Berkeley Lights Reports Third Quarter 2021 Financial Results

11.04.21

Record third quarter 2021 revenue grew 34% year over year

EMERYVILLE, Calif., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended September 30, 2021.

Recent Highlights

  • Grew total revenue to a record of $24.3 million for the third quarter of 2021, representing 34% growth compared to the third quarter of 2020

  • Placed 13 new systems and increased installed base to 105 Berkeley Lights platforms, including 6 placements to existing customers in the third quarter of 2021

    • Genovac purchased a third Beacon Optofluidic system, becoming the first CRO to leverage the Beacon system for both antibody discovery and cell line development

    • GlaxoSmithKline purchased a third Beacon Optofluidic system to expand its antibody therapeutics capacity

  • Expanded Biofoundry™ capacity with a new Boston lab to support the continued growth in the services and partnerships businesses

  • Appointed Siddhartha Kadia, Ph.D. to the Board of Directors as an independent director, adding his significant expertise in commercializing disruptive life science technologies

“Our performance this quarter speaks to the increasing demand for our technology and services across large, global markets,” said Berkeley Lights Chief Executive Officer Eric Hobbs, Ph.D. “These results reflect our growing success in developing disruptive workflows and services vital to our customers’ efforts to unlock revolutionary improvements to human health. We are well-positioned to continue accelerating scientific breakthroughs, creating value for our customers and our shareholders.”

Quarterly 2021 Financial Results

 Three Months Ended September 30,
(in thousands, except per share data)20212020
 (unaudited)(unaudited)
Revenue        $24,324 $18,208 
Gross profit        15,413 12,808 
Gross margin %        63%70%
Operating expenses        35,393 20,991 
Loss from operations        (19,980) (8,183) 
Net loss and net comprehensive loss        (20,403) (8,601) 
Net loss attributable to common stockholders per share, basic and diluted        (0.30) (0.16) 
Total stock-based compensation        5,962 2,535 
     

2021 Outlook

Berkeley Lights expects full year 2021 revenue to be in the low $90 million range.

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the third quarter 2021 financial results before market open on Thursday, November 4, 2021 at 5:30 a.m. Pacific Time/8:30 a.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.

Media 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 September 30, Nine months ended June 30,
 2021 2020 2021 2020
        
Revenue:       
Product revenue$16,704  $14,103  $43,258  $33,893 
Service revenue7,620  4,105  18,944  8,662 
Total revenue24,324  18,208  62,202  42,555 
Cost of sales:       
Product cost of sales4,797  3,463  11,832  8,467 
Service cost of sales4,114  1,937  9,778  4,339 
Total cost of sales8,911  5,400  21,610  12,806 
Gross profit15,413  12,808  40,592  29,749 
Operating expenses:       
Research and development16,195  10,421  42,757  33,240 
General and administrative12,258  7,229  32,950  15,419 
Sales and marketing6,940  3,341  17,863  9,651 
Total operating expenses35,393  20,991  93,570  58,310 
Loss from operations(19,980)  (8,183)  (52,978)  (28,561) 
Other income (expense):       
Interest expense(232)  (361)  (942)  (1,074) 
Interest income33  51  142  249 
Other income (expense), net(170)  10  (117)  72 
Loss before income taxes(20,349)  (8,483)  (53,895)  (29,314) 
Provision for income taxes54  118  97  142 
Net loss and net comprehensive loss$(20,403)  $(8,601)  $(53,992)  $(29,456) 
        
Net loss attributable to common stockholders per share, basic and diluted$(0.30)  $(0.16)  $(0.81)  $(1.56) 
Weighted-average shares used in calculating net loss per share, basic and diluted67,213,282  53,596,982  66,428,303  20,041,080 



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

AssetsSeptember 30,
2021
 December 31,
2020
 (unaudited)  
Current assets:   
Cash and cash equivalents$197,001  $233,408 
Trade accounts receivable24,713  12,939 
Inventory13,210  11,047 
Prepaid expenses and other current assets10,988  8,175 
Total current assets245,912  265,569 
Restricted cash270  270 
Property and equipment, net24,999  14,544 
Operating lease right-of-use assets26,785  16,718 
Other assets3,188  2,557 
Total assets$301,154  $299,658 
Liabilities and Stockholders’ Equity   
Current liabilities:   
Trade accounts payable$12,822  $3,491 
Accrued expenses and other current liabilities10,210  8,401 
Current portion of notes payable  11,594 
Deferred revenue11,282  5,482 
Total current liabilities34,314  28,968 
Notes payable, net of current portion19,746  8,301 
Deferred revenue, net of current portion1,819  1,709 
Operating lease liability, noncurrent25,090  15,899 
Total liabilities80,969  54,877 
Stockholders’ equity:   
Convertible preferred stock   
Common stock4  3 
Additional paid-in capital466,057  436,662 
Accumulated deficit(245,876)  (191,884) 
Total stockholders’ equity220,185  244,781 
Total liabilities and stockholders’ equity$301,154  $299,658