Berkeley Lights Reports First Quarter 2021 Financial Results


EMERYVILLE, Calif., May 11, 2021 (GLOBE NEWSWIRE) — Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended March 31, 2021.

Recent Highlights

  • Total revenue of $18.6 million for the first quarter of 2021, representing 35% growth year over year
  • Grew the installed base to 85 platforms during the first quarter of 2021, with eight new direct placements and two existing platforms added upon the successful completion of a joint development and partnership program
  • Announced the launch of Opto Assure, the first of a series of assays that will provide yield and product quality data at an earlier stage in cell development
  • Appointed Greg Lucier as Chairperson and John Chiminski as an Independent Director to its Board of Directors

“We started the year with strong platform placements, continued to expand opportunities in our core business and grew our total addressable market,” said Berkeley Lights Chief Executive Officer Eric Hobbs, Ph.D. “As we look ahead in 2021, I continue to be excited about the opportunities in front of us and I am confident that we are well positioned to execute our strategy to transform the market for cell-based products this year and beyond.”

First Quarter 2021 Financial Results

  Three Months Ended March 31,
(in thousands, except per share data) 2021 2020
  (unaudited) (unaudited)
Revenue         $ 18,628     $ 13,778    
Gross profit         12,451     9,979    
Gross margin %         67  % 72  %
Operating expenses         27,600     18,207    
Loss from operations         (15,149 )   (8,228 )  
Net loss and net comprehensive loss         (15,435 )   (8,425 )  
Net loss attributable to common stockholders per share, basic and diluted         (0.24 )   (3.02 )  
Total stock-based compensation         4,494     1,179    

2021 Outlook

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 first quarter 2021 financial results before market open on Tuesday, May 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.

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Investor Contact
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Berkeley Lights, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)
(In thousands, except share and per share data)

  Three months ended March 31,  
  2021   2020  
         
Revenue:        
Product revenue $ 13,533     $ 10,683    
Service revenue 5,095     3,095    
Total revenue 18,628     13,778    
Cost of sales:        
Product cost of sales 3,703     2,620    
Service cost of sales 2,474     1,179    
Total cost of sales 6,177     3,799    
Gross profit 12,451     9,979    
Operating expenses:        
Research and development 13,027     10,976    
General and administrative 8,967     3,997    
Sales and marketing 5,606     3,234    
Total operating expenses 27,600     18,207    
Loss from operations (15,149 )   (8,228 )  
Other income (expense):        
Interest expense (354 )   (357 )  
Interest income 66     151    
Other income (expense), net 19     25    
Loss before income taxes (15,418 )   (8,409 )  
Provision for income taxes 17     16    
Net loss and net comprehensive loss $ (15,435 )   $ (8,425 )  
         
Net loss attributable to common stockholders per share, basic and diluted $ (0.24 )   $ (3.02 )  
Weighted-average shares used in calculating net loss per share, basic and diluted 65,259,398     3,047,967    

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

Assets March 31,
2021
  December 31,
2020
  (unaudited)    
Current assets:      
Cash and cash equivalents $ 230,165     $ 233,408  
Trade accounts receivable 16,432     12,939  
Inventory 10,941     11,047  
Prepaid expenses and other current assets 8,240     8,175  
Total current assets 265,778     265,569  
Restricted cash 270     270  
Property and equipment, net 17,152     14,544  
Operating lease right-of-use assets 16,223     16,718  
Other assets 3,528     2,557  
Total assets $ 302,951     $ 299,658  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Trade accounts payable $ 6,934     $ 3,491  
Accrued expenses and other current liabilities 8,153     8,401  
Current portion of notes payable 16,592     11,594  
Deferred revenue 7,929     5,482  
Total current liabilities 39,608     28,968  
Notes payable, net of current portion 3,320     8,301  
Deferred revenue, net of current portion 2,301     1,709  
Lease liability, long-term 15,356     15,899  
Total liabilities 60,585     54,877  
Stockholders’ equity:      
Convertible preferred stock      
Common stock 4     3  
Additional paid-in capital 449,681     436,662  
Accumulated deficit (207,319 )   (191,884 )
Total stockholders’ equity 242,366     244,781  
   Total liabilities and stockholders’ equity $ 302,951     $ 299,658