Pacific Biosciences of California, Inc. (PACB) Earnings Call Transcript & Summary

Hello and welcome to the Annual Meeting of Stockholders of Pacific Biosciences of California, Inc. Please note that today's meeting is being recorded. [Operator Instructions] It is now my pleasure to turn today's meeting over to Mr. Christian Henry, President, CEO and board member of Pacific Biosciences of California, Inc. Mr. Henry, the floor is yours.

Thank you very much. Good morning, ladies and gentlemen, and welcome to Pacific Biosciences of California Inc. 2021 Annual Meeting of Stockholders. I am Christian Henry, President and Chief Executive Officer of Pacific Biosciences of California, Inc., and a member of the Board of Directors. Today's meeting will consist of the formal annual meeting to address the proposals set forth in our proxy statement. Questions about the company's business may be directed after the meeting to the company's Investor Relations team. As provided by the company's bylaws, I will act as Chairman of this meeting. I have asked Brett Atkins, our General Counsel and Corporate Secretary, to act as Secretary of the meeting and to record the minutes. Before proceeding further, let me introduce the other directors and director nominees who are in attendance virtually: John Milligan, Chairman of the Board; David Botstein; Marshall Mohr; Kathy Ordoñez; and Lucy Shapiro. Also in attendance virtually are Susan Kim, our Chief Financial Officer; Trevin Rard and Todd Friedman of the company's Investor Relations team; Donna Petkanics of Wilson Sonsini Goodrich & Rosati; Surita Jolly of Ernst & Young, our independent registered public accounting firm; and Mike Dromgoole, representing our transfer agent, Computershare. I will now turn the meeting over to Brett Atkins, who will conduct the formal part of the meeting.

Good morning, and again, welcome to Pacific Biosciences 2021 Annual Meeting. The meeting is being held virtually in accordance with the company's bylaws and Delaware law. During the formal meeting, we will address the matters described in the proxy statement, which was first made available to all stockholders on or about May 3, 2021, and is available on the company's website and the SEC's website. I have proof by affidavit that notice of this meeting has been duly given and that the notice of Annual Meeting of Stockholders, proxy statement and proxy were mailed on or about May 3, 2021, to stockholders of record as of 5:00 p.m. Pacific Time on April 19, 2021, which is the record date for the meeting. A complete list of the stockholders of record is available on the virtual meeting website until the end of this meeting. The affidavit will be filed with the minutes of the meeting. Mike Dromgoole, a representative of Computershare, is acting as our Inspector of Election for this meeting. The Inspector of Election has signed an oath of office, which will be filed with the minutes of the meeting. Based on the information provided by the Inspector of Election, I can confirm that we have present remotely or by proxy, a sufficient number of shares to constitute a quorum. Therefore, the meeting is duly constituted, and we may proceed with business. If you have previously submitted your proxy, it is not necessary that you complete another proxy or vote. Those stockholders who have not submitted proxies and who wish to vote remotely or if you want to change your vote, please follow the instructions provided online. After voting has completed on all matters on the agenda, we will close the polls, and we will announce the preliminary results of the voting at the end of the meeting. It is now 9:06 a.m. Pacific Time on June 16, 2021, and the polls for each matter to be voted on at this meeting are now open. The first item of business is the election of Class II directors. As indicated in the company's proxy statement: Randy Livingston, Marshall Mohr and Dr. Hannah Valantine, are nominated by the Board of Directors serve as the company's Class II directors with terms expiring in 2024. The Board of Directors recommends voting for these 3 nominees. The second item of business is the ratification of the appointment of Ernst & Young LLP to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. The Board of Directors recommends voting for the ratification of the appointment of Ernst & Young to serve as the company's independent registered public accounting firm for the fiscal year ending December 31, 2021. We will now proceed to the question and comment period. You will have an opportunity to vote after discussion has taken place. I remind you that the meeting has been called for the purpose of considering the 2 items of business previously described. Accordingly, all questions and comments should be confined to those matters at this time. The virtual meeting webcast is now open for stockholder questions or comments concerning the business before the meeting. Any stockholder who has questions or comments should submit your questions or comments following the instructions on the online meeting site. If you are voting today, you must submit your votes online at this time in order for them to be counted by the Inspector of Election. The Inspector of Election will not accept votes or any change or revocations submitted after the closing of the polls. I will now pause for a moment for people to submit their votes. [Voting]

It is now 09:09 a.m. Pacific Time on June 16, 2021, and the polls for each matter to be voted on at this meeting are now closed. The proxies and votes will be tabulated by the Inspector of Election. With regard to Proposal 1, the election of directors, Randy Livingston, Marshall Mohr and Dr. Hannah Valantine have been elected to the Board of Directors to serve as Class II directors. With regard to Proposal 2, the ratification of Ernst & Young LLP to serve as the company's independent registered public accounting firm has been approved. These are the preliminary results of voting. The final count may vary following the final examination of the proxies and ballots. The final results of voting will be set forth in the report of the Inspector of Election and will also be reflected in a current report on a Form 8-K to be filed with the SEC. I will now turn the meeting back to Christian.

Thank you, Brett. This concludes the formal business of the Annual Meeting of Stockholders. The meeting is now adjourned. Again, general questions from stockholders regarding Pacific Biosciences of California Inc. may be directed to the company's Investor Relations team. Thank you.

This concludes the meeting. You may now disconnect.