NEW YORK – Berkeley Lights reported on Thursday a 16 percent increase in third quarter revenues, driven by higher service and consumables revenues.
For the three months ended Sept. 30, 2020 — its first full quarter operating as a public company — the Emeryville, California-based cell analysis firm reported $18.2 million in revenues, up from $15.7 million during the same period last year and beating the consensus Wall Street estimate of $15.3 million.
Product revenues grew 7 percent to $14.1 million, including a $1 million increase in consumables revenues compared to Q3 2019, while service revenue jumped 66 percent to $4.1 million.
Direct platform revenues — including instruments, fully-paid workflow license agreements, and platform support — were $12.4 million for the quarter compared to $12.3 million a year ago. Recurring revenue — including consumables, annual workflow license or subscription agreements, and service and warranty contracts — was $3.7 million compared to $1.9 million a year ago. Milestone and related revenues — including revenues from joint development agreements, partnerships, and feasibility studies — were $2.1 million compared to $1.5 million for Q3 2019.
On a conference call following the release of results, CEO Eric Hobbs said the firm placed eight instruments during the quarter — three in Asia, three in Europe, and two in the US, the same number as it had placed in Q3 2019. All placements were direct sales.
By region, North America revenues were down 24 percent to $7.1 million; Asia Pacific, including Australia, up 49 percent to $6.1 million; Europe, up 122 percent to $5.1 million.
Berkeley Lights' net loss for the quarter was $8.6 million or $.16 per share, compared to a loss of $4.4 million, or $1.78 per share, a year ago, beating analysts' average estimate of a $.20 loss per share.
Berkeley Lights used approximately 53.6 million weighted-average shares to calculate the 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 $187.9 million in net proceeds.
The firm's research and development expenses for the quarter totaled $10.4 million, up 2 percent from $10.2 million a year ago. Sales, general, and administrative expenses jumped 84 percent to $10.6 million from $5.8 million a year ago, attributable to increased headcount and costs associated with operating as a public company.
In its form 10-Q filed with the US Securities and Exchange Commission, Berkeley Lights noted it sued AbCellera in federal court in August, alleging unfair competition. AbCellera had previously sued Berkeley Lights alleging patent infringement. Berkeley Lights seeks damages and a judgment of non-infringement.
Berkeley Lights ended the quarter with $237.2 million in cash and cash equivalents.
Citing uncertainty related to the COVID-19 pandemic, CFO Shaun Holt said the firm would not issue formal guidance at this time; however, there have been "no changes in our view of the business" since the IPO, he said.
Shares of Berkeley Lights were down around 6 percent at $85.45 in Friday morning trade on the Nasdaq.