$PACB
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.

2022 Q4 Form 10-Q Financial Statement

#000129913022000136 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $27.35M $32.31M
YoY Change -24.06% -7.38%
Cost Of Revenue $18.51M $18.76M
YoY Change -3.87% -3.89%
Gross Profit $8.845M $13.55M
YoY Change -47.24% -11.83%
Gross Profit Margin 32.34% 41.93%
Selling, General & Admin $45.00M $36.80M
YoY Change 20.59% 16.42%
% of Gross Profit 508.8% 271.61%
Research & Development $42.62M $47.09M
YoY Change 0.11% 71.19%
% of Gross Profit 481.89% 347.62%
Depreciation & Amortization $2.771M $2.575M
YoY Change 11.6% 35.6%
% of Gross Profit 31.33% 19.01%
Operating Expenses $92.22M $88.17M
YoY Change 13.8% -1.86%
Operating Profit -$83.38M -$74.62M
YoY Change 29.73% 0.19%
Interest Expense -$3.648M $3.664M
YoY Change 4.86% -0.25%
% of Operating Profit
Other Income/Expense, Net $6.348M $1.313M
YoY Change 634700.0% -1087.22%
Pretax Income -$84.38M -$76.97M
YoY Change 23.81% -1.67%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$84.38M -$76.97M
YoY Change 21.72% -565.31%
Net Earnings / Revenue -308.5% -238.22%
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.37 -$0.34
COMMON SHARES
Basic Shares Outstanding 226.1M 224.8M
Diluted Shares Outstanding 225.1M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $889.8M $974.7M
YoY Change -15.72% 17.39%
Cash & Equivalents $325.1M $304.4M
Short-Term Investments $564.8M $670.3M
Other Short-Term Assets $10.59M $13.31M
YoY Change 34.14% 72.95%
Inventory $50.38M $43.50M
Prepaid Expenses
Receivables $18.79M $22.76M
Other Receivables $0.00 $0.00
Total Short-Term Assets $852.1M $913.9M
YoY Change -22.62% -19.11%
LONG-TERM ASSETS
Property, Plant & Equipment $41.58M $39.15M
YoY Change 27.92% 25.82%
Goodwill $410.0M $410.0M
YoY Change 0.0% -0.38%
Intangibles $410.2M $410.3M
YoY Change -0.18% -0.22%
Long-Term Investments
YoY Change
Other Assets $10.53M $1.176M
YoY Change 799.83% 1580.0%
Total Long-Term Assets $915.0M $905.1M
YoY Change 1.01% 0.08%
TOTAL ASSETS
Total Short-Term Assets $852.1M $913.9M
Total Long-Term Assets $915.0M $905.1M
Total Assets $1.767B $1.819B
YoY Change -11.95% -10.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.03M $12.85M
YoY Change 9.33% 159.13%
Accrued Expenses $32.60M $24.89M
YoY Change -10.11% -19.25%
Deferred Revenue $30.50M $30.69M
YoY Change 177.84% 214.02%
Short-Term Debt $1.842M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $263.3M $81.65M
YoY Change 267.23% 46.83%
LONG-TERM LIABILITIES
Long-Term Debt $896.7M $896.5M
YoY Change 0.07% 0.07%
Other Long-Term Liabilities $1.300M $1.759M
YoY Change -62.55% -63.73%
Total Long-Term Liabilities $1.300M $1.759M
YoY Change -62.55% -63.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $263.3M $81.65M
Total Long-Term Liabilities $1.300M $1.759M
Total Liabilities $1.204B $1.192B
YoY Change -0.97% -0.08%
SHAREHOLDERS EQUITY
Retained Earnings -$1.532B -$1.448B
YoY Change 25.8% 26.04%
Common Stock $227.0K $226.0K
YoY Change 2.71% 2.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $562.9M $626.6M
YoY Change
Total Liabilities & Shareholders Equity $1.767B $1.819B
YoY Change -11.95% -10.58%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$84.38M -$76.97M
YoY Change 21.72% -565.31%
Depreciation, Depletion And Amortization $2.771M $2.575M
YoY Change 11.6% 35.6%
Cash From Operating Activities -$60.57M -$63.05M
YoY Change 91.01% 55.09%
INVESTING ACTIVITIES
Capital Expenditures $5.083M -$4.189M
YoY Change -278.85% 274.35%
Acquisitions
YoY Change
Other Investing Activities $85.49M $58.10M
YoY Change 24.62% -120.0%
Cash From Investing Activities $80.40M $53.91M
YoY Change 22.28% -118.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 819.0K 3.133M
YoY Change -38.14% -98.95%
NET CHANGE
Cash From Operating Activities -60.57M -63.05M
Cash From Investing Activities 80.40M 53.91M
Cash From Financing Activities 819.0K 3.133M
Net Change In Cash 20.66M -6.012M
YoY Change -41.6% -81.58%
FREE CASH FLOW
Cash From Operating Activities -$60.57M -$63.05M
Capital Expenditures $5.083M -$4.189M
Free Cash Flow -$65.65M -$58.86M
YoY Change 127.43% 48.88%

Facts In Submission

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CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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18936000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
626591000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
258245000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
16542000
CY2021Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
33000
CY2021Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
4811000
CY2021Q3 pacb Stock Issued During Period In Private Placement Net Of Issuance Costs
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294845000
CY2021Q3 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
237884000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
28447000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
840807000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
790987000
us-gaap Net Income Loss
NetIncomeLoss
-229864000
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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-5173000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9983000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
60658000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
626591000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
335491000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-58000
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
30122000
pacb Stock Issued During Period In Private Placement Net Of Issuance Costs
StockIssuedDuringPeriodInPrivatePlacementNetOfIssuanceCosts
294845000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
237884000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
54417000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
840807000
us-gaap Net Income Loss
NetIncomeLoss
-229864000
us-gaap Net Income Loss
NetIncomeLoss
-111894000
us-gaap Depreciation
Depreciation
4943000
us-gaap Gain Loss On Contract Termination
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-52000000
us-gaap Depreciation
Depreciation
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us-gaap Finance Lease Right Of Use Asset Amortization
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5152000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2403000
pacb Amortization Of Intangible Assets And Research Development Expense
AmortizationOfIntangibleAssetsAndResearchDevelopmentExpense
685000
pacb Amortization Of Intangible Assets And Research Development Expense
AmortizationOfIntangibleAssetsAndResearchDevelopmentExpense
154000
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480000
us-gaap Amortization Of Financing Costs And Discounts
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381000
us-gaap Share Based Compensation
ShareBasedCompensation
60658000
us-gaap Share Based Compensation
ShareBasedCompensation
54417000
us-gaap Investment Income Net Amortization Of Discount And Premium
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-1069000
us-gaap Investment Income Net Amortization Of Discount And Premium
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
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-2221000
us-gaap Gain Loss On Sale Of Property Plant Equipment
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-82000
us-gaap Increase Decrease In Accounts Receivable
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-1485000
us-gaap Increase Decrease In Accounts Receivable
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6871000
us-gaap Increase Decrease In Inventories
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20700000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
5453000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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5685000
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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1511000
us-gaap Increase Decrease In Accounts Payable
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196000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-11054000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
10267000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
3575000
us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-17930000
us-gaap Operating Lease Payments
OperatingLeasePayments
5905000
us-gaap Operating Lease Payments
OperatingLeasePayments
3231000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-1700000
us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
-2996000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-202645000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79472000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11846000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3089000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
307899000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
857421000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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212734000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
355425000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
223285000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
35680000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-744284000
pacb Proceeds From Repayments Of Contract Termination
ProceedsFromRepaymentsOfContractTermination
-52000000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
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pacb Proceeds From Issuance Of Common Stock Under Equity Offerings Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockUnderEquityOfferingsNetOfIssuanceCosts
294846000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9983000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
30121000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1180000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-246000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8803000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1168257000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
583675000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-158162000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
344501000
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
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
307655000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
430448000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
304433000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
425388000
CY2022Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3222000
CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5060000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
307655000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
430448000
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
237884000
us-gaap Nature Of Operations
NatureOfOperations
<span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">We are a life science technology company that designs, develops, and manufactures advanced sequencing solutions to help scientists and clinical researchers resolve genetically complex problems. Our products and technology under development stem from two highly differentiated core technologies focused on accuracy, quality and completeness which include our existing HiFi long-read sequencing technology and our emerging short-read Sequencing by Binding (SBB</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #333333;font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"><sup>®</sup></span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">) technology. </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #000000;font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our products address solutions across a broad set of applications including human germline sequencing, plant and animal sciences, infectious disease and microbiology, oncology, and other emerging applications. </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 focus is on providing our customers with advanced sequencing technologies with higher throughput and improved workflows that we believe will enable dramatic advancements in routine healthcare. </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our customers include academic and governmental research institutions, commercial testing and service laboratories, genome centers, public health labs, hospitals and clinical research institutes, contract research organizations (CROs), pharmaceutical companies and agricultural companies.</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">References in this report to “PacBio,” “we,” “us,” the “Company,” and “our” refer to Pacific Biosciences of California, Inc. and its consolidated subsidiaries.</span>
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><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;text-align: justify;text-indent: 0.00in;"><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 (loss) income, 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></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;text-align: justify;text-indent: 0.00in;"><span style="white-space:pre-wrap; color: #000000;font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The financial statements should be read in conjunction with the audited consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2021.</span></p>
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 current macroeconomic conditions and 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 September 30, 2022. Actual results could differ materially from these estimates.</span>
CY2022Q3 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
300000
CY2021Q4 pacb Short Term Restricted Cash Fair Value Disclosure
ShortTermRestrictedCashFairValueDisclosure
500000
CY2022Q3 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
2922000
CY2021Q4 pacb Long Term Restricted Cash Fair Value Disclosure
LongTermRestrictedCashFairValueDisclosure
4592000
CY2022Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
837562000
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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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 and nine months ended September 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;">13</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;">% of total revenue during the period. For the three and nine months ended September 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;">15</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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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 September 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;">54</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 September 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;">one</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 </span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">10</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>
CY2021Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
34887000
CY2021Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-54802000
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: 6pt;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: 6pt;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: 6pt;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>
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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: 10pt;line-height: 108%;margin-bottom: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 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;">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: 10pt;line-height: 108%;margin-bottom: 6pt;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;">Contingencies </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 6pt;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: 6pt;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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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 </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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;">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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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. However, in a subsequent order dated September 15, 2022, the judge stayed the PGI District Court matter pending a final decision in the Federal Circuit appeal of the IPRs.</span><span style="white-space:pre-wrap; font-family: Roboto;font-size: 10pt;font-style: italic;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: Roboto;font-size: 10pt;line-height: 108%;margin-bottom: 6pt;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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 6pt;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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 6pt;margin-left: 0;margin-right: 0;margin-top: 6pt;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: 6pt;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 September 30, 2022 and December 31, 2021.</span>
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202194000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
223981000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
198545000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
225123000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
215127000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
223981000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
198545000
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32311000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34887000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
100951000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94494000
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
32311000
CY2021Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
34887000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
100951000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
94494000

Files In Submission

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pacb-20220930_lab.xml Edgar Link unprocessable
pacb-20220930_def.xml Edgar Link unprocessable
pacb-20220930_cal.xml Edgar Link unprocessable
0001299130-22-000136-index-headers.html Edgar Link pending
0001299130-22-000136-index.html Edgar Link pending
0001299130-22-000136.txt Edgar Link pending
0001299130-22-000136-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pacb-20220930.xsd Edgar Link pending
pacb-20220930x10q.htm Edgar Link pending
pacb-20220930x10qg001.jpg Edgar Link pending
pacb-20220930xex31_1.htm Edgar Link pending
pacb-20220930xex31_2.htm Edgar Link pending
pacb-20220930xex32_1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
pacb-20220930x10q_htm.xml Edgar Link completed
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report.css Edgar Link pending
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pacb-20220930_pre.xml Edgar Link unprocessable