Earnings call transcript Q4 2022

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Operator

Ladies and gentlemen, good afternoon. My name is Abbie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Berkeley Lights Fourth Quarter and Full Year 2022 Earnings Conference Call. [Operator Instructions]

And I will now turn the conference over to Suzanne Hatcher, you may begin.

Suzanne Hatcher

operator. you, Thank and full everyone, for Berkeley fourth XXXX. Lights quarter Good XXXX welcome earnings and XX, December year year results call quarter and afternoon ended to reporting the financial Hatcher, name Lights. Berkeley Vice My Suzanne President Communications Relations and of at Investor is by I’m joined Dr. today Siddhartha Chief and Chief Financial Mehul Kadia, Joshi, Officer Officer. Executive

These during risks meaning I’d are forward-looking that uncertainties like begin, that of we cause or call Securities remind you actual material anticipated. management events differ within this the statements will that could Before to to be and from Federal Laws. make involve statements results statements those materially

For discussed to in refer the factors filings. SEC and other more information, our risks, please uncertainties

any new Lights contains whether law, XX, required Except only XXXX. financial any information, as broadcast or revise Berkeley the disclaims because and February or information forward-looking as call future statements, conference or of otherwise. This live obligation events of intention accurate by is projections time-sensitive to or update on

I’d that, call like Siddhartha. to With the to turn over

Dr. Siddhartha Kadia

platforms, new outlined extended first our We launched made team, great plan accelerate our the several Day. customers, management Thank joining to Rabbit the contract Beacon transformative the us. the operating and Memory a changes Lightning we AAV you, completed the as Fisher, technology. Berkeley Lights Thermo business. B This to and reach discovery everyone, for made Investor across new we antibody successfully for you, for Berkeley cell a In workflow onboarding with multiple year important was strategic software additions XXXX, and suite hosted with upgraded our thank Susan, and significant

growing, plans on functional sciences biology very Lights our companies. into phenomes. IsoPlexis the tools function deep for new as company future providing continue into cell announced will cellular excited transformation and I’m we form we sustainable profitable the insights perspectives and to deliver cell life acquire to recently, closing, Berkeley premier IsoPlexis. and live combination biology PhenomeX, a research of most After And

will we detail. operating providing to by the year more quarter results on updates progress turn our the I and review who Mehul, strategic over fourth call begin our plan then all the financial against XXXX of made full and in will call will today pillars the

bringing life critical first key of Chief proven with well record scaling team life Chief with life and experience platform progress leadership a year sciences external made that at with technology Starting tools With I Lights of Strategy Chief significant very and a deep bring Berkeley innovative pillar, a Legal knowledge Officer. of sciences team Development Lights. the and Head Resources building building strategic leadership joined with Officer, nearly executives. Financial world-class track sciences as our hires internal This Human companies. we Corporate Officer, appointments as Since ago, include, a out hires Berkeley profitably seasoned strong

Additionally, with combined closing the the company of as anticipated Officer. Mackay acquisition join Product the of will IsoPlexis, Chief Sean

commercial leadership teams regions. experienced are on in key the we team with a commercial to weeks. few strengthened the will the customer and quality. culture centricity excellence drive of global partnerships the strong forward, Looking in team commitment in next of combination confident, making a goal establishing and anticipate of a I’m building focused team appointments commercial We and XXXX our additional in innovation,

to simplified this from the scope in shifting a customers’ our streamlined development investment by considerable multi-generational our product our better fulfill enable pillar believe increased launches We and progress complex, approach through XXXX narrowing will approach. projects more us many needs. on on we as R&D initiatives. Moving of focus portfolio to areas prioritizing return made second and to strategic We our R&D on focus of rigor

and gene previously opportunity our value for significant have technology in space. a to is add shared, we we cell As believe there therapy

therapeutically and of yields throughout cost to We relevant AAV ample an are to platform, dedicate XXXX. manufacturing manufacturing we’ll improving AAV-based for resources to our development continue therapies gene on workflow and the focused

with seeking this are therapy to industry commercial discussions and are partners potential and We technology partners several advanced out-licensing technology initiatives. develop strong for in currently a model

focusing and technology on companies the resources believe personalized entire TCR areas workflow. for to have We specialized, value biotech make are cancer our and discovery, our has antibody also highest very been We around our TCR people the to X these similar industry. that consequentially vaccines our for where enables for in involved customers [indiscernible] discovery useful large personalized

Moving commercial product strategy. portfolio pillar on through enhanced sales to and delivering of consistent third structure our pricing and execution a new

our the culture, strategy pricing approximately CROs from accessibility approach, the enhancing assay total and Select The of a model platform, this or different system single-cell is base more as select slightly a in line suited to this and the [lead] first capability be In through materially small midsized with our cost in early and is increase Select, line platform. the placement, Beacon previous single will capital enabling available customer and ideally options, for will clones rental. with scientists flexible it With run including are introduced to we reduced CDMOs. the processing the approach ownership. price single introduction biopharma half expand reagent and X-chip that a customer a optofluidic clone, encompasses and of Beacon January, market development, cell for to We on configuration top of

We customers us needs to and that tailored believe portfolio with broadening of products more wider market to platforms budgets. the access in array the their are potential our of allow a will

Beacon market in this expect this forward, year. days Going intend line Beacon application-specific for to second the the system cadence, to models in of we lower-cost academic we XX launch with device launch a quarter for Quest, In periodically.

already early interest seeing in model. this are We

to of gene academic in research A programs pilot significant previously, priority be our terms top that guide form academic will in said we high-growth this provide believe application. the applications. help can we’ve for go-forward and design product As our of value immuno-oncology new example, editing to segments, collaboration XXXX in roadmap, technology

our drives the acquisitions the on strategic live a accelerate fourth us with interest. full consolidation of combination the This of to and phenome to we and last intention by for create pillar company biology cost is mergers the a opportunity industry focused Turning cell swing. biology cells the IsoPlexis single-cell broader, structure. our evaluating planning first understanding integration Berkeley transaction analysis providing XX anticipated expected help PhenomeX. while is towards will XXXX, end preserving December growth in quarter diversified that of Lights in to announced of On profitable combination leverage and deeper close by cell function, our and year, of uniquely of The our

XXX-plus there globally. the top the closes, biopharma and in and company by sales of all be pharmaceutical CRO than XXX revenue the companies with centers academic reach have XX% about installed merger cancer base United will support combined employees more Together, will comprehensive the States. companies to in XX When and greater

strong the have a XXX portfolio will company patent Additionally, combined estate.

for product and Select access also diverse Beacon the The the IsoPlexis, platforms launched at and larger product expanded have existing a price substantially significantly development cell PhenomeX and IsoLight. IsoSpark will system, a cell We biology portfolio reach our much market. customers our balanced January include with for to to in instrument points line Beacon for combined will portfolio

quarter Beacon a XXXX. product academic bulk offering the includes for the at called technology of event. launch antibody plan new the to IsoPlexis’ This in in We the PhenomeX CodePlex Quest proteomics several planned XXXX well in the PhenomeX at expect XXXX investor summer second market as Q. for to and discovery comprehensive Select We unveil as platform Beacon roadmap workflow of

strong and will Lights Berkeley a very milestone IsoPlexis of great combination The a an company. represent and sciences life tools lay foundation for important

used we expect to with ubiquitous chapter We our plan. in progress by could biology believe shareholders. single market we much power every more create forces across value to cell employees this tools, our embark new PhenomeX for of which bring Importantly, this We joining have pillar team to the will exploit the and to forward institution on the transaction as be our customers, and every IsoPlexis scientific look strategic world.

Lights system CellCity development we cellular of developers addition recently approach help In interactions. to capable the all approximately from complete XX software called the will single-cell property alternative prototypes tracking Biotechnologies, live families With the The with Evorion technology. code patent analysis in CellCity this of Berkeley $XXX,XXX and compared to assets portfolio, on IsoPlexis, of acquired intellectual for developing technology the million to the pipeline. accelerate our functional entire source patent all a spent acquired purchase, $XX

Finally, pillar positive I’d our like fifth on to cash give an operating flow. of strategic update generating

a profitable new goal achieving than building we rather at sustainable by any growing, and operating focused announced are our we When this business that anticipate first plan, on cost. pursuing strategic XXXX. We growth

as and well disciplined supported We our goal management. are product market-driven with making updated, strategy against progress portfolio and an expense and by revenue pricing accelerated significant as cash

our QX transitioning and business closing employees, overall is XXXX We spend, open headcount workforce, and actions our optimization several their have reduce consulting to XXXX. taken X% in reducing in in including initiatives This contractor our spend. existing July addition of to positions approximately

call full Now XXXX to discuss quarter Mehul fourth to to the year turn over Joshi like I would and our results.

Mehul Joshi

on Revenue and low-margin quarter this preannounced previously January. the full-year range Beacon placements. away our of timing to AAV above TCR partnerships early as impacted communicated, results contracts Thank in reshape the $XX.X we initiatives slightly you, fourth from and business ongoing certain initiatives focused quarter Revenue in Siddhartha. our was to platform was the by bringing And million, discovery. services

a also cycles We been industry with capital similar to our elongated facing, environment, and sales macroeconomic constrained tightening experienced what has budgets.

EMEA Platform North million compared revenue followed fourth fourth America quarter XXXX. By accounted revenue the and in in million of was XX% XXXX, $X.X quarter quarter X% XX%. total up XXXX, for XX% at $XX.X the fourth the to by at in APAC geography,

fourth X biopharma, quarter QX the This XXX customers. CDMO during XXXX, by grew including to segments, all total X placements base customer placements. sales installed installed academic brings base were Beacon representative the across platforms. including and Our CRO, of

million in revenue up quarter X% fourth to XXXX, of $X.X $X.X the Recurring in million was year. prior compared

be from from to recurring partnerships. quarter Both services $X.X the million prior in $X.X We are in we focused the compared This partnerships and of fourth installed decreased revenue. complete, predictable on partnership agreements to XXXX. base first and now and XXXX million to Revenue the revenue drive to quarter includes no of year. contracts expect Bayer the in recognized stable, expanding these strategic revenue and Vestaron from services partnerships are

As in levels anticipate discovery the for and half customer new of we contracts high having model and AAV operating of our businesses, we of a our partnerships second interest number shift in the to solutions TCR see XXXX.

Gross to million of quarter fourth the XX.X% XXXX. quarter in Gross for million $XX the compared XXXX XXXX of of in the fourth was fourth prior the margin was for quarter year. XX.X% compared $XX profit to

of million $XX.X fourth $X.X Operating inclusive million million of prior million, stock-based large same a Operating expenses streamline quarter related the of for QX customer fees business. and compared of in OpEx and expenses noncash continue $X.X restructuring inclusive million, in $X.X $XX.X compensation expenses period XXXX the XXXX to in stock-based of expense arbitration, compensation, to one-time as of to the our year. approximately were for of we simplify M&A included expenses legal

the numbers compensation are inclusive was compared the a for of million for loss $XX.X expenses. All prior XXXX year of million stock-based to restructuring fourth loss Net $XX.X and period. quarter loss net

of are expenses OpEx and from cash down QX QX to expect on laser-focused XXXX. approximately We flow operating our and XX% be

APAC $XX.X at by of at year, total year-over-year. Regionally, America XXXX was and for revenue at revenues EMEA total Looking North XX% X% XX%. down for XX% in the year, the accounted full followed million,

XXXX For XXXX, our and $XX.X to of from $XX shift by business. strategy sales million, million direct Recurring away in compared an low-margin $XX.X $XX.X from in totaled was XXXX. revenue XX% revenue and revenue placements Partnerships increase driven services was in XX XXXX. million, reflects million from platform

R&D million operating $XXX.X increased were year-over-year. in million $XX.X costs. and $XX.X compared in and $XX.X $X.X Gross of expenses year. XXXX million, Gross profit XXXX XX.X% Total million compensation million $XX.X SG&A the comprising prior $X was million year prior compared operating XX.X% margin for for the million in XXXX approximately full $XX.X Stock-based expenses, included was million expenses was year. restructuring of in to to of

which $XX.X cash loss the of fourth Net cash, million a million short-term securities, included the XXXX. to of XXXX. our end representing We cash $XX from and XXXX approximately compared million year $XX.X with marketable million, was a quarter equivalents the in ended loss for burn cash $XXX.X a balance of of

unauthorized the balance that ending million and XX, reflects XXXX. cash Our issuance to filed was in $X.X announced approximately with SEC that also the X-Ks due dated we shares of December February recovered previously XX, XXXX

balance cash managed cash year-end our appropriately we Our reached is goal. being and

credit positive expect revolving We facility. which being Our March. guidance available the X this $XXX.X includes given full At the we liquidity acquisition flow time, PhenomeX. commitment cash will XXXX IsoPlexis at to not and affirm quarter pending which earlier to close million, will our providing of is be of after in our we operating provide goal guidance

With up now open to it that, questions. we will Operator?

Operator

[Operator from take question our Savant Morgan Tejas Instructions] first will And we Stanley. with

Unidentified Analyst

Edmond more of of what is wondering this Ahead to details you Tejas. I ground integration the hit upon provide was guys, on you’ll Hey, done planning. deal, the Siddhartha, just that could the ensure if have you that. mentioned you around close for the deal? running

Dr. Siddhartha Kadia

Yes.

make but synergy are we very being between all planning that we expense cost, structure areas word built one not there X report set to I’m And happy those synergistic Perhaps we Lights context built since business functions. public Lights X what transaction synergies ever a the reduction is markets. both these come announced strong just integration just G&A companies companies to strong will between on There and IsoPlexis. matters. that and Number making indication in IsoPlexis about? ongoing in the for have amount -- is progress of of We utilizing December. SG&A that about a push have a structure, are is support processes that to about those public Berkeley to Berkeley the place And are very main significant structure take for this being of the significant sure to of to case cost specifical

that The marketing more XXX transaction support service, opportunity this very for across And provided this functions. and areas sales scale fact, reach. the than difficult supporting company company expand scale, achieve services a technical very for to sales, companies the function, about of quickly talk able to significantly is both commercial of for we to combined if will be the marketing, world, Next, nice very in customer technical is to commercialization and us a have that people build. in very

gives across and significant combined a it geographies to market marketing a us with So in advantage the coming the all footprint. sales

The third area innovation. in is the integration of

the in these both initiatives. of very companies not lot Here, ahead many development a initiatives, companies when expectations with have growth research on I them. of especially of time small through initiatives there have oftentimes, invested And found high very companies small being on throughout on my what and is between there way all both against and in career place. here And execute is companies to that too a is easy fact, it

focusing taken doing have and simplification X a of approach and So we well. the between the really initiatives businesses them few on

-- What is time, at than of level studied to those of ability has incredible not with manipulate lower the come for company other be here ability is overlap. technology to them still a even is Lights And platform. future the depth and by a same more Lights analysis. with perspective, tools. IsoPlexis technology important that them platform box live has to incredible is an sort unprecedented track an introduced significantly allows Berkeley analysis technology recover a before a cells, really seen IsoPlexis from highlight cost in Berkeley been has to in that cells commercial

example, in whereas Berkeley the anywhere USDX between pricing to platform point. For USDXXX,XXX million of offered IsoPlexis’ between and million technologies is USDX market Lights of value, sold USDXXX,XXX the

to innovation to much to to used button, software and a technology keen our our are to a which IsoPlexis, from in tools combine stronger device, as able teams significant of IsoPlexis be has offer industry, of capabilities push fantastic, life formed our fortunate lower-cost kind a device many competencies on of we portfolio. a forward, the be suite, we a are is in making to more answer Going progress in come sciences in were that very together we software which box approach created really is it for combined perspectives team

structure million combined approximately was that this going combined idea. The committed gives are hopefully, not company’s company level that after So million. want I base has $XX of cost does do that an the you to tell and expenditure you we of to cost about revenue need majority also $XXX and come will reductions, that like managing obvious research to our of and of be from some development plans. but expense this Hopefully, will effectively come further execution reductions, functions happy our initiatives for answer is company from this. company public synergizing to it Overall, questions on comprehensive

Unidentified Analyst

guess announced feedback together customer deal and interesting just mean, I of now any of has a technologies of and started And the have early to applications? on merging months, back stemming I the point get the on X these technologies couple been the for together, the innovation that any possibilities you bringing

Dr. Siddhartha Kadia

Yes.

to a We the cell reached people are individual use when been people additional and on is has in company these our and to words, often other customers. and Edmond. IsoPlexis’ area X fact, Lights therapy, a the platform gene combination of the would analysis In they things tremendous the technologies like, employees what great in cells doing out for that’s then for interest especially there deeper from question, have customers in by tandem. Berkeley of platform, often In interested requested that preserving demand

main these that team. the quite And to as attractiveness given discussions mean, not the for for that reason casual well the as for us I time. X IsoPlexis’ technology So, bring the together, in companies us for fact, the overlap has some is management both

in to the with full be a roadmap we side sometime the work-to-work a or on XXXX have will companies for other so bring full market quarter detailed be in combined would XXXX we once product beyond, for unveiling However, colleagues the that the disclosing full our December comprehensive of we and year. to in

Operator

Cowen. our we Chad from next Wiatrowski will take with question And

Chad Wiatrowski

that and to Mah. from capture come the expect Specifically, upfront? dollars regards to can what to With does that prospective any AAV we in to any you’re opportunity hesitancy deploy terms contracts And this discovery create structure? you customer Hi, expecting Wiatrowski year, deal of for TCR Chad downstream are noticing economics? Steven on R&D partners an

Dr. Siddhartha Kadia

Chad, are to we’re going of there talking make. on I arrangements we depending customer the about, type different is think

customer So We value. customers. to capture very we’re the not specific you our the is that value details here for was R&D going tell to structure into upfront that in the can dollars. of successful that But first I go believe us specific all on and significant fully experience

contracts the in have We’re going a in first to margin revenue the participate want us downstream further services in for addition the having that to reasonable to to allows way in structured a phase. business providing

So going our target margins. a in actually -- forward, you are will gross see north margins of XX%, that XX%

boil we customers it, for for expect us addition ocean that that, doing value research is identified participation instead be us here, we could X even kind about with strong get allows as in all Berkeley In these to customers their Lights more projects, for to importantly, creation platform us and value expecting you approach high, the we’ve is And value our be of the opportunity frankly, talked the because downstream to the places, reasonably could sorts used customers here share very, but would that add but where creation, applications. of very downstream in of opportunities economics. the

and that, more right now. of not I’m should So going there’s to on, so discussions comment more the negotiations a specifics on going you expect lot but

Chad Wiatrowski

the cross-train expect there sales plan leverage opportunities combined are the And year for existing launch the both regarding maybe you Beacon just other’s force, with then to channels? any each X of this do to And sales reps? like

Dr. Siddhartha Kadia

different common just customer in cell that is lines. the a companies very to marriage good in random implying companies research a the discovery has are sciences market. tools and speaking Beacon both question, you absolutely life yes, of about X thing X science And coming in These both overlapping Quest, the correct. companies, biology-based are these And as Chad. X not together been Quest It’s product with serving are One the segments academic and renamed Beacon language. fantastic

very be is will able a for cross-train focus we large So planning. the integration and personnel to our that

here. Of is transaction the course, not closed

is few weeks between teams. closed, close We cross-training the as as we to are here. to the expecting soon in intend start next And the X the it transaction

one commercial Chad, just has Chad. invested just on And been to a customer Berkeley segment. to the add capabilities that, more more side in thing Lights on that, biopharmaceutical one thing significantly

markets but academic We until salespeople because to have some that not we targeted specifically transactions, segment recently.

strong in very market is a team academic presence. academic significant and IsoPlexis’ the segment has However,

terms many In very largest of research actually the installed combined the cancer are strong a units of North centers in in and fact, America in placed base. the presence

in us. site, only customers a XXX sales the total approximately really a increase, but customer significant we for point lot who us from used access products from a week, a of either a giving our remarks, much there As speak installed mentioned now. having prepared not can product more a of view, company’s publication was also is from that with base, Every

Operator

question will we next And take from Mark Massaro our with BTIG.

Vidyun Bais

Mark. is This Vidyun on guys. Hey, for

So believe how instrument Berkeley didn’t be results. If where and access IsoPlexis note, they’re that for also flavor us give subscription? I during could by your placements that yet final sales you impacted view report cycles? tech any Lights, quarter there? on Is And QX the longer many placement their it timing

Dr. Siddhartha Kadia

we’re So independent an company. still

going to results. comment So not IsoPlexis fourth on quarter we’re

publish You’ll wait they until results. have to their

were was X a number lightning quarter, placements placement. of we one in Beacon X On the fourth and placements, placements the had

So from placement. tech a any access revenue those were tech not capital sales. earn new -- We access did

have we installed shortly. the start booked earning tech access that will revenue get and placement However,

Vidyun Bais

Just a quick follow-up.

You the briefly of portfolio. mentioned, I patent the think, acquisition

M&A? the IsoPlexis focus around primarily integration? the Or be is on So what’s thinking updated going months your coming to in

Dr. Siddhartha Kadia

that both Yes. super that on Vidyun, the focused subsequent to executing need focused entire place right integration sides. now an is and and take fully management are for the the team planning next actions on quarter, on we

the sure call, summer and next well significant Day. of in roadmap across training, making discussed work of X at on a be a the that the lot unveiling do to the as Investor a all on portfolio lift done business years, we’ll also to the we for a later of integration that have earlier product and robust as be on amount cross-training we heavy there’s As commercial

back to people and it think with in I However, transaction parallel around is very this Germany interesting cell-cell the scientists -- capable was actually pursued transaction was the that was to you in go with mentioned, work to who some trying it quite a do engineers asset IsoPlexis interactions. and

-- with there saw very that already that the a we significant discount at are important a leverage X% on. with we of an our of total $XX here the total combination for after were investment assets We opportunity $XXX,XXX especially this we value million is eye of for them, IsoPlexis. As transactions which opportunistic asset a for huge something to we’ll saw could investments. it combined was believe created, at us approximately an into [indiscernible] was discussing still platforms, acquire engage we kind something keep We as that

of assets this. like company tremendous company broad about be then cell also about companies to and a going sciences look have companies world, concerns. related for investment all the in pathway like gone industry, end creating company the a life in perspective a becoming many a for functional of of capital of stage become robust these unfortunately, therein $X for biology venture billion tools be then on is into lies it, will and opportunity continuing that had kind the clear funding $X the selective and funding but industry to And This what billion a and will team very the having technologies of leadership sorts candidly, very us, got was approximately bull the this to life matter very of of sciences to many formed markets that become a not strategic not

that, like the look you transactions large assure making QX, we can one described So in announcements we will be not opportunistic today. to we’ll transaction but continue I of for any just

Operator

from our question take Blair. will We with next William Matt Larew

Matt Larew

are activity interest you Select, connecting to Apologies point something in because early opens a just if maybe price up you for that the and But year interest different this some launched you is Beacon obviously, early up covered expected. into sales you? I on customer of quarter the maybe follow obviously, or wanted that more on the from understand end that that on. to further So market just early and issues year? some bit converted seeing, last this the conversation preorder has of how or was

Dr. Siddhartha Kadia

Yes.

So that’s great a question.

Let me but the were the development and Beacon launch explain just specifically for the workflow, we launch Select of what to in QX there consumable we Beacon line make cost sort cost accelerate we to Select of able term. significant originally a sure is that where accessing later in higher which intended exchange is cell lower to products thought for we demand upfront of a for a initially portfolio in be our longer at going in year,

X- And sales we X-quarter have instrument a -- to actually as for long you capital the know, cycles is cycle.

are So we building the funnel now. right

are building as we are speak. salespeople Our now the they trained on the and funnel new tool

we report funnel you, some So the to we a out but success specific have to in early give have transactions. don’t

is you that We when but QX the continue disclose to will on that. inform finished, will we

question, are is be will given a as The different Again, your -- commercial upfront valuable customers. our was this QX. equation is to of that barrier Beacon barriers we seeing launching to team is Matt. we potential successful, more the Select most thought discussions discovery platform something say that our customers, we explaining of our antibody the second customers, that to also total launch early do is for a which answers and workflow, with the Hopefully, cost to Beacon would that I thing that for success lower decided that Select sometime we’ve getting in ownership application in the

Matt Larew

year, we’re issues as ahead guidance. helpful if of comp us you be together might could us or any that issues It after macro from you not Yes. more margin our be putting you’re dynamics regional a review transaction models And formal at for update communicated issues, of previously Mehul, any want seasonality providing that understanding the aware least the to previous closes?

Dr. Siddhartha Kadia

and I step be Yes, make sure reason for a discussions here. take I’ll on guidance. just the hand over that second But to Mehul me the a back let and not Matt, explain for to specifics we providing think for

coming you specific of full my decided job the sciences know, everything I’ve for quarter eyes life market fresh now on fast-focused. tools fourth set a taken with at we came of X-plus fast-based quarters a in orientation As company. have very to as We and this and being CEO towards with to and year very finish look

out the able laid a to of strategy laying of towards made some significant one proof by believe really We both forward. going transaction We’ve conclude out pillars progress And we identify we significant and to the run made the which fortunate that [indiscernible] the progress on were be company. that principles that the lays we each out.

think us least wings a will that we for important under owning us imprudent a don’t our providing own. it’s the after guidance appropriate and that it company make business not so we make yet I having start quarter that And I something at to be think or to of amount deliberation managed for for sure for bit. little until just

designed There decisions is for opportunities planning, work. lot between company, synergies, in and all gross the a cost and making plan heavy and trade-off the operations also margin going but to the as importantly, More through be all integration aspects including requires between it we companies’ are where significant product revenues lines. of are operational synergies we active X of lift function

the with the stated to positive earlier So for little we when a combination before previous however, than earlier we start allow that We we guidance. reaffirm statement in business own will specific need flow become bit providing do, the cash our discussions. to us

the let over maybe me Mehul specific So there’s with can any that to provide see color he if hand to on. that,

Mehul Joshi

will coverage multiple think which the think we add the combine IsoPlexis to comprehensive about portfolio, said, having we’ll as Quest well thing to was as and footprint that industry any believe as don’t enable I’ll as Select, pretty occur, that products. the Siddhartha Yes. have across revenue No, that what our enhanced drive is provide specifics. teams The commercial segments product only Beacon we’ve talked with will Beacon we our the us I with I I’d cross-training and

really don’t the want so uncover aspirations. guidance. integration high to lay And until and commercial, any strategy around out have we specific the we details But create all we

Operator

And last Berenberg. we with question Goparaju from Gaurav will our take

Gaurav Goparaju

you selecting release given the customers subscription of seemingly been of seemingly you as muted a there? and have why option for TechAccess? Beacon they the Quest on as are demand more And TechAccess than follow-up, incoming planning think introduction Quest, With of offloading receptive Beacon the Select do an are

Dr. Siddhartha Kadia

question. TechAccess We only have Yes. might budget. for them. been better Good offered for our them, what operational don’t fit has is an And a are customers. expenses anticipate who changing There people to

organizations The capital And people very Some of have course, to we processes type specifics different for attractive. budget of spending that’s it budgets, on might offer will for run earmarked for purchases. is their both. so a why more

very shot segment, million economic very, for the to level it don’t unless north is is that work. $X Most market does person spend. the is core academic a justify For long something anything of of absolutely that capital grants

introduce Beacon is academic So sensible and what something the market do. more to Quest we will for have that segment, that’s

segment yet, market that which to decided the midsized go we companies as as is smaller CROs. Select, a is after here fully addressed biopharma well Beacon not to With

their the interest a have it’s the us be technology, placement rather their more a able but some just is them not in own million. partial opportunity for budget do which the of offer can And And kind on a our and that upfront to capital to they so a actually [TechAccess] again, train personal here. capital equipment, that get companies for $X than of valuable commitment confident early-stage part feel getting

you. explains to hopefully, So that

amazing with how flexible dictate of be the not it. way [indiscernible] access in introduction that this customers should technology the to we of customers want You sort a

Gaurav Goparaju

me, one equilibrium out the are any maybe lightning angle. X pickup X. mentioned, you Culture Overall, seeing quick right, placements from or you kind similar Station? of then follow-up on just in a Lightning I of for And know demand and

Dr. Siddhartha Kadia

It’s a great question.

[miss we thing] all our evaluated customers set have I to opportunity things launch. in of can that that I’ve the And things company’s As a things the a the years. compared Lightning there’s the Lighting happened feature offered lower think history commercial said, for significantly of X the few was was last do. in about sort what in one

cells. the its In the may you glory, result, not person sit the in which to a because of things full time is cells export if next for to long like not actually is it one a technology machine fact, of or offering customers that requires And export to will. a manual, is may as those the

been of that. has Quest Beacon answer So for kind an

depending Beacon academic actually in say and interested a not people large they against that want have that’s a in of offering technology. people the to that for are to We solution capability kind use Lightning our the resources to deploy we labor still part some are pursuing better technology, researchers right application our of are that who on this we Quest to not design now. believe And

-- might and has limited labs have at I strong to of our number commercial we thousands are that with still that we’ll commercial been say front market footprint never second them thing employees in with a we support would people to our couldn’t academic just Some of want Lightning add. level. support economic that. continue research There But wide reached a that that of Lightning

footprint Berkeley between and having well to Lighting technologies, to to this lot as Quest academic both customers. available commercial combination IsoPlexis of able more of a our with base the be Beacon So and customer will take as access the Lights

Operator

fourth for Lights full-year gentlemen, concludes and may this participation earnings you ladies quarter And We you call. and XXXX disconnect. your conference Berkeley and now thank

Bruker Cellular Analysis (CELL) 23 Feb 232022 Q4 Earnings call transcript