Pacific Biosciences posts net loss for Q4 and year 2017

Pacific Biosciences of California said in its fourth quarter results announcement that it has had 19% of increase in product, service and other revenues, reaching $93.5 million, compared to $78.6 million for 2016 the year. Raise in operating expenses has increased net loss year over year.Total revenue for 2016 included $12.1 million of contractual revenue, whereas 2017 included no contractual revenue, Pacific Biosciences has said. Total revenue for the fourth quarter of 2017 was $24.9 million, compared to $25.7 million for the fourth quarter of 2016. Pacific noted that total revenue for the fourth quarter of 2016 included $1.3 million of contractual revenue, whereas the fourth quarter of 2017 included no contractual revenue.

Gross profit for the fourth quarter of 2017 was $9.5 million, compared to the gross profit for the fourth quarter for 2016 of $11.4 million.

The company reported operating expenses at $124.4 million for the year ended December 31, 2017, compared to $115.4 million for 2016. Operating expenses totaled $30.0 million for the fourth quarter of 2017, compared to $29.2 million for the fourth quarter of 2016. Operating expenses for the fourth quarters of 2017 and 2016 included non-cash stock-based compensation of $4.8 million and $4.3 million, respectively.

Net loss for the year

The net loss for the year ended December 31, 2017 was $92.2 million, compared to a net loss of $74.4 million for 2016. The net loss for the fourth quarter of 2017 was $20.8 million, compared to a net loss of $19.0 million for the fourth quarter of 2016, the company said.

Cash, cash equivalents and investments, excluding restricted cash, at December 31, 2017 totaled $62.9 million, compared to $72.0 million at December 31, 2016.