Berkeley Lights Reports Fourth Quarter and Full Year 2021 Financial Results

Reports full year 2021 revenue of $85.4 million, above pre-announced preliminary range
Reiterates 2022 revenue outlook

EMERYVILLE, Calif., Feb. 24, 2022 (GLOBE NEWSWIRE) — Berkeley Lights, Inc. (Nasdaq: BLI), a leader in digital cell biology, today reported financial results for the fourth quarter and full year ended December 31, 2021.

Recent Highlights

• Achieved revenue of $85.4 million for the full year 2021, including $23.2 million for the fourth quarter, representing growth of 33% and 7% over the prior year periods
• Grew installed base 48% year over year to 111 platforms, including 6 placed during the fourth quarter 2021
• Increased strategic partnerships and services revenue by more than three-fold during 2021 to $19.9 million compared to $5.8 million in the prior year
• Signed two new partnership agreements during the fourth quarter of 2021 with potential contract value of more than $8 million; additionally, one of the agreements includes downstream revenue participation in the form of a royalty
• Increased recurring revenue to $19.2 million for the full year 2021, including $6.1 million for the fourth quarter, representing growth of 38% and 26%, respectively, over the prior year periods
• Approval of Evusheld received from the FDA (authorized for emergency use only) based on antibodies discovered in collaboration with Vanderbilt University on the Berkeley Lights platform for the prevention of COVID-19 in individuals who are moderately to severely immune compromised

“Berkeley Lights continues to access and understand live primary biology with unprecedented speed and scale, creating a transformative paradigm for how our customers can approach finding cures for disease,” said Berkeley Lights Chief Executive Officer Eric Hobbs, Ph.D. “In 2022, we look forward to further accelerating our strategic partnerships and services business with our high-throughput functional screening service that enables downstream economics to our differentiated offerings as well as growing our antibody therapeutics and cell therapy core markets.”

Quarterly Financial Results

	Three Months Ended December 31,
(in thousands, except per share data)	2021			2020
	(unaudited)			(unaudited)
Revenue	$	23,186		$	21,748
Gross profit		15,959			14,806
Gross margin %		69	%		68	%
Operating expenses		33,770			26,639
Loss from operations		(17,811	)		(11,833	)
Net loss and net comprehensive loss		(17,732	)		(12,128	)
Net loss attributable to common stockholders per share, basic and diluted		(0.26	)		(0.19	)
Total stock-based compensation		5,137			5,851

Annual Financial Results

	Year Ended December 31,
(in thousands, except per share data)	2021			2020
	(unaudited)
Revenue	$	85,388		$	64,303
Gross profit		56,551			44,555
Gross margin %		66	%		69	%
Operating expenses		127,340			84,949
Loss from operations		(70,789	)		(40,394	)
Net loss and net comprehensive loss		(71,724	)		(41,584	)
Net loss attributable to common stockholders per share, basic and diluted		(1.08	)		(1.39	)
Total stock-based compensation		21,222			10,917

2022 Guidance Outlook

Berkeley Lights reiterates full year 2022 revenue to grow approximately 30% compared to full year 2021.

Webcast and Conference Call Information

Berkeley Lights will host a conference call to discuss the fourth quarter and full year 2021 financial results before market open on Thursday, February 24, 2022 at 5:30 a.m. Pacific Time/8:30 a.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 2022 revenue outlook, 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.

Media Contact	Investor Contact
[email protected]	[email protected]

                                        

Berkeley Lights, Inc.
Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except share and per share data)

	Three Months Ended								Year Ended
	December 31,								December 31,
	2021				2020				2021				2020
	(unaudited)				(unaudited)				(unaudited)
Revenue:
Product revenue	$	13,317			$	17,693			$	56,575			$	51,586
Service revenue		9,869				4,055				28,813				12,717
Total revenue		23,186				21,748				85,388				64,303
Cost of sales:
Product cost of sales		3,025				4,554				14,857				13,021
Service cost of sales		4,202				2,388				13,980				6,727
Total cost of sales		7,227				6,942				28,837				19,748
Gross profit		15,959				14,806				56,551				44,555
Operating expenses:
Research and development		15,796				14,000				58,553				47,240
General and administrative		10,450				7,783				43,400				23,202
Sales and marketing		7,524				4,856				25,387				14,507
Total operating expenses		33,770				26,639				127,340				84,949
Loss from operations		(17,811	)			(11,833	)			(70,789	)			(40,394	)
Other income (expense):
Interest expense		(229	)			(362	)			(1,171	)			(1,436	)
Interest income		33				89				175				338
Other income, net		123				10				6				82
Loss before income taxes		(17,884	)			(12,096	)			(71,779	)			(41,410	)
Provision for (benefit from) income taxes		(152	)			32				(55	)			174
Net loss and net comprehensive loss	$	(17,732	)		$	(12,128	)		$	(71,724	)		$	(41,584	)
Net loss attributable to common stockholders per share, basic and diluted	$	(0.26	)		$	(0.19	)		$	(1.08	)		$	(1.39	)
Weighted-average shares used in calculating net loss per share, basic and diluted		67,520,019				64,405,339				66,707,129				31,192,752

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

Assets	December 31, 2021				December 31, 2020
	(unaudited)
Current assets:
Cash and cash equivalents	$	178,096			$	233,408
Trade accounts receivable		25,942				12,939
Inventory		14,547				11,047
Prepaid expenses and other current assets		11,985				8,175
Total current assets		230,570				265,569
Restricted cash		270				270
Property and equipment, net		27,992				14,544
Operating lease right-of-use assets		26,060				16,718
Other assets		2,361				2,557
Total assets	$	287,253			$	299,658
Liabilities and Stockholders’ Equity
Current liabilities:
Trade accounts payable	$	8,198			$	3,491
Accrued expenses and other current liabilities		12,425				8,401
Current portion of notes payable		—				11,594
Deferred revenue		12,128				5,482
Total current liabilities		32,751				28,968
Notes payable, net of current portion		19,762				8,301
Deferred revenue, net of current portion		2,187				1,709
Operating lease liability, noncurrent		24,337				15,899
Total liabilities		79,037				54,877
Stockholders’ equity:
Convertible preferred stock		—				—
Common stock		4				3
Additional paid-in capital		471,820				436,662
Accumulated deficit		(263,608	)			(191,884	)
Total stockholders’ equity		208,216				244,781
Total liabilities and stockholders’ equity	$	287,253			$	299,658

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