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Berkeley Lights Misses 2022 Revenue Estimates

NEW YORK – Berkeley Lights said on Monday that it anticipates 2022 revenue in the range of $78 million to $78.5 million, falling short of the Wall Street consensus estimate of approximately $85.4 million.

The Emeryville, California-based company attributed the disappointing results to delays in several Beacon platform placements as well as lower-than-expected revenues from partnerships and service contracts.

The firm also referenced a "tightening macroeconomic environment" in the fourth quarter, with elongated sales cycles and constrained capital budgets.

Nonetheless, Berkeley Lights CEO Siddhartha Kadia said that the firm remains focused on growth and profitability, particularly with respect to its recent acquisition of IsoPlexis.

"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," he said in a statement.

Berkeley Lights shares were down 6.4 percent in after-hours trading, at $2.48 per share.

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