SAN DIEGO, Nov. 08, 2023 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the third quarter ended September 30, 2023.
Business Updates Since the End of Q3 2023
Q3 2023 Highlights
“We are pleased with our Q3 2023 results, which demonstrate steady growth across the install base and flowcells sold,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “We believe that the momentum we see building over the past year provides validation that our strategy is working. It was important to complete the recent convertible debt financing to extend the company’s cash runway, which we believe will allow us to continue to advance critical products and develop our target markets to realize the full potential of OGM. We believe that the cost savings initiatives and operational efficiencies we recently implemented will play a role in leading the company to profitability.”
Q3 2023 Financial Highlights
Gülsen Kama, chief financial officer at Bionano, added, “I am happy to be onboard at Bionano and look forward to contributing to the strategic financial planning and reporting that will be critical for us to achieve profitability. I believe we have already taken some important steps in that direction with the convertible debt financing and the cost reduction initiatives we have put in place.”
Webcast Details
| Date: | Wednesday, November 8th, 2023 |
| Time: | 4:30 p.m. ET |
| Participant Call Link: | Registration – Click Here |
| Webcast Link: | https://edge.media-server.com/mmc/p/xoj2hwr3 |
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 An archived version of the webcast will be available for replay in the Investors section of the Bionano website.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
Bionano is a provider of genomic analysis solutions that can help reveal answers to challenging genetic questions. Our mission is to transform the way the world sees the genome through optical genome mapping (OGM). Our OGM solutions allow scientists and clinical researchers the ability to see and discover structural variations in a way unmatched by traditional cytogenetic techniques. Our products additionally include an industry-leading, platform-agnostic software solution, which integrates OGM, next-generation sequencing and microarray data in one consolidated view, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Our Lineagen, Inc., d/b/a Bionano Laboratories, business provides diagnostic testing for patients with clinical presentations consistent with autism spectrum disorder and other neurodevelopmental disabilities. To learn more, visit bionano.com and connect with us on Twitter, LinkedIn, Instagram, and YouTube.
Unless specifically noted otherwise, Bionano products are provided for Research Use Only. 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: impairment charge, stock-based compensation, amortization of intangibles, financing charges and change in fair value of contingent consideration. Non-GAAP gross margin excludes from GAAP reported gross margin stock-based compensation 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,” “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: the utility of OGM for cancer and genetic disease research and for cell therapy quality control applications; our ability to maintain continued year-over-year quarterly revenue growth; our achievement of our full year revenue guidance for 2023; our ability to execute on our strategy and achieve our objectives; the impact and utility of our cost savings initiatives and recent cost saving actions, including the expected amount and timing of cost savings, anticipated improvements in gross margin and ability to become profitable; the impact of our recent financing including providing a meaningful extension in the cash runway and closing the gap to profitability; our expectations regarding product uptake, revenue growth, market development and increased OGM adoption, including through publications highlighting the utility and applications of OGM; the timing of the full commercial release of the Stratys mapping system; our growth prospects and future financial and operating results, including our compound annual growth in revenues; the growth of our installed optical genome mapping 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 recent and upcoming product releases helping us penetrate new markets and achieve our business goals; our commercial expectations, including the potential market opportunity for structural variation analysis and OGM; continued research, presentations and publications involving OGM and its utility compared to traditional cytogenetics and our technologies; and our ability to drive adoption of OGM and our technology solutions. 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, potential global pandemics and the ongoing conflicts between Ukraine and Russia and Israel and Hamas, 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:
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) | |||||||
| September 30, 2023 | December 31, 2022 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 34,568,000 | $ | 5,091,000 | |||
| Investments | 29,014,000 | 108,095,000 | |||||
| Accounts receivable, net | 8,669,000 | 7,022,000 | |||||
| Inventory | 26,429,000 | 29,761,000 | |||||
| Prepaid expenses and other current assets | 5,857,000 | 7,329,000 | |||||
| Total current assets | 104,537,000 | 157,298,000 | |||||
| Restricted cash | 400,000 | 400,000 | |||||
| Property and equipment, net | 21,266,000 | 18,029,000 | |||||
| Operating lease right-of-use asset | 6,170,000 | 7,222,000 | |||||
| Financing lease right-of-use asset | 3,555,000 | 3,707,000 | |||||
| Intangible assets, net | 35,766,000 | 41,143,000 | |||||
| Goodwill | — | 77,289,000 | |||||
| Other long-term assets | 10,210,000 | 2,414,000 | |||||
| Total assets | $ | 181,904,000 | $ | 307,502,000 | |||
| Liabilities and stockholders’ equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 15,369,000 | $ | 12,534,000 | |||
| Accrued expenses | 11,552,000 | 10,552,000 | |||||
| Contract liabilities | 811,000 | 871,000 | |||||
| Operating lease liability | 2,186,000 | 2,260,000 | |||||
| Finance lease liability | 276,000 | 285,000 | |||||
| Contingent consideration | 10,000,000 | 9,382,000 | |||||
| Total current liabilities | 40,194,000 | 35,884,000 | |||||
| Operating lease liability, net of current portion | 4,085,000 | 5,504,000 | |||||
| Finance lease liability, net of current portion | 3,595,000 | 3,619,000 | |||||
| Contingent consideration, net of current portion | 14,880,000 | 12,970,000 | |||||
| Long-term contract liabilities | 151,000 | 127,000 | |||||
| Total liabilities | 62,905,000 | 58,104,000 | |||||
| Stockholders’ equity: | |||||||
| Common stock | 3,000 | 3,000 | |||||
| Preferred Stock | — | — | |||||
| Additional paid-in capital | 656,406,000 | 599,234,000 | |||||
| Accumulated deficit | (537,317,000 | ) | (348,715,000 | ) | |||
| Accumulated other comprehensive loss | (93,000 | ) | (1,124,000 | ) | |||
| Total stockholders’ equity | 118,999,000 | 249,398,000 | |||||
| Total liabilities and stockholders’ equity | $ | 181,904,000 | $ | 307,502,000 | |||
| Bionano Genomics, Inc. | |||||||||||||||
| Condensed Consolidated Statement of Operations (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 6,456,000 | $ | 5,253,000 | $ | 18,512,000 | $ | 14,254,000 | |||||||
| Service and other revenue | 2,862,000 | 1,968,000 | 6,883,000 | 5,333,000 | |||||||||||
| Total revenue | 9,318,000 | 7,221,000 | 25,395,000 | 19,587,000 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of product revenue | 5,105,000 | 3,708,000 | 13,714,000 | 11,257,000 | |||||||||||
| Cost of service and other revenue | 1,464,000 | 1,704,000 | 4,553,000 | 4,190,000 | |||||||||||
| Total cost of revenue | 6,569,000 | 5,412,000 | 18,267,000 | 15,447,000 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 13,785,000 | 12,742,000 | 42,331,000 | 35,036,000 | |||||||||||
| Selling, general and administrative | 24,896,000 | 21,216,000 | 77,809,000 | 63,275,000 | |||||||||||
| Goodwill Impairment | 77,280,000 | — | 77,280,000 | — | |||||||||||
| Total operating expenses | 115,961,000 | 33,958,000 | 197,420,000 | 98,311,000 | |||||||||||
| Loss from operations | (113,212,000 | ) | (32,149,000 | ) | (190,292,000 | ) | (94,171,000 | ) | |||||||
| Other income (expenses): | |||||||||||||||
| Interest income | 730,000 | 436,000 | 2,122,000 | 737,000 | |||||||||||
| Interest expense | (71,000 | ) | (73,000 | ) | (221,000 | ) | (223,000 | ) | |||||||
| Other income (expense) | 26,000 | 5,000 | (113,000 | ) | (183,000 | ) | |||||||||
| Total other income (expense) | 685,000 | 368,000 | 1,788,000 | 331,000 | |||||||||||
| Loss before income taxes | (112,527,000 | ) | (31,781,000 | ) | (188,504,000 | ) | (93,840,000 | ) | |||||||
| Provision for income taxes | (39,000 | ) | (28,000 | ) | (98,000 | ) | (79,000 | ) | |||||||
| Net loss | $ | (112,566,000 | ) | $ | (31,809,000 | ) | $ | (188,602,000 | ) | $ | (93,919,000 | ) | |||
| Bionano Genomics, Inc. | |||||||||||||||
| Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2023 | 2022 | 2023 | 2022 | ||||||||||||
| GAAP gross margin: | |||||||||||||||
| GAAP revenue | $ | 9,318,000 | $ | 7,221,000 | $ | 25,395,000 | $ | 19,587,000 | |||||||
| GAAP cost of revenue | 6,569,000 | 5,412,000 | 18,267,000 | 15,447,000 | |||||||||||
| GAAP gross profit | 2,749,000 | 1,809,000 | 7,128,000 | 4,140,000 | |||||||||||
| GAAP gross margin % | 30 | % | 25 | % | 28 | % | 21 | % | |||||||
| Adjusted non-GAAP gross margin: | |||||||||||||||
| GAAP revenue | $ | 9,318,000 | $ | 7,221,000 | $ | 25,395,000 | $ | 19,587,000 | |||||||
| GAAP cost of revenue | 6,569,000 | 5,412,000 | 18,267,000 | 15,447,000 | |||||||||||
| Stock-based compensation expense | (187,000 | ) | — | (531,000 | ) | — | |||||||||
| Adjusted non-GAAP cost of revenue | 6,382,000 | 5,412,000 | 17,736,000 | 15,447,000 | |||||||||||
| Adjusted non-GAAP gross profit | 2,936,000 | 1,809,000 | 7,659,000 | 4,140,000 | |||||||||||
| Adjusted non-GAAP gross margin % | 32 | % | 25 | % | 30 | % | 21 | % | |||||||
| GAAP operating expense | |||||||||||||||
| GAAP selling, general and administrative expense | $ | 24,896,000 | $ | 21,216,000 | $ | 77,809,000 | $ | 63,275,000 | |||||||
| Stock-based compensation expense | (2,556,000 | ) | (2,453,000 | ) | (7,368,000 | ) | (6,537,000 | ) | |||||||
| Intangible asset amortization | (1,792,000 | ) | (1,419,000 | ) | (5,377,000 | ) | (4,257,000 | ) | |||||||
| Change in fair value of contingent consideration | (310,000 | ) | (79,000 | ) | (2,528,000 | ) | (237,000 | ) | |||||||
| Transaction related expenses | $ | (929,000 | ) | $ | (87,000 | ) | $ | (929,000 | ) | $ | (87,000 | ) | |||
| Adjusted non-GAAP selling, general and administrative expense | 19,309,000 | 17,178,000 | 61,607,000 | 52,157,000 | |||||||||||
| GAAP research and development expense | $ | 13,785,000 | $ | 12,742,000 | $ | 42,331,000 | $ | 35,036,000 | |||||||
| Stock-based compensation expense | (1,249,000 | ) | (3,606,000 | ) | (3,907,000 | ) | (10,401,000 | ) | |||||||
| Adjusted non-GAAP research and development expense | 12,536,000 | 9,136,000 | 38,424,000 | 24,635,000 | |||||||||||
| GAAP goodwill impairment loss | $ | 77,280,000 | $ | — | $ | 77,280,000 | $ | — | |||||||
| Goodwill impairment loss | $ | (77,280,000 | ) | $ | — | $ | (77,280,000 | ) | $ | — | |||||
| Adjusted non-GAAP goodwill impairment loss | $ | — | $ | — | $ | — | $ | — | |||||||
| Total adjusted non-GAAP operating expense | $ | 31,845,000 | $ | 26,314,000 | $ | 100,031,000 | $ | 76,792,000 | |||||||
1Non-GAAP gross margin and operating expense are non-GAAP financial measures. For a description of these non-GAAP financial measures, please refer to “Non-GAAP Financial Measures”, and for a reconciliation of non-GAAP cost of revenue and operating expense to cost of revenue and 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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