Bionano Genomics Reports First Quarter 2020 Financial Results and Provides Business Update
Recent Business Highlights
- From
January 1, 2020 throughJune 18, 2020 , processed 416 customer samples compared to a total of 212 customer samples in 2019. - Since commercial launch of Saphyr through
March 31, 2020 , shipped 116 Saphyr instruments, of which 83 have been installed.
- In
April 2020 , completed an underwritten public offering of common stock, pre-funded warrants to purchase shares of common stock, and accompanying common warrants, resulting in approximately$18 million in gross proceeds to the Company, before deducting underwriting discounts and commissions and other offering expenses payable by the Company.
- Retired
$2.1 million of term loan debt inMarch 2020 and$2.9 million of term loan debt inApril 2020 , for an aggregate total of$5.0 million .
- In
April 2020 , received loan proceeds of approximately$1.77 million pursuant to the Paycheck Protection Program under the Coronavirus Aid, Relief, and Economic Security Act.
- Presented data at the
European Society of Human Genetics (ESHG) Conference showing 100% concordance between the Saphyr system and standard cytogenetics in leukemias and constitutional aberrations. This is in addition to the data announced fromCancer Genomics Consortium members Drs.Brynn Levy ,Columbia University , andRashmi Kanagal-Shamanna ,MD Anderson Cancer Center , that also demonstrated 100% concordance between Bionano Genomics’ optical mapping technology and current gold standard cytogenetic methods in leukemia.
- Strengthened intellectual property with the receipt of US Patent (No. 10,676,352) titled “Nanonozzle Device Arrays: Their Preparation and Use for Macromolecular Analysis,” covering the addition of a detector, such as a nanopore, to Bionano’s patented nanochannels.
- Announced the launch of a global network of studies aiming to identify genomic variants that influence COVID-19 disease resistance, sensitivity, disease progression and drug response. The first study will focus on the
Wuhan, China outbreak, and will be performed at the site ofWuhan -based Bionano service provider GrandOmics in collaboration withBionano Genomics .
- Announced that the
University of Iowa Hospitals and Clinics (UIHC) will switch their method of clinical molecular testing for patients with presumed Facioscapulphmeral Muscular Dystrophy (FSHD) to optical mapping using Bionano’s Saphyr System. FSHD affects approximately 1 in 10,000 individuals inthe United States .
- Announced that three top European sites adopted Saphyr for cancer, genetics and cytogenetic applications, bringing the total number of Saphyr systems installed at customer sites to 84. The new sites are
Curie Institute inParis, France ;NHS Lothian inEdinburgh, Scotland , and MVZ Martinsried inMunich, Germany which have all begun operating Bionano’s system for genome analysis.
- Announced the appointments of
Hannah Mamuszka andYvonne Linney , Ph.D., to its Board of Directors.
“We are encouraged by the easing of many of the restrictions that were put in place globally due to the COVID-19 pandemic and are hopeful that the disruption to our business as a result of the pandemic will ease as well,” said
First Quarter Financial Highlights
Total Revenue. Total revenue was
North America revenue decreased by$0.1 million , or 13%;- EMEIA revenue decreased by
$0.5 million , or 57%; and Asia Pacific revenue decreased by$0.1 million , or 78%.
Cost of Revenue. Total cost of revenue decreased by approximately
Operating Expenses. Operating expenses increased by approximately
Net Loss. Net loss for the three months ended
Cash and cash equivalents. At
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About
Bionano 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 Statements
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: the significance of data generated by the Saphyr system; the benefits of the Saphyr system relative to traditional cytogenetic testing methods; 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 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: 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
Contacts
Company Contact:
+1 (858) 888-7610
eholmlin@bionanogenomics.com
Investor Relations Contact:
+1 (617) 430-7577
arr@lifesciadvisors.com
Media Contact:
+1 (508) 280-6592
kthomas@theruthgroup.com
Consolidated Balance Sheets
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 8,144,000 | $ | 17,311,000 | |||
| Accounts receivable, net | 4,115,000 | 6,334,000 | |||||
| Inventory, net | 3,611,000 | 3,444,000 | |||||
| Prepaid expenses and other current assets | 1,112,000 | 1,169,000 | |||||
| Total current assets | 16,982,000 | 28,258,000 | |||||
| Property and equipment, net | 2,120,000 | 1,950,000 | |||||
| Total assets | $ | 19,102,000 | $ | 30,208,000 | |||
| Liabilities and stockholders’ equity (deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,176,000 | $ | 2,699,000 | |||
| Accrued expenses | 2,725,000 | 3,225,000 | |||||
| Contract liabilities | 318,000 | 358,000 | |||||
| Current portion of long-term debt | 16,969,000 | 20,085,000 | |||||
| Total current liabilities | 23,188,000 | 26,367,000 | |||||
| Long-term contract liabilities | 127,000 | 183,000 | |||||
| Other non-current liabilities | — | 44,000 | |||||
| Total liabilities | 23,315,000 | 26,594,000 | |||||
| Total stockholders’ equity (deficit) | (4,213,000 | ) | 3,614,000 | ||||
| Total liabilities and stockholders’ equity (deficit) | $ | 19,102,000 | $ | 30,208,000 | |||
Consolidated Statements of Operations
| Three Months Ended |
|||||||
| 2020 | 2019 | ||||||
| Revenue: | |||||||
| Product revenue | $ | 983,000 | $ | 1,688,000 | |||
| Other revenue | 153,000 | 165,000 | |||||
| Total revenue | 1,136,000 | 1,853,000 | |||||
| Cost of revenue: | |||||||
| Cost of product revenue | 774,000 | 1,120,000 | |||||
| Cost of other revenue | 82,000 | 27,000 | |||||
| Total cost of revenue | 856,000 | 1,147,000 | |||||
| Operating expense: | |||||||
| Research and development | 2,674,000 | 2,100,000 | |||||
| Selling, general and administrative | 7,368,000 | 4,791,000 | |||||
| Total operating expense | 10,042,000 | 6,891,000 | |||||
| Loss from operations | (9,762,000 | ) | (6,185,000 | ) | |||
| Other income (expense): | |||||||
| Interest expense (1) | (761,000 | ) | (273,000 | ) | |||
| Loss on debt extinguishment (1) | — | (1,333,000 | ) | ||||
| Other expense (1) | 18,000 | (56,000 | ) | ||||
| Total other income (expense) | (743,000 | ) | (1,662,000 | ) | |||
| Loss before income taxes | (10,505,000 | ) | (7,847,000 | ) | |||
| Benefit (provision) for income taxes | (5,000 | ) | (5,000 | ) | |||
| Net loss | $ | (10,510,000 | ) | $ | (7,852,000 | ) | |
(1) Prior year numbers have been reclassified to conform with the current year presentation.
Source: Bionano Genomics