Berkeley Lights Reports Financial Results for Second Quarter of Fiscal Year 2020

08.25.20

EMERYVILLE, Calif. August 25, 2020 – Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended June 30, 2020.

Recent Highlights

• Total revenue of $10.6 million including four platform placements

• Completed initial public offering, raising approximately $188 million of net proceeds

Second Quarter 2020 Financial Results

Revenue was $10.6 million for the quarter ended June 30, 2020, representing a 10% decrease from the second quarter in the prior year. Product revenue was $9.1 million for the quarter, representing a 17% increase from the second quarter in the prior year. Service revenue was $1.5 million for the quarter, representing a 63% decrease from the second quarter in the prior year.

Direct platform revenue was $7.5 million for the quarter, compared to $6.9 million for the second quarter in the prior year. Recurring revenue was $2.9 million for the quarter, compared to $1.7 million for the second quarter in the prior year. Milestone and related revenue was $128,000 for the quarter, compared to $3.2 million for the second quarter in the prior year.

Gross profit was $7.0 million for the second quarter of 2020, down $2.6 million from $9.6 million for the corresponding prior year period. Gross margin was 66% for the second quarter of 2020, compared to 81% for the corresponding prior year period.

Operating expenses were $19.1 million for the second quarter of 2020, compared to $15.2 million in the second quarter of the prior year, representing an increase of approximately 26%.

Net loss was $12.4 million in the second quarter of 2020, compared to $6.2 million in the same period in 2019.

Cash and cash equivalents were $59.2 million as of June 30, 2020. Subsequent to the end of the quarter, on July 21, 2020, Berkeley Lights completed its initial public offering, raising approximately $188 million of net proceeds, after deducting underwriting discounts, commissions, and fees.

 

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 our ability to develop, commercialize and achieve market acceptance of our current and planned products and services, our research and development efforts, 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. These risks, uncertainties and other factors 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.

 

Press Contact
berkeleylights@bulleitgroup.com

Investor Contact
ir@berkeleylights.com

Berkeley Lights, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(in thousands, except share and per share data)

    Three Months Ended June 30,
      2020       2019  
         
Revenue        
Product revenue   $                       9,107     $                        7,795  
Service revenue                             1,462                                3,968  
Total revenue                           10,569                              11,763  
Cost of sales:        
Product cost of sales:                             2,384                                1,949  
Service cost of sales                             1,223                                   242  
Total cost of sales                             3,607                                2,191  
Gross profit                             6,962                                  9,572  
Operating expenses:        
Research and development                           11,843                                9,642  
General and administrative                             4,193                                3,080  
Sales and marketing                             3,076                                2,452  
Total operating expenses                           19,112                              15,174  
Loss from operations                        (12,150 )                           (5,602 )
Other income (expense):        
Interest expense                             (356 )                              (350 )
Interest income                                  47                                   270  
Other income (expense), net                                  37                                (488 )
Loss before income taxes                        (12,422 )                           (6,170 )
Provision for income taxes                                    8                                     15  
Net loss and net comprehensive loss                        (12,430 )                           (6,185 )
         
 Net loss attributable to common stockholders per share, basic and diluted   $                      (4.25 )   $                       (2.43 )
Weighted-average shares used in calculating net loss per share, basic and diluted                      3,109,545                         2,872,183  


 

Berkeley Lights, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)

  June 30,   December 31,
    2020       2019  
Assets      
Current assets      
Cash and cash equivalents $             59,170     $                81,033  
Trade accounts receivable                   10,236                         9,334  
Inventory                   11,908                         7,181  
Prepaid expenses and other current assets                     9,061                         7,799  
Total current assets                   90,375                    105,347  
Restricted cash                        270                            270  
Property and equipment, net                   14,757                       16,472  
Operating lease right-of-use assets                   13,000                         7,785  
Other assets                     1,016                         1,135  
Total assets $            119,418     $              131,009  
Liabilities and Stockholders’ equity      
Current liabilities:      
Trade accounts payable $                4,270     $                  3,239  
Accrued expenses and other current liabilities                     8,099                         6,229  
Current portion of notes payable                     1,596                         5,765  
Deferred revenue                     8,607                         9,686  
Total current liabilities                   22,572                       24,919  
Notes payable, net of current portion                   18,264                       14,062  
Deferred revenue, net of current portion                     1,098                         1,461  
Lease liability, long term                   11,439                         6,784  
Total liabilities                   53,373                       47,226  

Stockholders' equity:
     
Convertible preferred stock                224,769                    224,769  
Common stock                           —                               —  
Additional paid-in capital                   12,431                         9,314  
Accumulated deficit              (171,155 )                (150,300 )
Total stockholders’ equity                   66,045                       83,783  
Total liabilities and stockholders’ equity $            119,418     $            131,009