Berkeley Lights, Inc.

Q4 2022 revenue was $17.8 million. Full-year 2022 revenue was $78.6 million, down 8% year over year. Q4 gross profit was $12 million and Q4 gross margin was 67.3%, versus 68.8% a year ago. Full-year gross profit was $53.8 million and gross margin was 68.4%, versus 66.2% in 2021. Q4 net loss was $29.3 million versus $17.7 million a year ago; full-year net loss was $98.0 million versus $71.7 million in 2021. For Q4, platform revenue was $10.2 million, recurring revenue was $6.4 million, and partnerships and services revenue was $1.2 million. Full-year platform sales were $35.8 million, recurring revenue was $24.8 million, and partnerships and services revenue was $18 million. The company ended 2022 with $132.8 million of cash, cash equivalents and short-term marketable securities, and said available liquidity was $142.8 million including its revolver. Management said Q1 OpEx should be down approximately 25% from Q4 2022 and said it would not provide 2023 guidance until after the IsoPlexis deal closes.

Siddhartha Kadia framed 2022 as a reset year, saying the company made major changes across leadership, R&D focus, product pricing, and commercial execution. He emphasized a shift toward simpler, lower-cost products like Beacon Select and Beacon Quest, plus more concentrated work in AAV and TCR discovery. A major theme was the planned merger with IsoPlexis into PhenomeX, which he described as a way to create a broader functional cell biology company with more scale, more reach, and faster progress toward profitability.

Mehul Joshi highlighted the quarter’s mix shift: platform revenue rose to $10.2 million, recurring revenue rose to $6.4 million, and partnerships and services dropped to $1.2 million as legacy contracts ended. He called out Q4 gross margin of 67.3% and full-year gross margin of 68.4%, versus 66.2% last year, while operating expenses in 2022 totaled $151.8 million. He said year-end cash was $132.8 million, including about $9.2 million recovered from the unauthorized share issuance issue, and available liquidity was $142.8 million. He also said Q1 OpEx should be down about 25% from Q4 2022, and that the company expects no partnership/services revenue in Q1 2023.

Analysts focused on integration plans, early customer feedback on combining Berkeley Lights and IsoPlexis technologies, and whether the new lower-cost Beacon products could expand demand. Management said integration will target SG&A, commercial reach and R&D simplification, and estimated about $70 million of cost reductions from the combined company’s roughly $200 million cost structure. On customer reaction, management said customers have already asked for a workflow that preserves live cells on Berkeley Lights and performs deeper analysis on IsoPlexis, and that cross-training and a combined sales force should broaden reach. Management also said Beacon Select is already seeing early interest and that Beacon Quest is designed for academics who cannot support a $1 million-plus purchase, while TechAccess remains available for customers preferring an operating-expense model.