Berkeley Lights Tumbles After Missing Earnings, Revenue Estimates By


© Reuters. Berkeley Lights (BLI) Tumbles After Missing Earnings, Revenue Estimates

By Sam Boughedda

Berkeley Lights¬†Inc’s (NASDAQ:) second-quarter earnings report added weight to its share price decline in 2022 after it missed earnings and revenue estimates.

The company’s shares have fallen 8% Wednesday, while they are down 75% so far in 2022.

The digital cell biology firm reported a of $0.38 per share, $0.06 worse than the analyst estimate of a $0.32 loss per share. Revenue for the quarter came in at $19.2 million, below the consensus estimate of $20.82 million. In addition, revenue decreased by 1% year-over-year.

In addition, the company said it reduced operating costs through its global workforce reduction of approximately 12% in July and decreased cash burn to roughly $30 million in 2023.

“In the second quarter, we made meaningful progress to transform Berkeley Lights from a technology platform company into a growing, profitable and sustainable life sciences tools and services company,” said Dr. Siddhartha Kadia, chief executive officer of Berkeley Lights.

Berkeley expects full-year 2022 revenue to be approximately in line with full-year 2021 revenue.

Following the report, a JPMorgan analyst downgraded the stock to Neutral from Overweight, lowering the price target to $8 from $12 per share.

“Stepping back, we’re encouraged by the augmented strength of the new management team and we acknowledge new management’s roadmap to turn around the commercial operation and believe many of the initiatives outlined (including new product cycle, new monetization models, and potential M&A) could drive a meaningful inflection in the future commercial trajectory,” said the analyst. “That said, considering the early stages of these initiatives, coupled with a challenging macro environment, near-term visibility is limited. As such, we’re moving to Neutral pending better visibility and execution track record, and we establish a Dec-23 PT of $8 to reflect lower near- and medium-term estimates and an unfavorable macro environment.”

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.


90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]


Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.


Sign up to receive the latest news and trends from our company.

More questions? Get in touch