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Berkeley Lights Reports Third Quarter 2021 Financial Results

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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)

2021

2020

(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 revenue

7,620

4,105

18,944

8,662

Total revenue

24,324

18,208

62,202

42,555

Cost of sales:

Product cost of sales

4,797

3,463

11,832

8,467

Service cost of sales

4,114

1,937

9,778

4,339

Total cost of sales

8,911

5,400

21,610

12,806

Gross profit

15,413

12,808

40,592

29,749

Operating expenses:

Research and development

16,195

10,421

42,757

33,240

General and administrative

12,258

7,229

32,950

15,419

Sales and marketing

6,940

3,341

17,863

9,651

Total operating expenses

35,393

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 income

33

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 taxes

54

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 diluted

67,213,282

53,596,982

66,428,303

20,041,080



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

Assets

September 30,
2021

December 31,
2020

(unaudited)

Current assets:

Cash and cash equivalents

$

197,001

$

233,408

Trade accounts receivable

24,713

12,939

Inventory

13,210

11,047

Prepaid expenses and other current assets

10,988

8,175

Total current assets

245,912

265,569

Restricted cash

270

270

Property and equipment, net

24,999

14,544

Operating lease right-of-use assets

26,785

16,718

Other assets

3,188

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 liabilities

10,210

8,401

Current portion of notes payable

11,594

Deferred revenue

11,282

5,482

Total current liabilities

34,314

28,968

Notes payable, net of current portion

19,746

8,301

Deferred revenue, net of current portion

1,819

1,709

Operating lease liability, noncurrent

25,090

15,899

Total liabilities

80,969

54,877

Stockholders’ equity:

Convertible preferred stock

Common stock

4

3

Additional paid-in capital

466,057

436,662

Accumulated deficit

(245,876)

(191,884)

Total stockholders’ equity

220,185

244,781

Total liabilities and stockholders’ equity

$

301,154

$

299,658