EMERYVILLE, Calif., Nov. 8, 2022
/PRNewswire/ -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in
digital cell biology, today reported financial results for the
quarter ended September 30, 2022.
Recent Highlights
- Delivered total revenue of $21.4
million for the third quarter of 2022, representing a
decrease of 12% compared to the third quarter of 2021 and an
increase of 12% compared to the second quarter of 2022
- Achieved record recurring revenue of $7.0 million, an increase of 48% year over year
and an increase of 18% compared to second quarter of 2022
- Delivered gross margin of 70.2% compared to 63.4% in the third
quarter of 2021 and 67.5% in the second quarter of 2022
"Our third quarter results demonstrated progress against our new
operating strategy. We delivered record recurring revenue, a strong
rebound of platform placements, gross margin improvement, and cash
burn in line with our plan," said Dr. Siddhartha Kadia, chief
executive officer of Berkeley Lights. "We are well on our way to
transforming Berkeley Lights from a technology platform company
into a growing, profitable, and sustainable life sciences tools and
services company. We will continue to advance important changes to
our business as we close out this year and lay a strong foundation
for the immense opportunities ahead of us."
Third Quarter 2022 Financial Results
|
Three months ended
September 30,
|
(in thousands, except
per share data)
|
2022
|
2021
|
|
(unaudited)
|
(unaudited)
|
Revenue
|
$
21,398
|
$
24,324
|
Gross profit
|
$
15,025
|
$
15,413
|
Gross margin
%
|
70 %
|
63 %
|
Operating
expenses
|
$
36,561
|
$
35,393
|
Loss from
operations
|
$
(21,536)
|
$
(19,980)
|
Net loss
|
$
(21,566)
|
$
(20,403)
|
Net loss attributable
to common stockholders per
share, basic and diluted
|
$
(0.32)
|
$
(0.30)
|
Total stock-based
compensation
|
$
5,181
|
$
5,962
|
2022 Guidance Outlook
Berkeley Lights continues to expect full-year 2022 revenue to be
approximately in line with 2021 full-year revenue.
Webcast and Conference Call Information
Berkeley Lights will host a conference call to discuss the third
quarter 2022 financial results after market close on Tuesday, November 8, 2022 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time. A webcast of the
conference call can be accessed at
http://investors.berkeleylights.com. The webcast will be archived
and available for replay for at least 90 days after the event.
About Berkeley Lights
Berkeley Lights is a leading digital cell biology company
focused on enabling and accelerating the rapid development and
commercialization of biotherapeutics and other cell-based products
for our customers. The Berkeley Lights Platform captures deep
phenotypic, functional, and genotypic information for thousands of
single cells in parallel and can also deliver the live biology
customers desire in the form of the best cells. Our platform is a
fully integrated, end-to-end solution, comprising proprietary
consumables, including our OptoSelect® chips and reagent
kits, advanced automation systems, and application software. We
developed the Berkeley Lights Platform to provide the most advanced
environment for rapid functional characterization of single cells
at scale, the goal of which is to establish an industry standard
for our customers throughout their cell-based product value
chain.
Berkeley Lights' Beacon® and Lightning®
systems and Culture Station™ instrument are: FOR RESEARCH USE
ONLY. Not for use in diagnostic procedures.
Forward Looking Statements
This press release contains forward-looking statements that are
based on management's beliefs and assumptions and on information
currently available to management. All statements contained in this
release other than statements of historical fact are
forward-looking statements, including statements regarding
expectations of future operating results or financial performance,
including our projected financial performance for the full year
2022 under the section captioned "2022 Guidance Outlook" and
recurring revenue, management's estimates and expectations
regarding growth of our business and market, including statements
regarding transforming Berkeley Lights from a technology platform
company into a growing, profitable and sustainable life sciences
tools and services company, continuing to advance important changes
to our business and our potential market opportunities and other
matters regarding our business strategies, use of capital, results
of operations and financial position, and plans and objectives for
future operations.
In some cases, you can identify forward-looking statements by
the words "may," "will," "could," "would," "should," "expect,"
"intend," "plan," "anticipate," "believe," "estimate," "predict,"
"project," "potential," "continue," "ongoing" or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. These statements
involve risks, uncertainties and other factors that may cause
actual results, levels of activity, performance, or achievements to
be materially different from the information expressed or implied
by these forward-looking statements.There are a significant number
of factors that could cause our actual results to differ materially
from statements made in this press release, including: our ability
to implement our strategies for improving growth; our ability to
attract new and retain existing customers, or renew and expand our
relationships with them; the failure to timely develop and achieve
market acceptance of new products and services as well as existing
products and services offerings; our limited operating history; our
history of losses since inception; and general market, political,
economic, and business conditions, including those related to the
continuing impact of COVID-19 and geopolitical uncertainty.
Additional risks and uncertainties are described under "Risk
Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and elsewhere in the documents
we file with the Securities and Exchange Commission from time to
time. We caution you that forward-looking statements are based on a
combination of facts and factors currently known by us and our
projections of the future, about which we cannot be certain. As a
result, the forward-looking statements may not prove to be
accurate. The forward-looking statements in this press release
represent our views as of the date hereof. We undertake no
obligation to update any forward-looking statements for any reason,
except as required by law.
Berkeley Lights,
Inc.
Condensed
Consolidated Statements of Operations (Unaudited)
(In thousands,
except share and per share data)
|
|
|
Three months
ended
September 30,
|
|
Nine months
ended
September 30,
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
|
|
|
|
|
|
|
Revenue:
|
|
|
|
|
|
|
|
Product
revenue
|
$ 15,946
|
|
$ 16,704
|
|
$ 35,188
|
|
$ 43,258
|
Service
revenue
|
5,452
|
|
7,620
|
|
25,566
|
|
18,944
|
Total
revenue
|
21,398
|
|
24,324
|
|
60,754
|
|
62,202
|
Cost of
sales:
|
|
|
|
|
|
|
|
Product cost of
sales
|
4,602
|
|
4,797
|
|
9,911
|
|
11,832
|
Service cost of
sales
|
1,771
|
|
4,114
|
|
9,065
|
|
9,778
|
Total cost of
sales
|
6,373
|
|
8,911
|
|
18,976
|
|
21,610
|
Gross
profit
|
15,025
|
|
15,413
|
|
41,778
|
|
40,592
|
Operating
expenses:
|
|
|
|
|
|
|
|
Research and
development
|
8,978
|
|
16,195
|
|
44,729
|
|
42,757
|
Selling, general and
administrative
|
26,525
|
|
19,198
|
|
64,347
|
|
50,813
|
Restructuring
|
1,058
|
|
—
|
|
1,058
|
|
—
|
Total operating
expenses
|
36,561
|
|
35,393
|
|
110,134
|
|
93,570
|
Loss from
operations
|
(21,536)
|
|
(19,980)
|
|
(68,356)
|
|
(52,978)
|
Other income
(expense):
|
|
|
|
|
|
|
|
Interest
expense
|
(229)
|
|
(232)
|
|
(680)
|
|
(942)
|
Interest
income
|
465
|
|
33
|
|
552
|
|
142
|
Other expense,
net
|
(244)
|
|
(170)
|
|
(209)
|
|
(117)
|
Loss before income
taxes
|
(21,544)
|
|
(20,349)
|
|
(68,693)
|
|
(53,895)
|
Provision for income
taxes
|
22
|
|
54
|
|
46
|
|
97
|
Net loss
|
$
(21,566)
|
|
$
(20,403)
|
|
$
(68,739)
|
|
$
(53,992)
|
|
|
|
|
|
|
|
|
Net loss attributable
to common stockholders
per share, basic and diluted
|
$
(0.32)
|
|
$
(0.30)
|
|
$
(1.01)
|
|
$
(0.81)
|
Weighted-average shares
used in calculating net
loss per share, basic and diluted
|
68,384,115
|
|
67,213,282
|
|
68,024,937
|
|
66,428,303
|
Berkeley Lights,
Inc.
Condensed
Consolidated Balance Sheets (Unaudited)
(In
thousands)
|
|
Assets
|
September
30,
2022
|
|
December 31,
2021
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
120,640
|
|
$
178,096
|
Short-term marketable
securities
|
14,075
|
|
—
|
Trade accounts
receivable
|
20,255
|
|
25,942
|
Inventory
|
15,706
|
|
14,547
|
Prepaid expenses and
other current assets
|
10,285
|
|
11,985
|
Total current
assets
|
180,961
|
|
230,570
|
Restricted
cash
|
—
|
|
270
|
Property and
equipment, net
|
27,704
|
|
27,992
|
Operating lease
right-of-use assets
|
24,118
|
|
26,060
|
Other
assets
|
2,101
|
|
2,361
|
Total
assets
|
$
234,884
|
|
$
287,253
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Trade accounts
payable
|
$
7,921
|
|
$
8,198
|
Accrued expenses and
other current liabilities
|
16,243
|
|
12,425
|
Current portion of
notes payable
|
2,483
|
|
—
|
Deferred
revenue
|
7,733
|
|
12,128
|
Total current
liabilities
|
34,380
|
|
32,751
|
Notes
payable
|
17,327
|
|
19,762
|
Deferred revenue, net
of current portion
|
1,433
|
|
2,187
|
Lease liability,
long-term
|
23,561
|
|
24,337
|
Total
liabilities
|
76,701
|
|
79,037
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
4
|
|
4
|
Additional paid-in
capital
|
490,544
|
|
471,820
|
Accumulated
deficit
|
(332,347)
|
|
(263,608)
|
Accumulated other
comprehensive loss
|
(18)
|
|
—
|
Total stockholders'
equity
|
158,183
|
|
208,216
|
Total liabilities and
stockholders' equity
|
$
234,884
|
|
$
287,253
|
Media Contact
Media@berkeleylights.com
Investor Contact
IR@berkeleylights.com
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SOURCE Berkeley Lights, Inc.