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Berkeley Lights Q2 Revenues Fall 10 Percent

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.