Berkeley Lights Inc. shares dropped in the extended session Wednesday after the biotech drug developer said it is looking for a new chief executive and forecast revenue below Wall Street estimates.
Berkeley Lights BLI,
The company said CEO and board member Eric Hobbs will “transition” to the head its antibody therapeutics business after it finds a new CEO through an external search.
The company said it expects 2021 revenue of between $84.0 million and $84.5 million. Analysts surveyed by FactSet had forecast $90.8 million.
The company said it expects a gain of about 30% in revenue for 2022. Based on its 2021 forecast, that would work out to about $109.2 million to $109.9 million. Analysts had estimated $123 million.
