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  "documentTitle": "Berkeley Lights (BLI)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-09-15 00:00:00",
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  "notes": "The slide uses a table to highlight the discrepancy between the growing installed base and declining/stagnant recurring revenue per machine.",
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      "kind": "callout",
      "text": "Consumable revenue has only grown from ~$3MM to $4MM since end of 2019 – while the installed base has gone from 48 to 92.",
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      "kind": "callout",
      "text": "Consumables revenue of $3.9MM divided by 92 machines in the field yields $43K of consumable revenue per machine – or 2-3 runs, by our estimate.",
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      "kind": "callout",
      "text": "Recent trends have worsened, as consumables revenue has dropped 18% over the last 3 quarters while the installed base has grown by 17 machines.",
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      "text": "Recurring revenue per machine: $43K",
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      "kind": "paragraph",
      "text": "In addition, the fine print in BLI’s filings suggests that its machines are barely utilized by customers and basically mothballed – and that the remaining usage has declined significantly in the last 3 quarters.",
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      "text": "Note: A slightly more precise calculation would divide recurring revenue by the average of the installed base over the start and end of each quarter, versus the ending size of the installed base, but we use the ending size for consistency as figures aren't available for each period. Source: Scorpion Capital analysis and estimates, based upon BLI SEC filings, earnings call transcripts from Capital IQ, and BLI press releases",
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      "text": "Table showing Installed base, Recurring revenue, and Recurring revenue per machine from Q1/19 to Q2/21.",
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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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