NEW YORK – Berkeley Lights reported on Thursday a 34 percent year-over-year increase in third quarter revenues.
For the three months ended Sept. 30, the Emeryville, California-based cell analysis firm reported $24.3 million in revenues, up from $18.2 million during the same period last year and beating the consensus Wall Street analyst estimate of $23.1 million. The results were at the upper end of the range provided in a preannouncement last month.
Product revenues in Q3 grew 18 percent to $16.7 million from $14.1 million a year ago, while service revenue jumped 86 percent to $7.6 million from $4.1 million a year ago.
Direct platform revenues — including instruments, fully paid workflow license agreements, and platform support — were $14.1 million for the quarter, up 14 percent year over year. Recurring revenue — including consumables, annual workflow license or subscription agreements, and service and warranty contracts — was $4.7 million, up 29 percent from a year ago. Joint development agreement and partnership revenues were $5.5 million, up 155 percent from a year ago.
By region, North America accounted for 46 percent of revenues; Asia-Pacific for 40 percent; and Europe, Middle East, and Africa for 14 percent.
"Our performance this quarter speaks to the increasing demand for our technology and services across large, global markets," Berkeley Lights CEO Eric Hobbs said in a statement. "These results reflect our growing success in developing disruptive workflows and services vital to our customers' efforts to unlock revolutionary improvements to human health. We are well-positioned to continue accelerating scientific breakthroughs, creating value for our customers and our shareholders."
On a conference call with investors following the release of the results, Hobbs added that non-antibody related revenues grew to 25 percent of total revenues in the quarter.
The firm placed 13 new instrument systems in the quarter, including six placements to existing customers, and increased its installed base to 105 platforms. Eight placements were capital expenditures for Beacon instruments, three were technology access subscriptions, and two were Lightning instruments.
Berkeley Lights' net loss for the quarter was $20.4 million, or $.30 per share, compared to a net loss of $8.6 million, or $.16 per share, a year ago, missing analysts' average estimate of a $.24 loss per share.
The company used approximately 67.2 million weighted-average shares to calculate the per-share loss in Q3 compared to about 53.6 million shares a year ago.
The firm's research and development expenses for the quarter totaled $16.2 million, up 55 percent from $10.4 million a year ago. Sales, general, administrative, and marketing expenses jumped 80 percent to $19.2 million from $10.6 million a year ago, driven by investments in the firm's business development and sales and marketing operations.
Berkeley Lights ended the quarter with $197.0 million in cash and cash equivalents.
Revenue from partnerships are projected to exceed $18 million for the year and account for 20 percent of total projected revenues, Hobbs said. The firm expects full-year 2021 revenues to be at or above $90 million, representing 40 percent year-over-year growth.
Shares of Berkeley Lights were down 3 percent at $23.74 in Thursday afternoon trading on the Nasdaq.