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Berkeley Lights Reports Second Quarter 2021 Financial Results

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Second quarter revenue grew 82% year over year

EMERYVILLE, Calif., Aug. 11, 2021 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended June 30, 2021.

Recent Highlights

  • Grew total revenue to $19.3 million for the second quarter of 2021, representing an 82% year over year growth and bringing first half revenue to $37.9 million, a 56% increase over the first half of 2020

  • Expanded the installed base to 92 platforms, with seven new direct placements shipped in the quarter

  • Launched TechAccess subscription model expanding customer access to the Berkeley Lights platform

  • Released Opto Plasma B Discovery 4.0, an industry-leading functional antibody discovery workflow, which significantly increases recovered sequence diversity and reduces the cost and labor associated with DNA synthesis, cloning, and re-expression

  • Announced partnership with Bayer to screen individual variants of bioactives with massively high throughput using the Berkeley Lights Platform:

    • Near-term, multi-year revenue opportunity followed by additional service and backend milestone payment opportunities.

    • Marks the first application of Berkeley Lights’ technology in the agricultural sector.

    • Launches Berkeley Lights’ technology as a high throughput functional screening service.

“During the second quarter, we made important progress across our business and saw growing demand for the Berkeley Lights platform,” said Berkeley Lights Chief Executive Officer Eric Hobbs, Ph.D. “We continue to focus on business development partnerships, with industry leaders like Thermo Fisher and Bayer, to develop disruptive workflows and services. These partnerships not only expand the market opportunities for our platform, but also help us to achieve our mission by accelerating cell and gene therapy products into the clinic and helping to drive world-class innovation and standards in sustainability for farmers, consumers, and the environment. Berkeley Lights is uniquely positioned to do this as we provide unprecedented functional information at scale that can unlock revolutionary improvements to human health.”

Quarterly 2021 Financial Results

Three Months Ended June 30,

(in thousands, except per share data)

2021

2020

(unaudited)

(unaudited)

Revenue

$

19,250

$

10,569

Gross profit

12,728

6,962

Gross margin %

66

%

66

%

Operating expenses

30,577

19,112

Loss from operations

(17,849

)

(12,150

)

Net loss and net comprehensive loss

(18,154

)

(12,430

)

Net loss attributable to common stockholders per share, basic and diluted

(0.27

)

(4.25

)

Total stock-based compensation

5,629

1,352

2021 Outlook Reaffirmed

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

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the second quarter 2021 financial results before market open on Wednesday, August 11, 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.

Press Contact
christy.nguyen@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 June 30,

Six months ended June 30,

2021

2020

2021

2020

Revenue:

Product revenue

$

13,021

$

9,107

$

26,554

$

19,790

Service revenue

6,229

1,462

11,324

4,557

Total revenue

19,250

10,569

37,878

24,347

Cost of sales:

Product cost of sales

3,332

2,384

7,035

5,004

Service cost of sales

3,190

1,223

5,664

2,402

Total cost of sales

6,522

3,607

12,699

7,406

Gross profit

12,728

6,962

25,179

16,941

Operating expenses:

Research and development

13,535

11,843

26,562

22,819

General and administrative

11,725

4,193

20,692

8,190

Sales and marketing

5,317

3,076

10,923

6,310

Total operating expenses

30,577

19,112

58,177

37,319

Loss from operations

(17,849

)

(12,150

)

(32,998

)

(20,378

)

Other income (expense):

Interest expense

(356

)

(356

)

(710

)

(713

)

Interest income

43

47

109

198

Other income (expense), net

34

37

53

62

Loss before income taxes

(18,128

)

(12,422

)

(33,546

)

(20,831

)

Provision for income taxes

26

8

43

24

Net loss and net comprehensive loss

$

(18,154

)

$

(12,430

)

$

(33,589

)

$

(20,855

)

Net loss attributable to common stockholders per share, basic and diluted

$

(0.27

)

$

(4.25

)

$

(0.51

)

$

(7.29

)

Weighted-average shares used in calculating net loss per share, basic and diluted

66,790,755

3,109,545

66,029,307

3,078,756



Berkeley Lights, Inc.

Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

Assets

June 30,
2021

December 31,
2020

(unaudited)

Current assets:

Cash and cash equivalents

$

215,077

$

233,408

Trade accounts receivable

19,760

12,939

Inventory

12,572

11,047

Prepaid expenses and other current assets

8,115

8,175

Total current assets

255,524

265,569

Restricted cash

270

270

Property and equipment, net

20,839

14,544

Operating lease right-of-use assets

15,724

16,718

Other assets

3,357

2,557

Total assets

$

295,714

$

299,658

Liabilities and Stockholders’ Equity

Current liabilities:

Trade accounts payable

$

8,727

$

3,491

Accrued expenses and other current liabilities

10,501

8,401

Current portion of notes payable

11,594

Deferred revenue

8,258

5,482

Total current liabilities

27,486

28,968

Notes payable, net of current portion

19,673

8,301

Deferred revenue, net of current portion

1,875

1,709

Operating lease liability, noncurrent

14,841

15,899

Total liabilities

63,875

54,877

Stockholders’ equity:

Convertible preferred stock

Common stock

4

3

Additional paid-in capital

457,308

436,662

Accumulated deficit

(225,473

)

(191,884

)

Total stockholders’ equity

231,839

244,781

Total liabilities and stockholders’ equity

$

295,714

$

299,658