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
Quarterly 2021 Financial Results
Three Months Ended | ||||||
(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
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
christy.nguyen@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 | Six months ended | ||||||||||||||
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 |
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
Assets | 2021 | 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 |
Source:
2021 GlobeNewswire, Inc., source