Berkeley Lights, Inc. (NASDAQ:BLI) shares dropped almost 40% on Thursday following the company’s announcements, according to which its CEO Eric Hobbs would be transitioning from his CEO position to become the president of the company’s Antibody Therapeutics segment, and the preliminary revenues for 2021 are estimated to be $84-$84.5 million (up 30% year-over-year).

Dr. Hobbs will remain in his current position of CEO until a successor is appointed.

The company’s 2021 revenue estimates represent around 8% reduction from the prior guidance in November when the company estimated revenues in the low $90 million range.

The company also updated its full 2022-year outlook, expecting a 30% revenue growth, which implies revenues of $109.5 million.