Berkeley Lights Reports Fourth Quarter and Full Year 2020 Results and Provides Outlook for Full Year 2021

02.25.21

Fourth quarter 2020 revenue growth of 31% over same period of 2019

EMERYVILLE, Calif., Feb. 25, 2021 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the fourth quarter and fiscal year ended December 31, 2020.

Recent Highlights

  • Increased revenue 31% for the fourth quarter and 13% for the full year 2020 to $21.7 million and $64.3 million, respectively, compared to corresponding periods of 2019
  • Grew installed base 56% year over year to 75 platforms with 9 placed during the fourth quarter 2020
  • Launched 6 new workflows in 2020, enabling customers to find the best cell across a variety of new applications, bringing total to 8 commercial workflows
  • Announced plans to launch a next generation Antibody Discover workflow, Opto Plasma B Discovery 4.0, which will create a new gold standard for lead molecule discovery
  • Opened a large new market opportunity by signing a multi-year collaboration agreement focused on developing workflows to rapidly generate stable cell-lines for viral vector manufacturing
  • Expanded leadership team with Pete Leddy as Chief Human Resources Officer, Mimi Healy as Chief Products Officer, and Kurt Wood transitioning to Chief Financial Officer as of March 15, 2021

“Amidst a global pandemic, the Berkeley Lights team delivered throughout 2020 and ended with strong fourth quarter results and, even more importantly, continued to build a strong foundation in existing and new markets,” said Berkeley Lights Chief Executive Officer Eric Hobbs, Ph.D. “The demand for cell- based products is growing rapidly and the Berkeley Lights’ technology will be a critical component to accelerate the commercialization of these products. I am more bullish than ever about the opportunities in front of us.”

Quarterly Financial Results
 Three Months Ended December 31,  
(in thousands, except per share data)         2020
2019
  (unaudited)(unaudited)
Revenue$21,748  $16,622 
Gross profit 14,806  12,389 
Gross margin % 68 % 75%
Operating expenses 26,639  15,669 
Loss from operations (11,833 (3,280)
Net loss and net comprehensive loss (12,128 (3,464)
Net loss attributable to common stockholders per share, basic and diluted (0.19 (1.42)
Total stock-based compensation 5,851  1,005 
   

Annual Financial Results
 Year Ended December 31,  
(in thousands, except per share data)        2020
2019
  (unaudited) 
Revenue$ 64,303 $        56,693 
Gross profit  44,555  43,476 
Gross margin %  69 77%
Operating expenses 84,949  60,013 
Loss from operations  (40,394 (16,537)
Net loss and net comprehensive loss (41,584 (18,302)
Net loss attributable to common stockholders per share, basic and diluted  (1.39 (7.46)
Total stock-based compensation 10,917  3,760 
    

2021 Revenue Outlook

Berkeley Lights expects full year 2021 revenue to be in the range of $90 million to $100 million, representing 40% to 56% growth over the full year 2020.

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the fourth quarter and full year 2020 financial results after market close on Thursday, February 25, 2021 at 1:30 PM Pacific Time/4:30 PM 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 2021 revenue outlook, 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.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)

 Three Months EndedYear Ended
 December 31,     December 31,  
 2020 2019 2020
2019
(unaudited) (unaudited) (unaudited)    
Revenue:            
Product revenue$          17,693 $           12,938 $                51,586 $                43,460 
Service revenue 4,055  3,684  12,717  13,233 
Total revenue 21,748  16,622  64,303  56,693 
Cost of sales:
Product cost of sales 4,554  3,453  13,021  11,245 
Service cost of sales 2,388  780  6,727  1,972 
Total cost of sales 6,942  4,233  19,748  13,217 
Gross profit 14,806  12,389  44,555  43,476 
Operating expenses:            
Research and development 14,000  9,840  47,240  38,414 
General and administrative 7,783  3,504  23,202  12,362 
Sales and marketing 4,856  2,325  14,507  9,237 
Total operating expenses 26,639  15,669  84,949  60,013 
Loss from operations (11,833) (3,280) (40,394 (16,537)
Other income (expense):            
Interest expense (362) (361) (1,436 (1,425)
Interest income 89  186  338  909 
Other income (expense), net 10  5  82  (1,180)
Loss before income taxes (12,096) (3,450) (41,410 (18,233)
Provision for income taxes 32  14  174  69 
Net loss and net comprehensive loss$          (12,128)$            (3,464)$               (41,584$               (18,302)
             
Net loss attributable to common stockholders per share, basic and diluted$               (0.19)$               (1.42)                  (1.39$                  (7.46)
Weighted-average shares used in calculating net loss per share, basic and diluted 64,405,339  2,999,167  31,192,752  2,883,950 


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



Assets
December 31,
2020
December 31,
2019
 (unaudited) 
Current assets:  
Cash and cash equivalents$        233,408 $        81,033 
Trade accounts receivable 12,939  9,334 
Inventory 11,047  7,181 
Prepaid expenses and other current assets 8,175  7,799 
Total current assets 265,569  105,347 
Restricted cash 270  270 
Property and equipment, net 14,544  16,472 
Operating lease right-of-use assets 16,718  7,785 
Other assets 2,557  1,135 
Total assets$        299,658 $        131,009 
Liabilities and Stockholders’ Equity  
Current liabilities:
Trade accounts payable$        3,491 $        3,239 
Accrued expenses and other current liabilities 8,401  6,229 
Current portion of notes payable 11,594  5,765 
Deferred revenue 5,482  9,686 
Total current liabilities 28,968  24,919 
Notes payable, net of current portion 8,301  14,062 
Deferred revenue, net of current portion 1,709  1,461 
Lease liability, long-term 15,899  6,784 
Total liabilities 54,877  47,226 
Stockholders’ equity:
Convertible preferred stock   224,769 
Common stock 3   
Additional paid-in capital 436,662  9,314 
Accumulated deficit (191,884) (150,300)
Total stockholders’ equity 244,781  83,783 
Total liabilities and stockholders’ equity$        299,658 $        131,009