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

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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 Ended

Year 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