SAN DIEGO, March 09, 2023 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the fourth quarter and full year ended December 31, 2022 and revenue outlook for 2023.
“We started the year against a challenging external backdrop, and over the course of the year achieved or exceeded all of the stated 2022 ELEVATE! milestones we outlined at the beginning of 2022,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “Bionano issued revenue guidance for the first time in 2022, and we exceeded our total 2022 guidance range. We were also pleased to see an uptick in overall awareness and adoption of optical genome mapping (OGM) across the globe.”
Recent Highlights
Q4 2022 and YE 2022 Highlights
Achieved All Full-Year 2022 ELEVATE! Milestones
Q4 2022 and Full Year 2022 Financial Highlights
2023 Financial Guidance
Chris Stewart, chief financial officer at Bionano added, “Q4 2022 was an outstanding quarter, capping off a tremendous year where we achieved impressive year-over-year revenue growth of 30%. We leveraged our strong balance sheet to acquire Purigen Biosystems and their industry leading isotachophoresis (ITP) solution for DNA isolation and analysis on the Ionic® Purification System in Q4 2022. We begin 2023 well-positioned, and look forward to executing on our goal to drive value for our stakeholders.”
Webcast Details
| Webcast Details | |
| Date: | Thursday, March 9, 2023 |
| Time: | 4:30 p.m. Eastern Time |
| Participant Registration: | https://register.vevent.com/register/BI1a2ac25870e84ed0aeee268edd291fca |
| Webcast: | https://edge.media-server.com/mmc/p/wi7rgr4x |
Participants should register at the link above in advance of the call, and then click the webcast link before the call begins. An archived version of the webcast will be available for replay in the Investors section of the Bionano website.
About Bionano Genomics
Bionano Genomics 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 for other applications including bioprocessing. Through its Bionano Laboratories business, the Company also provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. Through its BioDiscovery business, 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. Through its Purigen Biosystems business, the Company offers nucleic acid extraction and purification solutions using proprietary ITP technology. For more information,visit www.bionano.com, www.bionanolaboratories.com or www.biodiscovery.com
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 operating expense in this press release, which is a non-GAAP financial measure. Non-GAAP operating expense excludes from GAAP reported operating expense the following components as detailed in the reconciliation table accompanying this press release: stock-based compensation, amortization of intangibles and acquisition-related expenses.
Bionano believes that non-GAAP operating expense is 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 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 this measure allows for greater transparency with respect to key financial metrics it uses in assessing its own operating performance and making operating decisions.
This non-GAAP financial measure is 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; has no standardized meaning prescribed by GAAP; and is 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 measure as used by Bionano in this press release and the accompanying reconciliation table has 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 operating expense to 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,” “intend” 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, including our 2023 revenue guidance; the growth of our installed Saphyr system base; the sales of our flowcell consumables and the other expectations related thereto; our ability to meet our stated goals, including to drive value and penetrate into our target markets; our commercial expectations, including the potential market opportunity for structural variation analysis and OGM; the anticipated benefits and success of our collaboration efforts, including the opportunities offered by our anticipated collaborations with Hamilton and NVIDIA; the expected benefits from our acquisition of Purigen Biosystems and its ITP technology to help accelerate the adoption of OGM; the expected launch of our next-generation OGM system; the ability and utility of the DLS G2 and SP Next reagents to decrease processing time; continued research, presentations and publications involving OGM, its utility compared to traditional cytogenetics and our technologies; our ability to drive adoption of OGM and our technology solutions; and expected timing and results from our clinical studies; and the execution of our strategy. 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 the COVID-19 pandemic and the ongoing conflict between Ukraine and Russia, on our business and the global economy; general market conditions; 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, 2022 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:
Amy Conrad
Juniper Point
+1 (858) 366-3243
This email address is being protected from spambots. You need JavaScript enabled to view it.
| BIONANO GENOMICS, INC | |||||||||||||||
| Consolidated Statement of Operations (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 6,178,000 | $ | 4,841,000 | $ | 20,425,000 | $ | 12,686,000 | |||||||
| Service and other revenue | 2,037,000 | 1,461,000 | 7,377,000 | 5,295,000 | |||||||||||
| Total revenue | 8,215,000 | 6,302,000 | 27,802,000 | 17,981,000 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of product revenue | 4,709,000 | 4,801,000 | 15,966,000 | 10,524,000 | |||||||||||
| Cost of service and other revenue | 1,701,000 | 1,262,000 | 5,891,000 | 3,583,000 | |||||||||||
| Total cost of revenue | 6,410,000 | 6,063,000 | 21,857,000 | 14,107,000 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 14,011,000 | 9,215,000 | 49,047,000 | 22,485,000 | |||||||||||
| Selling, general and administrative | 25,321,000 | 19,807,000 | 88,596,000 | 58,490,000 | |||||||||||
| Total operating expenses | 39,332,000 | 29,022,000 | 137,643,000 | 80,975,000 | |||||||||||
| Loss from operations | (37,527,000 | ) | (28,783,000 | ) | (131,698,000 | ) | (77,101,000 | ) | |||||||
| Other income (expenses) | |||||||||||||||
| Interest income | 770,000 | 236,000 | 1,507,000 | 236,000 | |||||||||||
| Interest expense | (75,000 | ) | (206,000 | ) | (298,000 | ) | (927,000 | ) | |||||||
| Gain on forgiveness of Paycheck Protection Program Loan | — | — | — | 1,775,000 | |||||||||||
| Loss on debt extinguishment | — | — | — | (2,076,000 | ) | ||||||||||
| Other income (expenses) | (40,000 | ) | 37,000 | (223,000 | ) | (59,000 | ) | ||||||||
| Total other income (expenses) | 655,000 | 67,000 | 986,000 | (1,051,000 | ) | ||||||||||
| Loss before income taxes | (36,872,000 | ) | (28,716,000 | ) | (130,712,000 | ) | (78,152,000 | ) | |||||||
| Benefit (provision) for income taxes | (1,805,000 | ) | 5,767,000 | (1,884,000 | ) | 5,717,000 | |||||||||
| Net loss | $ | (38,677,000 | ) | $ | (22,949,000 | ) | $ | (132,596,000 | ) | $ | (72,435,000 | ) | |||
| BIONANO GENOMICS, INC | |||||||
| Consolidated Balance Sheet (Unaudited) | |||||||
| December 31, | |||||||
| 2022 | 2021 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 5,091,000 | $ | 24,571,000 | |||
| Investments | 108,095,000 | 226,041,000 | |||||
| Accounts receivable, net | 7,022,000 | 4,934,000 | |||||
| Inventory | 29,761,000 | 12,387,000 | |||||
| Prepaid expenses and other current assets | 7,329,000 | 4,481,000 | |||||
| Total current assets | 157,298,000 | 272,414,000 | |||||
| Restricted cash | 400,000 | — | |||||
| Property and equipment, net | 18,029,000 | 10,318,000 | |||||
| Operating lease right-of-use assets | 7,222,000 | 6,691,000 | |||||
| Financing lease right-of-use assets, related party | 3,707,000 | 3,926,000 | |||||
| Intangible assets, net | 41,143,000 | 26,842,000 | |||||
| Goodwill | 77,289,000 | 56,160,000 | |||||
| Other long-term assets | 2,414,000 | 749,000 | |||||
| Total assets | $ | 307,502,000 | $ | 377,100,000 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 12,534,000 | $ | 10,769,000 | |||
| Accrued expenses | 10,552,000 | 8,621,000 | |||||
| Contract liabilities | 871,000 | 684,000 | |||||
| Operating lease liability | 2,260,000 | 1,467,000 | |||||
| Finance lease liability | 285,000 | 299,000 | |||||
| Contingent consideration | 9,382,000 | — | |||||
| Total current liabilities | 35,884,000 | 21,840,000 | |||||
| Operating lease liability, net of current portion | 5,504,000 | 5,288,000 | |||||
| Finance lease liability, net of current portion | 3,619,000 | 3,642,000 | |||||
| Contingent consideration | 12,970,000 | 9,066,000 | |||||
| Long-term contract liabilities | 127,000 | 146,000 | |||||
| Total liabilities | $ | 58,104,000 | $ | 39,982,000 | |||
| Stockholders’ equity: | |||||||
| Common Stock | 30,000 | 29,000 | |||||
| Additional paid-in capital | 599,207,000 | 553,747,000 | |||||
| Accumulated deficit | (348,715,000 | ) | (216,119,000 | ) | |||
| Accumulated other comprehensive loss | (1,124,000 | ) | (539,000 | ) | |||
| Total stockholders’ equity | 249,398,000 | 337,118,000 | |||||
| Total liabilities and stockholders’ equity | $ | 307,502,000 | $ | 377,100,000 | |||
| BIONANO GENOMICS, INC | |||||||||||||||
| Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense (Unaudited) | |||||||||||||||
| Three Months Ended December 31, | Years Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Total GAAP operating expense | $ | 39,332,000 | $ | 29,022,000 | $ | 137,643,000 | $ | 80,975,000 | |||||||
| GAAP selling, general and administrative expense | 25,321,000 | 19,807,000 | 88,596,000 | 58,490,000 | |||||||||||
| Stock-based compensation expense | (2,478,000 | ) | (2,480,000 | ) | (9,015,000 | ) | (6,188,000 | ) | |||||||
| Intangible asset amortization | (1,543,000 | ) | (1,196,000 | ) | (5,800,000 | ) | (1,400,000 | ) | |||||||
| Transaction related expenses | (1,673,000 | ) | (1,218,000 | ) | (1,458,000 | ) | |||||||||
| Adjusted non-GAAP selling, general and administrative expense | 19,627,000 | 14,913,000 | 72,021,000 | 49,444,000 | |||||||||||
| GAAP Research and development expense | 14,011,000 | 9,215,000 | 49,047,000 | 22,485,000 | |||||||||||
| Stock-based compensation expense | (3,001,000 | ) | (2,322,000 | ) | (13,402,000 | ) | (3,531,000 | ) | |||||||
| Adjusted non-GAAP research and development expense | 11,010,000 | 6,893,000 | 35,645,000 | 18,954,000 | |||||||||||
| Total adjusted non-GAAP operating expense | $ | 30,637,000 | $ | 21,806,000 | $ | 107,666,000 | $ | 68,398,000 | |||||||
1GAAP operating expense is a non-GAAP financial measure. For a description of this non-GAAP financial measure, please refer to “Non-GAAP Financial Measures”, and for a reconciliation of non-GAAP operating expense to operating expense reported in accordance with GAAP, please refer to the financial tables accompanying this release
| Last Trade: | US$0.24 |
| Daily Change: | -0.01 -4.53 |
| Daily Volume: | 2,263,965 |
| Market Cap: | US$20.640M |
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