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  "documentTitle": "Berkeley Lights (BLI)",
  "authorId": "58_Scorpion_Capital",
  "authorName": "Scorpion Capital",
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  "presentationDate": "2021-09-15 00:00:00",
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  "notes": "The slide uses aggressive, emotive language ('raging dumpster fire', 'prima facie absurdity') to frame the company as a failing investment.",
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      "text": "Revenues are basically flat over the last 4 quarters – a striking fact for a “growth” stock; losses have doubled and are accelerating; gross and operating margins have tanked, falling sequentially in each period.",
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      "text": "Operating margin: -92.5%",
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      "text": "Even amidst the recent mania of gambling on vaporous SPAC's and meme stocks, Berkeley Lights stands out for its prima facie absurdity and reckless valuation of $2.3B and 27X revenue. We doubt most of its investors can even explain what it does...",
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      "text": "Source: Capital IQ financials; free cash flow calculated as operating cash flow less capital expenditures",
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      "text": "Financial performance table showing Revenue, Gross profit, Operating income, Net income, Free cash flow, Accounts receivable, Gross margin, and Operating margin from Q3 2020 to Q2 2021.",
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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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