GlobeNewswire Inc | Aug 25, 2020 04:03PM EDT

August 25, 2020

EMERYVILLE, Calif., Aug. 25, 2020 (GLOBE NEWSWIRE) -- Berkeley Lights, Inc. (Nasdaq: BLI), a leader in Digital Cell Biology, today reported financial results for the quarter ended June 30, 2020.

Recent Highlights

-- Total revenue of $10.6 million including four platform placements -- Completed initial public offering, raising approximately $188 million of net proceeds

Second Quarter 2020 Financial Results

Revenue was $10.6 million for the quarter ended June 30, 2020, representing a 10% decrease from the second quarter in the prior year. Product revenue was $9.1 million for the quarter, representing a 17% increase from the second quarter in the prior year. Service revenue was $1.5 million for the quarter, representing a 63% decrease from the second quarter in the prior year.

Direct platform revenue was $7.5 million for the quarter, compared to $6.9 million for the second quarter in the prior year. Recurring revenue was $2.9 million for the quarter, compared to $1.7 million for the second quarter in the prior year. Milestone and related revenue was $128,000 for the quarter, compared to $3.2 million for the second quarter in the prior year.

Gross profit was $7.0 million for the second quarter of 2020, down $2.6 million from $9.6 million for the corresponding prior year period. Gross margin was 66% for the second quarter of 2020, compared to 81% for the corresponding prior year period.

Operating expenses were $19.1 million for the second quarter of 2020, compared to $15.2 million in the second quarter of the prior year, representing an increase of approximately 26%.

Net loss was $12.4 million in the second quarter of 2020, compared to $6.2 million in the same period in 2019.

Cash and cash equivalents were $59.2 million as of June 30, 2020. Subsequent to the end of the quarter, on July 21, 2020, Berkeley Lights completed its initial public offering, raising approximately $188 million of net proceeds, after deducting underwriting discounts, commissions, and fees.

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 managements 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 Contactberkeleylights@bulleitgroup.com

Investor Contactir@berkeleylights.com

Berkeley LightsCondensed Consolidated Statements of Operations(in thousands, except share and per share amounts)

Three Months Ended June30, 2020 2019 Revenue Product revenue $ 9,107 $ 7,795 Service revenue 1,462 3,968 Total revenue 10,569 11,763 Cost of sales Product cost of 2,384 1,949 salesService cost of 1,223 242 salesTotal cost of 3,607 2,191 salesGross profit 6,962 9,572 Operating expenses:Research and 11,843 9,642 developmentGeneral and 4,193 3,080 administrativeSales and 3,076 2,452 administrativeTotal operating 19,112 15,174 expenses Loss from (12,150 ) (5,602 )operations Other income (expense):Interest expense (356 ) (350 )Interest income 47 270 Other income 37 (488 )(expense), netLoss before (12,422 ) (6,170 )income taxesProvision for income taxes 8 15Net loss and netcomprehensive (12,430 ) (6,185 )loss Netlossattributable tocommon $ (4.25 ) $ (2.43 )stockholders pershare, basic anddilutedWeighted-averageshares used incalculating net 3,109,545 2,872,183 loss per share,basic anddiluted

Berkeley LightsCondensed Consolidated Balance Sheets(in thousands, except share and per share amounts)

June30, December31, 2020 2019 Assets Current assets Cash and cash $ 59,170 $ 81,033 equivalentsTrade accounts 10,236 9,334 receivableInventory 11,908 7,181 Prepaid expenses and 9,061 7,799 other current assetsTotal current assets 90,375 105,347 Restricted cash 270 270Property and 14,757 16,472 equipment, netOperating lease 13,000 7,785 right-of-use assetsOther assets 1,016 1,135 Total assets $ 119,418 $ 131,009 Liabilities and shareholders? equityCurrent liabilities Trade accounts $ 4,270 $ 3,239 payableAccrued expenses andother current 8,099 6,229 liabilitiesCurrent portion of 1,596 5,765 notes payableDeferred revenue 8,607 9,686 Total current 22,572 24,919 liabilitiesNotes payable, net of 18,264 14,062 current portionDeferred revenue, net 1,098 1,461 of current portionLease liability, long 11,439 6,784 termTotal liabilities 53,373 47,226 Commitments andcontingencies Stockholders' equityConvertible preferred 224,769 224,769 stockCommon stock ? ?Additional paid-in 12,431 9,314 capitalAccumulated deficit (171,155 ) (150,300 )Total shareholders? 66,045 83,783 equityTotal liabilities and $ 119,418 $ 131,009 shareholders? equity