$PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2022 Q1 Form 10-Q Financial Statement

#000129913022000053 Filed on May 06, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $33.17M $29.00M
YoY Change 14.4% 85.9%
Cost Of Revenue $19.02M $16.02M
YoY Change 18.71% 97.53%
Gross Profit $14.16M $12.98M
YoY Change 9.08% 73.3%
Gross Profit Margin 42.67% 44.75%
Selling, General & Admin $39.80M $26.14M
YoY Change 52.28% 4.78%
% of Gross Profit 281.2% 201.43%
Research & Development $52.94M $20.55M
YoY Change 157.63% 34.74%
% of Gross Profit 373.98% 158.34%
Depreciation & Amortization $2.268M $1.606M
YoY Change 41.22% -3.08%
% of Gross Profit 16.02% 12.38%
Operating Expenses $91.68M $46.69M
YoY Change 96.37% 16.15%
Operating Profit -$77.52M -$33.71M
YoY Change 129.97% 3.06%
Interest Expense $3.697M $1.789M
YoY Change 106.65% 570.04%
% of Operating Profit
Other Income/Expense, Net -$279.0K $64.00K
YoY Change -535.94% -73.11%
Pretax Income -$81.50M -$87.44M
YoY Change -6.79% -7039.68%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$81.50M -$87.44M
YoY Change -6.79% -7028.29%
Net Earnings / Revenue -245.68% -301.53%
Basic Earnings Per Share -$0.37 -$0.45
Diluted Earnings Per Share -$0.37 -$0.45
COMMON SHARES
Basic Shares Outstanding 222.3M 194.8M
Diluted Shares Outstanding 222.3M 194.8M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.080B $1.169B
YoY Change -7.61% 580.82%
Cash & Equivalents $428.6M $932.4M
Short-Term Investments $651.2M $236.3M
Other Short-Term Assets $8.936M $6.400M
YoY Change 39.63% 82.86%
Inventory $29.63M $16.27M
Prepaid Expenses
Receivables $27.85M $12.91M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.029B $1.196B
YoY Change -13.94% 605.45%
LONG-TERM ASSETS
Property, Plant & Equipment $35.51M $24.21M
YoY Change 46.69% -16.75%
Goodwill $410.0M
YoY Change
Intangibles $410.8M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.340M $67.00K
YoY Change 1900.0% 67.5%
Total Long-Term Assets $907.5M $56.94M
YoY Change 1493.86% -12.72%
TOTAL ASSETS
Total Short-Term Assets $1.029B $1.196B
Total Long-Term Assets $907.5M $56.94M
Total Assets $1.937B $1.253B
YoY Change 54.58% 433.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.61M $3.471M
YoY Change 407.26% -17.81%
Accrued Expenses $19.49M $14.67M
YoY Change 32.83% -18.32%
Deferred Revenue $12.73M $9.607M
YoY Change 32.5% 35.18%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.01M $33.74M
YoY Change 80.84% -74.44%
LONG-TERM LIABILITIES
Long-Term Debt $896.2M $895.7M
YoY Change 0.06%
Other Long-Term Liabilities $3.218M $752.0K
YoY Change 327.93% -98.23%
Total Long-Term Liabilities $3.218M $752.0K
YoY Change 327.93% -98.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.01M $33.74M
Total Long-Term Liabilities $3.218M $752.0K
Total Liabilities $1.202B $972.3M
YoY Change 23.63% 457.66%
SHAREHOLDERS EQUITY
Retained Earnings -$1.300B -$1.124B
YoY Change 15.59% 5.44%
Common Stock $224.0K $198.0K
YoY Change 13.13% 28.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $734.6M $280.6M
YoY Change
Total Liabilities & Shareholders Equity $1.937B $1.253B
YoY Change 54.58% 433.68%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$81.50M -$87.44M
YoY Change -6.79% -7028.29%
Depreciation, Depletion And Amortization $2.268M $1.606M
YoY Change 41.22% -3.08%
Cash From Operating Activities -$79.03M -$23.10M
YoY Change 242.06% -130.66%
INVESTING ACTIVITIES
Capital Expenditures $3.638M $401.0K
YoY Change 807.23% 242.74%
Acquisitions
YoY Change
Other Investing Activities $45.69M $8.570M
YoY Change 433.15% -115.81%
Cash From Investing Activities $42.05M $8.170M
YoY Change 414.72% -115.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.592M $22.34M
YoY Change -74.97% 11127.64%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.215M 865.7M
YoY Change -99.4% 4656.97%
NET CHANGE
Cash From Operating Activities -79.03M -23.10M
Cash From Investing Activities 42.05M 8.170M
Cash From Financing Activities 5.215M 865.7M
Net Change In Cash -31.76M 850.8M
YoY Change -103.73% 2068.44%
FREE CASH FLOW
Cash From Operating Activities -$79.03M -$23.10M
Capital Expenditures $3.638M $401.0K
Free Cash Flow -$82.67M -$23.51M
YoY Change 251.7% -131.24%

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CY2021Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-2980000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79029000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23104000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3638000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
401000
CY2022Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
76369000
CY2021Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
64426000
CY2021Q1 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
4597000
CY2022Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
122060000
CY2021Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
68400000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
42053000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
8170000
CY2021Q1 pacb Proceeds From Repayments Of Contract Termination
ProceedsFromRepaymentsOfContractTermination
-52000000
CY2021Q1 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
895624000
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5592000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
22343000
CY2022Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
377000
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-246000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5215000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
865721000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-31761000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
850787000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
465817000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
85947000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
434056000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
936734000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
428574000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
932398000
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5482000
CY2021Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4336000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
434056000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
936734000
CY2022Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Basis of Presentation and Consolidation </span><span style="white-space:pre-wrap; color: #000000;font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States, or U.S. GAAP, as set forth in the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC. The unaudited condensed consolidated financial statements include the accounts of Pacific Biosciences and our wholly owned subsidiaries. Certain information and footnote disclosures typically included in our audited financial statements have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the December 31, 2021 audited consolidated financial statements and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state our financial position, results of operations, comprehensive income (loss), and cash flows for the period, but are not necessarily indicative of the results to be expected for the entire year or any future periods. All intercompany transactions and balances have been eliminated.</span>
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes to the financial statements. On an ongoing basis, we evaluate our significant estimates including, but not limited to, the valuation of inventory, the determination of stand-alone selling prices for revenue recognition, the fair value of contingent consideration, the valuation of acquired intangible assets, the fair value of certain equity awards, the useful lives assigned to long-lived assets, the computation of provisions for income taxes, the borrowing rate used in calculating the operating lease right-of-use assets and operating lease liabilities, the probability associated with variable payments under partnership development agreements, and the valuations related to our convertible senior notes. While the extent of the potential impact of the ongoing COVID-19 pandemic on our business is highly uncertain, we considered information available related to assumptions and estimates used to determine the results reported and asset valuations as of March 31, 2022. Actual results could differ materially from these estimates.</span>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Concentration and Other Risks </span><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 5pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">For the three months ended March 31, 2022, two customers accounted for approximately </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">14</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% and </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">11</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">%, respectively, of total revenue during the period. For the three months ended March 31, 2021, one customer accounted for approximately </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">12</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% of total revenue during the period. </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">No</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> other customers exceeded 10% during those periods. </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 5pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As of March 31, 2022, </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">56</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% of our accounts receivable were from domestic customers, compared to </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">53</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% as of December 31, 2021. As of March 31, 2022, one customer represented </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">17</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% of our accounts receivable, while </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">no</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> customer represented 10% or greater of our net accounts receivable as of December 31, 2021. </span></p>
CY2022Q1 pacb Merger Termination
MergerTermination
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">NOTE 4. TERMINATION OF MERGER WITH ILLUMINA</span><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On November 1, 2018, we entered into an Agreement and Plan of Merger (as amended, the “Illumina Merger Agreement”) with Illumina, Inc. (“Illumina”) and FC Ops Corp., a wholly owned subsidiary of Illumina (“Illumina Merger Sub”). On January 2, 2020, we, Illumina and Illumina </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Merger Sub,</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> entered into an agreement to terminate the Merger Agreement (the “Termination Agreement”). </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Continuation Advances from Illumina</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">As part of the Termination Agreement, Illumina paid us cash payments (“Continuation Advances”) totaling $</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52.0</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million. Up to the full $</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52.0</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million of Continuation Advances paid to us were repayable without interest to Illumina if, within two years of March 31, 2020, we entered into, or consummated a Change of Control Transaction or raised at least $</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">100</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million in a single equity or debt financing </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">(that may have multiple closings),</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> with the amount repayable dependent on the amount raised by us. </span></p><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Resulting from the issuance and sale of $</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">900</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million of </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">1.50</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">% Convertible Senior Notes due </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">February 15, 2028</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">, $</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">52.0</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> million of Continuation Advances were paid without interest to Illumina in February 2021, and a corresponding non-operating expense was recorded in the Consolidated Statements of Operations and Comprehensive (Loss) Income during the quarter ended March 31, 2021. </span>
CY2020Q1 pacb Merger Agreement Continuation Advances Repayable Minimum Company Must Raise In Equity Or Debt Financing In Single Transaction
MergerAgreementContinuationAdvancesRepayableMinimumCompanyMustRaiseInEquityOrDebtFinancingInSingleTransaction
100000000
CY2021Q1 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
-52000000.0
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
428574000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
460725000
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
534201000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
583675000
CY2022Q1 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
500000
CY2021Q4 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
500000
CY2022Q1 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
4982000
CY2021Q4 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
4592000
CY2022Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
968257000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1049492000
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
168654000
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
169717000
CY2022Q1 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
168654000
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
169717000
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1100000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
651213000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
84311000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
735524000
CY2022Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
11530000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7993000
CY2022Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
9202000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8611000
CY2022Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
8893000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7995000
CY2022Q1 us-gaap Inventory Net
InventoryNet
29625000
CY2021Q4 us-gaap Inventory Net
InventoryNet
24599000
CY2022Q1 pacb Annual Decrease In Long Term Restricted Cash
AnnualDecreaseInLongTermRestrictedCash
500000
CY2022Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11360000
CY2022Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
609000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10751000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11360000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
381000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10979000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
685000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
838000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
733000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
733000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
733000
CY2022Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
7029000
CY2022Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10751000
CY2022Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022Q1 pacb Contract With Customer Liability Noncurrent Recognition Period
ContractWithCustomerLiabilityNoncurrentRecognitionPeriod
P5Y
CY2021 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000.0
CY2022Q1 pacb Percentage Of Fee To Prepay Debt
PercentageOfFeeToPrepayDebt
4
CY2022Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
900000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
900000000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3780000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
3933000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
896220000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
896067000
CY2022Q1 pacb Contractual Interest Expense
ContractualInterestExpense
3375000
CY2021 pacb Contractual Interest Expense
ContractualInterestExpense
1688000
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
153000
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
74000
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
3528000
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
1762000
CY2022Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">NOTE 8.</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;"> COMMITMENTS AND CONTINGENCIES </span><p dir="ltr" style="font-family: Roboto;font-size: 12pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The Company has entered into various operating lease agreements, primarily relating to our corporate offices. See </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Note 8 – Commitments and Contingencies</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">,</span><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 12pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">subsection titled “Leases”, in Part II, Item 8 of the Annual Report on Form 10-K for the year ended December 31, 2021 for information regarding the Company’s maturity of lease liabilities under its lease agreements.</span></p><p dir="ltr" style="font-family: Roboto;font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 11pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Contingencies </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We may become involved in legal proceedings, 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.</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Legal </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">U.S. District Court Proceedings </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On September 26, 2019, Personal Genomics of Taiwan, Inc. (“PGI”) filed a complaint in the U.S. District Court for the District of Delaware against us for patent infringement (C.A. No. 19-cv-1810) (the “PGI District Court matter”). The matter from this complaint is based on PGI’s U.S. Patent No. 7,767,441 (the “‘441 Patent”). We plan to vigorously defend in this matter. </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On November 20, 2019, we filed our answer to the complaint, denying infringement and seeking a declaratory judgement of invalidity of the ‘441 Patent. </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On June 22, 2020, we filed a petition requesting institution of an inter-partes review (IPR) to the Patent Trial and Appeals Board (the “Board”) at the United States Patent Office requesting the Board to find a set of claims in the ‘441 Patent invalid. On June 27, 2020, we filed a second petition requesting institution of an IPR requesting the Board to find another set of claims in the ‘441 Patent invalid. The two petitions (the “PacBio IPR Petitions”) requesting IPRs assert that all of the claims relevant to the PGI complaint are invalid. On January 19, 2021, the Board ordered that both PacBio IPR Petitions are instituted on all grounds presented. On January 18, 2022, the Board issued decisions on the two IPRs. In one IPR, all challenged claims were found unpatentable including PGI’s core device claims. In the second IPR, the board did not find the disputed claims unpatentable. We are appealing the decision in the second IPR to the U.S. Court of Appeals for the Federal Circuit.</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On August 19, 2020, the court ordered a stay of the PGI District Court matter based on a joint stipulation by the parties pending a final written decision on the IPRs. Following the final decision on the IPRs described above, on February 2, 2022, the judge ordered that the PGI District Court matter be reopened. We plan to vigorously defend against the remaining claims.</span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 11pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;"><span style="white-space:pre-wrap; font-size: 11pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Proceedings in China</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">On May 12, 2020, PGI filed a complaint in the Wuhan Intermediate People’s Court in China alleging infringement of one or more claims of China patent No. CN101743321B (the “CN321 Patent”), which is related to the ‘441 Patent. We were served on January 20, 2021 and plan to vigorously defend in this matter. On November 23, 2020 we filed an Invalidation Petition at the China National Intellectual Property Administration (CNIPA) demonstrating the invalidity of the claims in the CN321 Patent on grounds of insufficient disclosure, and the lack of support, essential technical features, clarity, novelty, and inventiveness. A hearing in the invalidation proceeding at the CNIPA was held on April 29, 2021. On September 2, 2021, the CNIPA issued its decision on the Invalidation Petition and determined that all claims (1-61) of the CN321 patent were invalid. We have filed a petition with the Wuhan Intermediate People’s court requesting dismissal of the infringement action. On December 1, 2021, PGI filed an appeal with the Beijing IP Court, contesting the CNIPA decision. </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;">Other Proceedings</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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. </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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.</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: bold;margin: 0;padding: 0;">Indemnification</span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 12pt;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">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 our 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 fundraising 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 fundraising 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. </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">No</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> additional liability associated with such indemnification obligations has been recorded as of March 31, 2022 and December 31, 2021.</span></p><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span>
CY2021Q4 pacb Additional Liability Associated With Indemnification Obligations
AdditionalLiabilityAssociatedWithIndemnificationObligations
0
CY2022Q1 pacb Additional Liability Associated With Indemnification Obligations
AdditionalLiabilityAssociatedWithIndemnificationObligations
0
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22703000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10165000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-81499000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-87435000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
222289000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
194790000
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.45
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
222289000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
194790000
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33173000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28997000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
33173000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28997000

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