Company provides full year 2023 financial
guidance
EMERYVILLE, Calif., May 11, 2023
/PRNewswire/ -- PhenomeX, Inc. (Nasdaq: CELL), a life sciences
tools company, today reported financial results for the first
quarter ended March 31, 2023.
Following the completion of Berkeley Lights' acquisition of
IsoPlexis on March 21, 2023, the
newly combined company was rebranded as PhenomeX and is positioned
to be the leading provider of life sciences solutions that have the
greatest impact in advancing the era of the phenome as the next
revolution in biology and medicine unfolds. Its brand reflects the
Company's mission to empower scientists to leverage the full
potential of each cell and drive the next era of functional cell
biology that will advance human health.
Recent Highlights
- Achieved total revenue of $18.5
million for the first quarter 2023, including:
-
- $11.3 million in platform and
recurring revenue, including $1.0
million in revenue from IsoPlexis following the closing of
the acquisition on March 21,
2023;
- 8 platform placements, bringing the PhenomeX installed base to
430 platforms; and
- $7.2 million in partnership,
license, and other revenue
- Accelerated actions towards acquisition-related cost reductions
and achieved more than $70 million
dollars in run-rate synergies to date
- Strengthened commercial team with appointments of Dr.
Yan Zhang as chief commercial
officer and Tomoya Aoyama as
regional leader of commercial operations in APAC region
- Launched Opto® T Cell Profiling workflow, enabling increased
efficiency and high precision T cell characterization for
development of efficacious immunotherapies, with data featured at
American Association for Cancer Research Annual Meeting in
April
- Appointed Peter Silvester,
veteran life sciences executive and previous senior vice president,
and president of Life Sciences Solutions at Thermo Fisher
Scientific, to the PhenomeX Board of Directors
"I'm pleased with the progress we are making at PhenomeX,
following the successful combination of Berkeley Lights and
IsoPlexis. We accelerated our integration initiatives and have
already achieved more than $70
million in run-rate cost synergies to support our goal of
becoming cash flow positive by the fourth quarter of 2024," said
Siddhartha Kadia, Ph.D., chief executive officer of PhenomeX. "In
addition, we have strengthened our commercial leadership, launched
our new multi-omics T Cell Profiling workflow, and will introduce a
series of highly differentiated, market-segment driven product
offerings as part of our combined technology roadmap."
First Quarter 2023
Financial Results
|
|
|
Three months ended
March 31,
|
(in thousands, except
per share data)
|
2023
|
2022
|
|
(unaudited)
|
(unaudited)
|
Revenue
|
$
18,516
|
$
20,206
|
Gross profit
|
$
13,428
|
$
13,827
|
Gross margin
%
|
73 %
|
68 %
|
Operating
expenses
|
$
36,258
|
$
35,100
|
Loss from
operations
|
$
(22,830)
|
$
(21,273)
|
Net loss
|
$
(23,419)
|
$
(21,426)
|
Net loss attributable
to common stockholders per share, basic and diluted
|
$
(0.31)
|
$
(0.32)
|
Total stock-based
compensation
|
$
4,388
|
$
5,393
|
2023 Guidance Outlook
PhenomeX expects full year 2023 revenue to be in the range of
$75 to $85
million dollars with a gross margin target of approximately
65%.
Webcast and Conference Call Information
PhenomeX will host a conference call to discuss the first
quarter 2023 financial results after market close on Thursday, May 11, 2023 at 1:30 p.m. Pacific Time/4:30 p.m. Eastern Time. A webcast of the
conference call can be accessed at http://investors.phenomex.com.
The webcast will be archived and available for replay for at least
90 days after the event.
About PhenomeX
PhenomeX is empowering scientists to leverage the full potential
of each cell and drive the next era of functional cell biology that
will advance human health. We enable scientists to reveal the most
complete insights on cell function and obtain a full view of the
behavior of each cell. Our unique suite of proven high-throughput
tools and services offer unparalleled resolution and speed,
accelerating the insights that are key to advancing discoveries
that can profoundly improve the prevention and treatment of
disease. Our award-winning platforms are used by researchers across
the globe, including those at the top 15 global pharmaceutical
companies and approximately 85% of leading U.S. comprehensive
cancer centers.
Forward Looking Statements
This press release contains forward-looking statements that are
based on management's beliefs and assumptions and on information
currently available to management. All statements contained in this
release other than statements of historical fact are
forward-looking statements, including statements regarding
expectations of future operating results or financial performance,
our guidance for the full year 2023, expectations regarding
acquisition-cost reductions and estimated cost synergies as a
result of our acquisition of IsoPlexis, management's estimates and
expectations regarding growth of our business and market, including
statements regarding the Company's ability and timing to achieve
cash flow breakeven and introduce new product offerings and other
matters regarding our business strategies, use of capital, results
of operations and financial position, and plans and objectives for
future operations.
In some cases, you can identify forward-looking statements by
the words "may," "will," "could," "would," "should," "expect,"
"intend," "plan," "anticipate," "believe," "estimate," "predict,"
"project," "potential," "continue," "target," "ongoing" or the
negative of these terms or other comparable terminology, although
not all forward-looking statements contain these words. These
statements involve risks, uncertainties and other factors that may
cause actual results, levels of activity, performance, or
achievements to be materially different from the information
expressed or implied by these forward-looking statements. There are
a significant number of factors that could cause our actual results
to differ materially from statements made in this press release,
including: our ability to successfully integrate the businesses and
operations of Berkeley Lights and IsoPlexis; our ability to raise
additional capital; our ability to attract new and retain existing
customers, or renew and expand our relationships with them; the
failure to timely develop and achieve market acceptance of new
products and services as well as existing products and services
offerings; our limited operating history; our history of losses
since inception; and general market, political, economic, and
business conditions, including those related to the continuing
impact of COVID-19 and geopolitical uncertainty. Additional risks
and uncertainties are described under "Risk Factors," "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" and elsewhere in the documents we file with the
Securities and Exchange Commission from time to time. We caution
you that forward-looking statements are based on a combination of
facts and factors currently known by us and our projections of the
future, about which we cannot be certain. As a result, the
forward-looking statements may not prove to be accurate. The
forward-looking statements in this press release represent our
views as of the date hereof. We undertake no obligation to update
any forward-looking statements for any reason, except as required
by law.
PhenomeX
Inc.
|
Condensed
Consolidated Statements of Operations (Unaudited)
|
(In thousands,
except share and per share data)
|
|
|
Three months
ended
March 31,
|
|
2023
|
|
2022
|
|
|
|
|
Revenue:
|
|
|
|
Product
revenue
|
$
8,378
|
|
$
9,774
|
Service and other
revenue
|
10,138
|
|
10,432
|
Total
revenue
|
18,516
|
|
20,206
|
Cost of
sales:
|
|
|
|
Product cost of
sales
|
3,912
|
|
2,695
|
Service cost of
sales
|
1,176
|
|
3,684
|
Total cost of
sales
|
5,088
|
|
6,379
|
Gross
profit
|
13,428
|
|
13,827
|
Operating
expenses:
|
|
|
|
Research and
development
|
8,421
|
|
17,573
|
Selling, general and
administrative
|
26,547
|
|
17,527
|
Restructuring
|
1,290
|
|
—
|
Total operating
expenses
|
36,258
|
|
35,100
|
Loss from
operations
|
(22,830)
|
|
(21,273)
|
Other income
(expense):
|
|
|
|
Interest
expense
|
(384)
|
|
(224)
|
Interest
income
|
827
|
|
34
|
Other expense,
net
|
(1,012)
|
|
57
|
Loss before income
taxes
|
(23,399)
|
|
(21,406)
|
Provision for income
taxes
|
20
|
|
20
|
Net loss
|
$
(23,419)
|
|
$
(21,426)
|
|
|
|
|
Net loss attributable
to common stockholders per share, basic and diluted
|
$
(0.31)
|
|
$
(0.32)
|
Weighted-average shares
used in calculating net loss per share, basic and
diluted
|
75,759,771
|
|
67,697,488
|
PhenomeX
Inc.
|
Condensed
Consolidated Balance Sheets (Unaudited)
|
(In
thousands)
|
|
Assets
|
March 31,
2023
|
|
December 31,
2022
|
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
51,606
|
|
$
86,522
|
Short-term marketable
securities
|
—
|
|
46,252
|
Trade accounts
receivable, net
|
25,119
|
|
18,534
|
Inventory
|
45,539
|
|
18,861
|
Prepaid expenses and
other current assets
|
9,378
|
|
6,783
|
Total current
assets
|
131,642
|
|
176,952
|
Restricted
cash
|
70,093
|
|
—
|
Property and
equipment, net
|
33,842
|
|
23,847
|
Operating lease
right-of-use assets
|
27,449
|
|
23,326
|
Goodwill
|
12,246
|
|
—
|
Intangible assets,
net
|
23,072
|
|
—
|
Other
assets
|
2,217
|
|
1,969
|
Total
assets
|
$
300,561
|
|
$
226,094
|
Liabilities and
Stockholders' Equity
|
|
|
|
Current
liabilities:
|
|
|
|
Trade accounts
payable
|
$
17,051
|
|
$
10,092
|
Accrued expenses and
other current liabilities
|
19,645
|
|
21,340
|
Current portion of
long-term debt
|
—
|
|
4,966
|
Deferred
revenue
|
10,746
|
|
9,092
|
Total current
liabilities
|
47,442
|
|
45,490
|
Long-term
debt
|
68,886
|
|
14,860
|
Deferred revenue, net
of current portion
|
1,259
|
|
963
|
Lease liability,
long-term
|
25,234
|
|
22,726
|
Total
liabilities
|
142,821
|
|
84,039
|
Stockholders'
equity:
|
|
|
|
Common
stock
|
5
|
|
4
|
Additional paid-in
capital
|
542,805
|
|
503,708
|
Accumulated
deficit
|
(385,067)
|
|
(361,648)
|
Accumulated other
comprehensive loss
|
(3)
|
|
(9)
|
Total stockholders'
equity
|
157,740
|
|
142,055
|
Total liabilities and
stockholders' equity
|
$
300,561
|
|
$
226,094
|
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SOURCE PhenomeX