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      "text": "Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips.",
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      "text": "Source: BLI SEC filings; Capital IQ data",
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      "text": "Trending down over last 3-4 quarters",
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      "text": "We observed warning signs in the financials, hiding in plain sight, that indicate a business treading water and floating sideways – a startling fact for a “growth” stock at ~30X sales. Product revenues have been basically flat for 4 quarters – typically a death knell for a company that sells a box with chips. Except for one strong quarter, they have actually gone nowhere for 2 years – the recent June quarter posted product sales lower than mid-2019. Platform revenue – just machines, excluding consumables – has been equally anemic for 2 years.",
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      "kind": "title",
      "text": "1) Introduction to the real Berkeley Lights; warning signs of a looming collapse and other red flags",
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