EMERYVILLE, Calif., Jan. 9, 2023
/PRNewswire/ -- Berkeley Lights, Inc. (Nasdaq: BLI), a life
sciences tools company, today announced preliminary unaudited
revenue results for the full year ended December 31, 2022. Total revenue for the full
year 2022 is expected to be in the range of $78.0 million to $78.5
million, compared to $85.4
million in 2021.
Results were lower-than-expected due to a delay in several
Beacon® platform placements, which are now expected in 2023, and
lower revenue from partnership and services contracts. During
fourth quarter 2022, we observed a tightening macroeconomic
environment, similar to what our industry has been communicating,
with elongated sales cycles and constrained capital
budgets. The Company continues to execute on its strategic
plan announced on the second quarter 2022 earnings conference call
by launching application specific and academic Beacon platforms in
2023 and transitioning from low-margin partnership and services
contracts.
"We have made important progress over the last several months
laying a strong foundation for the unique opportunities ahead of us
through the execution of our strategic plan," said Siddhartha
Kadia, Ph.D., chief executive officer of Berkeley Lights. "While
our revenue this quarter was impacted by the timing of certain
Beacon platform placements and ongoing initiatives to reshape our
business model, we remain focused on our transformation into a
growing, profitable, and sustainable life sciences company,
including through the recent announcement of our agreement to
acquire IsoPlexis. Looking ahead, our leadership team is committed
and focused on bringing together Berkeley Lights and IsoPlexis as a
premier functional cell biology company, diversifying our
technology offerings with the launch of lower-cost platforms in
2023, establishing a higher recurring revenue mix, and achieving
positive operating cash flow by 2024."
These preliminary results are based on management's initial
analysis of operations for the quarter ended December 31, 2022. The company expects to issue
full year financial results for 2022 in late February.
J.P. Morgan Healthcare Conference Participation
Berkeley Lights will participate in the 41st Annual
J.P. Morgan Healthcare Conference on Thursday, January 12, 2023, at the Westin St.
Francis Hotel in San Francisco,
Calif. Berkeley Lights CEO Siddhartha Kadia, Ph.D., will
represent the Company in a presentation scheduled for 11:15 a.m. PT.
A live webcast of the presentation will be available online from
the Investor Relations page of the Company's website at
www.berkelylights.com. A replay of the presentation will remain
available on the website for 30 days after the applicable live
webcast.
About Berkeley Lights
Berkeley Lights is a life sciences tools 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.
Forward-Looking Statements
The financial results presented in this press release are
preliminary, estimated, and unaudited. They are subject to the
completion and finalization of Berkeley Lights' financial and
accounting closing procedures. They reflect management's estimates
based solely upon information available to management as of the
date of this press release. Further information learned during that
completion and finalization may alter the final results. In
addition, the preliminary estimates should not be viewed as a
substitute for full quarterly and annual financial statements
prepared in accordance with GAAP. There is a possibility that
Berkeley Lights' financial results for the quarter ended
December 31, 2022, and full year
financial results for 2022 could vary materially from these
preliminary estimates. In addition to the completion of the
financial closing procedures, factors that could cause actual
results to differ from those described above are set forth below.
Accordingly, you should not place undue reliance upon this
preliminary information.
Additional information regarding the Company's fourth quarter
2022 financial results and full year financial results for 2022
will be available in the Company's Form 10-K, which will be filed
with the U.S. Securities and Exchange Commission (the "SEC").
This press release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995, as amended. Such forward-looking statements are based on the
Company's beliefs and assumptions and on information currently
available to it on the date of this press release. Forward-looking
statements may involve known and unknown risks, uncertainties and
other factors that may cause the Company's actual results,
performance or achievements to be materially different from those
expressed or implied by the forward-looking statements, including
but not limited to: statements regarding our preliminary revenue
results and our expectations for future sales, including with
respect to timing and the pricing and profitability of future
products and services; expectations regarding our existing
partnership and services contracts and the expansion of our product
and service offerings; our proposed acquisition of IsoPlexis
and the related expected benefits therefrom; and the growth,
cash flow and profitability goals we are pursuing. Our
expectations and other matters discussed in such forward-looking
statements might not come to fruition for several reasons.
Among the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements
are the following: the risk that the proposed transaction with
IsoPlexis may not be completed in a timely manner or at all, and
the effect of the pending transaction on various aspects of our
ongoing business operations, including employees, distributors,
customer and suppliers; the possibility that expected synergies and
operating efficiencies in connection with the proposed transaction
may not be achieved within the expected timeframes or at all; the
risk that integration of IsoPlexis' operations into those of
Berkeley Lights may be more difficult, time-consuming or costly
than expected; the possibility that the parties' expectations as to
expenses, cash usage and cash needs may prove not to be correct for
reasons such as changes in plans or actual events being different
than assumptions; the impacts of changes in general economic and
business conditions, including changes in the financial markets;
potential challenges in the implementation of strategic plans for
products and technologies, and challenges inherent in developing,
manufacturing, launching, marketing and selling existing and new
products; uncertainties in contractual relationships, including
interruptions or delays in the supply of components or materials
for, or manufacturing of, products; and any other risks discussed
in each of Berkeley Lights' and IsoPlexis' filings with the SEC,
including Berkeley Lights' and IsoPlexis' Annual Reports on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K. Except to the extent required by law, the Company
undertakes no obligation to update such statements to reflect
events that occur or circumstances that exist after the date on
which they were made.
Participants in the Solicitation
Berkeley Lights, IsoPlexis and their respective directors,
executive officers and other members of management and employees
may be deemed to be participants in the solicitation of proxies in
connection with the proposed transaction between Berkeley Lights
and IsoPlexis under the rules of the SEC. Information regarding
Berkeley Lights' directors and executive officers is set forth in
Berkeley Lights' Proxy Statement on Schedule 14A for its 2022
Annual Meeting of Stockholders, which was filed with the SEC on
April 15, 2022, and in certain of
Berkeley Lights' Current Reports on Form 8-K. To the extent
holdings of Berkeley Lights' securities by Berkeley Lights'
directors and executive officers have changed since the amounts set
forth in such proxy statement, such changes have been or will be
reflected on subsequent statements of beneficial ownership filed
with the SEC. Information regarding IsoPlexis' directors and
executive officers is set forth in IsoPlexis' revised Proxy
Statement on Schedule 14A for its 2022 Annual Meeting of
Stockholders, which was filed with the SEC on April 29, 2022, and in certain of IsoPlexis'
Current Reports on Form 8-K. To the extent holdings of IsoPlexis'
securities by IsoPlexis' directors and executive officers have
changed since the amounts set forth in such proxy statement, such
changes have been or will be reflected on subsequent statements of
beneficial ownership filed with the SEC. These documents can be
obtained free of charge from the sources indicated below.
Additional information regarding the interests of these
participants will be set forth in the joint proxy
statement/prospectus relating to the proposed transaction when it
becomes available.
Additional Information and Where to Find It
In connection with the proposed transaction between Berkeley
Lights and IsoPlexis, Berkeley Lights and IsoPlexis intend to file
relevant materials with the SEC, including a Berkeley Lights
registration statement on Form S-4 that will include a joint proxy
statement of Berkeley Lights and IsoPlexis that also constitutes a
prospectus of Berkeley Lights. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY
OTHER RELEVANT DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME
AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT
BERKELEY LIGHTS, ISOPLEXIS AND THE
PROPOSED TRANSACTION. The joint proxy statement/prospectus and
other documents relating to the proposed transaction (when they are
available) can be obtained free of charge from the SEC's website at
www.sec.gov. These documents (when they are available) can also be
obtained free of charge from Berkeley Lights's investor relations
website at www.investors.berkeleylights.com or from IsoPlexis'
investor relations website at www.investors.isoplexis.com.
No Offer or Solicitation
This communication is not intended to and shall not constitute
an offer to buy or sell or the solicitation of an offer to buy or
sell any securities, nor shall there be any offer, solicitation, or
sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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SOURCE Berkeley Lights, Inc.