$PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2022 Q3 Form 10-Q Financial Statement

#000129913022000101 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $32.31M $35.47M $33.17M
YoY Change -7.38% 15.87% 14.4%
Cost Of Revenue $18.76M $19.27M $19.02M
YoY Change -3.89% 14.34% 18.71%
Gross Profit $13.55M $16.19M $14.16M
YoY Change -11.83% 17.74% 9.08%
Gross Profit Margin 41.93% 45.66% 42.67%
Selling, General & Admin $36.80M $39.25M $39.80M
YoY Change 16.42% 35.07% 52.28%
% of Gross Profit 271.61% 242.4% 281.2%
Research & Development $47.09M $50.35M $52.94M
YoY Change 71.19% 126.12% 157.63%
% of Gross Profit 347.62% 310.92% 373.98%
Depreciation & Amortization $2.575M $2.551M $2.268M
YoY Change 35.6% 60.64% 41.22%
% of Gross Profit 19.01% 15.75% 16.02%
Operating Expenses $88.17M $84.16M $91.68M
YoY Change -1.86% 63.98% 96.37%
Operating Profit -$74.62M -$67.97M -$77.52M
YoY Change 0.19% 80.9% 129.97%
Interest Expense $3.664M $3.681M $3.697M
YoY Change -0.25% 2.56% 106.65%
% of Operating Profit
Other Income/Expense, Net $1.313M $256.0K -$279.0K
YoY Change -1087.22% 59.01% -535.94%
Pretax Income -$76.97M -$71.39M -$81.50M
YoY Change -1.67% 74.13% -6.79%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$76.97M -$71.39M -$81.50M
YoY Change -565.31% 74.13% -6.79%
Net Earnings / Revenue -238.22% -201.3% -245.68%
Basic Earnings Per Share -$0.34 -$0.32 -$0.37
Diluted Earnings Per Share -$0.34 -$0.32 -$0.37
COMMON SHARES
Basic Shares Outstanding 224.8M 224.5M 222.3M
Diluted Shares Outstanding 225.1M 224.5M 222.3M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $974.7M $997.6M $1.080B
YoY Change 17.39% -3.53% -7.61%
Cash & Equivalents $304.4M $310.4M $428.6M
Short-Term Investments $670.3M $687.2M $651.2M
Other Short-Term Assets $13.31M $7.957M $8.936M
YoY Change 72.95% 16.3% 39.63%
Inventory $43.50M $36.12M $29.63M
Prepaid Expenses
Receivables $22.76M $27.06M $27.85M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $913.9M $970.3M $1.029B
YoY Change -19.11% -18.4% -13.94%
LONG-TERM ASSETS
Property, Plant & Equipment $39.15M $37.96M $35.51M
YoY Change 25.82% 51.83% 46.69%
Goodwill $410.0M $410.0M $410.0M
YoY Change -0.38%
Intangibles $410.3M $410.5M $410.8M
YoY Change -0.22%
Long-Term Investments
YoY Change
Other Assets $1.176M $1.205M $1.340M
YoY Change 1580.0% 1753.85% 1900.0%
Total Long-Term Assets $905.1M $905.9M $907.5M
YoY Change 0.08% 1499.18% 1493.86%
TOTAL ASSETS
Total Short-Term Assets $913.9M $970.3M $1.029B
Total Long-Term Assets $905.1M $905.9M $907.5M
Total Assets $1.819B $1.876B $1.937B
YoY Change -10.58% 50.6% 54.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.85M $12.88M $17.61M
YoY Change 159.13% 170.59% 407.26%
Accrued Expenses $24.89M $25.17M $19.49M
YoY Change -19.25% 9.9% 32.83%
Deferred Revenue $30.69M $32.08M $12.73M
YoY Change 214.02% 236.52% 32.5%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $81.65M $84.40M $61.01M
YoY Change 46.83% 85.76% 80.84%
LONG-TERM LIABILITIES
Long-Term Debt $896.5M $896.4M $896.2M
YoY Change 0.07% 0.07% 0.06%
Other Long-Term Liabilities $1.759M $2.946M $3.218M
YoY Change -63.73% 291.76% 327.93%
Total Long-Term Liabilities $1.759M $2.946M $3.218M
YoY Change -63.73% 291.76% 327.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $81.65M $84.40M $61.01M
Total Long-Term Liabilities $1.759M $2.946M $3.218M
Total Liabilities $1.192B $1.194B $1.202B
YoY Change -0.08% 20.93% 23.63%
SHAREHOLDERS EQUITY
Retained Earnings -$1.448B -$1.371B -$1.300B
YoY Change 26.04% 17.65% 15.59%
Common Stock $226.0K $225.0K $224.0K
YoY Change 2.26% 13.07% 13.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $626.6M $681.9M $734.6M
YoY Change
Total Liabilities & Shareholders Equity $1.819B $1.876B $1.937B
YoY Change -10.58% 50.6% 54.58%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$76.97M -$71.39M -$81.50M
YoY Change -565.31% 74.13% -6.79%
Depreciation, Depletion And Amortization $2.575M $2.551M $2.268M
YoY Change 35.6% 60.64% 41.22%
Cash From Operating Activities -$63.05M -$60.56M -$79.03M
YoY Change 55.09% 285.36% 242.06%
INVESTING ACTIVITIES
Capital Expenditures -$4.189M -$4.019M $3.638M
YoY Change 274.35% 155.99% 807.23%
Acquisitions
YoY Change
Other Investing Activities $58.10M -$56.26M $45.69M
YoY Change -120.0% -87.75% 433.15%
Cash From Investing Activities $53.91M -$60.28M $42.05M
YoY Change -118.48% -86.92% 414.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.592M
YoY Change -74.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.133M 455.0K 5.215M
YoY Change -98.95% -84.21% -99.4%
NET CHANGE
Cash From Operating Activities -63.05M -60.56M -79.03M
Cash From Investing Activities 53.91M -60.28M 42.05M
Cash From Financing Activities 3.133M 455.0K 5.215M
Net Change In Cash -6.012M -120.4M -31.76M
YoY Change -81.58% -74.58% -103.73%
FREE CASH FLOW
Cash From Operating Activities -$63.05M -$60.56M -$79.03M
Capital Expenditures -$4.189M -$4.019M $3.638M
Free Cash Flow -$58.86M -$56.54M -$82.67M
YoY Change 48.88% 299.72% 251.7%

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-80000
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CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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15805000
CY2021Q2 us-gaap Stockholders Equity
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CY2021Q4 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-4370000
us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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41722000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
681886000
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StockholdersEquity
335491000
us-gaap Net Income Loss
NetIncomeLoss
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-91000
us-gaap Stock Issued During Period Value Share Based Compensation
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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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25970000
CY2021Q2 us-gaap Stockholders Equity
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258245000
us-gaap Net Income Loss
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-152893000
us-gaap Net Income Loss
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-52000000
us-gaap Depreciation
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4591000
us-gaap Depreciation
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us-gaap Finance Lease Right Of Use Asset Amortization
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3412000
us-gaap Finance Lease Right Of Use Asset Amortization
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1591000
us-gaap Net Cash Provided By Used In Financing Activities
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868601000
us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Investment Income Net Amortization Of Discount And Premium
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us-gaap Investment Income Net Amortization Of Discount And Premium
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Inventories
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340000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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5560000
us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Increase Decrease In Contract With Customer Asset
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us-gaap Operating Lease Payments
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3833000
us-gaap Operating Lease Payments
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2144000
us-gaap Increase Decrease In Other Current Liabilities
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379000
us-gaap Increase Decrease In Other Current Liabilities
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-932000
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Investments
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us-gaap Payments To Acquire Investments
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635400000
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230515000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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150175000
us-gaap Net Cash Provided By Used In Investing Activities
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-18228000
us-gaap Net Cash Provided By Used In Investing Activities
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pacb Proceeds From Repayments Of Contract Termination
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Issuance Of Common Stock
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6440000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
25311000
us-gaap Repayments Of Notes Payable
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5670000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
377147000
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
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313667000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
463094000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
310445000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
459794000
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3222000
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3300000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313667000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
463094000
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>
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 June 30, 2022. Actual results could differ materially from these estimates.</span>
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 June 30, 2022, 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;">11</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. For the six months ended June 30, 2022, </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;"> customers exceeded 10%. For the three and six months ended June 30, 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;">17</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;">14</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 June 30, 2022, </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">57</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 June 30, 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;">11</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>
CY2021Q4 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
169717000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-6500000
pacb Term Of Amended And Restated Agreement
TermOfAmendedAndRestatedAgreement
Amended and Restated Agreement shall continue until June 30, 2028
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
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
310445000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
460725000
CY2022Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
588706000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
583675000
CY2022Q2 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
300000
CY2021Q4 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
500000
CY2022Q2 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
2922000
CY2021Q4 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
4592000
CY2022Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
902373000
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
1049492000
CY2022Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
163216000
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
169717000
CY2022Q2 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
163216000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
687193000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
109346000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
796539000
CY2022Q2 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
15451000
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7993000
CY2022Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12808000
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
8611000
CY2022Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7862000
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
7995000
CY2022Q2 us-gaap Inventory Net
InventoryNet
36121000
CY2021Q4 us-gaap Inventory Net
InventoryNet
24599000
pacb Annual Decrease In Long Term Restricted Cash
AnnualDecreaseInLongTermRestrictedCash
500000
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
11360000
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
837000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10523000
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
pacb Percentage Of Fee To Prepay Debt
PercentageOfFeeToPrepayDebt
4
CY2022Q2 pacb Additional Liability Associated With Indemnification Obligations
AdditionalLiabilityAssociatedWithIndemnificationObligations
0
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
457000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
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pacb Contractual Interest Expense
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<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: 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. 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. On December 1, 2021, PGI filed an appeal with the Beijing IP Court, contesting the CNIPA decision. We filed a petition with the Wuhan Intermediate People’s court requesting dismissal of the infringement action based on the CNIPA invalidation decision, and PGI filed a petition to withdraw its complaint. The Wuhan Intermediate People’s court granted PGI’s petition and dismissed the infringement action in May 2022. </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 </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;">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><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 June 30, 2022 and December 31, 2021.</span>
CY2021Q4 pacb Additional Liability Associated With Indemnification Obligations
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0
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AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
41722000
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AllocatedShareBasedCompensationExpense
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NetIncomeLoss
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.68
us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
198568000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
59607000

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