Recent Highlights
- Delivered total revenue of
$20.2 million for the first quarter of 2022, representing growth of 8.5% year over year - Signed a strategic partnership agreement with
Vestaron to develop pesticidal peptides using the Company’s Beacon® platform and proprietary high-throughput, functional screening service - Released an upgrade to the Software Suite for Beacon and Lightning® platforms, enabling customers to gain easier insights and faster throughput operations for antibody discovery, cell line development and cell therapy workflows
- Appointed
Siddhartha Kadia as chief executive officer (CEO) andLucas Vitale as chief human resources officer
“Since joining
First Quarter 2022 Financial Results
Three months ended | ||||||
(in thousands, except per share data) | 2022 | 2021 | ||||
(unaudited) | (unaudited) | |||||
Revenue | $ | 20,206 | $ | 18,628 | ||
Gross profit | $ | 13,827 | $ | 12,451 | ||
Gross margin % | 68 | % | 67 | % | ||
Operating expenses | $ | 35,100 | $ | 27,600 | ||
Loss from operations | $ | (21,273 | ) | $ | (15,149 | ) |
Net loss and comprehensive loss | $ | (21,426 | ) | $ | (15,435 | ) |
Net loss attributable to common stockholders per share, basic and diluted | $ | (0.32 | ) | $ | (0.24 | ) |
Total stock-based compensation | $ | 5,393 | $ | 4,494 |
Webcast and Conference Call Information
About
Berkeley Lights’ Beacon and Lightning systems and
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
Press Contact
Media@berkeleylights.com
Investor Contact
IR@berkeleylights.com
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (In thousands, except share and per share data) | |||||||
Three months ended | |||||||
2022 | 2021 | ||||||
Revenue: | |||||||
Product revenue | $ | 9,774 | $ | 13,533 | |||
Service revenue | 10,432 | 5,095 | |||||
Total revenue | 20,206 | 18,628 | |||||
Cost of sales: | |||||||
Product cost of sales | 2,695 | 3,703 | |||||
Service cost of sales | 3,684 | 2,474 | |||||
Total cost of sales | 6,379 | 6,177 | |||||
Gross profit | 13,827 | 12,451 | |||||
Operating expenses: | |||||||
Research and development | 17,573 | 13,027 | |||||
General and administrative | 11,716 | 8,967 | |||||
Sales and marketing | 5,811 | 5,606 | |||||
Total operating expenses | 35,100 | 27,600 | |||||
Loss from operations | (21,273 | ) | (15,149 | ) | |||
Other income (expense): | |||||||
Interest expense | (224 | ) | (354 | ) | |||
Interest income | 34 | 66 | |||||
Other income, net | 57 | 19 | |||||
Loss before income taxes | (21,406 | ) | (15,418 | ) | |||
Provision for income taxes | 20 | 17 | |||||
Net loss and comprehensive loss | $ | (21,426 | ) | $ | (15,435 | ) | |
Net loss attributable to common stockholders per share, basic and diluted | $ | (0.32 | ) | $ | (0.24 | ) | |
Weighted-average shares used in calculating net loss per share, basic and diluted | 67,697,488 | 65,259,398 | |||||
Condensed Consolidated Balance Sheets (In thousands, except share and per share data) | |||||||
Assets | 2022 | 2021 | |||||
(unaudited) | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 164,674 | $ | 178,096 | |||
Trade accounts receivable | 17,721 | 25,942 | |||||
Inventory | 15,665 | 14,547 | |||||
Prepaid expenses and other current assets | 10,304 | 11,985 | |||||
Total current assets | 208,364 | 230,570 | |||||
Restricted cash | 270 | 270 | |||||
Property and equipment, net | 29,913 | 27,992 | |||||
Operating lease right-of-use assets | 25,325 | 26,060 | |||||
Other assets | 1,985 | 2,361 | |||||
Total assets | $ | 265,857 | $ | 287,253 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Trade accounts payable | $ | 8,015 | $ | 8,198 | |||
Accrued expenses and other current liabilities | 9,916 | 12,425 | |||||
Deferred revenue | 9,780 | 12,128 | |||||
Total current liabilities | 27,711 | 32,751 | |||||
Notes payable | 19,778 | 19,762 | |||||
Deferred revenue, net of current portion | 1,600 | 2,187 | |||||
Lease liability, long-term | 23,567 | 24,337 | |||||
Total liabilities | 72,656 | 79,037 | |||||
Stockholders’ equity: | |||||||
Common stock | 4 | 4 | |||||
Additional paid-in capital | 478,231 | 471,820 | |||||
Accumulated deficit | (285,034 | ) | (263,608 | ) | |||
Total stockholders’ equity | 193,201 | 208,216 | |||||
Total liabilities and stockholders’ equity | $ | 265,857 | $ | 287,253 | |||
Source:
2022 GlobeNewswire, Inc., source