Berkeley Lights Reports Financial Results for Third Quarter of Fiscal Year 2020

EMERYVILLE, Calif., Nov. 12, 2020 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended September 30, 2020.

Recent Highlights

  • Total revenue of $18.2 million for the third quarter, representing a 16% increase over the same period in 2019 and a 72% increase compared to the second quarter of 2020
  • Released Opto Cell Line Development 2.0 Workflow which enables higher throughput, assays for complex proteins such as multi-specifics, and acceleration of our customers’ path to production cell lines
  • Released new assays for Cell Therapy which drove more than a third of the quarter's total platform placements

Third Quarter 2020 Financial Results

Revenue was $18.2 million for the quarter ended September 30, 2020, representing a 16% increase from the third quarter in the prior year. Product revenue was $14.1 million for the quarter, representing a 7% increase from the third quarter in the prior year. Service revenue was $4.1 million for the quarter, representing a 66% increase from the third quarter in the prior year.

Direct platform revenue was $12.4 million for the quarter, compared to $12.3 million for the third quarter in the prior year. Recurring revenue was $3.7 million for the quarter, compared to $1.9 million for the third quarter in the prior year. Milestone and related revenue was $2.1 million for the quarter, compared to $1.5 million for the third quarter in the prior year.

Gross profit was $12.8 million for the third quarter of 2020, up $1.1 million from $11.7 million for the corresponding prior year period. Gross margin was 70% for the third quarter of 2020, compared to 74% for the corresponding prior year period.

Operating expenses were $21.0 million for the third quarter of 2020, compared to $15.9 million in the third quarter of the prior year, representing an increase of approximately 32%.

Net loss was $8.6 million in the third quarter of 2020, compared to $4.4 million in the same period in 2019.

Cash and cash equivalents were $237.2 million as of September 30, 2020 including $187.9 million of net proceeds from the Company's IPO in mid-July.

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the third quarter 2020 financial results after market close on Thursday, November 12, 2020 at 1:30 PM Pacific Time/4:30 PM 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
berkeleylights@bulleitgroup.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 September 30,
  2020   2019
       
Revenue:      
Product revenue $ 14,103     $ 13,200  
Service revenue 4,105     2,467  
Total revenue 18,208     15,667  
Cost of sales:      
Product cost of sales 3,463     3,387  
Service cost of sales 1,937     610  
Total cost of sales 5,400     3,997  
Gross profit 12,808     11,670  
Operating expenses:      
Research and development 10,421     10,189  
General and administrative 7,229     3,136  
Sales and marketing 3,341     2,623  
Total operating expenses 20,991     15,948  
Loss from operations (8,183 )   (4,278 )
Other income (expense):      
Interest expense (361 )   (360 )
Interest income 51     221  
Other income (expense), net 10     (10 )
Loss before income taxes (8,483 )   (4,427 )
Provision for income taxes 118     21  
Net loss and net comprehensive loss $ (8,601 )   $ (4,448 )
       
Net loss attributable to common stockholders per share, basic and diluted $ (0.16 )   $ (1.78 )
Weighted-average shares used in calculating net loss per share, basic and diluted 53,596,982     2,943,162  
           

Berkeley Lights, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)

Assets September 30,
2020
  December 31,
2019
  (unaudited)    
Current assets:      
Cash and cash equivalents $ 237,233     $ 81,033  
Trade accounts receivable 12,702     9,334  
Inventory 12,839     7,181  
Prepaid expenses and other current assets 8,682     7,799  
Total current assets 271,456     105,347  
Restricted cash 270     270  
Property and equipment, net 14,564     16,472  
Operating lease right-of-use assets 12,736     7,785  
Other assets 984     1,135  
Total assets $ 300,010     $ 131,009  
Liabilities and Stockholders’ Equity      
Current liabilities:      
Trade accounts payable $ 4,178     $ 3,239  
Accrued expenses and other current liabilities 8,314     6,229  
Current portion of notes payable 6,595     5,765  
Deferred revenue 4,704     9,686  
Total current liabilities 23,791     24,919  
Notes payable, net of current portion 13,283     14,062  
Deferred revenue, net of current portion 1,168     1,461  
Lease liability, long-term 11,185     6,784  
Total liabilities 49,427     47,226  
Stockholders’ equity:      
Convertible preferred stock     224,769  
Common stock 3      
Additional paid-in capital 430,336     9,314  
Accumulated deficit (179,756 )   (150,300 )
Total stockholders’ equity 250,583     83,783  
Total liabilities and stockholders’ equity $ 300,010     $ 131,009  

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