EX-99.1 2 exhibit991q1-22results.htm EX-99.1 Document
EXHIBIT 99.1
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Berkeley Lights Reports First Quarter 2022 Financial Results


EMERYVILLE, Calif. May 9, 2022 – 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)20222021
(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,
20222021
Revenue:
Product revenue$9,774 $13,533 
Service revenue10,432 5,095 
Total revenue20,206 18,628 
Cost of sales:
Product cost of sales2,695 3,703 
Service cost of sales3,684 2,474 
Total cost of sales 6,379 6,177 
Gross profit13,827 12,451 
Operating expenses:
Research and development 17,573 13,027 
General and administrative 11,716 8,967 
Sales and marketing 5,811 5,606 
Total operating expenses35,100 27,600 
Loss from operations(21,273)(15,149)
Other income (expense):
Interest expense(224)(354)
Interest income34 66 
Other income, net57 19 
Loss before income taxes(21,406)(15,418)
Provision for income taxes20 17 
Net loss and comprehensive loss$(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 diluted67,697,488 65,259,398 




Berkeley Lights, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data)
AssetsMarch 31,
2022		December 31,
2021
(unaudited)
Current assets:
Cash and cash equivalents$164,674 $178,096 
Trade accounts receivable17,721 25,942 
Inventory15,665 14,547 
Prepaid expenses and other current assets10,304 11,985 
Total current assets208,364 230,570 
Restricted cash270 270 
Property and equipment, net29,913 27,992 
Operating lease right-of-use assets25,325 26,060 
Other assets1,985 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 liabilities9,916 12,425 
Deferred revenue9,780 12,128 
Total current liabilities27,711 32,751 
Notes payable19,778 19,762 
Deferred revenue, net of current portion1,600 2,187 
Lease liability, long-term23,567 24,337 
Total liabilities72,656 79,037 
Stockholders’ equity:
Common stock4 4 
Additional paid-in capital478,231 471,820 
Accumulated deficit(285,034)(263,608)
Total stockholders’ equity193,201 208,216 
Total liabilities and stockholders’ equity$265,857 $287,253