SAN DIEGO, May 08, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the first quarter ended March 31, 2024.
Recent Highlights
Q1 2024 Highlights
“We are pleased with our Q1 2024 results, which include significant growth in year-over-year revenue, expansion in the OGM system installed base, and advances to our end-to-end workflow,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “Our focus remains on strengthening the company's long-term growth profile. As a part of our ongoing evolution, we are continuing to execute on cost savings and strategic productivity initiatives intended to allow us to be more focused and agile, drive efficiency across the company, and prioritize investing in opportunities where we see the greatest potential to increase global adoption and utilization of OGM."
Q1 2024 Financial Results
Gülsen Kama, chief financial officer at Bionano added, “Q1 2024 was an important quarter for the Company. Our operating expense and cash burn improved year-over-year as a result of the cost savings initiatives we announced in May and October 2023, and we expect to see continued improvement to both as a result of the reduction in force we announced in March 2024. We continue to work to reduce our expenditures as we pursue ways to extend our cash runway.”
Conference Call & Webcast Details
| Date: | Wednesday, May 8th, 2024 |
| Time: | 4:30 p.m. ET |
| Participant Dial-In: | Toll Free: 1-833-630-1956 International: 1-412-317-1837 |
| Webcast Link: | https://edge.media-server.com/mmc/p/5z343pph/ |
Participants may access a live webcast of the call on the Investors page of the Bionano website. A replay of the conference call and webcast will be archived on Bionano’s investor relations website at https://ir.bionano.com/ for at least 30 days.
About Bionano
Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through OGM solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also provides OGM-based testing for certain laboratory developed tests. The Company also offers an industry-leading, platform-agnostic software solution, which integrates next-generation sequencing and microarray data designed to provide analysis, visualization, interpretation and reporting of copy number variants, single-nucleotide variants and absence of heterozygosity across the genome in one consolidated view. For more information, visit www.bionano.com and www.bionanolaboratories.com.
Unless specifically noted otherwise, Bionano’s OGM products are for research use only and not for use in diagnostic procedures.
Non-GAAP Financial Measures
To supplement Bionano’s financial results reported in accordance with U.S. generally accepted accounting principles (GAAP), the Company has provided non-GAAP gross margin and non-GAAP operating expense in this press release, which are non-GAAP financial measures. Non-GAAP operating expense excludes from GAAP reported operating expense the following components as detailed in the reconciliation table accompanying this press release: costs directly attributable to the company restructuring, stock-based compensation, amortization of intangibles, change in fair value of contingent consideration and certain deal-related costs. Non-GAAP gross margin excludes from GAAP reported gross margin stock-based compensation and certain restructuring expense as detailed in the reconciliation table accompanying this press release.
Bionano believes that non-GAAP gross margin and non-GAAP operating expense are useful to investors and analysts as a supplement to its financial information prepared in accordance with GAAP for analyzing operating performance and identifying operating trends in its business. Bionano uses non-GAAP gross margin and non-GAAP operating expense internally to facilitate period-to-period comparisons and analysis of its operating performance in order to understand, manage and evaluate its business and to make operating decisions. Accordingly, Bionano believes these measures allow for greater transparency with respect to key financial metrics it uses in assessing its own operating performance and making operating decisions.
These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that the Company may exclude for purposes of its non-GAAP financial measures; and the Company may in the future cease to exclude items that it has historically excluded for purposes of its non-GAAP financial measures. Likewise, the Company may determine to modify the nature of its adjustments to arrive at its non-GAAP financial measures. Because of the non-standardized definitions of non-GAAP financial measures, the non-GAAP financial measures as used by Bionano in this press release and the accompanying reconciliation table have limits in its usefulness to investors and may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies.
For a reconciliation of non-GAAP gross margin and non-GAAP operating expense to gross margin and operating expense reported in accordance with GAAP, please refer to the financial tables accompanying this release.
Forward-Looking Statements of Bionano Genomics
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “believe,” “estimate,” “expect,” “may,” “plan,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: our expectations regarding product uptake, revenue growth, market development and increased OGM adoption, including through publications highlighting the utility and applications of OGM; our growth prospects and future financial and operating results; the growth of our installed OGM system base; the sales of our flowcell consumables and the other expectations related thereto; our commercial expectations, including the potential to increase global adoption and utilization of OGM; the anticipated benefits and success of our collaboration efforts, including the opportunities offered by our anticipated collaborations with NVIDIA; continued research, presentations and publications involving OGM and its utility compared to traditional cytogenetics and our technologies; our ability to drive adoption of OGM and our technology solutions; our cost savings and strategic productivity initiative including the expected reduction in headcount and annualized operating expenses; and efforts to extend our cash runway. Each of these forward-looking statements involves risks and uncertainties. Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include the risks and uncertainties associated with: the timing and amount of revenue we are able to recognize in a given fiscal period; the impact of adverse geopolitical and macroeconomic events, such as recent and potential future bank failures and the ongoing conflicts between Ukraine and Russia and Israel and Hamas, on our business and the global economy; general market conditions, including inflation and supply chain disruptions; changes in the competitive landscape and the introduction of competitive technologies or improvements to existing technologies; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts and our ability to continue as a “going concern”; the ability of medical and research institutions to obtain funding to support adoption or continued use of our technologies; study results that differ or contradict the results mentioned in this press release; and the risks and uncertainties associated with our business and financial condition in general, including the risks and uncertainties described in our filings with the Securities and Exchange Commission, including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings subsequently made by us with the Securities and Exchange Commission. All forward-looking statements contained in this press release speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We do not undertake any obligation to publicly update any forward-looking statements, whether as a result of the receipt of new information, the occurrence of future events or otherwise.
CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
This email address is being protected from spambots. You need JavaScript enabled to view it.
Investor Relations:
David Holmes
Gilmartin Group
+1 (858) 888-7625
This email address is being protected from spambots. You need JavaScript enabled to view it.
| BIONANO GENOMICS, INC | |||||||
| Condensed Consolidated Balance Sheet (Unaudited) | |||||||
| (Unaudited) | |||||||
| March 31, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 15,759,000 | $ | 17,948,000 | |||
| Investments | 12,561,000 | 48,823,000 | |||||
| Accounts receivable, net | 8,313,000 | 9,319,000 | |||||
| Inventory | 19,587,000 | 22,892,000 | |||||
| Prepaid expenses and other current assets | 4,945,000 | 6,019,000 | |||||
| Restricted investments | 24,446,000 | 35,117,000 | |||||
| Total current assets | 85,611,000 | 140,118,000 | |||||
| Restricted cash | 400,000 | 400,000 | |||||
| Property and equipment, net | 25,279,000 | 23,345,000 | |||||
| Operating lease right-of-use asset | 4,870,000 | 5,633,000 | |||||
| Financing lease right-of-use asset | 3,453,000 | 3,503,000 | |||||
| Intangible assets, net | 31,734,000 | 33,974,000 | |||||
| Other long-term assets | 6,648,000 | 7,431,000 | |||||
| Total assets | $ | 157,995,000 | $ | 214,404,000 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 9,844,000 | $ | 10,384,000 | |||
| Accrued expenses | 11,028,000 | 8,089,000 | |||||
| Contract liabilities | 1,035,000 | 783,000 | |||||
| Operating lease liability | 2,190,000 | 2,163,000 | |||||
| Finance lease liability | 269,000 | 272,000 | |||||
| Purchase option liability (at fair value) | 5,060,000 | 8,534,000 | |||||
| Convertible notes payable (at fair value) | 29,080,000 | 69,803,000 | |||||
| Total current liabilities | 58,506,000 | 100,028,000 | |||||
| Operating lease liability, net of current portion | 2,755,000 | 3,590,000 | |||||
| Finance lease liability, net of current portion | 3,575,000 | 3,585,000 | |||||
| Contingent consideration | 10,250,000 | 10,890,000 | |||||
| Long-term contract liabilities | 138,000 | 154,000 | |||||
| Total liabilities | 75,224,000 | 118,247,000 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 6,000 | 5,000 | |||||
| Preferred Stock | — | — | |||||
| Additional paid-in capital | 695,411,000 | 677,337,000 | |||||
| Accumulated deficit | (612,630,000 | ) | (581,208,000 | ) | |||
| Accumulated other comprehensive income (loss) | (16,000 | ) | 23,000 | ||||
| Total stockholders’ equity | 82,771,000 | 96,157,000 | |||||
| Total liabilities and stockholders’ equity | $ | 157,995,000 | $ | 214,404,000 | |||
| Bionano Genomics, Inc. | |||||||
| Condensed Consolidated Statement of Operations (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| Revenue: | |||||||
| Product revenue | $ | 6,828,000 | $ | 5,447,000 | |||
| Service and other revenue | 1,941,000 | 1,968,000 | |||||
| Total revenue | 8,769,000 | 7,415,000 | |||||
| Cost of revenue: | |||||||
| Cost of product revenue | 4,904,000 | 3,858,000 | |||||
| Cost of service and other revenue | 1,041,000 | 1,487,000 | |||||
| Total cost of revenue | 5,945,000 | 5,345,000 | |||||
| Operating expenses: | |||||||
| Research and development | 9,779,000 | 13,937,000 | |||||
| Selling, general and administrative | 19,536,000 | 25,976,000 | |||||
| Restructuring costs | 4,632,000 | — | |||||
| Total operating expenses | 33,947,000 | 39,913,000 | |||||
| Loss from operations | (31,123,000 | ) | (37,843,000 | ) | |||
| Other income (expenses): | |||||||
| Interest income | 1,044,000 | 704,000 | |||||
| Interest expense | (122,000 | ) | (76,000 | ) | |||
| Other income (expense) | (1,239,000 | ) | 117,000 | ||||
| Total other income (expense) | (317,000 | ) | 745,000 | ||||
| Loss before income taxes | (31,440,000 | ) | (37,098,000 | ) | |||
| Provision for income taxes | 18,000 | (26,000 | ) | ||||
| Net loss | $ | (31,422,000 | ) | $ | (37,124,000 | ) | |
| Bionano Genomics, Inc. | |||||||
| Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) | |||||||
| Three Months Ended March 31, | |||||||
| 2024 | 2023 | ||||||
| GAAP gross margin: | |||||||
| GAAP revenue | $ | 8,769,000 | $ | 7,415,000 | |||
| GAAP cost of revenue | 5,945,000 | 5,345,000 | |||||
| GAAP gross profit | 2,824,000 | 2,070,000 | |||||
| GAAP gross margin % | 32 | % | 28 | % | |||
| Adjusted non-GAAP gross margin: | |||||||
| GAAP revenue | $ | 8,769,000 | $ | 7,415,000 | |||
| GAAP cost of revenue | 5,945,000 | 5,345,000 | |||||
| Stock-based compensation expense | (128,000 | ) | (146,000 | ) | |||
| COGS restructuring | (11,000 | ) | — | ||||
| Adjusted non-GAAP cost of revenue | 5,806,000 | 5,199,000 | |||||
| Adjusted non-GAAP gross profit | 2,963,000 | 2,216,000 | |||||
| Adjusted non-GAAP gross margin % | 34 | % | 30 | % | |||
| GAAP operating expense | |||||||
| GAAP selling, general and administrative expense | $ | 19,536,000 | $ | 25,976,000 | |||
| Stock-based compensation expense | (1,716,000 | ) | (2,379,000 | ) | |||
| Intangible asset amortization | (1,792,000 | ) | (1,792,000 | ) | |||
| Change in fair value of contingent consideration | 640,000 | (789,000 | ) | ||||
| Loss on intangible asset impairment | (448,000 | ) | — | ||||
| Transaction related expenses | (91,000 | ) | — | ||||
| Adjusted non-GAAP selling, general and administrative expense | 16,129,000 | 21,016,000 | |||||
| GAAP research and development expense | $ | 9,779,000 | $ | 13,937,000 | |||
| Stock-based compensation expense | (1,171,000 | ) | (1,357,000 | ) | |||
| Adjusted non-GAAP research and development expense | 8,608,000 | 12,580,000 | |||||
| GAAP restructuring costs | $ | 4,632,000 | $ | — | |||
| Restructuring costs | (4,632,000 | ) | — | ||||
| Adjusted non-GAAP restructuring costs | — | — | |||||
| Total adjusted non-GAAP operating expense | $ | 24,737,000 | $ | 33,596,000 | |||
| Last Trade: | US$0.29 |
| Daily Change: | -0.05 -14.49 |
| Daily Volume: | 5,467,430 |
| Market Cap: | US$24.920M |
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