Berkeley Lights sees FY22 revenue $78M-$78.5M, consensus $85.36M

Results were lower-than-expected due to a delay in several Beacon platform placements, which are now expected in 2023, and lower revenue from partnership and services contracts. During fourth quarter 2022, we observed a tightening macroeconomic environment, similar to what our industry has been communicating, with elongated sales cycles and constrained capital budgets. The company continues to execute on its strategic plan announced on the second quarter 2022 earnings conference call by launching application specific and academic Beacon platforms in 2023 and transitioning from low-margin partnership and services contracts. "We have made important progress over the last several months laying a strong foundation for the unique opportunities ahead of us through the execution of our strategic plan," said Siddhartha Kadia, Ph.D., CEO of Berkeley Lights. "While our revenue this quarter was impacted by the timing of certain Beacon platform placements and ongoing initiatives to reshape our business model, we remain focused on our transformation into a growing, profitable, and sustainable life sciences company, including through the recent announcement of our agreement to acquire IsoPlexis. Looking ahead, our leadership team is committed and focused on bringing together Berkeley Lights and IsoPlexis as a premier functional cell biology company, diversifying our technology offerings with the launch of lower-cost platforms in 2023, establishing a higher recurring revenue mix, and achieving positive operating cash flow by 2024."