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Tag: BLI

  • Berkeley Lights Inc (BLI) stock soared in the after-market. Here’s why

    Berkeley Lights Inc (BLI) stock soared in the after-market. Here’s why

    The stock of Berkeley Lights Inc (BLI) closed the recent trading session at $6.31, gaining 6.41% from the previous day’s trading session. On the last check, BLI stock remained bullish in the after-market and further gained 1.74% to $6.42. The company declared to appoint a new CEO. The firm also filed form 8-K with the SEC to declare the new CEO of the company.

    News

    On 9 March 2022, BLI declared to appoint Dr. Siddhartha Kadia as the new CEO. Dr. Siddhartha Kadia will take over the place of Eric D. Hobbs and will also play his part as a BoD. He also filled in as a head and CEO of EAG Laboratories. Before EAG Labs, Dr. Kadia worked in a few high-ranking leadership positions as well as the head at the Life Technologies Corporation.

    Dr. Siddhartha commented that he is regarded to guide the skilled Berkeley Lights group. He further added that he anticipates utilizing his wisdom in driving life sciences and administrations businesses as they expand the firm’s force. Dr. Kadia concluded that he is sure that together they can open the gigantic possibilities to convey significant incentives for both clients and investors.

    The company also declared that the CFO of BLI will be giving up his duties and will serve as a CFO till 1 April 2022. Kurt Wood, the CFO of Berkeley lights will serve as an advisor till 30 April 2022, to help with the new nomination.

    Moreover, on 4 March 2022, BLI declared its participation in the Biologics meeting. The festival unites pharma, biotech, and scholastic. It also unites accomplices in the space of antibodies, immunotherapy, and biosimilars.

    About BLI

    Berkeley Lights Inc takes part in the development of biotherapeutics and other cell-based products. The organization is engaged to empower and speed up the development of biotherapeutics and other cell-based items. BLI has its headquarter in Emeryville, California, USA.

  • Leadership Change & Preliminary Financials: Berkeley Lights Inc. (BLI) Plunges Deep After Hours

    On January 05, Berkeley Lights Inc. (BLI) announced the transition of its CEO along with the preliminary FY21 financial updates. This news was not taken lightly by the investors as the stock saw a steep decline after hours. Consequently, the stock was trading at $12.10 apiece in the after-hours session.

    In the regular trading session, BLI stock lost 11.29% at its closing price of $16.27 with 1.38 million shares exchanging. Following the announcement, the stock plunged deep after hours to lose a further 25.63%.

    The bio-therapeutics and cell-based products developer, Berkeley Lights Inc. was founded in 2011.

    BLI’s Leadership Change

    As per Wednesday’s announcement, the CEO and board member Eric D. Hobbs has been appointed as the president of its Antibody Therapeutics line. Moreover, BLI has commenced the search for a new CEO. Hence, Dr. Hobbs will transition to Antibody Therapeutics when his successor is appointed. Till then, he will continue serving as the CEO and Board member of the company.

    According to the chairperson of BLI’s board, Gregory T. Lucier, the company has seen some transformational developments under Dr. Hobbs’s leadership. These include over a ten-fold increase in revenue, cutting-edge products, and successful IPO completion in 2020.

    In conclusion, based on his deep understanding, expertise, and experience, Dr. Hobbs will now focus on growing the largest business line of BLI.

    FY2021 Financial Updates

    Along with the leadership change, the company also reported its preliminary, unaudited revenue for the full year 2021.

    According to this, BLI’s expected revenue for 2021 is between $84.0 million and $84.5 million. While this shows an increase of over 30% year over year, it is below the previous outlook of $90 million.

    Furthermore, the full year and fourth quarter complete financial results are expected to be declared in late February 2022.

    In addition, according to BLI’s future guidance, the revenue is expected to grow 30% YOY approx. in 2022.

    BLI’s Q3 Highlights

    On November 4, the company reported its unaudited Q3 financial results for 2021.

    In the third quarter of 2021, BLI reported revenue of $24.3 million, showing an increase of 34% year over year.

    The company incurred a net loss of $20.4 million in the third quarter of 2021, against $8.6 million in the year-ago period. Subsequently, the net loss per basic and diluted share was $0.30 in Q3 of 2021, compared to $0.16 in Q3 2020.