(BLI) 2022 Q2 法說會逐字稿

Thank you for standing by. Welcome to the Berkeley Lights conference call.

謝謝你的支持。歡迎來到伯克利燈光電話會議。

I would now like to turn the call over to Suzanne Hatcher. Ms. Hatcher, please go ahead.

我現在想把電話轉給 Suzanne Hatcher。海切爾女士，請繼續。

Thank you, operator. Good afternoon, everyone, and welcome to Berkeley Lights Second Quarter 2022 Earnings Call, reporting financial results for the quarter ended June 30, 2022.

謝謝你，接線員。大家下午好，歡迎參加 Berkeley Lights 2022 年第二季度財報電話會議，報告截至 2022 年 6 月 30 日的季度財務業績。

My name is Suzanne Hatcher, Vice President of Communications and Investor Relations at Berkeley Lights. I'm joined today by Dr. Siddhartha Kadia, Chief Executive Officer; Mehul Joshi, Chief Financial Officer; and others from the management team.

我是伯克利燈光公司傳播和投資者關係副總裁 Suzanne Hatcher。今天，首席執行官 Siddhartha Kadia 博士也加入了我的行列； Mehul Joshi，首席財務官；和管理團隊的其他人。

Before we begin, I'd like to remind you that management will be making statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. For more information, please refer to the risk uncertainties and other factors discussed in our SEC filings.

在我們開始之前，我想提醒您，管理層將在本次電話會議期間發表聲明，這些聲明屬於聯邦證券法意義上的前瞻性聲明。這些陳述涉及可能導致實際結果或事件與預期存在重大差異的重大風險和不確定性。有關更多信息，請參閱我們提交給 SEC 的文件中討論的風險不確定性和其他因素。

Except as required by law, Berkeley Lights disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as the live broadcast on August 9, 2022.

除非法律要求，否則 Berkeley Lights 不承擔任何更新或修改任何財務預測或前瞻性陳述的意圖或義務，無論是因為新信息、未來事件或其他原因。本次電話會議包含時效性信息，僅以 2022 年 8 月 9 日的直播為準。

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

有了這個，我想把電話轉給悉達多。

Thanks, Suzanne, and thank you, everyone, for joining us. In our call today, I'll spend a fair amount of time discussing Berkeley Lights updated near-term strategic plan, and then, Mehul, our new Chief Financial Officer, will review our second quarter 2022 results.

謝謝蘇珊娜，謝謝大家加入我們。在我們今天的電話會議中，我將花大量時間討論 Berkeley Lights 更新的近期戰略計劃，然後，我們的新首席財務官 Mehul 將審查我們 2022 年第二季度的業績。

Since joining Berkeley Lights in early March, I've become even more confident in our market opportunity and enthusiastic about the advantages of our differentiated technology. On our last earnings call in early May, I shared my plan to spend my first 100 days at Berkeley Lights reviewing of business strategy, recruiting for key leadership positions and engaging with key stakeholders. I have assessed the company's current situation comprehensively, speaking with customers, investors, employees and industry partners to make informed decisions on how to move the company forward.

自三月初加入 Berkeley Lights 以來，我對我們的市場機會更加有信心，並對我們差異化技術的優勢充滿熱情。在 5 月初的最後一次財報電話會議上，我分享了我在 Berkeley Lights 工作的前 100 天的計劃，以審查業務戰略、招聘關鍵領導職位並與關鍵利益相關者接觸。我全面評估了公司的現狀，與客戶、投資者、員工和行業合作夥伴進行了交談，以就如何推動公司向前發展做出明智的決定。

It is clear to me that the Berkeley Lights technology has pioneered an entirely new process by which functional biology at a cellular level could be researched and applied in therapeutic discoveries with unprecedented speed. However, to enable adoption of this technology, we must evolve our organization. The new Berkeley Lights leadership team and I are turning the page and focusing on building a diverse life sciences tools and services company with a culture of innovation, customer centricity and a commitment to excellence in quality.

我很清楚，Berkeley Lights 技術開創了一個全新的過程，通過該過程可以以前所未有的速度研究細胞水平的功能生物學並將其應用於治療發現。然而，為了能夠採用這項技術，我們必鬚髮展我們的組織。我和新的 Berkeley Lights 領導團隊正在翻頁，專注於建立一家多元化的生命科學工具和服務公司，擁有創新文化、以客戶為中心和對卓越質量的承諾。

We have updated our near-term strategy and execution plans focusing on 5 key pillars. Number one, generate positive operating cash flow by early 2025. We will do this by building a growing profitable and sustainable business versus pursuing growth at any cost. This will be accomplished through revenue acceleration, supported by updated market-driven product portfolio and pricing strategy and disciplined expense and cash management.

我們更新了近期戰略和執行計劃，重點關注 5 個關鍵支柱。第一，到 2025 年初產生正的經營現金流。我們將通過建立一個不斷增長的盈利和可持續業務來實現這一目標，而不是不惜一切代價追求增長。這將通過加速收入來實現，並得到更新的市場驅動產品組合和定價策略以及嚴格的費用和現金管理的支持。

We expect to generate positive operating cash flow at $150 million of revenue. The management has taken an initial step to reduce operating costs through a global workforce reduction of approximately 12% in July 2022 and an optimized business structure and processes. This resulted in an immediate decrease in operating cost and working capital requirements. In conjunction with other cost-saving initiatives, we expect to reduce our cash burn to approximately $30 million in 2023.

我們預計將以 1.5 億美元的收入產生正的經營現金流。管理層已採取初步措施，通過在 2022 年 7 月將全球勞動力減少約 12% 並優化業務結構和流程來降低運營成本。這導致運營成本和營運資金需求立即降低。結合其他節省成本的舉措，我們預計到 2023 年將我們的現金消耗減少到約 3000 萬美元。

Number two, prioritize R&D return on investment through increased focus and rigor on development initiatives. We will only dedicate resources for the highest value projects. In our partnership and services business, this means that the high throughput functional screening service agreements must support our margin and profitability goals as well as create the opportunity to participate in downstream economics such as milestone payments and royalties where appropriate. In the near term, we are committing resources to partnership and services business to accommodate the growing interest from a diverse set of companies in partnering with us, specifically in the gene therapy via vector development and manufacturing space, where there is significant market demand, and our technology provides a highly differentiated solution.

第二，通過增加對發展計劃的關注和嚴格性來優先考慮研發投資回報。我們只會將資源用於最高價值的項目。在我們的合作夥伴和服務業務中，這意味著高通量功能篩選服務協議必須支持我們的利潤和盈利目標，並創造機會參與下游經濟，如適當的里程碑付款和特許權使用費。在短期內，我們將資源投入到合作夥伴和服務業務中，以適應各種公司對與我們合作的日益增長的興趣，特別是通過載體開發和製造領域的基因治療，在這些領域有巨大的市場需求，以及我們的技術提供了高度差異化的解決方案。

In Q2, Berkeley Lights validated the unique capability of our platform to select and retrieve high-value, stable producer cell lines that will improve the cost and therapeutic relevant yields for manufacturing AAV-based gene therapies. The Berkeley Lights workflow takes roughly 10 days to screen up to 3,000 cell lines, enabling an unprecedented time line and throughput that allows us to discover rare clones at a speed and cost that no other technology can match. The cost of AAV production is widely regarded as the most significant constraint in this segment of the gene therapy industry, and we believe that Berkeley Lights technology is the long-sought solution.

在第二季度，Berkeley Lights 驗證了我們平台選擇和檢索高價值、穩定的生產細胞系的獨特能力，這將提高製造基於 AAV 的基因療法的成本和治療相關產量。 Berkeley Lights 工作流程大約需要 10 天的時間來篩選多達 3,000 個細胞系，從而實現前所未有的時間線和通量，使我們能夠以其他技術無法比擬的速度和成本發現稀有克隆。 AAV 生產成本被廣泛認為是基因治療行業這一領域最重要的製約因素，我們相信 Berkeley Lights 技術是長期尋求的解決方案。

There are a growing number of AAV clinical trials every year, with 353 clinical trials and clinical studies in 2021 and projected to reach 850 by 2025. We will partner with CDMOs and gene therapy companies to enable them to meet the largely unmet demand of the significant number of potential growth to hit the market in the next 10 years. Given initial market and customer interest in this Berkeley Lights capability, this could be game changing in the industry and the company's largest return on investment opportunity in the near term.

每年都有越來越多的 AAV 臨床試驗，到 2021 年將進行 353 項臨床試驗和臨床研究，預計到 2025 年將達到 850 項。我們將與 CDMO 和基因治療公司合作，使他們能夠滿足重要的未滿足需求未來 10 年將進入市場的潛在增長數量。鑑於最初市場和客戶對 Berkeley Lights 能力的興趣，這可能會改變行業的遊戲規則，並且是公司近期最大的投資回報機會。

While our partnership and services team has experienced strong demand for many applications, we intend to dedicate a majority of that team to the development of this workflow in the balance of 2022 and in 2023. We believe another emerging opportunity is in TCR discovery. As communicated in a press release last week, Berkeley Lights partnered with the Jaime Leandro Foundation for Therapeutic Cancer Vaccines to demonstrate that our high throughput screening platform can be used to discover novel T cell receptors from patient blood in a 1-week workflow. TCRs offer a powerful new therapeutic modality to target some of the most challenging human diseases, but has been historically limited in market adoption because the difficulty to discover TCRs that have proven to be functional against their target antigen. Now that we have validated our platform can repeatedly isolate functional TCRs, our partnerships and services team is actively exploring commercial partners interested in this significant opportunity.

雖然我們的合作夥伴和服務團隊經歷了對許多應用程序的強勁需求，但我們打算在 2022 年剩餘時間和 2023 年將大部分團隊成員用於開發此工作流程。我們相信另一個新興機會是 TCR 發現。正如上週在新聞稿中所傳達的，Berkeley Lights 與 Jaime Leandro 治療癌症疫苗基金會合作，證明我們的高通量篩選平台可用於在 1 週的工作流程中從患者血液中發現新的 T 細胞受體。 TCR 提供了一種強大的新治療方式來針對一些最具挑戰性的人類疾病，但由於難以發現已證明對目標抗原起作用的 TCR，因此在市場採用方面一直受到限制。現在我們已經驗證了我們的平台可以反复隔離功能性 TCR，我們的合作夥伴和服務團隊正在積極探索對這個重要機會感興趣的商業合作夥伴。

I'm also excited about the strategy of our instrument platform business. We plan to launch 3 new configurations of our system in the next 3 years, details of which I will share in just a few minutes. Finally, we will seek out commercial or technology partners who are relevant or explore developing a strong out-licensing technology model. We are currently in discussions with several potential industry partners for cell therapy initiatives.

我也對我們儀器平台業務的戰略感到興奮。我們計劃在未來 3 年內推出 3 種新的系統配置，我將在幾分鐘內分享詳細信息。最後，我們將尋找相關的商業或技術合作夥伴，或探索開發強大的外包技術模式。我們目前正在與幾個潛在的行業合作夥伴討論細胞治療計劃。

Number three, deliver consistent commercial execution through a new sales structure and enhanced product portfolio and pricing strategy. We made 2 internal appointments over the last quarter, promoting Dr. Yue Geng to General Manager of the platform business and Dr. Troy Lionberger to General Manager of the partnerships and services business. Both Yue and Troy have been with Berkeley Lights for more than 6 years. They have previously served in sales and commercial positions at the company and have a deep understanding of our technology and end markets. I'm grateful for their ongoing leadership and confident in their abilities to lead our team to the next phase of growth.

第三，通過新的銷售結構和增強的產品組合和定價策略提供一致的商業執行。我們在上個季度進行了 2 次內部任命，將岳耿博士提升為平台業務總經理，將 Troy Lionberger 博士提升為合作夥伴和服務業務總經理。岳和特洛伊都在伯克利燈光公司工作了 6 年多。他們之前曾在公司擔任過銷售和商務職位，對我們的技術和終端市場有深入的了解。我感謝他們持續的領導能力，並相信他們有能力帶領我們的團隊進入下一階段的增長。

We have completed an in-depth analysis of our markets and unmet customer needs in various segments. Our well-recognized capabilities in antibody discovery and cell line development have enabled many biopharma customers, CROs and CDMOs, in their therapeutic discoveries and development. We believe our technology can also provide significant value in high-growth academic research segments, for example, gene editing and immuno-oncology applications. We have started to form academic collaboration pilot programs to help inform the design of these new applications.

我們已經完成了對我們的市場和各個細分市場未滿足的客戶需求的深入分析。我們在抗體發現和細胞系開發方面的公認能力使許多生物製藥客戶、CRO 和 CDMO 能夠進行治療發現和開發。我們相信我們的技術還可以在高增長的學術研究領域提供重要價值，例如基因編輯和免疫腫瘤學應用。我們已經開始形成學術合作試點計劃，以幫助為這些新應用程序的設計提供信息。

Turning to our product and pricing road map. We recognize the need to provide optionality for customers to access our technology. To support this, we are materially enhancing our approach to the market with the introduction of a more flexible configuration and pricing strategy that encompasses the total cost of ownership.

轉向我們的產品和定價路線圖。我們認識到需要為客戶提供訪問我們技術的選擇權。為了支持這一點，我們通過引入包含總擁有成本的更靈活的配置和定價策略來實質性地增強我們的市場方法。

Beginning in 2023, we will launch application-specific models of the Beacon system each year, culminating in the launch of the Beacon light platform in 2025, a low-cost benchtop device with segment-specific versions. We believe broadening our portfolio of platforms will allow us to access a wider array of potential customers in the market with products that are more tailored to their needs and budgets. In addition, we'll expand our access programs that offer financing options.

從 2023 年開始，我們將每年推出 Beacon 系統的特定應用模型，最終在 2025 年推出 Beacon 燈平台，這是一款具有細分市場特定版本的低成本台式設備。我們相信，擴大我們的平台組合將使我們能夠接觸到市場上更廣泛的潛在客戶，並提供更適合他們需求和預算的產品。此外，我們將擴大提供融資選擇的准入計劃。

Number four, build a world-class leadership team with a proven track record in profitably scaling life sciences tools companies. On our last call, I shared our goal to build a world-class life sciences leadership team and bring onboard individuals with proven track record of success in our industry. Since then, we have announced 3 key executive leadership hires: Mehul Joshi as our new Chief Financial Officer; Dr. Rolando Brawer to the newly created position of Executive Vice President of Strategy and Corporate Development; and Lucas Vitale as Chief Human Resources Officer. I'm thrilled to welcome Mehul, Rolando and Lucas to the Berkeley Lights leadership team.

第四，建立一個世界級的領導團隊，在擴大生命科學工具公司盈利方面擁有良好的記錄。在我們上次的電話會議上，我分享了我們的目標，即建立一個世界級的生命科學領導團隊，並吸引在我們行業取得成功的個人加入。從那時起，我們宣布了 3 名關鍵高管的招聘： Mehul Joshi 擔任我們的新首席財務官； Rolando Brawer 博士擔任新設立的戰略和企業發展執行副總裁職位； Lucas Vitale 擔任首席人力資源官。我很高興歡迎 Mehul、Rolando 和 Lucas 加入 Berkeley Lights 領導團隊。

Mehul has more than 25 years of experience in financial leadership roles. His wealth of financial and operational knowledge, experience building and leading global finance teams and strategic mindset will be invaluable to our efforts to fully unlock the value of Berkeley Lights. Rolando is a highly experienced corporate development leader with robust scientific expertise. Rolando most recently served as Vice President of Services & Technology (sic) [Science & Technology], Alliances & Ventures at Danaher and in several corporate development positions at Exact Sciences and Genomic Health. Rolando's experience also including leading Thermo Fisher Scientific's global strategy for out-licensing and commercial supply for the company's Life Science Solutions Group.

Mehul 在財務領導職位方面擁有超過 25 年的經驗。他豐富的財務和運營知識、建立和領導全球財務團隊的經驗以及戰略思維方式對於我們充分釋放 Berkeley Lights 價值的努力將是無價的。 Rolando 是一位經驗豐富的企業發展領導者，擁有強大的科學專業知識。 Rolando 最近擔任 Danaher 的服務與技術 (sic) [科學與技術]、聯盟與風險投資副總裁，並在 Exact Sciences 和 Genomic Health 擔任多個企業發展職位。 Rolando 的經驗還包括領導 Thermo Fisher Scientific 的全球戰略，為公司的生命科學解決方案集團提供外包和商業供應。

Lucas Vitale brings more than 20 years of human resources experience in the life sciences and medical device industries. Prior to Berkeley Lights, he served as Senior Vice President of Human Resources at Arena Pharmaceuticals and Chief Human Resources Officer at NuVasive. Prior to that, Lucas spent 10 years at Life Technologies, where he was an integral member of the global HR leadership team and served on the company's acquisition and integration team where he supported the scaling of the company from several hundred to nearly 10,000 employees.

Lucas Vitale 在生命科學和醫療器械行業擁有 20 多年的人力資源經驗。在加入 Berkeley Lights 之前，他曾擔任 Arena Pharmaceuticals 的人力資源高級副總裁和 NuVasive 的首席人力資源官。在此之前，盧卡斯在 Life Technologies 工作了 10 年，在那裡他是全球人力資源領導團隊不可或缺的成員，並在公司的收購和整合團隊任職，支持公司從數百名員工擴大到近 10,000 名員工。

As I discussed in my first earning call in May, my own experiences helped me with scaling life sciences businesses in both public and private equity-based companies. My leadership team and I are putting in place processes to shift to a performance-driven culture across all functions. This will be critical to our efforts to effectively scale our business and advance our market position through targeted investments and strong execution. Collectively, the new leadership team has the experience needed to build a diverse life sciences tools and services company.

正如我在 5 月份的第一次收益電話會議中所討論的那樣，我自己的經驗幫助我在上市公司和私募股權公司中擴展生命科學業務。我和我的領導團隊正在製定流程，以在所有職能部門轉變為以績效為導向的文化。這對於我們通過有針對性的投資和強有力的執行來有效擴展我們的業務和提升我們的市場地位的努力至關重要。總的來說，新的領導團隊擁有建立多元化生命科學工具和服務公司所需的經驗。

Number five, evaluate M&A opportunities that will help us accelerate profitable growth and leverage our current cost structure. Over the past quarter, we have conducted and synthesized market research to understand customers' unmet needs and competitive dynamics. This research will help us formulate data-driven decisions on what markets to expand into and what inorganic options to be complementary to our business and technology.

第五，評估併購機會，這些機會將幫助我們加速盈利增長並利用我們當前的成本結構。在過去的一個季度，我們進行並綜合了市場研究，以了解客戶未滿足的需求和競爭動態。這項研究將幫助我們制定數據驅動的決策，以決定要擴展到哪些市場以及哪些無機選項可以補充我們的業務和技術。

We expect to pursue synergistic merger and acquisition options that expand our total addressable market and/or provide leverage to our SG&A and R&D expense structure. We believe by focusing on these 5 pillars that I described, we can transform Berkeley Lights from a technology platform company to a diverse life sciences tools and services companies. We will continue to advance the important changes to our business through the rest of this year to lay a strong foundation. We have immense opportunities ahead of us, and we have a strong plan in place to achieve our strategy to create value for our shareholders.

我們希望尋求協同併購選項，以擴大我們的總潛在市場和/或為我們的 SG&A 和研發費用結構提供槓桿作用。我們相信，通過關注我所描述的這 5 個支柱，我們可以將 Berkeley Lights 從一家技術平台公司轉變為一家多元化的生命科學工具和服務公司。在今年餘下的時間裡，我們將繼續推進我們業務的重要變化，以奠定堅實的基礎。我們面臨著巨大的機遇，我們制定了強有力的計劃來實現為股東創造價值的戰略。

Now I would like to turn the call over to Mehul to discuss our second quarter 2022 results.

現在，我想將電話轉給 Mehul，討論我們 2022 年第二季度的業績。

Thank you, Siddhartha. I am excited to join the Berkeley Lights team and eager to build on the company's strong foundation as a revolutionary innovator and continue to help scientists make extraordinary breakthroughs. Looking at our results for the second quarter 2022.

謝謝你，悉達多。我很高興加入 Berkeley Lights 團隊，並渴望在公司作為革命性創新者的堅實基礎上再接再厲，繼續幫助科學家取得非凡的突破。查看我們 2022 年第二季度的業績。

Total revenue was $19.2 million, down 1% compared to second quarter 2021. By geography, North America accounted for 52% of total revenue in the second quarter, followed by APAC at 37% and EMEA at 11%. During Q2, we experienced the same macroeconomic conditions that our industry is facing, including elongated sales cycles and tightening of CapEx budgets.

總收入為 1920 萬美元，與 2021 年第二季度相比下降 1%。按地域劃分，北美佔第二季度總收入的 52%，其次是亞太地區，為 37%，歐洲、中東和非洲地區為 11%。在第二季度，我們經歷了與我們行業所面臨的相同的宏觀經濟狀況，包括延長的銷售週期和緊縮的資本支出預算。

Direct platform revenue was $6.4 million in the. Second quarter of 2022 compared to $11.4 million in prior year. Our installed base grew by 5 placements during the second quarter of 2022 to a total installed base of 120 platforms. Recurring revenue was up 50% to $5.9 million in the second quarter of 2022 compared to $3.9 million in prior year. Revenue from the partnership and services business increased by 74% to $6.8 million in the second quarter 2022, compared to $3.9 million in the prior year. Gross profit for the second quarter of 2022 was $12.9 million compared to $12.7 million in the prior year.

直接平台收入為 640 萬美元。 2022 年第二季度，上年同期為 1140 萬美元。我們的安裝基礎在 2022 年第二季度增加了 5 個位置，總安裝基礎達到 120 個平台。與去年同期的 390 萬美元相比，2022 年第二季度的經常性收入增長了 50% 至 590 萬美元。 2022 年第二季度，來自合作夥伴和服務業務的收入增長 74% 至 680 萬美元，而去年同期為 390 萬美元。 2022 年第二季度的毛利潤為 1290 萬美元，而去年同期為 1270 萬美元。

Gross margin for the second quarter of 2022 was 67% compared to 66% in the second quarter of 2021. The increase in gross margin year-over-year was due to a higher mix of recurring revenue and partnerships and services. We expect the company's strong gross margin to provide significant operating leverage as we execute our strategy. Operating expenses in the second quarter of 2022 were $38.5 million, inclusive of $6.6 million of stock-based compensation compared to $30.6 million in the prior year, inclusive of $5.6 million of stock-based compensation.

2022 年第二季度的毛利率為 67%，而 2021 年第二季度為 66%。毛利率同比增長是由於經常性收入以及合作夥伴關係和服務的混合增加。我們預計公司強勁的毛利率將在我們執行戰略時提供顯著的經營槓桿。 2022 年第二季度的運營費用為 3850 萬美元，其中包括 660 萬美元的股票薪酬，而上一年為 3060 萬美元，其中包括 560 萬美元的股票薪酬。

Operating expenses in Q2 2022 included $18.2 million in R&D, $13.0 million in G&A and $7.3 million in sales and marketing. Net loss for the second quarter of 2022 was $25.7 million compared to a loss of $18.2 million for the prior year period. All net loss numbers are inclusive of stock-based compensation. We ended the quarter with cash and short-term investments of $152.4 million. Our available liquidity is $162.4 million, which includes our revolving credit facility.

2022 年第二季度的運營費用包括 1820 萬美元的研發費用、1300 萬美元的一般管理費用以及 730 萬美元的銷售和營銷費用。 2022 年第二季度的淨虧損為 2570 萬美元，而去年同期為虧損 1820 萬美元。所有淨虧損數字都包括基於股票的補償。我們以 1.524 億美元的現金和短期投資結束了本季度。我們的可用流動資金為 1.624 億美元，其中包括我們的循環信貸額度。

Now turning to revised guidance for full year 2022. Following the strategic business assessment by management, Berkeley Lights now expects full year 2022 revenue to be approximately in line with full year 2021 revenue as we put in place processes to execute against our updated business strategy. As Siddhartha discussed, we are laying a strong foundation this year to achieve our goal of generating positive operating cash flow by 2025.

現在轉向修訂後的 2022 年全年指引。根據管理層的戰略業務評估，伯克利燈飾公司現在預計 2022 年全年收入將與 2021 年全年收入大致一致，因為我們制定了流程來執行我們更新的業務戰略。正如悉達多所討論的那樣，我們今年正在為實現到 2025 年產生正運營現金流的目標奠定堅實的基礎。

With that, I will turn the call back to Siddhartha.

有了這個，我會把電話轉回悉達多。

Thank you, Mehul. As I close out my formal remarks, I wanted to reiterate that I have enormous confidence in Berkeley Lights and our ability to capture the opportunities ahead of us as we accelerate adoption of our technology. The changes we are making will help us manage our cost and focus on the right objectives to build a growing profitable and sustainable business. We look forward to sharing progress achieved against our new operating strategy in the coming months, including an Investor Day planned for later this year.

謝謝你，梅胡爾。在我結束正式發言時，我想重申我對 Berkeley Lights 以及我們在加速採用我們的技術時抓住我們面前機遇的能力充滿信心。我們所做的改變將幫助我們管理成本並專注於正確的目標，以建立一個不斷增長的盈利和可持續業務。我們期待在未來幾個月分享我們在新運營戰略方面取得的進展，包括計劃在今年晚些時候舉行的投資者日。

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

有了這個，我們現在將打開它來提問。操作員？

(Operator Instructions) We will now take the first question from Tejas Savant with Morgan Stanley.

（操作員說明）我們現在將回答來自摩根士丹利的 Tejas Savant 的第一個問題。

Siddhartha, one for you to kick things off here. I know you mentioned this plan to launch app-specific instruments starting in '23. Can you just elaborate on what that means for your subscription model? Are you now sort of deemphasizing that in favor of a more CapEx-focused model?

悉達多，一個讓你在這裡開始的事情。我知道您提到了從 23 年開始推出特定於應用程序的樂器的計劃。您能否詳細說明這對您的訂閱模式意味著什麼？你現在是不是有點淡化了這一點，轉而支持更注重資本支出的模型？

Great question, Tejas. No, I think we are going to continue to provide access models and, in fact, are going to add more sort of lease-to-own financing as well. But as we have learned, some customers actually like to buy it outright. And for them, we want to offer more flexible pricing and reduced features when appropriate.

好問題，光輝。不，我認為我們將繼續提供准入模式，事實上，還將增加更多種類的租賃到擁有融資。但據我們了解，有些客戶實際上喜歡直接購買。對於他們，我們希望在適當的時候提供更靈活的定價和減少的功能。

So we are going to actually bring down the sort of continuum of our pricing all the way to the launch of the benchtop device. But throughout the next 3 years, we will actually focus on total cost of ownership. So not just focusing on a platform itself, but what will the price of consumers going forward. And we have a pretty good model that we run through that creates net-net sort of positive value by doing that over the next 3 years.

因此，我們實際上將降低我們定價的那種連續性，一直到台式設備的推出。但在接下來的 3 年中，我們實際上將關注總擁有成本。因此，不僅要關注平臺本身，還要關註消費者未來的價格。我們有一個非常好的模型，我們可以通過它在接下來的 3 年中創造淨淨值的積極價值。

Got it. That's helpful. And then in terms of your plan to launch low-cost Beacon light, I think you mentioned 2025 there. How exactly would that be different from the Lighting platform that you have on the market today?

知道了。這很有幫助。然後就你推出低成本 Beacon 燈的計劃而言，我想你提到了 2025 年。這與您今天市場上的 Lighting 平台有何不同？

It's going to be significantly reduced version of the Beacon. Lighting and Beacon are very different in -- sort of not going into all the technical details. But there are some features about Beacon that customers just absolutely love and have come to appreciate.

這將是 Beacon 的顯著縮小版本。 Lighting 和 Beacon 有很大的不同——有點不涉及所有的技術細節。但是，Beacon 的一些功能是客戶絕對喜歡並開始欣賞的。

Lightning was a good concept for an academic market, but the price point was still significantly high. And as we look at sort of broader adoption of our technology in cell biology community, we believe that we can significantly reduce the cost structure and bring the applications that are specific to generating workflows, immuno-oncology workflows as well as the lower cell biology level at the environment. So it's a totally different platform compared to what Lightning was.

閃電對於學術市場來說是一個很好的概念，但價格點仍然很高。當我們考慮在細胞生物學界更廣泛地採用我們的技術時，我們相信我們可以顯著降低成本結構並帶來特定於生成工作流程、免疫腫瘤學工作流程以及較低細胞生物學水平的應用在環境。因此，與 Lightning 相比，它是一個完全不同的平台。

Got it. And just a follow-up there. So is it fair to assume that the Lightning is now essentially shelved? And then last one for me. Just curious as to your thoughts on the cell therapy manufacturing system and time lines for that.

知道了。只是那裡的後續行動。那麼假設閃電現在基本上被擱置是否公平？然後給我最後一個。只是好奇你對細胞療法製造系統和時間表的看法。

Yes, great question. So on Lightning, it is not shelved as much as we're going to use the Lightning as a way to collaborate with the academic community. So that we can see the next innovation platform is designed to fulfill all of their needs and no more and no less. So we're going to use sort of reduced versions of Beacon as well as Lightning to work with the academic community in the next 2 years to inform our sort of full launch of that Beacon light platform.

是的，很好的問題。因此，在閃電網絡上，它並沒有像我們將使用閃電網絡作為與學術界合作的一種方式那樣被擱置。這樣我們就可以看到下一個創新平台旨在滿足他們的所有需求，不多也不少。因此，我們將在未來 2 年內使用簡化版的 Beacon 和 Lightning 與學術界合作，為我們全面推出該 Beacon 燈平台提供信息。

On the cell therapy manufacturing systems, we have decided that we will not do that alone, that we will actually find a commercial partner. As you know, it's an incredibly hot area. I mean a lot of sort of regulatory expertise required and investment required that, frankly, Berkeley Lights alone should not do. And as such, we have very unique and differentiated things we bring to table, but we don't bring the commercial capabilities on the real table. So we are in active discussions with multiple players who are very interested in accessing our technology for the cell therapy manufacturing space.

在細胞療法製造系統上，我們決定我們不會單獨這樣做，我們實際上會找到一個商業合作夥伴。如您所知，這是一個非常炎熱的地區。我的意思是需要大量的監管專業知識和投資，坦率地說，單靠伯克利燈光公司不應該這樣做。因此，我們帶來了非常獨特和差異化的東西，但我們並沒有將商業能力帶到真正的桌面上。因此，我們正在與多個對使用我們的細胞療法製造領域技術非常感興趣的參與者進行積極討論。

Your next question comes from the line of Dan Arias with Stifel.

您的下一個問題來自與 Stifel 的 Dan Arias。

[Siddhartha], you mentioned that focus on total cost of ownership. It sounds like you have your hands around the model there. I'm just curious what that model sort of spits out and suggests might be the breakeven time line for a customer where a lab can recoup the investment that's made.

[悉達多]，您提到關注總擁有成本。聽起來你在那裡的模型周圍有你的手。我只是好奇該模型會吐出什麼內容，並暗示可能是實驗室可以收回投資的客戶盈虧平衡時間線。

I think it depends on the customer's application. For some customers, Dan, I think they are actually already getting significant benefits from Berkeley Lights platform. And the ROI is paid up as soon as they buy it and as the workhorse Beacon tool actually becomes live in their lab.

我認為這取決於客戶的應用程序。對於一些客戶，Dan，我認為他們實際上已經從 Berkeley Lights 平台中獲得了顯著的好處。一旦他們購買了它並且主力 Beacon 工具實際上在他們的實驗室中投入使用，投資回報率就會得到支付。

In some customers' case, depending on the application need, it may be a longer cycle. And that's exactly what we are focusing on is to meet the customers where they are on their workflow needs.

在某些客戶的情況下，根據應用需要，可能需要更長的周期。而這正是我們關注的重點是滿足客戶在他們的工作流程需求方面的需求。

Okay. Helpful. And then just maybe on the general strategy and going back to the prioritization exercise that you've undertaken. Can you just maybe give us a sense of what isn't making the cut and maybe what you won't pursue just so we can draw a distinction between sort of the old scope of the business and the new scope of the business?

好的。有幫助。然後可能只是關於總體戰略並回到您進行的優先級排序練習。您能否讓我們了解哪些內容不符合標準，以及您可能不會追求哪些內容，以便我們可以區分舊的業務範圍和新的業務範圍？

Yes. Good question. I think it's actually not that inconsistent except for one very large theme, which is that we are not pursuing growth for the sake of growth. We are absolutely focused on profitable growth and becoming cash flow positive by 2025. So it is not as such which initiative, it's really which projects we would pursue and which projects we would not pursue. We are still going to be in a business of launching technology platforms that I described. In fact, more of them, but with an increased focus and doing that quickly enough to meet the customers' needs.

是的。好問題。我認為實際上並沒有那麼矛盾，除了一個非常大的主題，那就是我們不是為了增長而追求增長。我們絕對專注於盈利增長，並在 2025 年之前實現正現金流。因此，這並不是什麼舉措，而是我們將追求哪些項目，以及我們不會追求哪些項目。我們仍將從事推出我所描述的技術平台的業務。事實上，他們中的更多，但更加關注並以足夠快的速度滿足客戶的需求。

And then second, on services and partnership side, we are not going to try to be everything to every single potential customer. Even though we possibly could apply our tools to a large variety of applications, we're going to pick our battles for where we think is the highest potential return of our investment of working with our customers where there's a very significant market demand. And I think the AAV vector workflow is a great example of that.

其次，在服務和合作夥伴方面，我們不會試圖成為每個潛在客戶的一切。即使我們可以將我們的工具應用到各種各樣的應用程序中，我們也會選擇我們認為與客戶合作的潛在投資回報最高的領域，因為我們的客戶有非常重要的市場需求。我認為 AAV 矢量工作流程就是一個很好的例子。

We were working with several different customers on multiple applications, but we are finding that AAV vector workflow is so powerful and such a large demand from a variety of participants in the market, CDMOs, CROs, but also gene therapy target companies themselves that we believe that, that's a place where we would like to dedicate more resources than reduce some resources from other projects.

我們正在與多個不同的客戶就多個應用程序進行合作，但我們發現 AAV 載體工作流程非常強大，並且來自市場上各種參與者、CDMO、CRO 以及基因治療目標公司本身的巨大需求，我們相信那就是我們希望投入更多資源而不是減少其他項目的一些資源的地方。

Okay. Okay. And if I could just squeeze a third one here just on the executive hires and the C-suite, what percentage of the key leadership positions do you have filled out at this point? And if there are some key roles that still need a person to be slotted in there. What's the outlook for getting that done?

好的。好的。如果我可以在這裡僅在高管招聘和 C-Suite 中擠三分之一，那麼您目前填補了多少關鍵領導職位？如果有一些關鍵角色仍然需要一個人來擔任。完成這項工作的前景如何？

I think, we are largely there. I would call it 80% mission accomplished.

我想，我們基本上都在那裡。我認為它完成了 80% 的任務。

Your next question comes from the line of Brian Weinstein with William Blair.

您的下一個問題來自 Brian Weinstein 和 William Blair。

So maybe you could talk a little bit about the reduction in force that you guys are implementing the 12%. I don't think I heard and if you said that, I apologize, but specifically, where the workforce reductions are hitting the most in terms of the different pieces of the business. And then I have a couple of other follow-ups for you after that.

所以也許你可以談談你們正在實施 12% 的力量減少。我想我沒有聽到，如果你這麼說，我很抱歉，但具體來說，就業務的不同部分而言，裁員在哪些方面受到的打擊最大。在那之後，我還有一些其他的後續行動要告訴你。

Yes. Brian, thank you for the question. We basically optimize our business structure, the business line structures, the platform business and services business. And we went through highest value projects and took reductions where needed. Most of this about 40 employees, most of this actually from our North America-based businesses, but there are some global roles. We believe this structure is actually pretty consistent for the growth that we need.

是的。布賴恩，謝謝你的問題。業務結構、業務線結構、平台業務和服務業務基本優化。我們經歷了最高價值的項目，並在需要的地方進行了削減。其中大部分員工約有 40 名，其中大部分實際上來自我們在北美的業務，但也有一些全球角色。我們相信這種結構實際上與我們需要的增長相當一致。

So I think it was a right thing to do. Again, going back to the principle of not pursuing growth for the sake of the growth, we are actually taking a very surgical approach to project by project and have been very critical into thinking about where are the resources needed going forward for the next 2, 3 years.

所以我認為這是正確的做法。再次，回到不為增長而追求增長的原則，我們實際上是在逐個項目採取非常外科手術的方法，並且非常關鍵地思考下一個 2 所需的資源在哪裡， 3年。

Understood. And then one kind of short-term question and one longer-term question. But on the short term, if you're talking about 2022 being similar to '21, it implies the back half really has no growth. But you have announced some recent deals here. Is that simply just a reflection of kind of what you're saying, not pursuing deals in the second half of the year that are kind of growth of any cost and being a little bit more cognizant of that? Or is that a reflection of the end markets being a little bit softer with funding concerns? I'm just curious about the flat year-over-year growth that you're talking about in the second half.

明白了。然後是一種短期問題和一種長期問題。但從短期來看，如果你說 2022 年與 21 年相似，則意味著後半部分確實沒有增長。但是你在這裡宣布了一些最近的交易。這僅僅是你所說的一種反映，而不是在下半年尋求任何成本增長的交易並且更加意識到這一點？或者這是否反映了終端市場對資金的擔憂有點疲軟？我只是對你所說的下半年同比平穩增長感到好奇。

And then if I can just ask the third question now, which is you talked about operating cash flow in early '25, and I think you said that, that's kind of a $150 million run rate, which at a 70% gross margin, of course, implies operating expenses of about $100 million run rate or so.

然後，如果我現在可以問第三個問題，那就是你在 25 年初談到了運營現金流，我想你說過，這是 1.5 億美元的運行率，毛利率為 70%，當然，這意味著運營費用約為 1 億美元左右。

That's well below where you guys are today, even, I think, taking into consideration some of the reduction in force. So I just want to better understand the operating expense structure that you think that you will need to kind of be at that breakeven and just sort of how you get there to dramatic difference, I think, from where you're at today. So sorry for all the questions. Hopefully, that makes sense.

這遠低於你們今天的水平，甚至，我認為，考慮到一些力量的減少。因此，我只是想更好地了解您認為您需要達到收支平衡的運營費用結構，以及您如何實現與今天的巨大差異。很抱歉所有的問題。希望這是有道理的。

Brian, this is Mehul Joshi talking here. So just on the updated guidance. So just wanted to mention again that this guidance was determined by the new management team and the structure we've put in place.

布賴恩，這是 Mehul Joshi 在這裡說話。所以就在更新的指導上。所以我想再次提一下，這個指導是由新的管理團隊和我們建立的結構決定的。

But just generally, we are experiencing some macroeconomic implications, just like the rest of our industry, tightening of budget, prolonged sales cycles, et cetera. That being said, our pipeline is still very strong. We expect acceleration of our tool sales in the second half of this fiscal year, somewhat driven by historical seasonality, but also supported by the our third pillar in the strategy around commercial execution. Recurring revenue will continue to grow year-on-year as our installed base grows and demonstrates the value of our platform.

但總的來說，我們正在經歷一些宏觀經濟影響，就像我們行業的其他部分一樣，預算收緊，銷售週期延長等等。話雖如此，我們的管道仍然非常強大。我們預計本財年下半年我們的工具銷售將加速，這在一定程度上受到歷史季節性的推動，但也受到我們圍繞商業執行戰略的第三個支柱的支持。隨著我們安裝基礎的增長並展示我們平台的價值，經常性收入將繼續同比增長。

And then finally, on the service business side, as Siddhartha mentioned, we are really focused on going after contracts and customers around those 2 areas that he talked about. But also, I'd like to mention that the R&D phase of several service projects have ended. And we are opportunistically shifting those resources to the viral vector development and manufacturing as well as TCR discovery to support our strategic pillar where we are prioritizing R&D investment. So this will create a bit of a slowdown in the second half of 2022 revenue for the partnership and services business.

最後，在服務業務方面，正如悉達多所提到的，我們真正專注於在他談到的這兩個領域尋找合同和客戶。而且，我想提一下，幾個服務項目的研發階段已經結束。我們正在機會性地將這些資源轉移到病毒載體開發和製造以及 TCR 發現上，以支持我們優先研發投資的戰略支柱。因此，這將導致合作夥伴和服務業務在 2022 年下半年的收入有所放緩。

Yes. And Brian, right? I think I'm going take the second question that you asked, which was about the OpEx structure. Our current OpEx structure includes stock-based compensation. So if you exclude that, you're right. You did the math correctly, we are ending up in $95 million to $100 million range. And as we did the realignment of the business, not only we have reduced the head count, we've also significantly reduced our overall cost structure for next year as well. So for example, our cash burn in 2023 is expected to be around $30 million.

是的。還有布賴恩，對吧？我想我會回答你問的第二個問題，它是關於 OpEx 結構的。我們當前的運營支出結構包括基於股票的薪酬。所以如果你排除它，你是對的。你的計算是正確的，我們最終的收入在 9500 萬到 1 億美元之間。隨著我們對業務進行重新調整，我們不僅減少了員工人數，而且還顯著降低了明年的整體成本結構。例如，我們在 2023 年的現金消耗預計約為 3000 萬美元。

Okay. I appreciate all the clarifications and comments and all the detail around the new structure.

好的。我感謝所有關於新結構的澄清和評論以及所有細節。

Your next question comes from Julia Qin with JPMorgan.

您的下一個問題來自摩根大通的 Julia Qin。

Just solely on the question on guidance. Can you maybe give us some more color on your comments in hitting that full year guidance number, considering that there might be potential organizational disruptions and considering the current customer CapEx budget environment that you mentioned. I know you alluded to commercial execution. Are you mainly referring to being more flexible on pricing? Or are there other additional efforts you're pursuing that supports your confidence in the second half?

只是關於指導的問題。考慮到可能存在潛在的組織中斷並考慮到您提到的當前客戶資本支出預算環境，您能否就您在達到全年指導數字時的評論給我們更多顏色。我知道你提到了商業執行。您主要是指在定價上更加靈活嗎？或者您是否正在追求其他額外的努力來支持您對下半年的信心？

Julia, thank you. This is Siddhartha. Great question. Look, I think our guidance is inclusive of both the risk as well as upsides that are reflected in what we communicated to you. We feel pretty good about that guidance. Of course, there are significant changes that organizations continue to go through as the new management team does its job implementing -- putting in place the processes to improve our commercial execution, and which will include recruiting for new salespeople, making sure the regional management team is working well and that people are using the sales tools efficiently that we are putting in place right now. Having said that, I think we feel pretty optimistic about the guidance and pretty strong about the number we are putting out there.

朱莉婭，謝謝。這是悉達多。好問題。看，我認為我們的指導既包括風險，也包括我們與您交流的內容中所反映的好處。我們對這個指導感覺很好。當然，隨著新的管理團隊執行其工作，組織將繼續經歷重大變化 - 制定流程以改善我們的商業執行，其中包括招聘新的銷售人員，確保區域管理團隊運作良好，人們正在有效地使用我們現在正在實施的銷售工具。話雖如此，我認為我們對指導感到非常樂觀，並且對我們提供的數字非常樂觀。

Got it. That's helpful. And one clarification on the new product pipeline. Can you help me understand what's the difference between the application-specific model that you're launching next year versus Beacon light?

知道了。這很有幫助。以及對新產品管道的一項澄清。您能幫我了解您明年推出的特定應用模型與 Beacon light 之間的區別嗎？

Yes. I think in Beacon light, we'll also have application-specific tools. One of the things we are implementing is to make sure that the customers are accessing specifically the tool only for the applications they are using. So making changes into our consumables and software. So an instrument box can work with the applications that customers were mainly interested in, which allows us to lower the cost of the tool because that tool cannot be used for other applications and actually it becomes more efficient tool for that application. In other words, a tool will be used for cell line development will only be used for cell line development and will not be able to be used for other applications, but it will be more efficient for cell line development to use.

是的。我認為在 Beacon 燈下，我們還將擁有特定於應用程序的工具。我們正在實施的一件事是確保客戶僅針對他們正在使用的應用程序專門訪問該工具。因此，對我們的耗材和軟件進行更改。因此，儀器箱可以與客戶主要感興趣的應用程序一起使用，這使我們能夠降低工具的成本，因為該工具不能用於其他應用程序，實際上它成為該應用程序的更有效工具。換句話說，一個工具將用於細胞系開發，將只用於細胞系開發，不能用於其他應用，但用於細胞系開發會更有效率。

Got you. That's helpful. Last one from me in terms of business development and M&A opportunities. Could you give us more color on what kind of opportunities or targets you're thinking of? And also, if you could touch on the out-licensing opportunities you mentioned, that will be good as well.

得到你。這很有幫助。我的最後一個是關於業務發展和併購機會的。你能給我們更多關於你正在考慮什麼樣的機會或目標的顏色嗎？而且，如果你能談到你提到的外包許可機會，那也很好。

Yes. Thank you, Julia. So I think we have been that actually have done this before, right? As you can see from the management team that we are bringing on board, we've all kind of been there, done that in life sciences tools industry.

是的。謝謝你，朱莉婭。所以我認為我們之前實際上已經這樣做了，對吧？正如您從我們正在引進的管理團隊中看到的那樣，我們都曾在生命科學工具行業做過這樣的事。

Life sciences tools industry is actually built for continuing to expand both the addressable market by technology acquisitions. We will only pursue technology acquisitions when they are revenue-accretive to us and that they actually makes sense to our kind of stated strategy of generating positive operating cash flow by early 2025. And as you know, we are recently taken public company with a significant infrastructure that is very capable on SG&A and R&D platform. And anything that provides us with leverage, we will continue to look at that.

生命科學工具行業實際上是為通過技術收購繼續擴大潛在市場而建立的。我們只會在技術收購對我們產生收入增長並且它們實際上對我們在 2025 年初產生正運營現金流的既定戰略有意義時才進行技術收購。如您所知，我們最近被收購為上市公司，擁有顯著在SG&A和R&D平台上非常有能力的基礎設施。任何能給我們提供影響力的東西，我們都會繼續關注。

We are very selective about that. We studied the market evolve. We know where we want to place our bets. And frankly, given the market dislocations that the market is experiencing right now, we believe in the next 2 years, there will be significant opportunities for a strong leadership team to go and pursue inorganic growth.

我們對此非常有選擇性。我們研究了市場的演變。我們知道我們想在哪裡下注。坦率地說，鑑於市場目前正在經歷市場錯位，我們相信在未來 2 年，強大的領導團隊將有很大的機會去追求無機增長。

Coming back to your second question on partnership opportunities. The whole industry is kind of built -- if you go back to 25, 30 years, there's so much cross-licensing between different market participants here. Berkeley Lights has truly unique and differentiated platform that's been homegrown and only utilized by the team that is internal here. We've built a significant and formidable intellectual property position in the marketplace. And there's literally nothing else in the market that can be compared to Berkeley Lights, an ability to do 2 things. Berkeley Light cells move then with lights without [the signal]. And number two, keeping them alive. This is perhaps less understood part of Berkeley Lights platform. If we can keep ourselves alive, which means in all applications you could study those cells after we've actually done some original biological functional asset on them.

回到關於合作機會的第二個問題。整個行業是建立起來的——如果你回到 25 年、30 年，這裡的不同市場參與者之間有很多交叉許可。 Berkeley Lights 擁有真正獨特和差異化的平台，該平台是本土開發的，僅由這裡的內部團隊使用。我們在市場上建立了重要而強大的知識產權地位。市場上幾乎沒有其他東西可以與 Berkeley Lights 相提並論，Berkeley Lights 可以做兩件事。伯克利光細胞然後隨著沒有[信號]的光移動。第二，讓他們活著。這可能是 Berkeley Lights 平台中不太了解的部分。如果我們可以讓自己保持活力，這意味著在所有應用中，您可以在我們實際對它們進行一些原始生物功能資產之後研究這些細胞。

So the whole biology community is asking 2 different types of questions. What is happening to different cells under disease condition, under different conditions. And why is it happening? The only technology that can allow us to do both is our technology because we keep ourselves alive throughout that process. So instead of doing all of that ourselves, we would like to pursue opportunities to license our technologies to others who may be stronger in other parts of that question of why and partner with them. And at times, we might go and acquire the ability for us to answer the question why the sales are doing that. Hopefully, that explains you more clearly what we mean by licensing.

所以整個生物學界都在問兩種不同類型的問題。在疾病條件下，在不同條件下，不同細胞發生了什麼。為什麼會這樣？唯一能讓我們兩者兼得的技術是我們的技術，因為我們在整個過程中保持生命。因此，我們不想自己做所有這些，而是尋求機會將我們的技術授權給其他人，這些人可能在為什麼這個問題的其他部分更強大，並與他們合作。有時，我們可能會去獲得讓我們回答銷售人員為什麼這樣做的問題的能力。希望這能更清楚地解釋我們所說的許可是什麼意思。

Your next question comes from the line of Steven Mah with Cowen.

您的下一個問題來自 Steven Mah 和 Cowen 的台詞。

Apologies if you guys said this already, but maybe I need a little bit more color on the application-specific instruments and the Beacon light. Is that more for the CRO and CDMO channels? Or what specific channels are those for, individual labs or companies? Give us a little color on that.

抱歉，如果你們已經說過了，但也許我需要在特定應用的儀器和信標燈上增加一點顏色。對於 CRO 和 CDMO 頻道來說，這更多嗎？或者那些特定的渠道是針對個別實驗室或公司的？給我們一點顏色。

Yes, Steven, great question. Actually, CROs and CDMOs who are used to using Beacon, they use it as a workhorse, and we are not actually going after that market with these tools. These tools are more specifically designed for small- to medium-sized biopharma companies as well as sort of large academic medical centers and smaller -- call it smaller CROs and CDMOs, which are emerging, not the large ones. And as you notice both in -- all applications right now, there is a significant amount of kind of money that has gone into emergence of smaller players, which might have need for flexible budgets, and that's where we are going with these application-specific models.

是的，史蒂文，好問題。實際上，習慣於使用 Beacon 的 CRO 和 CDMO 將其用作主力，而我們實際上並沒有使用這些工具去追逐那個市場。這些工具更專為中小型生物製藥公司以及大型學術醫療中心和規模較小的公司設計——稱之為新興的小型 CRO 和 CDMO，而不是大型的。正如你注意到的那樣——現在所有的應用程序都有大量的資金用於小型企業的出現，這些企業可能需要靈活的預算，這就是我們使用這些特定於應用程序的地方楷模。

Okay. That's helpful. And then a follow-up question, talking about CROs and CDMOs. Can you talk about the trends you're seeing in terms of beacons into those channels, as you know, space or just cash conservation and capital expenditure budgets get squeezed?

好的。這很有幫助。然後是一個後續問題，討論 CRO 和 CDMO。您能否談談您在這些渠道中看到的信標趨勢，如您所知，空間或現金節約和資本支出預算受到擠壓？

Yes. This is Mehul. So we are still seeing a continued growth in this CRO, CDMO space relative to beacons followed by pharma. And then the academic market is also starting to pick up in terms of sales.

是的。這是梅胡爾。因此，我們仍然看到這個 CRO、CDMO 領域相對於 Beacon 的持續增長，其次是製藥。然後學術市場在銷售方面也開始回暖。

Yes, just to give you a little bit more color, all 5 of our placements were for new customers. And CROs and CDMOs, when they buy vehicle, they are some of the highest users of our consumables. And I think one thing I wanted to point out, which is sort of in the numbers, but our recurring revenue numbers are starting to grow very robustly and the idea of creating a truly razor-razorblade model from Berkeley Lights platform is becoming a reality as we look forward to the next 2, 3 years of plan. And our entire plan is built on putting more beacons in place or whatever you want to call them, Beacon lights, Beacon select and Beacon lights in place over the next few years. And -- but go after that recurring revenue stream, both from a warranty-related services as well as consumers that come with that.

是的，只是為了給您更多色彩，我們所有的 5 個展示位置都是針對新客戶的。而 CRO 和 CDMO，當他們購買車輛時，他們是我們消耗品的一些最高用戶。我想我想指出的一件事是數字，但我們的經常性收入數字開始強勁增長，從 Berkeley Lights 平台創建真正的剃須刀模型的想法正在成為現實我們期待下一個2、3年的計劃。我們的整個計劃是建立在未來幾年內放置更多信標或任何您想稱呼它們的地方，信標燈，信標選擇和信標燈。而且——但要追求經常性的收入來源，包括保修相關服務以及隨之而來的消費者。

Okay. Great. That's helpful. And if I could sneak one more in. And this is a follow-up on the reduction in force questions you already had. But I'm just wondering if the risk will potentially impact the cadence of signing of new R&D partnerships? And if -- what should we expect as far as news flow and workflow releases from your existing partnerships? And will those be impacted by the risks?

好的。偉大的。這很有幫助。如果我可以再偷偷溜進去。這是對你已經提出的減少武力問題的後續行動。但我只是想知道風險是否會影響簽署新研發合作夥伴關係的節奏？如果 - 就您現有合作夥伴的新聞流和工作流程發布而言，我們應該期待什麼？這些會受到風險的影響嗎？

Yes. Steven, great question. On services and partnership model, I would think about the business not in terms of just the number of partnerships signed, but the value we are bringing to the partner and how deep we are going into capturing that workflow and serving our customers' needs. So an example of AAV vector workflow, the value provided is tremendous.

是的。史蒂文，好問題。在服務和合作夥伴模式方面，我認為業務不僅僅是簽署的合作夥伴數量，而是我們為合作夥伴帶來的價值以及我們在捕獲該工作流程和滿足客戶需求方面的深度。這是 AAV 矢量工作流程的一個例子，提供的價值是巨大的。

From what I understand, the manufacturing capacity for gene therapies is significantly constrained by this one issue. And we -- at least in the early experiments that we've proven now that we have the solution for that, a significant demand, but we can only serve so many people well.

據我了解，基因療法的製造能力受到這一問題的極大限制。而且我們——至少在早期的實驗中，我們已經證明我們有解決方案，這是一個巨大的需求，但我們只能為這麼多人提供良好的服務。

I think -- I've run services business before, Steven, and it is important to serve the current and existing customers really well and not trying to overbuild for growth because it doesn't build a sustainable business. So this doesn't probably give you the exact answer that you will need for your models, but we are not focused on a number of customers. We are focused on growing that business robustly in strong double digits for the next 3 years.

我認為 - 史蒂文，我以前經營過服務業務，重要的是要真正為當前和現有客戶服務，而不是試圖過度建設以實現增長，因為它不能建立一個可持續的業務。因此，這可能無法為您提供模型所需的確切答案，但我們並不關注大量客戶。我們專注於在未來 3 年以強勁的兩位數強勁增長該業務。

Your next question comes from Mark Massaro with BTIG.

您的下一個問題來自 BTIG 的 Mark Massaro。

I guess, Siddhartha, the revenue from -- the recurring revenue grew 50% year-over-year. That's the fastest rate of growth since Q1 of '21. So I guess what I'm -- what my question is, is that a reasonable target to consider for the back half of the year? Do you think that could be a potential run rate recurring revenue growth? Recognizing it is off of small numbers. But I guess what I'm trying to get at is we all have to lower our Beacon estimates in terms of placements. So just help us figure out a way to sort of rightsize the recurring revenue run rate with what the Beacon placement run rate might look like going forward.

我想，悉達多的收入來自 - 經常性收入同比增長 50%。這是自 21 年第一季度以來最快的增長率。所以我猜我是什麼 - 我的問題是，這是一個合理的目標來考慮今年下半年嗎？您認為這可能是潛在的經常性收入增長嗎？認識到它是小數字。但我想我想要得到的是我們都必須降低我們對 Beacon 的估計在展示位置方面。因此，只需幫助我們找出一種方法來調整經常性收入運行率與信標放置運行率未來可能的樣子。

This is Mehul again. So I think you kind of almost answered the question yourself. As we put more placements in, the recurring revenue growth rate will likely not stay at the 50%, but it will be in somewhere between the high 30s to [250], and it will fluctuate over time.

這又是梅胡爾。所以我認為你幾乎自己回答了這個問題。隨著我們投入更多的展示位置，經常性收入增長率可能不會保持在 50%，但會在 30 到 [250] 之間的某個地方，並且會隨著時間的推移而波動。

Okay. Maybe another question. To what extent are you committed to the current configuration of the Beacon? There had been some industry concerns that at a $2 million price point, that sort of boxes out a lot of potential users. So yes, so multipart question, how committed to you are -- how committed are you to the Beacon as currently configured? And then can you just provide a little more clarity around the 3 new configurations over the next 3 years? Should we expect on each year? And when should we expect the first configuration to be deployed commercially?

好的。也許是另一個問題。您在多大程度上致力於 Beacon 的當前配置？有一些行業擔心，在 200 萬美元的價格點上，這種情況會淘汰大量潛在用戶。所以是的，這麼多部分的問題，對您的承諾程度如何——您對當前配置的 Beacon 的承諾程度如何？然後，您能否就未來 3 年的 3 種新配置提供更清晰的說明？我們應該期待每一年嗎？我們應該什麼時候期望第一個配置在商業上部署？

Yes. Fantastic question, Mark. We are already doing a pilot in Q4 for one instrument right now. It's already been through the development cycle, pretty strong demand for cell line development application for that. We launched that commercially in 2023, most likely in the first half of 2023.

是的。奇妙的問題，馬克。我們現在已經在第四季度對一種儀器進行試點。它已經經歷了開發週期，對細胞系開發應用的需求非常強烈。我們在 2023 年將其商業化，最有可能在 2023 年上半年推出。

In 2024, we will launch another unit that will be even at further reduced features. That will be more specific to applications required by generating workflow and immuno-oncology applications. And then finally, that will culminate into our innovation work that is going on and significantly taking the cost out of the Beacon platform.

2024 年，我們將推出另一個功能甚至進一步減少的單元。這將更具體到生成工作流程和免疫腫瘤學應用程序所需的應用程序。最後，這將最終導致我們正在進行的創新工作，並顯著降低 Beacon 平台的成本。

Remember, Beacon platform was actually launched 5, 6 years ago, and all the supply chain and all the technology used in it were 80 years ago, okay? The technology team has, for the last 6, 7 years, have continued to experiment with bringing the same technology, not all the features, but most of them that are used by customers at a reduced cost. So we've got a lot of in-house work that has gone on into taking the cost out of what we call the Beacon, which is why the Beacon light is the phase we are using for Beacon that is going to be launched in 2025. But we have significant headroom on taking the cost out there.

記住，Beacon 平台實際上是 5、6 年前推出的，所有的供應鍊和其中使用的所有技術都是 80 年前的，好嗎？在過去的 6、7 年中，技術團隊一直在嘗試引入相同的技術，不是所有的功能，而是客戶以更低的成本使用的大部分功能。因此，我們進行了大量內部工作，以降低我們所謂的 Beacon 的成本，這就是為什麼 Beacon 燈是我們用於 Beacon 的階段，該階段將於 2025 年推出. 但是我們在降低成本方面有很大的空間。

Okay. I also want to ask about -- go ahead. Go ahead.

好的。我還想問一下——繼續。前進。

But just to make sure I answer your question about how committed we are to Beacon. We are absolutely committed to supporting customers who are actually interested in buying full Beacon platform. But we are also aware of the fact that, that $2 million price point is not the right price point for everybody, which is why we are launching new versions with the reduced features in '23 and '24 as we make the bridge to the '25 with a much larger adoption by a very wide range of cell biology laboratories.

但只是為了確保我回答你關於我們對 Beacon 的承諾程度的問題。我們絕對致力於支持真正有興趣購買完整 Beacon 平台的客戶。但我們也意識到，200 萬美元的價格點對每個人來說都不是合適的價格點，這就是為什麼我們要在 23 和 24 年推出具有減少功能的新版本，因為我們正在搭建通往25 被廣泛的細胞生物學實驗室廣泛採用。

Okay. Is there a point in time where -- or maybe that point in time could be now. Can you give us a sense for -- so if $2 million might be a little out of reach for some, how are you thinking about the different pricing configurations? I mean presumably some may be below 1 million. But can you give us a sense for what you think the sort of the appetite is in terms of the capital expenditure for the system?

好的。是否有一個時間點——或者那個時間點可能是現在。你能給我們一個感覺 - 所以如果 200 萬美元對某些人來說可能有點遙不可及，你如何考慮不同的定價配置？我的意思是大概有些可能低於100萬。但是，您能否讓我們了解一下您認為在系統的資本支出方面的胃口是什麼？

Yes, it's a great question. What I'd like to do is to address this at the later Investor Day. What I will give you a little bit of a hint on is that it is not just the placement of pricing of the instrument. It will also be what will be the cost of consumables when the cost to own and access the technology is reduced. We will modify the cost of consumption along with that. And we have a pretty strong model that shows that actually right from get-go, if we do it right in 9 months after the platform is acquired, it becomes a cash flow positive event for us.

是的，這是一個很好的問題。我想做的是在稍後的投資者日解決這個問題。我要給你一點提示的是，它不僅僅是工具定價的位置。當擁有和使用該技術的成本降低時，消耗品的成本也將是多少。我們將隨之修改消費成本。我們有一個非常強大的模型，它表明實際上從一開始，如果我們在平台被收購後的 9 個月內做對了，這對我們來說就是一個現金流積極事件。

Okay. I also wanted to ask about recognizing that you're both new in terms of having an operational role at the company, but just going back to the original guidance for the year, it was 30% growth. Now you're guiding roughly flat. It's a $26 million delta. So like in simple terms, that could be as little as 13 system placements, right? But maybe it's not that simple. So maybe can you help us maybe better understand what the delta is between the current guidance and what it was at the beginning of this year and what the factors are?

好的。我還想問一下，你們在公司擔任運營職務方面都是新人，但回到當年的原始指導，這是 30% 的增長。現在你的指導大致平坦。這是一個 2600 萬美元的增量。所以簡單來說，可能只有 13 個系統佈局，對吧？但也許事情沒有那麼簡單。那麼，也許您能幫助我們更好地了解當前指導與今年年初的指導之間的差異以及因素是什麼？

I think Mehul went through it again, but we can go through that again for the sake of clarity. It really is, one, I think the most important backdrop that you would appreciate is that -- if I was asked about the guidance and the forecast when I first started, which was my day number 30, and I was evaluating what the current progress is. A lot has changed in the macroeconomic environment, and the capital cycles in life sciences tools industry have leveled. There are significant challenges being faced by not just us, but many companies, a large part of it is that.

我認為 Mehul 又經歷了一次，但為了清楚起見，我們可以再經歷一次。確實，一個，我認為你會欣賞的最重要的背景是——如果我在第一次開始時被問到指導和預測，那是我的第 30 天，我正在評估當前的進展是。宏觀經濟環境發生了很大變化，生命科學工具行業的資本週期趨於平穩。不僅我們，而且許多公司都面臨著重大挑戰，其中很大一部分就是這樣。

Another part of it is applying our judgment and, frankly, not pursuing growth for the sake of growth. And I can tell you that we are in a much better shape to have profitable growth. We believe that we will be turning the page as we move into 2023 with a significant growth ahead of us.

另一部分是運用我們的判斷，坦率地說，不是為了增長而追求增長。我可以告訴你，我們處於有利可圖的增長狀態。我們相信，隨著我們進入 2023 年，我們將翻開新的一頁，並在我們面前實現顯著增長。

Okay. If I can ask one more, and then I'll stop, I promise. The -- you've had some time to assess the business and the end markets, of course. The initial total addressable market from the management team I think was somewhere in the $23 billion to $25 billion range, primarily driven by cell therapy at $15 billion, $6 billion for antibody therapeutics, viral vectors and synbio $2 billion each. Do you still agree with the size of the market? And maybe just comment about anything that you think may be different from how you see the opportunity now in the end markets versus how this was sort of presented to investors back at the IPO.

好的。如果我可以再問一個，然後我會停下來，我保證。 - 當然，您有一些時間來評估業務和終端市場。我認為管理團隊最初的潛在市場總額在 230 億美元到 250 億美元之間，主要由 150 億美元的細胞療法推動，60 億美元的抗體療法、病毒載體和合成生物各 20 億美元。你仍然同意市場的規模嗎？也許只是評論您認為可能與您現在在終端市場中看到機會的方式不同的任何事情，而不是在首次公開募股時向投資者呈現這種機會的方式。

Yes. Good question. Right now, we are in the middle of a pretty significant customer research project. When we are ready to have an Investor Day, we will actually debrief you with a full estimate of our sort of what is the current addressable market as we study it in full depth. My instincts tell me right now, based on the early data, that it will be smaller than what was estimated at the time of the IPO. But it is still in the billions of dollars.

是的。好問題。現在，我們正在進行一個非常重要的客戶研究項目。當我們準備好舉辦投資者日時，我們實際上會向您匯報我們對當前目標市場的全面估計，因為我們會深入研究它。根據早期數據，我的直覺現在告訴我，它會比 IPO 時的估計要小。但這仍然是數十億美元。

Your next question comes from the line of Gaurav Goparaju with Berenberg Capital Markets.

您的下一個問題來自 Berenberg Capital Markets 的 Gaurav Goparaju。

Just 2 for me, I'll run by you guys. So should we expect pretty consistent or at least similar direct platform sales segment revenues to continue to, I guess, remain at that deescalation growth that they're at right now? It seems like it's kind of hovering around 36% to 40% at that rate relatively in the near term? Or do you think this is something that we should expect to kind of have a turnaround relatively quickly?

給我2個，我會和你們一起跑。那麼，我們是否應該期望相當一致或至少相似的直接平台銷售部門收入繼續保持在他們現在的降級增長？看起來它在短期內相對以這個速度徘徊在 36% 到 40% 左右？還是您認為這是我們應該期望的相對較快的轉變？

Gaurav, this is Mehul.

高拉夫，這是梅胡爾。

Meaning, like in a year or so. Yes.

意思是，一年左右。是的。

This is Mehul. So I think we're -- our guidance was relative to 2022. We haven't really provided any guidance around 2023. But as I mentioned in the 2022 guidance, we do expect acceleration of the tool sales in the second half of the year relative to the first half of the year. And again, some of it is cyclical, but it's also supported by some of the commercial execution things that will occur around the platform as well as pricing that Siddhartha kind of talked through. So we do expect acceleration in the second half of this fiscal year.

這是梅胡爾。所以我認為我們 - 我們的指導是相對於 2022 年的。我們沒有真正提供 2023 年左右的任何指導。但正如我在 2022 年指導中提到的那樣，我們確實預計下半年工具銷售會加速相對於上半年。再說一次，其中一些是周期性的，但它也得到了圍繞平台發生的一些商業執行事物的支持，以及悉達多談到的定價。因此，我們確實預計本財年下半年會加速。

And as I mentioned, we should see a little bit of a slowdown on the subscription or the platform and services businesses as some of the contracts, the R&D contracts have now ended. And we are refocusing our resources on the higher value areas that, again, Siddhartha talked about.

正如我所提到的，我們應該看到訂閱或平台和服務業務的一些放緩，因為一些合同，研發合同現在已經結束。我們正在將我們的資源重新集中在Siddhartha再次談到的更高價值的領域。

Got it. That's helpful. And then just one more for me before I let you guys go. More of a general question. How do you guys look to -- looking at the public view of the company, right? How do you look to correct that messaging of the company to the market? The reason I ask is the general public perception of the company in the market, given the last 12 months or so isn't the most favorable. So any color on initiatives in that sense on communicating the strategic focus on bigger scale would be helpful.

知道了。這很有幫助。在我讓你們走之前，再給我一個。更多的是一般性問題。你們如何看待公司的公眾觀點，對嗎？您如何看待公司向市場傳達的信息？我問的原因是市場上公眾對該公司的看法，鑑於過去 12 個月左右並不是最有利的。因此，從這個意義上講，在更大範圍內傳達戰略重點的舉措上的任何顏色都會有所幫助。

Gaurav, that's a fantastic question. I'll tell you, I've been in the life sciences industry for 20 years. I was also new in the context of all of that, that is going on, the company and the perception.

Gaurav，這是一個很棒的問題。我會告訴你，我已經在生命科學行業工作了 20 年。在所有這一切的背景下，我也是新人，正在發生的公司和看法。

My first task was to understand the value and the power of this technology. I was sitting on a Board for 2 quarters before them, I can tell you, by being in the company, I am super excited about the power of the technology. I think it's forgotten perhaps in the -- all the publicity event that this technology was already used in the most important public health crisis of our time, which is to discover the first COVID antibody. And since I've been here, I have seen amazing impact on things that no other technology can do and allowing scientific breakthroughs to happen through the use of Berkeley Lights technology.

我的首要任務是了解這項技術的價值和力量。在他們之前，我曾在董事會任職兩個季度，我可以告訴你，在公司工作時，我對這項技術的力量感到非常興奮。我認為也許在所有宣傳活動中都忘記了這項技術已經用於我們這個時代最重要的公共衛生危機，即發現第一個 COVID 抗體。自從我來到這里以來，我看到了其他技術無法做到的驚人影響，並通過使用伯克利燈光技術實現了科學突破。

I'm also incredibly encouraged by passion of our employees. We are a small company. Everybody here is here because they have a purpose. They want to change the world and have an impact. And then finally, I think what was missing from the company, and this is all only time will tell everybody, the leadership team coming here is experienced, knows what we are doing. And we are putting in place what was missing in the company, which is a commercial acumen and fiscal discipline. But as I said, only time will actually change the narrative, as you know.

我們員工的熱情也讓我感到難以置信的鼓舞。我們是一家小公司。每個人都在這裡，因為他們有一個目標。他們想改變世界並產生影響。最後，我認為公司缺少什麼，只有時間會告訴大家，來這裡的領導團隊經驗豐富，知道我們在做什麼。我們正在落實公司缺少的東西，即商業敏銳度和財政紀律。但正如我所說，只有時間才能真正改變敘述，如你所知。

There are no further questions. Thank you all for attending the Berkeley Lights second quarter call. You may now disconnect.

沒有進一步的問題。感謝大家參加伯克利燈光第二季度電話會議。您現在可以斷開連接。