NEW YORK – Berkeley Lights reported on Tuesday a 10 percent decrease in second quarter revenues.
For the three months ended June 30, 2020, the Emeryville, California-based cell analysis firm reported $10.6 million in revenues, down from $11.8 million during the same period last year. Product revenues grew 17 percent to $9.1 million, while service revenue fell 63 percent to $1.5 million.
Milestone and related revenues were $128,000, compared to $3.2 million a year ago.
The firm placed four of its optofluidic platforms in the quarter.
Research and development expenses for the quarter totaled $11.8 million, up 23 percent from $9.6 million in Q2 of 2019. Selling, general, and administrative expenses totaled $7.3 million in Q2, up 31 percent from $5.5 million in Q2 of 2019.
Berkeley Lights' net loss for the quarter doubled to $12.4 million or $4.25 per share, from $6.2 million or $2.43 per share a year ago.
Berkeley Lights used approximately 3.1 million weighted-average shares to calculate per-share loss in the recently completed quarter compared to about 2.9 million weighted-average shares a year ago. The company completed its initial public offering in July, from which it raised approximately $188 million in net proceeds.
Berkeley Lights ended the quarter with $59.2 million in cash and cash equivalents.
In Wednesday afternoon trading on the Nasdaq, shares of Berkeley Lights were down 12 percent at $62.90.