Why Berkeley Lights (BLI) Shares Are Trading Lower Today

Berkeley Lights Inc BLI announced preliminary FY22 revenue of $78-$78.5 million, compared to $85.4 million in 2021, missing the consensus of $85.36 million.
The company said the results were lower-than-expected due to delays in several Beacon platform placements, which are now expected in 2023, and lower revenue from partnership and services contracts.
During Q4 FY22, the company observed a tightening macroeconomic environment.
Related: Berkeley Lights Scoops Up IsoPlexis, Creating A Premier Functional Cell Biology Company.
Stifel writes that the 4Q revenue shortfall is disappointing as the company seeks to re-establish quarterly consistency and confidence amongst investors, but perhaps not shocking given the strategy and portfolio overhaul underway.
Clarity on the reason for delayed shipments' reasoning will help determine the trajectory and momentum.
William Blair analyst writes that a series of disappointing results, high cash burn, and management turnover have added uncertainty around the story and business model. While new CEO Siddhartha Kadia has outlined a new five-pillar strategy, it is still in the early innings.
With the added complexity (and opportunity) of the proposed IsoPlexis transaction, execution will be in focus over the next several quarters for the investors. The analyst keeps the Market Perform rating.
Price Action: BLI shares are down 13.8% at $2.29 on the last check Tuesday.

Berkeley Lights' Preliminary 2022 Results Deficient, Analysts Say All Eyes On IsoPlexis Execution