Bionano Genomics Inc

NASDAQ:BNGOUnited States

May 8, 2024

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• Bionano Reports First Quarter 2024 Results and Highlights Recent Business Progress, from 4:01PM ET on Wednesday May 08, 2024 by GlobeNewswire

  4:01PM ET on Wednesday May 08, 2024 by GlobeNewswire
  Companies Mentioned: BNGO

• Bionano Reports First Quarter 2024 Results and Highlights Recent Business Progress, from 4:01PM ET on Wednesday May 08, 2024 by Dow Jones

  4:01PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: BNGO
  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 =========== ==========
  

• Press Release: Bionano Reports First Quarter 2024 Results and Highlights Recent Business Progress, from 4:01PM ET on Wednesday May 08, 2024 by Dow Jones

  4:01PM ET on Wednesday May 08, 2024 by Dow Jones
  Companies Mentioned: BNGO