Exhibit 99.3
PACIFIC BIOSCIENCES OF CALIFORNIA, INC.
Consolidated Statements of Cash Flow
(Unaudited)
Years Ended December 31, | ||||||||||||
(in thousands) | 2013 | 2012 | 2011 | |||||||||
Cash flows from operating activities | ||||||||||||
Net loss | $ | (79,293 | ) | $ | (94,465 | ) | $ | (109,388 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities | ||||||||||||
Depreciation and amortization | 5,648 | 6,649 | 5,803 | |||||||||
Amortization of debt discount and financing costs | 595 | — | — | |||||||||
Stock-based compensation | 9,905 | 9,705 | 12,384 | |||||||||
Other items | (418 | ) | 287 | 226 | ||||||||
Changes in assets and liabilities | ||||||||||||
Accounts receivable | 76 | 1,735 | (4,216 | ) | ||||||||
Inventory | (60 | ) | 4,761 | (11,409 | ) | |||||||
Prepaid expenses and other assets | 906 | 1,058 | 1,874 | |||||||||
Accounts payable | (1,271 | ) | (1,754 | ) | (4,773 | ) | ||||||
Accrued expenses and other current liabilities | 1,593 | (2,054 | ) | 3,044 | ||||||||
Deferred service revenue | 386 | (1,674 | ) | 2,631 | ||||||||
Deferred development revenue | 33,304 | — | — | |||||||||
Lease incentives and other long-term liabilities | (1,204 | ) | (1,070 | ) | 850 | |||||||
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Net cash used in operating activities | (29,833 | ) | (76,822 | ) | (102,974 | ) | ||||||
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Cash flows from investing activities | ||||||||||||
Purchase of property and equipment | (909 | ) | (1,703 | ) | (9,284 | ) | ||||||
Purchase of investments | (201,547 | ) | (87,889 | ) | (264,071 | ) | ||||||
Sales of investments | 100 | 7,896 | 36,520 | |||||||||
Maturities of investments | 169,239 | 143,488 | 243,281 | |||||||||
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Net cash provided by (used in) investing activities | (33,117 | ) | 61,792 | 6,446 | ||||||||
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Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock from equity plans | 3,079 | 2,705 | 7,743 | |||||||||
Proceeds from issuance of common stock from equity offering, net of issuance costs | 19,927 | — | — | |||||||||
Proceeds from issuance of debt facility, net of issuance costs | 19,766 | — | — | |||||||||
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Net cash provided by financing activities | 42,772 | 2,705 | 7,743 | |||||||||
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Net decrease in cash and cash equivalents | (20,178 | ) | (12,325 | ) | (88,785 | ) | ||||||
Cash and cash equivalents at beginning of period | 46,540 | 58,865 | 147,650 | |||||||||
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Cash and cash equivalents at end of period | $ | 26,362 | $ | 46,540 | $ | 58,865 | ||||||
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Supplemental disclosure of cash flow information | ||||||||||||
Interest paid | 1,165 | — | — | |||||||||
Supplemental disclosure of non-cash investing and financing activities | ||||||||||||
Inventory transferred to property and equipment for internal use | 558 | 1,164 | 2,756 |