &nbsp;</p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt solid #000000 ;border-right:1pt none #D9D9D9 ;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">31,518&nbsp; </td> </tr> <tr> <td valign="middle" style="width:69.36%;border-top:1pt none #D9D9D9 ;border-left:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font><font style="display: inline;">Total minimum lease payments</font></p> </td> <td valign="middle" style="width:03.52%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;padding:0pt;"> <p style="margin:0.05pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">$</font></p> </td> <td valign="bottom" style="width:27.12%;border-top:1pt solid #000000 ;border-left:1pt none #D9D9D9 ;border-bottom:2pt double #000000 ;border-right:1pt none #D9D9D9 ;background-color: #CCEEFF;height:15.00pt;font-family:Times New Roman;font-size:10pt;text-align:right;" nowrap="nowrap">67,968&nbsp; </td> </tr> </table></div> <p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Rent </font><font style="display: inline;">expense for the years ended December 31, 2018, 2017 and 2016 was </font><font style="display: inline;">$6.2</font><font style="display: inline;"> million, </font><font style="display: inline;">$6.3</font><font style="display: inline;"> million and </font><font style="display: inline;">$0.2</font><font style="display: inline;"> million, respectively. We are also required to pay our share of operating expenses with respect to the facilities in which we operate.</font><font style="display: inline;">&nbsp;</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">In addition, we had other purchase commitments of an estimated amount of approximately </font><font style="display: inline;">$13.1</font><font style="display: inline;"> million as of December 31, 2018, consisting of open purchase orders and contractual obligations in the ordinary course of business, including commitments with contract manufacturers and suppliers for which we have not received the goods or services, and acquisition and licensing of intellectual property. A majority of these purchase obligations are due within a year. Although open purchase orders are considered enforceable and legally binding, the terms generally allow us the option to cancel, reschedule and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. </font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Contingencies </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">We become subject to claims and assessments from time to time in the ordinary course of business. We accrue liabilities for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Legal Proceedings</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">Legal Proceedings Regarding the Merger</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">In connection with the proposed acquisition of us by Illumina, </font><font style="display: inline;color:#000000;">five</font><font style="display: inline;color:#000000;"> lawsuits were filed, with each lawsuit naming us and our directors as defendants. </font><font style="display: inline;color:#000000;">Three</font><font style="display: inline;color:#000000;"> putative class action complaints, captioned </font><font style="display: inline;font-style:italic;color:#000000;">Wang</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">v.</font><font style="display: inline;color:#000000;">&nbsp;</font><font style="display: inline;font-style:italic;color:#000000;">Pacific Biosciences of California, Inc., et al.</font><font style="display: inline;color:#000000;">, No. 3:18-cv-7450 (N.D. Cal.), </font><font style="display: inline;font-style:italic;color:#000000;">Morrison v. Pacific Biosciences of California, Inc., et al.</font><font style="display: inline;color:#000000;">, No. 3:18-cv-7654 (N.D. Cal.), and </font><font style="display: inline;font-style:italic;color:#000000;">Speiser v. Pacific Biosciences of California, Inc., et al.</font><font style="display: inline;color:#000000;">, No. 3:19-cv-0072 (N.D. Cal.), were filed in the United States District Court for the Northern District of California on December 11, 2018, December 20, 2018, and January 4, 2019, respectively. A </font><font style="display: inline;color:#000000;">fourth</font><font style="display: inline;color:#000000;"> putative class action complaint, captioned </font><font style="display: inline;font-style:italic;color:#000000;">Rosenblatt v. Pacific Biosciences of California, Inc., et al.</font><font style="display: inline;color:#000000;">, No. 1:18-cv-2005 (D. Del.), was filed in the United States District Court for the District of Delaware on December 18, 2018. </font><font style="display: inline;color:#000000;">An</font><font style="display: inline;color:#000000;"> individual complaint, captioned </font><font style="display: inline;font-style:italic;color:#000000;">Washington v. Pacific Biosciences of California, Inc., et al.</font><font style="display: inline;color:#000000;">, No. 5:18-cv-7614 (N.D. Cal.), was filed in the United States District Court for the Northern District of California on December 19, 2018. Each of the lawsuits asserted claims under Section 14(a) and Section 20(a) of the Securities Exchange Act of 1934 in connection with the disclosures contained in our preliminary proxy statement on Schedule 14A, filed with the Securities Exchange Commission (the &#x201C;SEC&#x201D;) on December 5, 2018, our definitive proxy statement on Schedule 14A, filed with the SEC on December 18, 2018, or both. The complaints sought a variety of equitable and injunctive relief including, among other things, enjoining the consummation of the acquisition and awarding the plaintiffs costs and attorneys&#x2019; fees.</font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">Although we believed that the claims were without merit, we agreed to make supplemental disclosures in exchange for plaintiffs&#x2019; agreement that the supplemental disclosures would moot their claims. We made these supplemental disclosures in a proxy statement amendment on Schedule 14A, filed with the SEC on January 18, 2019. </font> </p> <p style="margin:6pt 0pt 0pt;background-color: #FFFFFF;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">On January 29, 2019, all parties to each of the lawsuits reached an agreement pursuant to which we would pay a total of </font><font style="display: inline;color:#000000;">$300,000</font><font style="display: inline;color:#000000;"> in attorneys&#x2019; fees to the plaintiffs. On January 29, 2019, each plaintiff filed a voluntary dismissal of his or her lawsuit. As of December 31, 2018, we accrued a total amount of </font><font style="display: inline;color:#000000;">$240,000</font><font style="display: inline;color:#000000;"> for the </font><font style="display: inline;color:#000000;">four</font><font style="display: inline;color:#000000;"> lawsuits filed in 2018. </font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">USITC Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On November 2, 2016, we filed a complaint against Oxford Nanopore Technologies Ltd. (&#x201C;ONT Ltd.&#x201D;), Oxford Nanopore Technologies, Inc. (&#x201C;ONT Inc.&#x201D;) and Metrichor, Ltd. (&#x201C;Metrichor&#x201D; and, together with ONT Ltd. and ONT Inc., &#x201C;ONT&#x201D;) with the U.S. International Trade Commission (&#x201C;USITC&#x201D;) for patent infringement. On December 5, 2016, the USITC provided notice that an investigation had been instituted based on the complaint. We sought exclusionary relief with respect to several ONT products, including ONT&#x2019;s MinION and PromethION devices. The complaint was based on our U.S. Patent No. 9,404,146, entitled &#x201C;Compositions and methods for nucleic acid sequencing&#x201D; which covers novel methods for sequencing single nucleic acid molecules using linked double-stranded nucleic acid templates, providing improved sequencing accuracy. On March 1, 2017, we filed an amended complaint to add a second patent in the same patent family, U.S. Patent No. 9,542,527, which was granted on January 10, 2017, to the investigation. We sought, among other things, an exclusion order permanently barring entry of infringing ONT products into the United States, and a cease and desist order preventing ONT from advertising and selling infringing products in the United States. On May 23, 2017, the Administrative Law Judge (&#x201C;ALJ&#x201D;) assigned to the matter issued an order construing certain claim terms of the asserted patents. On June 8, 2017, ONT filed a summary determination motion to terminate the proceedings based on the ALJ&#x2019;s claim construction decision, and we did not oppose the motion. The ALJ granted the motion on July 19, 2017, and, on July 31, 2017, we filed a petition to review with the USITC to correct what we believe was an incorrect construction of the claims. On September 5, 2017, the USITC issued a notice granting our petition to review the ALJ&#x2019;s claim construction decision. On February 7, 2018, the USITC issued a notice indicating that it had determined to adopt the ALJ&#x2019;s claim construction and terminating the investigation. On February 13, 2018, we filed a petition to appeal the USITC&#x2019;s ruling to the U.S. Court of Appeals for the Federal Circuit</font><font style="display: inline;">. (&#x201C;Federal Circuit&#x201D;). An oral hearing for this appeal was held on February 8, 2019. On February 12, 2019, the Federal Circuit filed a judgement affirming the USITC claim construction under Federal Circuit Rule 36 without a written opinion.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">U.S. District Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On March 15, 2017, we filed a complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-275 (&#x201C;275 Action&#x201D;)). The complaint is based on our U.S. Patent No. 9,546,400 (the &#x201C;&#x2019;400 Patent&#x201D;), entitled &#x201C;Nanopore sequencing using n-mers&#x201D; which covers novel methods for nanopore sequencing of nucleic acid molecules using the signals from multiple monomeric units. This patent was granted on January 17, 2017. We are seeking remedies including injunctive relief, damages and costs. On May 8, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims recite patent ineligible subject matter. On November 9, 2017, the judge denied ONT Inc.&#x2019;s motion to dismiss.</font><font style="display: inline;color:#000000;"> On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant.&nbsp;&nbsp;On August 20, 2018, the judge granted our motion, and on August 23, 2018, we filed an amended complaint, adding ONT Ltd. as a defendant in the 275 Action.&nbsp;&nbsp;On September 24, 2018, ONT Ltd. filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;color:#000000;">On September 12, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 275 Action, seeking declaratory judgements of non-infringement and invalidity of the &#x2019;400 Patent and unenforceability of the &#x2019;400 Patent based on alleged inequitable conduct before the U.S. Patent and Trademark Office (&#x201C;USPTO&#x201D;), as well as antitrust, false advertising, and unfair competition counterclaims. On September 25, 2018, it was stipulated that the motion to dismiss ONT Inc.&#x2019;s counterclaims that we submitted in the 1353 Action would also serve as our motion to dismiss ONT Inc.&#x2019;s counterclaims in the 275 Action.&nbsp; </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to the 275 Action, on March 15, 2018, ONT Inc. filed a petition to institute an </font><font style="display: inline;font-style:italic;">inter partes</font><font style="display: inline;"> review with the Patent Trial and Appeal Board (&#x201C;PTAB&#x201D;) of the USPTO, alleging invalidity of the &#x2019;400 Patent.&nbsp;&nbsp;On July 5, 2018, we filed a preliminary response outlining for the PTAB why the petition should be denied, and no review should be instituted.&nbsp;&nbsp;On September 25, 2018, the PTAB denied ONT Inc.&#x2019;s petition for institution of the </font><font style="display: inline;font-style:italic;">inter partes </font><font style="display: inline;">review</font><font style="display: inline;"> for all claims of the &#x2019;400 Patent.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On September 25, 2017, we filed a second complaint in the U.S. District Court for the District of Delaware against ONT Inc. for patent infringement (C.A. No. 17-cv-1353 (&#x201C;1353 Action&#x201D;)). The complaint is based on our U.S. Patent No. 9,678,056 (the &#x201C;&#x2019;056 Patent&#x201D;) entitled &#x201C;Control of Enzyme Translation in Nanopore Sequencing&#x201D;, granted June 13, 2017, and U.S. Patent No. 9,738,929 (the &#x201C;&#x2019;929 Patent&#x201D;) entitled &#x201C;Nucleic Acid Sequence Analysis&#x201D;, granted August 22, 2017. We are seeking remedies including injunctive relief, damages and costs. On December 14, 2017, the defendants filed a motion to dismiss the complaint, alleging that the asserted patent claims in the &#x2019;929 Patent recite patent ineligible subject matter. On March 22, 2018, the judge denied ONT Inc.&#x2019;s motion to dismiss. On March 28, 2018, we added a claim for infringement of our U.S. Patent No. 9,772,323 (the &#x201C;&#x2019;323 Patent&#x201D;), entitled &#x201C;Nanopore sequencing using n-mers.&#x201D; </font><font style="display: inline;color:#000000;">On June 1, 2018, we filed a motion for leave to amend the complaint to add ONT Ltd. as a defendant. On August 20, 2018, the judge granted our motion, and on August 23, 2018 we filed an amended complaint, adding ONT Ltd. as a defendant in the 1353 Action.&nbsp;&nbsp;On September 24, 2018, ONT filed a motion to dismiss the amended complaint, alleging failure to state a claim.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On April 25, 2018, ONT Inc. filed its answer, defenses and counterclaims in the 1353 Action, seeking declaratory </font><font style="display: inline;color:#000000;">judgements of non-infringement and invalidity of the &#x2019;056 and &#x2019;323 Patents and unenforceability of the &#x2019;056 and &#x2019;323 Patents based on alleged inequitable conduct before the USPTO, as well as antitrust, false advertising, and unfair competition counterclaims. On June 15, 2018, we filed a motion to dismiss ONT Inc.&#x2019;s counterclaims in the 1353 Action and, on June 18, 2018, we filed a motion to bifurcate and stay discovery on ONT Inc.&#x2019;s antitrust counterclaims in the 1353 Action. </font><font style="display: inline;color:#000000;">On February 19, 2019, the judge granted our motion to dismiss ONT&#x2019;s antitrust, false advertising, and unfair competition counterclaims.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to the 1353 Action, on September 24, 2108, ONT Inc. filed a first petition to institute an</font><font style="display: inline;font-style:italic;"> inter partes </font><font style="display: inline;">review </font><font style="display: inline;">with the PTAB of the USPTO, alleging invalidity of the &#x2019;929 Patent.&nbsp;&nbsp;On September 25, 2018, ONT filed a second petition to institute an </font><font style="display: inline;font-style:italic;">inter partes </font><font style="display: inline;">review</font><font style="display: inline;font-style:italic;">&nbsp;</font><font style="display: inline;">of the &#x2019;929 Patent based on the same art and arguments as the first petition.&nbsp;&nbsp;ONT Inc. subsequently filed a motion to withdraw the first petition, which motion was granted. On January 11, 2019, we filed a preliminary response to the second petition outlining for the PTAB why the petition should be denied, and no review should be instituted.&nbsp;&nbsp; </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Also related to the 1353 Action, on September 25, 2018, ONT Inc. filed a petition to institute an </font><font style="display: inline;font-style:italic;">inter partes </font><font style="display: inline;">review</font><font style="display: inline;"> with the PTAB of the USPTO, alleging invalidity of the &#x2019;056 </font><font style="display: inline;">Patent.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">On February 13, 2019, we filed</font><font style="display: inline;"> a preliminary </font><font style="display: inline;">response to the second petition</font><font style="display: inline;"> outlining for the PTAB why the petition should be denied and no review should be instituted.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">A claim construction (or &#x201C;</font><font style="display: inline;font-style:italic;">Markman</font><font style="display: inline;">&#x201D;) hearing for the U.S. District Court matters was held on December 17, 2018. A trial for the U.S. District Court matters is scheduled to occur in March 2020.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">UK and German Court Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On February 2, 2017, we filed a claim in the High Court of England and Wales against ONT Ltd. and Metrichor for infringement of Patent EP(UK) 3 045 542 (the &#x201C;&#x2019;542 Patent&#x201D;), which is in the same patent family as the patents asserted in the USITC action referred to above.&nbsp;&nbsp;We sought remedies including injunctive relief, damages, and costs. On March 27, 2017, the defendants in the case filed their defense and counterclaim, denying infringement and seeking a declaration that the asserted patent is invalid. We filed our reply and defense to counterclaim on April 12, 2017.&nbsp;&nbsp;A case management conference was held on June 13, 2017.&nbsp;&nbsp;On August 31, 2017 we added a claim for infringement of a newly granted divisional, EP(UK) 3 170 904 (the &#x201C;&#x2019;904 Patent&#x201D;).&nbsp;&nbsp;&nbsp;On December 22, 2017, ONT Ltd. added to the action a request for declaration of non-infringement of its 1D2 product. On January 12, 2018 we served reply to ONT Ltd.&#x2019;s request for a declaration of non-infringement, asserting infringement of both patents by ONT&#x2019;s 1D2 product. A trial for these matters was scheduled to occur in May 2018.&nbsp; </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On April 21, 2017, ONT Ltd. and Harvard University filed a claim against us in the High Court of England and Wales for infringement of Patent EP(UK) 1 192 453 (the &#x201C;&#x2019;453 Patent&#x201D;), a patent owned by Harvard University and entitled &#x201C;Molecular and atomic scale evaluation of biopolymers,&#x201D; and for which ONT Ltd. alleges it holds an exclusive license.&nbsp;&nbsp;ONT Ltd. and Harvard University sought remedies including injunctive relief, damages, and costs. On April 25, 2017, ONT Ltd. announced that it also had filed a claim against us in the District Court of Mannheim, Germany, for infringement of the German version of the patent.&nbsp;&nbsp;On November 2, 2017, we filed our statement of defense in the German infringement matter and we also filed a separate nullity action in Germany to establish that the &#x2019;453 Patent is invalid.&nbsp;&nbsp;On December 6, 2017, we filed a cross-complaint in the German infringement matter alleging ONT Ltd.&#x2019;s infringement in Germany of our &#x2019;542 Patent.&nbsp;&nbsp;The trial date for the German infringement matter and cross-complaint was set for July 27, 2018.&nbsp;&nbsp;A trial for the UK matter was scheduled to occur in March 2019.&nbsp; </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">On May 8, 2018, the parties entered a settlement of all UK and German court proceedings pending as of such date. Under the terms of the settlement, ONT agreed not to make, dispose of, use or import any &#x201C;2D&#x201D; nanopore sequencing products, or to induce or assist others to carry out a &#x201C;2D&#x201D; sequencing process, in the UK or Germany, through the end of 2023. During this time, we agreed not to assert the &#x2019;542 Patent and &#x2019;904 Patent against either ONT or its customers in the UK or Germany. Accordingly, the High Court of England and Wales entered an order staying our UK action against ONT through the end of 2023. As part of the settlement, ONT and Harvard University dismissed their UK and German actions under the &#x2019;453 Patent and agreed not to assert the &#x2019;453 Patent against us or our customers through the end of 2023. We correspondingly agreed to dismiss our separate German nullity action seeking to invalidate the &#x2019;453 Patent, which expires on June 22, 2020.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Related to these proceedings, on August 15, 2017, ONT Ltd. filed a notice of opposition to our &#x2019;542 Patent with the European Patent Office, and on August 16, 2017, an anonymous party filed a second notice of opposition to the same patent, each alleging invalidity of the patent.&nbsp;&nbsp;On April 5, 2018, we filed our response to the combined opposition. On January 22, 2019, an oral hearing in the matter occurred and the European Patent Office rendered a decision in favor of the opponents. We believe the European Patent Office erred in its decision, </font><font style="display: inline;">which we intend to appeal.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">The</font><font style="display: inline;"> &#x2019;542 Patent will remain in effect while the appeal is pending. Furthermore, our settlement agreement with ONT Ltd. and Harvard University remains in effect.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Also related to these proceedings, on May 16, 2018, ONT Ltd. filed a notice of opposition to our &#x2019;904 Patent with the European Patent Office alleging invalidity of the &#x2019;904 Patent. On October 11, 2018, we filed our response to the opposition. An oral hearing in the matter is scheduled for July 16, 2019.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Litigation is inherently unpredictable, and it is too early in the proceedings to predict the outcome of these lawsuits or any impact they may have on us. As such, the estimated financial effect associated with these complaints cannot be made as of the date of filing of this Annual Report on Form 10-K. Litigation is a significant ongoing expense with an uncertain outcome, and has been in the past and may in the future be a material expense for us. Management believes this investment is important to protect our intellectual property position, even recognizing the uncertainty of the outcome.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-style:italic;">Other Proceedings</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">From time to time, we may also be involved in a variety of other claims, lawsuits, investigations and proceedings relating to securities laws, product liability, patent infringement, contract disputes, employment and other matters that arise in the normal course of our business. In addition, third parties may, from time to time, assert claims against us in the form of letters and other communications. We record a provision for contingent losses when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. We currently do not believe that the ultimate outcome of any of the matters described above is probable or reasonably estimable, or that these matters will have a material adverse effect on our business; however, the results of litigation and claims are inherently unpredictable. Regardless of the outcome, litigation can have an adverse impact on us because of litigation and settlement costs, diversion of management resources and other factors.</font> </p> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Indemnification</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">Pursuant to Delaware law and agreements entered into with each of our directors and officers, we may have obligations, under certain circumstances, to hold harmless and indemnify each of our directors and officers against losses suffered or incurred by the indemnified party in connection with their service to us, and judgements, fines, settlements and expenses related to claims arising against such directors and officers to the fullest extent permitted under Delaware law, our bylaws and certificate of incorporation. We also enter and have entered into indemnification agreements with our directors and officers that may require us to indemnify them against liabilities that arise by reason of their status or service as directors or officers, except as prohibited by applicable law. In addition, we may have obligations to hold harmless and indemnify third parties involved with our fund raising efforts and their respective affiliates, directors, officers, employees, agents or other representatives against any and all losses, claims, damages and liabilities related to claims arising against such parties pursuant to the terms of agreements entered into between such third parties and us in connection with such fund raising efforts. To the extent that any such indemnification obligations apply to the lawsuits described above, any associated expenses incurred are included within the related accrued litigation expense amounts. </font><font style="display: inline;">No</font><font style="display: inline;"> additional liability associated with such indemnification obligations has been recorded at December 31, 2018.</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
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2223000
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183000
CY2018Q4 us-gaap Derivative Liabilities Noncurrent
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CY2017 us-gaap Effective Income Tax Rate Continuing Operations
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CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.350
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0.21
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-0.429
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0.777
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-0.248
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0.019
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.016
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0.054
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0.086
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.035
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0.050
CY2017 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.036
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
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0.020
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8523000
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400000
CY2018 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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700000
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CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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167000
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356000
CY2017Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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183000
CY2018Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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16000
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244000
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-653000
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167000
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34659000
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300000
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3402000
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205000
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6151000
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8442000
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880000
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144084000
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28635000
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183000
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16000
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189000
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12000
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1854000
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CY2018Q4 us-gaap Preferred Stock Value
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88071000
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83180000
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23285000
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34073000
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4500000
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4500000
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4500000
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4500000
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4500000
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RevenueFromContractWithCustomerExcludingAssessedTax
90714000
CY2017 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
93468000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
78626000
CY2016 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
90714000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24915000
CY2017 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
93468000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
20073000
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
23545000
CY2017Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
24935000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19362000
CY2018 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
78626000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21578000
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18160000
CY2018Q4 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
19526000
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
47787000
CY2017 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
59119000
CY2018 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
63489000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
19562000
CY2017 us-gaap Share Based Compensation
ShareBasedCompensation
20352000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
23153000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardAcceleratedCompensationCost
2500000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
35900000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y29D
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4700000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1700000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5300000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
58000000
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
6400000
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3900000
CY2018Q4 us-gaap Share Price
SharePrice
7.40
CY2017Q4 us-gaap Short Term Investments
ShortTermInvestments
46365000
CY2018Q4 us-gaap Short Term Investments
ShortTermInvestments
83510000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
73540000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
84668000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
86103000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
114061000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
7729000
CY2017 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
8914000
CY2018 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9652000
CY2018Q4 us-gaap Tax Credit Carryforward Amount
TaxCreditCarryforwardAmount
42600000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18735000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
16785000
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
18786000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
20447000
CY2016 us-gaap Unrecognized Tax Benefits Decreases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromCurrentPeriodTaxPositions
3892000
CY2015 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsDecreasesResultingFromPriorPeriodTaxPositions
44000
CY2017Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1827000
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2001000
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1661000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
1942000
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
89148000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
92970000
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
105682000
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
97360000
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
115771000
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:13.5pt 0pt 0pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-style:italic;">Use of Estimates </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">The preparation of financial statements in conformity with U.S. GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. Our estimates include, but are not limited to, the valuation of inventory, revenue recognition, the valuation of a financing derivative and long-term notes, the valuation and recognition of share-based compensation, the useful lives assigned to long-lived assets, and the computation provisions for income taxes. Actual results could differ materially from these estimates. </font> </p> <p style="margin:4.5pt 0pt 0pt;text-indent:24.5pt;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;">During 2017, we recorded a charge to cost of service and other revenue of </font><font style="display: inline;">$1.6</font><font style="display: inline;"> million relating to leased RS II instruments primarily due to a change in the estimated useful life of these instruments. The charge of </font><font style="display: inline;">$1.6</font><font style="display: inline;"> million increased loss per share by </font><font style="display: inline;">$0.01</font><font style="display: inline;"> for the year ended December 31, 2017.&nbsp; </font> </p> <p><font size="1"> </font></p> </div> </div>
CY2017Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
116259000
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
123768000
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
135094000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
131882000
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
135130000
CY2018Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
149314000

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