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SAN DIEGO, May 09, 2019 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ: BNGO), a life sciences instrumentation company that develops and markets Saphyr®, a platform for ultra-sensitive and ultra-specific structural variation detection in genome analysis, today reported financial results for the first quarter ended March 31, 2019 and provided a business update.
Recent Business Highlights
“We are very pleased by the rich flow of data and publications by researchers around the globe, which we believe validates the Saphyr system as the leading platform for digital cytogenetics. Additionally, our financial performance this quarter is reflective of the strong support by academia and growing awareness commercially,” said Erik Holmlin, Ph.D., CEO of Bionano. “We continue to build our sales pipeline and execute our strategy to advance and prove the capabilities of Saphyr for our current and future customers. As we drive growth beyond our research-oriented business, we remain focused on our long-term goal of our Saphyr system becoming the leading platform for digital cytogenetics."
First Quarter Financial Highlights
Total Revenue. Total revenue increased by $0.1 million, or 4.8%, to $1.9 million for the three months ended March 31, 2019, compared to $1.8 million for the same period in 2018. The increase in revenue was driven by an increase in sales to EMEIA customers, primarily offset by a decrease in sales to customers in Asia Pacific. Below is a summary of changes for the three months ended March 31, 2019 as compared to the same period in 2018:
Cost of Revenue. Total cost of revenue increased by $0.3 million, or 36.3%, to $1.1 million for the three months ended March 31, 2019, compared to $0.8 million for the same period in 2018. The increase is due to instrument sales representing a larger percentage of total product sales.
Operating Expenses. Operating expenses increased by $1.6 million, or 30.9%, to $6.9 million for the three months ended March 31, 2019, compared to $5.3 million for the same period in 2018. The increase was primarily related to employee compensation costs associated with headcount additions to support the growth of our worldwide product distribution. In addition, we have incurred increased professional fees to support ongoing business operations and to comply with obligations associated with being a publicly traded company.
Net Loss. Net loss for the three months ended March 31, 2019 was $7.9 million, compared to a net loss of $3.8 million for the same period in 2018. The increase was largely due to increases in operating expenses and interest and other expenses recognized in association with debt and equity transactions entered into during the first quarter of 2019.
Cash and cash equivalents. At March 31, 2019, the Company had cash and cash equivalents of $20.8 million, compared to cash and cash equivalents of $16.5 million at December 31, 2018. The increase in cash and cash equivalents is primarily due to proceeds received from debt and equity transactions entered into in March 2019.
Conference Call & Webcast Details
The Company will host a conference call and live webcast to discuss its first quarter 2019 financial results and provide an update on business activities. The event will be held today at 4:30 p.m Eastern Time. Dial-in details are as follows:
|Date:||Thursday, May 9, 2019|
|Time:||4:30 p.m. Eastern Time|
To access the call, participants should dial the applicable telephone number above at least 5 minutes prior to the start of the call. An archived version of the webcast will be available for replay in the Investors section of the Bionano website.
About Bionano Genomics
Bionano is a life sciences instrumentation company in the genome analysis space. Bionano develops and markets the Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and is designed to drive the adoption of digital cytogenetics, which is a more systematic, streamlined and industrialized form of traditional cytogenetics. The Saphyr system comprises an instrument, chip consumables, reagents and a suite of data analysis tools.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “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: effectiveness of Saphyr as an alternative to the Southern blot method for diagnosis of FSHD; Saphyr’s unique ability to comprehensively detect structural variations and identify their human disease associations; the benefits of recent improvements to the Saphyr system, including improved cost effectiveness, speed and ease of use for digital cytogenetics; the benefits of new data and publications, including their validation of Saphyr as the leading digital cytogenetics; and our efforts to execute on our commercial 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 that our sales, revenue, expense and other financial guidance may not be as expected, as well as risks and uncertainties associated with: general market conditions; changes in the competitive landscape and the introduction of competitive products; changes in our strategic and commercial plans; our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts; the loss of key members of management and our commercial team; 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, 2018 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.
Mike Ward, CFO
Bionano Genomics, Inc.
+1 (858) 888-7600
Bionano Investor Relations Contact:
Ashley R. Robinson
LifeSci Advisors, LLC
+1 (617) 535-7742
Bionano Media Contact:
The Ruth Group
+1 (508) 280-6592
Financial tables follow
Bionano Genomics, Inc.
Consolidated Statements of Operations
|Three Months Ended March 31,|
|Cost of revenue:|
|Cost of product revenue||1,119,551||840,582|
|Cost of other revenue||27,491||867|
|Total cost of revenue||1,147,042||841,449|
|Research and development||2,100,111||2,367,093|
|Selling, general and administrative||4,790,602||2,895,404|
|Total operating expenses||6,890,713||5,262,497|
|Loss from operations||(6,185,009||)||(4,335,461||)|
|Other income (expense)|
|Change in fair value of preferred stock warrants and expirations||—||953,198|
|Loss on debt extinguishment||(921,496||)||—|
|Total other income (expenses)||(1,662,248||)||491,875|
|Loss before income taxes||(7,847,257||)||(3,843,586||)|
|Provision for income taxes||(4,486||)||(3,776||)|
Bionano Genomics, Inc.
Consolidated Balance Sheets
|March 31, 2019||December 31, 2018|
|Cash and cash equivalents||$||20,830,399||$||16,522,729|
|Accounts receivable, net||4,057,128||4,514,333|
|Prepaid expenses and other current assets||1,720,805||919,500|
|Total current assets||28,014,164||23,025,119|
|Property and equipment, net||1,537,113||1,777,302|
|Liabilities and stockholders’ equity|
|Total current liabilities||4,713,510||4,522,863|
|Long-term deferred revenue||304,467||304,467|
|Other non-current liabilities||287,325||808,366|
|Total stockholders’ equity||5,870,191||10,137,351|
|Total liabilities and stockholders’ equity||$||29,551,277||$||24,802,421|