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– 55% year-over-year revenue growth in Q3 2022
– On track to achieve all 2022 ELEVATE! milestones
– Strong balance sheet with $180.2 million in cash, cash equivalents, and available-for-sale securities at the end of Q3 2022
– Conference call today, November 3rd, 2022 at 4:30 PM ET
SAN DIEGO, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO), today reported financial results for the third quarter ended September 30, 2022.
The Company executed its commercialization strategy, built scientific momentum by presenting data at key scientific meetings and drove utilization of the Saphyr system at leading institutions across the globe, with the following highlights:
Recent Highlights since the End of Q3 2022:
Business Highlights in Q3 2022:
“We believe our Q3 2022 results, which include the highest quarterly revenues ever for Bionano, reflect continued gains in market development and commercial validation for OGM. We were pleased to see improved revenues across all of our global regions,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “We remain on track to achieve all of our previously outlined ELEVATE! milestones for the second half of the year. We believe all of our achieved and planned advancements, together with further validation of OGM utility supported by recent publications, should lay the foundation for revenue growth and further penetration of our target markets, including cytogenomics, discovery research and cell bioprocessing."
Q3 2022 Financial Highlights
At September 30, 2022, the Company had cash, cash equivalents, and available-for-sale securities of $180.2 million, which includes $22.5 million in net proceeds raised in Q3 2022 under its ATM facility.
Chris Stewart, chief financial officer of Bionano added, “Q3 2022 was another outstanding quarter for Bionano. I’m pleased with our 55% year-over-year revenue growth. We believe this growth reflects the continued excitement about Bionano solutions that we are seeing in the market. Our capitalization remains strong with a cash, cash equivalents, and available-for-sale securities balance of $180.2 million at quarter-end. We expect revenues for the fourth quarter to be in the range of $7.5 million to $8 million.”Conference Call & Webcast DetailsDate:Thursday, November 3rd, 2022Time:4:30 p.m. Eastern TimeLive Call:Toll Free: 1-877-502-9276
Toll/International: 1-720-543-0302Live Webcast:https://edge.media-server.com/mmc/p/cz29oo8z
A replay of the conference call and webcast will be archived on Bionano’s investor relations website at https://ir.bionanogenomics.com/ for at least 30 days.
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. Through its Lineagen, Inc. d/b/a 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. For more information, visit www.bionanogenomics.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 transaction 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
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “can,” “expect,” “may,” “plan,” “anticipate,” “should,” “believe,” “would,” “potential,” “outlook,” “guidance,” "goal", “will,” “estimate” 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 fourth quarter guidance and ability to exceed our 2022 revenue guidance, our anticipated achievement of our ELEVATE! milestones, 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 goal 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 collaboration with Hamilton; 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; expected timing and results from our clinical studies; and the execution of our strategy, including the 2022 ELEVATE! strategy and our anticipated 2022 milestones. 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: geopolitical and macroeconomic events, such as the ongoing impact of the COVID-19 pandemic, the conflict between Ukraine and Russia and related sanctions, on our business and the global economy; general market conditions; changes in the competitive landscape, including the introduction of competitive technologies or improvements in existing technologies; changes in our strategic and commercial plans; delays in research or the receipt of supplies to advance our technologies and products, as well as delays in the anticipated timing for new product launches; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; whether medical and research institutions will adopt and/or continue to use our technologies, including as a result of their funding and the results of studies evaluating the utility and effectiveness of OGM; 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, 2021 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.CONTACTSCompany Contact:Erik Holmlin, CEOBionano Genomics, Inc.+1 (858) 888-7610eholmlin@bionanogenomics.com Investor Relations andMedia Contact:Amy ConradJuniper Point+1 (858) 366-3243amy@juniper-point.com BIONANO GENOMICS, INCCondensed Consolidated Balance Sheet (Unaudited) (Unaudited) September 30,
2022 December 31,
2021Assets Current assets: Cash and cash equivalents$28,166,000 $24,571,000 Investments 152,024,000 226,041,000 Accounts receivable, net 5,829,000 4,934,000 Inventory 25,046,000 12,387,000 Prepaid expenses and other current assets 7,132,000 4,481,000 Total current assets 218,197,000 272,414,000 Property and equipment, net 15,859,000 10,318,000 Operating lease right-of-use asset 6,030,000 6,691,000 Financing lease right-of-use asset 3,759,000 3,926,000 Intangible assets, net 22,585,000 26,842,000 Goodwill 56,466,000 56,160,000 Other long-term assets 802,000 749,000 Total assets$323,698,000 $377,100,000 Liabilities and stockholders’ equity Current liabilities: Accounts payable$9,407,000 $9,696,000 Accrued expenses 11,742,000 9,694,000 Contract liabilities 976,000 684,000 Operating lease liability 1,784,000 1,467,000 Finance lease liability, related party 288,000 299,000 Contingent consideration 9,303,000 — Total current liabilities 33,500,000 21,840,000 Operating lease liability, net of current portion 4,694,000 5,288,000 Finance lease liability, net of current portion 3,626,000 3,642,000 Contingent consideration — 9,066,000 Long-term contract liabilities 136,000 146,000 Total liabilities 41,956,000 39,982,000 Stockholders’ equity: Common stock 30,000 29,000 Additional paid-in capital 593,572,000 553,747,000 Accumulated deficit (310,038,000) (216,119,000)Accumulated other comprehensive loss (1,822,000) (539,000)Total stockholders’ equity 281,742,000 337,118,000 Total liabilities and stockholders’ equity$323,698,000 $377,100,000 Bionano Genomics, Inc.Condensed Consolidated Statement of Operations (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 Revenue: Product revenue$3,606,000 $3,300,000 $10,635,000 $7,845,000 Service and other revenue 3,615,000 1,355,000 8,952,000 3,834,000 Total revenue 7,221,000 4,655,000 19,587,000 11,679,000 Cost of revenue: Cost of product revenue 3,708,000 2,340,000 11,257,000 5,723,000 Cost of service and other revenue 1,704,000 1,161,000 4,190,000 2,321,000 Total cost of revenue 5,412,000 3,501,000 15,447,000 8,044,000 Operating expenses: Research and development 12,742,000 6,505,000 35,036,000 13,270,000 Selling, general and administrative 21,216,000 15,327,000 63,275,000 38,683,000 Total operating expenses 33,958,000 21,832,000 98,311,000 51,953,000 Loss from operations (32,149,000) (20,678,000) (94,171,000) (48,318,000)Other income (expenses): Interest income 436,000 29,000 737,000 152,000 Interest expense (73,000) (2,000) (223,000) (873,000)Gain on forgiveness of Paycheck Protection Program Loan — — — 1,775,000 Loss on debt extinguishment — — — (2,076,000)Other income (expense) 5,000 (67,000) (183,000) (96,000)Total other income (expense) 368,000 (40,000) 331,000 (1,118,000)Loss before income taxes (31,781,000) (20,718,000) (93,840,000) (49,436,000)Provision for income taxes (28,000) (35,000) (79,000) (50,000)Net loss$(31,809,000) $(20,753,000) $(93,919,000) $(49,486,000) Bionano Genomics, Inc.Reconciliation of GAAP Operating Expense to Non-GAAP Operating Expense (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2022 2022 2021 2022 2021 GAAP selling, general and administrative expense$21,216,000 $15,327,000 $63,275,000 $38,683,000 Stock-based compensation expense (2,453,000) (2,043,000) (6,537,000) (3,708,000)Intangible asset amortization (1,419,000) (79,000) (4,257,000) (237,000)Transaction related expenses (87,000) (240,000) (87,000) (240,000)Adjusted non-GAAP selling, general and administrative expense$17,257,000 $12,965,000 $52,394,000 $34,498,000 GAAP research and development expense$12,742,000 $6,505,000 $35,036,000 $13,270,000 Stock-based compensation expense (3,606,000) (745,000) (10,401,000) (1,209,000)Adjusted non-GAAP research and development expense 9,136,000 5,760,000 24,635,000 12,061,000 Total adjusted non-GAAP operating expense$26,393,000 $18,725,000 $77,029,000 $46,559,000