Pacific Biosciences Announces Fourth Quarter and Annual 2018 Financial Results

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MENLO PARK, Calif., Feb. 11, 2019 (GLOBE NEWSWIRE) -- Pacific Biosciences of California, Inc. (NASDAQ: PACB) today announced financial results for its fourth quarter and year ended December 31, 2018, as attached.

During the fourth quarter of 2018, the Company stated that it was targeting early access of the SMRTCell 8M chip to begin during the first quarter of 2019, with a broader launch in the second quarter of 2019.  The Company today announced that it commenced its Early Access Program of the SMRT Cell 8M chip and platform, the Sequel II System, in January 2019.  The five Early Access sites selected have now installed their Sequel II Systems and are actively running them.  Based on the early performance of the Sequel II Systems at these sites, the Company expects to begin commercial shipments of Sequel II Systems and SMRT Cell 8M products in the early part of the second quarter of 2019.

At a Special Meeting of Stockholders held on January 24, 2019, the Company’s stockholders approved the Agreement and Plan of Merger (the “Merger Agreement”) with Illumina, Inc. (“Illumina”).  As previously announced, each of the Company and Illumina have received a request for additional information and documentary material, commonly referred to as a “second request,” from the United States Federal Trade Commission (the “FTC”) in connection with the merger.  The FTC’s “second request” has the effect of extending the waiting period applicable to the consummation of the Merger until the 30th day after substantial compliance by the Company and Illumina with the “second request,” unless the waiting period is extended voluntarily by the parties or terminated sooner by the FTC.  The Company and Illumina continue to expect the merger to be completed in mid-2019.  During the three months ended December 31, 2018, the Company recognized approximately $8.2 million in operating expense in connection with the Merger Agreement.

The condensed consolidated financial statements that follow should be read in conjunction with the notes set forth in the Company’s Annual Report on Form 10-K when filed with the Securities and Exchange Commission.

 

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Globe Newswire: 21:01 GMT Monday 11th February 2019

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