Berkeley Lights Reports First Quarter 2022 Financial Results

Rhea-AI Summary

Berkeley Lights (BLI) reported a total revenue of $20.2 million for Q1 2022, reflecting an 8.5% year-over-year growth. The company achieved a gross profit of $13.8 million with a gross margin of 68%. Despite these positives, operating expenses increased to $35.1 million, leading to a net loss of $21.4 million compared to $15.4 million in the previous year. New CEO Siddhartha Kadia emphasized opportunities for profitable growth and innovations in technology.

Positive

• Revenue increased by 8.5% year over year to $20.2 million.
• Gross margin improved to 68% from 67% in the previous year.
• Strategic partnership signed with Vestaron for developing pesticidal peptides.
• Upgrade released for Beacon and Lightning platforms enhancing operational efficiency.

Negative

• Operating expenses rose significantly to $35.1 million.
• Net loss increased to $21.4 million from $15.4 million year over year.
• Loss per share declined from $0.24 to $0.32.

EMERYVILLE, Calif., May 09, 2022 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in digital cell biology, today reported financial results for the quarter ended March 31, 2022.

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) and Lucas Vitale as chief human resources officer
  

“Since joining Berkeley Lights as CEO in early March, I have been working with the team on a strategic analysis of the business to identify key areas to accelerate profitable growth,” said Siddhartha Kadia, Ph.D., CEO of Berkeley Lights. “Over the past eight weeks, I have become even more confident in the breakthrough nature of our technology, our significant opportunities ahead and our ability to create durable value for our shareholders.”

First Quarter 2022 Financial Results

	Three months ended March 31,
(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

Berkeley Lights will host a conference call to discuss the first quarter 2022 financial results after market close on Monday, May 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 and Comprehensive Loss (Unaudited) (In thousands, except share and per share data)
	Three months ended March 31,
		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

Berkeley Lights, Inc. Condensed Consolidated Balance Sheets (In thousands, except share and per share data)
Assets	March 31, 2022				December 31, 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

FAQ

What were Berkeley Lights' earnings for Q1 2022?

Berkeley Lights reported earnings of $20.2 million for Q1 2022.

What is the stock performance outlook for BLI following the Q1 2022 results?

The outlook suggests challenges with increasing operating expenses and net losses, despite revenue growth.

Is there any significant partnership announced by BLI in Q1 2022?

Yes, BLI signed a strategic partnership with Vestaron to develop pesticidal peptides.

How did Berkeley Lights' gross margin change in Q1 2022?

Berkeley Lights' gross margin increased to 68% in Q1 2022, up from 67% in the previous year.