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BERKELEY LIGHTS, INC.

(BLI)
  Report
Delayed Nasdaq  -  04:00 2022-09-29 pm EDT
2.900 USD   -4.92%
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Berkeley Lights : Reports Second Quarter 2022 Financial Results - Form 8-K

08/09/2022 | 04:14pm EDT
Berkeley Lights Reports Second Quarter 2022 Financial Results

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

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

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.

Press Contact
Media@berkeleylights.com

Investor Contact
IR@berkeleylights.com


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

Disclaimer

Berkeley Lights Inc. published this content on 09 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 August 2022 20:10:42 UTC.


© Publicnow 2022
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Financials (USD)
Sales 2022 84,2 M - -
Net income 2022 -88,6 M - -
Net cash 2022 91,9 M - -
P/E ratio 2022 -2,24x
Yield 2022 -
Capitalization 198 M 198 M -
EV / Sales 2022 1,26x
EV / Sales 2023 1,25x
Nbr of Employees 293
Free-Float 84,7%
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Number of Analysts 7
Last Close Price 2,90 $
Average target price 10,25 $
Spread / Average Target 253%
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Managers and Directors
Siddhartha C. Kadia Independent Director
Mehul Joshi Chief Financial Officer
Gregory T. Lucier Chairman
Keith J. Breinlinger Chief Technology Officer
Michael Jonathan Moritz Independent Director
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