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.
“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 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, December 31, 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 SOURCE PhenomeX
March 31,
2023
2022
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