Berkeley Lights Reports Second Quarter 2022 Financial Results

Published: Aug. 9, 2022 at 4:02 PM EDT

Company outlines near-term strategic plan to generate positive operating cashflow by early 2025

EMERYVILLE, Calif., Aug. 9, 2022 /PRNewswire/ -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in digital cell biology, today reported financial results for the quarter ended June 30, 2022.

(PRNewsfoto/Berkeley Lights)
(PRNewsfoto/Berkeley Lights)(PRNewswire)
Financial Highlights
  • Delivered total revenue of $19.2 million for the second quarter of 2022, representing a decrease of 1% compared to the second quarter of 2021
  • Achieved recurring revenue of $5.9 million, an increase of 50% year over year
  • Delivered gross margin of 67% for the second quarter of 2022 compared to 66% for the second quarter of 2021
  • Reduced operating costs through a global workforce reduction of approximately 12% in July 2022 and optimized business structure and processes to decrease cash burn to approximately $30 million in 2023
Business update

During the quarter, Berkeley Lights management completed a comprehensive assessment of the business and initiated a near-term strategic plan aligned to five pillars where the Company will:

  • Generate positive operating cash flow by early 2025;
  • Prioritize R&D return on investment through increased focus and rigor on development initiatives;
  • Deliver consistent commercial execution through a new sales structure and enhanced product portfolio and pricing strategy;
  • Build a world-class leadership team with a proven track record in profitably scaling life sciences tools and services companies; and
  • Evaluate M&A opportunities that will accelerate profitable growth and leverage our current cost structure.

"In the second quarter, we made meaningful progress to transform Berkeley Lights from a technology platform company into a growing, profitable and sustainable life sciences tools and services company," said Dr. Siddhartha Kadia, chief executive officer of Berkeley Lights. "We are confident and excited about the opportunities ahead for Berkeley Lights and our ability to advance our strategy to create value for our shareholders."

Second Quarter 2022 Financial Results



Three months ended June 30,

(in thousands, except per share data)

2022

2021


(unaudited)

(unaudited)

Revenue

$              19,150

$              19,250

Gross profit

$              12,926

$              12,728

Gross margin %

67 %

66 %

Operating expenses

$              38,473

$              30,577

Loss from operations

$             (25,547)

$             (17,849)

Net loss

$             (25,747)

$             (18,154)

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

$                 (0.38)

$                 (0.27)

Total stock-based compensation

$                6,565

$                5,629

2022 Guidance Outlook

Berkeley Lights now expects full-year 2022 revenue to be approximately in line with full-year 2021 revenue as the Company works to realign the business around its new strategic objectives.

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the second quarter 2022 financial results after market close on Tuesday, August 9, 2022 at 1:30 p.m. Pacific Time/4:30 p.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.

Berkeley Lights, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

(In thousands, except share and per share data)



Three months ended June 30,


Six months ended June 30,


2022


2021


2022


2021









Revenue:








Product revenue

$        9,468


$      13,021


$      19,242


$      26,554

Service revenue

9,682


6,229


20,114


11,324

Total revenue

19,150


19,250


39,356


37,878

Cost of sales:








Product cost of sales

2,614


3,332


5,309


7,035

Service cost of sales

3,610


3,190


7,294


5,664

Total cost of sales

6,224


6,522


12,603


12,699

Gross profit

12,926


12,728


26,753


25,179

Operating expenses:








Research and development

18,178


13,535


35,751


26,562

General and administrative

13,024


11,725


24,740


20,692

Sales and marketing

7,271


5,317


13,082


10,923

Total operating expenses

38,473


30,577


73,573


58,177

Loss from operations

(25,547)


(17,849)


(46,820)


(32,998)

Other income (expense):








Interest expense

(227)


(356)


(451)


(710)

Interest income

53


43


87


109

Other income (expense), net

(22)


34


35


53

Loss before income taxes

(25,743)


(18,128)


(47,149)


(33,546)

Provision for income taxes

4


26


24


43

Net loss

$    (25,747)


$    (18,154)


$    (47,173)


$    (33,589)









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

$        (0.38)


$        (0.27)


$        (0.70)


$        (0.51)

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

67,985,664


66,790,755


67,842,372


66,029,307

Berkeley Lights, Inc.

Condensed Consolidated Balance Sheets

(In thousands)


Assets

June 30,
2022


December 31,
2021


(unaudited)



Current assets:




Cash and cash equivalents

$        143,024


$       178,096

Short-term marketable securities

9,361


Trade accounts receivable

13,815


25,942

Inventory

15,664


14,547

Prepaid expenses and other current assets

10,606


11,985

Total current assets

192,470


230,570

Restricted cash


270

Property and equipment, net

29,317


27,992

Operating lease right-of-use assets

24,522


26,060

Other assets

2,397


2,361

Total assets

$        248,706


$       287,253

Liabilities and Stockholders' Equity




Current liabilities:




Trade accounts payable

$            8,499


$           8,198

Accrued expenses and other current liabilities

11,945


12,425

Deferred revenue

8,694


12,128

Total current liabilities

29,138


32,751

Notes payable

19,794


19,762

Deferred revenue, net of current portion

1,221


2,187

Lease liability, long-term

24,137


24,337

Total liabilities

74,290


79,037

Stockholders' equity:




    Common stock

4


4

Additional paid-in capital

485,212


471,820

Accumulated deficit

(310,781)


(263,608)

Accumulated other comprehensive loss

(19)


Total stockholders' equity

174,416


208,216

Total liabilities and stockholders' equity

$        248,706


$       287,253

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SOURCE Berkeley Lights, Inc.

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