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 |
| Media@berkeleylights.com | IR@berkeleylights.com |
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 | |||
