Breaking News
Investing Pro 0
NEW! Get Actionable Insights with InvestingPro+ Try 7 Days Free

Berkeley Lights Tumbles After Missing Earnings, Revenue Estimates

Stock Markets Aug 10, 2022 17:46
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
BLI
-4.92%
Add to/Remove from a Portfolio
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Sam Boughedda

Berkeley Lights Inc's (NASDAQ:BLI) 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 second-quarter loss 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."

Berkeley Lights Tumbles After Missing Earnings, Revenue Estimates
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email