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SAN DIEGO, Aug. 13, 2020 (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 its financial results for the second quarter ended June 30, 2020 and provided a business update.
Recent Business Highlights
“We have made great strides towards validating the scientific credibility of our Saphyr System as we work to establish it as the new gold standard in cytogenetic methods. To that end, we saw leading researchers publish data showing 100% concordance with current cytogenetic methods,” said Erik Holmlin, Ph.D., CEO of Bionano. “Also, we are enabling researchers to develop an understanding of SARS-CoV-2, the virus that causes COVID-19, through our partnership with the structural variant consortium, formed by Dr. Ravindra Kolhe at Augusta University. The scope of work with the consortium was significantly expanded and now includes work analyzing samples from COVID-19 patients around the globe.”
Second Quarter Financial Results
Total Revenue. Total revenue decreased by $1.0 million, or 45.7%, to $1.2 million for the three months ended June 30, 2020 compared to $2.2 million for the same period in 2019. The decrease impacted all geographic regions, largely driven by customers temporarily shutting down their lab operations in response to the COVID-19 pandemic. Below is a summary of changes for the three months ended June 30, 2020 as compared to the same period in 2019:
Cost of Revenue. Total cost of revenue decreased by $1.0 million, or 61.2%, to $0.6 million for the three months ended June 30, 2020 compared to $1.6 million for the same period in 2019, primarily due to a decrease in the number of instrument units sold during the quarter from 8 to 1. This was partially offset by an increase in consumable units sold of 189%.
Operating Expenses. Operating expenses increased by approximately $0.5 million, or 7.4%, to $8.0 million for the three months ended June 30, 2020, compared to $7.5 million for the same period in 2019. The increase was primarily due to headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution. In addition, we incurred increased professional fees to support ongoing business operations and our international presence. Salary reductions implemented in April 2020 partially offset cost increases driven by our headcount additions.
Cash and cash equivalents. At June 30, 2020, the Company had cash and cash equivalents of $17.2 million compared to cash and cash equivalents of $17.3 million at December 31, 2019.
First Half 2020 Financial Results
Total Revenue. Total revenue decreased by $1.7 million, or 42.4%, to $2.3 million for the six months ended June 30, 2020 compared to $4.0 million for the same period in 2019. The decrease impacted all regions, largely driven by customers temporarily shutting down their lab operations in response to the COVID-19 pandemic. Below is a summary of changes for the six months ended June 30, 2020 as compared to the same period in 2019:
Cost of Revenue. Total cost of revenue decreased for the six months ended June 30, 2020 as compared to 2019 primarily due to a decrease in the number of instruments units sold from 14 to 4. This was partially offset by an increase in consumable units sold of 120%.
Operating Expenses. Operating expenses increased by approximately $3.7 million, or 25.8%, to $18.1 million for the six months ended June 30, 2020, compared to $14.4 million for the same period in 2019. Research and development expenses increased $0.6 million, or 12.6%, to $5.1 million for the six months ended June 30, 2020 compared to $4.5 million for the same period in 2019. This is due to headcount additions to our development teams, but slightly offset by the salary reductions implemented in April 2020. In addition, our materials and supply expense increased during the six months ended June 30, 2020 due to continued efforts to innovate our product. Selling, general and administrative expenses increased by $3.1 million, or 31.8%, to $13.0 million for the six months ended June 30, 2020 compared to $9.8 million for the same period in 2019. This is primarily due to headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution. In addition, we incurred increased professional fees to support ongoing business operations and international presence. Lastly, the Company determined that its collection efforts had been exhausted for a portion of its accounts and deemed the accounts receivables balance as not collectible. As a result, the Company recognized bad debt expense of $1.3 million during the six months ended June 30, 2020.
| Conference Call & Webcast Details | |
| Date: | Thursday, August 13 |
| Time: | 4:30 p.m. Eastern Time |
| Toll Free: | 877-407-0784 |
| International: | 201-689-8560 |
| Conference ID: | 13706933 |
| Webcast: | http://public.viavid.com/index.php?id=140743 |
About Bionano GenomicsBionano is a genome analysis company providing tools and services based on its Saphyr system to scientists and clinicians conducting genetic research and patient testing. Bionano’s Saphyr system is 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 to streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system is comprised of an instrument, chip consumables, reagents and a suite of data analysis tools, and genome analysis services to provide access to data generated by the Saphyr system for researchers who prefer not to adopt the Saphyr system in their labs. For more information, visit www.bionanogenomics.com.
Forward-Looking StatementsThis 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: significance of data generated by the Saphyr system; the benefits of the Saphyr system relative to traditional cytogenetic testing methods; the anticipated use of Saphyr as a gold standard for structural accuracy; the continued adoption of Saphyr for cancer, genetics and cytogenetic applications; our contributions to, and the outcomes of, studies relating to COVID-19; the impact of COVID-19 and related governmental responses on our business and financial results; the benefits or potential commercialization of our patent technology; the contribution of our technology towards the understanding of bat’s abilities to tolerate infections; 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 and uncertainties associated with: the impact of the COVID-19 pandemic on our business and the global economy; 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, 2019 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 |
| eholmlin@bionanogenomics.com |
| Investor Relations Contact: |
| Ashley R. Robinson |
| LifeSci Advisors, LLC |
| +1 (617) 430-7577 |
| arr@lifesciadvisors.com |
| Media Contact: |
| Kirsten Thomas |
| The Ruth Group |
| +1 (508) 280-6592 |
| kthomas@theruthgroup.com |
Bionano Genomics, Inc.
Consolidated Balance Sheets
| June 30, 2020 | December 31, 2019 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 17,194,000 | $ | 17,311,000 | |||
| Accounts receivable, net | 3,249,000 | 6,334,000 | |||||
| Inventory, net | 3,290,000 | 3,444,000 | |||||
| Prepaid expenses and other current assets | 921,000 | 1,169,000 | |||||
| Total current assets | 24,654,000 | 28,258,000 | |||||
| Property and equipment, net | 2,550,000 | 1,950,000 | |||||
| Total assets | $ | 27,204,000 | $ | 30,208,000 | |||
| Liabilities and stockholders’ equity (deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,850,000 | $ | 2,699,000 | |||
| Accrued expenses | 2,431,000 | 3,225,000 | |||||
| Contract liabilities | 289,000 | 358,000 | |||||
| Current portion of long-term debt | 13,938,000 | 20,085,000 | |||||
| Total current liabilities | 19,508,000 | 26,367,000 | |||||
| Long-term debt, net of current portion | 1,775,000 | — | |||||
| Long-term contract liabilities | 84,000 | 183,000 | |||||
| Other non-current liabilities | — | 44,000 | |||||
| Total liabilities | 21,367,000 | 26,594,000 | |||||
| Total stockholders’ equity (deficit) | 5,837,000 | 3,614,000 | |||||
| Total liabilities and stockholders’ equity (deficit) | $ | 27,204,000 | $ | 30,208,000 | |||
Bionano Genomics, Inc.
Consolidated Statements of Operations
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2020 | 2019 | 2020 | 2019 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 940,000 | $ | 2,021,000 | $ | 1,923,000 | $ | 3,708,000 | |||||||
| Other revenue | 242,000 | 154,000 | 395,000 | 319,000 | |||||||||||
| Total revenue | 1,182,000 | 2,175,000 | 2,318,000 | 4,027,000 | |||||||||||
| Cost of revenue: | |||||||||||||||
| Cost of product revenue | 515,000 | 1,525,000 | 1,289,000 | 2,645,000 | |||||||||||
| Cost of other revenue | 88,000 | 30,000 | 170,000 | 57,000 | |||||||||||
| Total cost of revenue | 603,000 | 1,555,000 | 1,459,000 | 2,702,000 | |||||||||||
| Operating expense: | |||||||||||||||
| Research and development | 2,401,000 | 2,408,000 | 5,075,000 | 4,508,000 | |||||||||||
| Selling, general and administrative | 5,613,000 | 5,056,000 | 12,981,000 | 9,846,000 | |||||||||||
| Total operating expense | 8,014,000 | 7,464,000 | 18,056,000 | 14,354,000 | |||||||||||
| Loss from operations | (7,435,000 | ) | (6,844,000 | ) | (17,197,000 | ) | (13,029,000 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest expense (1) | (561,000 | ) | (645,000 | ) | (1,322,000 | ) | (959,000 | ) | |||||||
| Loss on debt extinguishment (1) | — | — | — | (1,333,000 | ) | ||||||||||
| Other expense (1) | (73,000 | ) | (171,000 | ) | (55,000 | ) | (186,000 | ) | |||||||
| Total other income (expense) | (634,000 | ) | (816,000 | ) | (1,377,000 | ) | (2,478,000 | ) | |||||||
| Loss before income taxes | (8,069,000 | ) | (7,660,000 | ) | (18,574,000 | ) | (15,507,000 | ) | |||||||
| Benefit (provision) for income taxes | (5,000 | ) | (5,000 | ) | (10,000 | ) | (9,000 | ) | |||||||
| Net loss | $ | (8,074,000 | ) | $ | (7,665,000 | ) | $ | (18,584,000 | ) | $ | (15,516,000 | ) | |||
(1) Prior year numbers have been reclassified to conform with the current year presentation.
