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  "documentTitle": "Berkeley Lights (BLI)",
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      "text": "A/R jumped 51% over 3 quarters while sales fell 11% and customer concentration spiked",
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      "text": "We believe that BLI has now begun to stuff the channel to mask a sales decline, given a sudden, unexplained shift to distributor-based revenue over the last 2 quarters, from almost nothing to half of sales.",
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      "text": "We believe that BLI has now begun to stuff the channel to mask a sales decline, given a sudden, unexplained shift to distributor-based revenue over the last 2 quarters, from almost nothing to half of sales.",
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      "text": "Customer concentration per most recent 10Q: \"For the three months ended June 30, 2021, three customers accounted for 27%, 18% and 11% of revenue...four customers comprised 28%, 18%, 17% and 10% of accounts receivable.\"",
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      "text": "For the three months ended June 30, 2021, three customers accounted for 27%, 18% and 11% of revenue...four customers comprised 28%, 18%, 17% and 10% of accounts receivable. — Berkeley Lights 10Q",
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      "text": "Source: Scorpion Capital analysis and estimates; BLI SEC filings, earnings call transcripts from Capital IQ, and BLI press releases",
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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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