Berkeley Lights Reports First Quarter 2022 Financial Results

05.09.22

EMERYVILLE, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in digital cell biology, today reported financial results for the quarter ended March 31, 2022.

Recent Highlights

  • Delivered total revenue of $20.2 million for the first quarter of 2022, representing growth of 8.5% year over year

  • Signed a strategic partnership agreement with Vestaron to develop pesticidal peptides using the Company’s Beacon® platform and proprietary high-throughput, functional screening service

  • Released an upgrade to the Software Suite for Beacon and Lightning® platforms, enabling customers to gain easier insights and faster throughput operations for antibody discovery, cell line development and cell therapy workflows

  • Appointed Siddhartha Kadia as chief executive officer (CEO) and Lucas Vitale as chief human resources officer

“Since joining Berkeley Lights as CEO in early March, I have been working with the team on a strategic analysis of the business to identify key areas to accelerate profitable growth,” said Siddhartha Kadia, Ph.D., CEO of Berkeley Lights. “Over the past eight weeks, I have become even more confident in the breakthrough nature of our technology, our significant opportunities ahead and our ability to create durable value for our shareholders.”

First Quarter 2022 Financial Results

 Three months ended March 31,
(in thousands, except per share data)2022
2021
 (unaudited)(unaudited)
Revenue$20,206 $18,628 
Gross profit$13,827 $12,451 
Gross margin % 68% 67%
Operating expenses$35,100 $27,600 
Loss from operations$(21,273)$(15,149)
Net loss and comprehensive loss$(21,426)$(15,435)
Net loss attributable to common stockholders per share, basic and diluted$(0.32)$(0.24)
Total stock-based compensation$5,393 $4,494 

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the first quarter 2022 financial results after market close on Monday, May 9, 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 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
Media@berkeleylights.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 March 31,
  2022   2021 
    
Revenue:   
Product revenue$9,774  $13,533 
Service revenue 10,432   5,095 
Total revenue 20,206   18,628 
Cost of sales:   
Product cost of sales 2,695   3,703 
Service cost of sales 3,684   2,474 
Total cost of sales 6,379   6,177 
Gross profit 13,827   12,451 
Operating expenses:   
Research and development 17,573   13,027 
General and administrative 11,716   8,967 
Sales and marketing 5,811   5,606 
Total operating expenses 35,100   27,600 
Loss from operations (21,273)  (15,149)
Other income (expense):   
Interest expense (224)  (354)
Interest income 34   66 
Other income, net 57   19 
Loss before income taxes (21,406)  (15,418)
Provision for income taxes 20   17 
Net loss and comprehensive loss$(21,426) $(15,435)
    
Net loss attributable to common stockholders per share, basic and diluted$(0.32) $(0.24)
Weighted-average shares used in calculating net loss per share, basic and diluted 67,697,488   65,259,398 
        


Berkeley Lights, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
AssetsMarch 31,
2022
 December 31,
2021
 (unaudited)  
Current assets:   
Cash and cash equivalents$164,674  $178,096 
Trade accounts receivable 17,721   25,942 
Inventory 15,665   14,547 
Prepaid expenses and other current assets 10,304   11,985 
Total current assets 208,364   230,570 
Restricted cash 270   270 
Property and equipment, net 29,913   27,992 
Operating lease right-of-use assets 25,325   26,060 
Other assets 1,985   2,361 
Total assets$265,857  $287,253 
Liabilities and Stockholders’ Equity   
Current liabilities:   
Trade accounts payable$8,015  $8,198 
Accrued expenses and other current liabilities 9,916   12,425 
Deferred revenue 9,780   12,128 
Total current liabilities 27,711   32,751 
Notes payable 19,778   19,762 
Deferred revenue, net of current portion 1,600   2,187 
Lease liability, long-term 23,567   24,337 
Total liabilities 72,656   79,037 
Stockholders’ equity:   
Common stock 4   4 
Additional paid-in capital 478,231   471,820 
Accumulated deficit (285,034)  (263,608)
Total stockholders’ equity 193,201   208,216 
Total liabilities and stockholders’ equity$265,857  $287,253