Berkeley Lights, Inc. (BLI) SEC Filing 8-K Material Event for the period ending Thursday, February 24, 2022

Berkeley Lights, Inc.

CIK: 1689657 Ticker: BLI

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. February 24, 2022 – 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)20212020
Revenue$23,186 $21,748 
Gross profit15,959 14,806 
Gross margin %69 %68 %
Operating expenses33,770 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 compensation5,137 5,851 

Annual Financial Results
Year Ended December 31,
(in thousands, except per share data)20212020
Revenue$85,388 $64,303 
Gross profit56,551 44,555 
Gross margin %66 %69 %
Operating expenses127,340 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 compensation21,222 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 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.

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

Three Months EndedYear Ended
December 31,December 31,
Product revenue$13,317 $17,693 $56,575 $51,586 
Service revenue9,869 4,055 28,813 12,717 
Total revenue23,186 21,748 85,388 64,303 
Cost of sales:
Product cost of sales3,025 4,554 14,857 13,021 
Service cost of sales4,202 2,388 13,980 6,727 
Total cost of sales 7,227 6,942 28,837 19,748 
Gross profit15,959 14,806 56,551 44,555 
Operating expenses:
Research and development 15,796 14,000 58,553 47,240 
General and administrative 10,450 7,783 43,400 23,202 
Sales and marketing 7,524 4,856 25,387 14,507 
Total operating expenses33,770 26,639 127,340 84,949 
Loss from operations(17,811)(11,833)(70,789)(40,394)
Other income (expense):
Interest expense(229)(362)(1,171)(1,436)
Interest income33 89 175 338 
Other income, net123 10 82 
Loss before income taxes(17,884)(12,096)(71,779)(41,410)
Provision for (benefit from) income taxes(152)32 (55)174 
Net loss and net comprehensive loss$(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 diluted67,520,019 64,405,339 66,707,129 31,192,752 

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

AssetsDecember 31,
December 31,
Current assets:
Cash and cash equivalents$178,096 $233,408 
Trade accounts receivable25,942 12,939 
Inventory14,547 11,047 
Prepaid expenses and other current assets11,985 8,175 
Total current assets230,570 265,569 
Restricted cash270 270 
Property and equipment, net27,992 14,544 
Operating lease right-of-use assets26,060 16,718 
Other assets2,361 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 liabilities12,425 8,401 
Current portion of notes payable— 11,594 
Deferred revenue12,128 5,482 
Total current liabilities32,751 28,968 
Notes payable, net of current portion19,762 8,301 
Deferred revenue, net of current portion2,187 1,709 
Operating lease liability, noncurrent24,337 15,899 
Total liabilities79,037 54,877 
Stockholders’ equity:
Convertible preferred stock— — 
Common stock
Additional paid-in capital471,820 436,662 
Accumulated deficit(263,608)(191,884)
Total stockholders’ equity208,216 244,781 
Total liabilities and stockholders’ equity$287,253 $299,658 

Washington, D.C. 20549
Form 8-K
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

February 24, 2022
Date of Report (Date of earliest event reported)
Berkeley Lights, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
(Commission File Number)
5858 Horton Street, Suite 320
Emeryville, California 94608
(Address of principal executive offices, including zip code)
(510) 858-2855
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common stock, $0.00005 par value
The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition
On February 24, 2022, Berkeley Lights, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the fourth quarter and fiscal year ended December 31, 2021. A copy of the press release is attached hereto as Exhibit 99.1.
The information furnished pursuant to Item 2.02 in this Current Report on Form 8-K and the press release attached as Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: February 24, 2022By:/s/ KURT WOOD
Name:Kurt Wood
Title:Chief Financial Officer

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Berkeley Lights, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Financial Statements, Disclosures and Schedules

Inside this 8-K Corporate News

Material Contracts, Statements, Certifications & more

Berkeley Lights, Inc. provided additional information to their SEC Filing as exhibits

Ticker: BLI
CIK: 1689657
Form Type: 8-K Corporate News
Accession Number: 0001689657-22-000003
Submitted to the SEC: Thu Feb 24 2022 8:04:57 AM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Thursday, February 24, 2022
Industry: Laboratory Analytical Instruments
  1. Earnings Release
  2. Financial Exhibit

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