NEW YORK – Berkeley Lights reported after the close of the market on Thursday a 31 percent increase in fourth quarter revenues, driven by higher service and consumables revenues.
For the three months ended Dec. 31, 2020 the Emeryville, California-based cell analysis firm reported $21.7 million in revenues, up from $16.6 million during the same period last year and beating the consensus Wall Street estimate of $19.0 million.
Product revenues were $17.7 million, while service revenues were $4.1 million.
The firm placed nine instruments during the quarter, bringing the installed base to 75 platforms.
"Amidst a global pandemic, the Berkeley Lights team delivered throughout 2020 and ended with strong fourth quarter results and, even more importantly, continued to build a strong foundation in existing and new markets," CEO Eric Hobbs said in a statement. "The demand for cell-based products is growing rapidly and the Berkeley Lights technology will be a critical component to accelerate the commercialization of these products. I am more bullish than ever about the opportunities in front of us."
Berkeley Lights' net loss for the quarter was $12.1 million or $.19 per share, compared to a loss of $3.5 million, or $1.42 per share, a year ago, beating analysts' average estimate of a $.20 loss per share.
Berkeley Lights used approximately 64.4 million weighted-average shares to calculate the per-share loss in the recently completed quarter compared to about 3 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 $14.0 million, up 42 percent from $9.8 million a year ago. Sales, general, and administrative expenses more than doubled to $12.6 million from $5.8 million a year ago.
For full-year 2020, Berkeley lights reported total revenues of $64.3 million, up 13 percent from $56.7 million in 2019, beating the consensus Wall Street estimate of $61.7 million. Product revenues were $51.6 million, while service revenues were $12.7 million.
Berkeley Lights' net loss for the year was $41.6 million or $1.39 per share, compared to a loss of $18.3 million, or $7.46 per share, in 2019, missing analysts' average estimate of a $1.11 loss per share.
Berkeley Lights used approximately 31.2 million weighted-average shares to calculate the per-share loss in 2020, compared to about 2.9 million weighted-average shares in 2019.
The firm's R&D expenses for the year totaled $47.2 million, up 23 percent from $38.4 million a year ago. Its SG&A expenses jumped 75 percent to $37.7 million from $21.6 million last year.
Berkeley Lights ended the quarter with $233.4 million in cash and cash equivalents.
In Friday morning trading on the Nasdaq, shares of Berkeley Lights were flat at $62.50.