Bionano Genomics Reports Fourth Quarter and Year End 2019 Financial Results and Provides Business Update
Recent Business Highlights
- Announced updates to the Saphyr system designed to increase the speed of data collection, simplify sample preparation for solid tumors and animal tissue, and significantly improve total data yield per flow cell, allowing for a complete workflow for the in-depth analysis of complex, heterogeneous cancer samples. Also introduced a new reagent-rental sales model along with a competitively priced service model allowing researchers and labs access to the Saphyr system with minimum purchase commitments;
- Published a study in bioRxiv showing the Saphyr system’s 100% concordance with traditional cytogenetic methods in detecting somatic chromosomal abnormalities in the analysis of leukemia genomes. The study was conducted at the
Radboud University Medical Center inthe Netherlands ;
- Presented a total of 34 (13 oral and 21 poster) presentations at the
International Plant & Animal Genome (PAG) XXVIII Conference that discussed the use of Bionano’s systems to build the most complete and accurate genome assemblies and workflows to analyze variations of genome structure;
- Announced GeneDx’s adoption of the Saphyr system as part of its efforts to develop advanced tools to test for conditions caused by large structural variants based on Bionano’s optical mapping technology;
- Announced Mayo Clinic’s adoption of the Saphyr system in-house after determining that it could provide a deeper understanding of the genetic causes of neurodegenerative diseases and the routes to developing novel diagnostic assays and drugs to enable therapeutic interventions;
- Published four leukemia studies using Saphyr system in the special edition of the journal Blood prior to the start of the 2019 annual meeting of the
American Society of Hematology (ASH) in conjunction with the launch of its DNA isolation kit for Bone Marrow Aspirates (BMA), the primary material collected in leukemia patients.
“2019 was a tremendous year for the acceptance, recognition, and support our Saphyr system received from world-class institutions, and we expect to see that trend continue,” said
Fourth Quarter 2019 Financial Highlights
Total Revenue. Total revenue for the three months ended
North America revenue decreased by$0.1 million , or 12%;- EMEIA revenue decreased by
$0.5 million , or 40%; and Asia Pacific revenue decreased by$0.6 million , or 52%.
Cost of Revenue. Cost of revenues for the three months ended
Operating Expenses. Operating expenses for the three months ended
Net Loss. Net loss for the three months ended
Cash and cash equivalents. At
Full-Year 2019 Financial Highlights
Total Revenue. Total revenue for the year ended
North America revenue increased by$0.4 million , or 9%;- EMEIA revenue decreased by
$0.3 million , or 8%; and Asia Pacific revenue decreased by$2.0 million , or 57%.
Cost of Revenues. Cost of revenues decreased by
Operating Expenses. Operating expenses for the year ended
Net Loss. Net loss for the year ended
Conference Call & Webcast Details
The Company will host a conference call and live webcast to discuss its third quarter 2019 financial results and provide an update on business activities. The event will be held today at
Date: | |
Time: | |
Toll Free: | 877-407-0784 |
International: | 201-689-8560 |
Conference ID: | 13699651 |
Webcast: | http://public.viavid.com/index.php?id=138281 |
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 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.
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: our expectations regarding trends in the adoption of the saphyr system; our beliefs regarding near-term shifts towards broader adoption of the Saphyr system; 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
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
Financial tables follow
Condensed Consolidated Statement of Operations
Three Months Ended |
Year Ended |
||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue: | |||||||||||||||
Product revenue | $ | 2,604,187 | $ | 3,844,766 | $ | 9,474,444 | $ | 11,463,173 | |||||||
Service and other revenue | 184,943 | 168,771 | 655,064 | 537,562 | |||||||||||
Total revenue | 2,789,130 | 4,013,537 | 10,129,508 | 12,000,735 | |||||||||||
Cost of revenue: | |||||||||||||||
Cost of product revenue | 1,612,922 | 2,853,339 | 6,495,693 | 8,562,042 | |||||||||||
Cost of service and other revenue | 77,837 | 134,777 | 272,454 | 149,284 | |||||||||||
Total cost of revenue | 1,690,759 | 2,988,116 | 6,768,147 | 8,711,326 | |||||||||||
Operating expenses: | |||||||||||||||
Research and development | 2,399,183 | 2,521,467 | 9,080,891 | 9,484,163 | |||||||||||
Selling, general and administrative | 5,859,681 | 4,602,518 | 20,155,376 | 14,220,331 | |||||||||||
Total operating expenses | 8,258,864 | 7,123,985 | 29,236,267 | 23,704,494 | |||||||||||
Total other expenses | (740,102 | ) | (312,894 | ) | (3,940,164 | ) | 1,918,693 | ||||||||
Net loss | $ | (7,900,595 | ) | $ | (6,411,458 | ) | $ | (29,815,070 | ) | $ | (18,496,392 | ) |
Condensed Consolidated Balance Sheet
2019 | 2018 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 17,311,373 | $ | 16,522,729 | |||
Accounts receivable, net | 6,333,963 | 4,514,333 | |||||
Inventory | 3,443,559 | 1,068,557 | |||||
Prepaid expenses and other current assets | 1,169,346 | 919,500 | |||||
Total current assets | 28,258,241 | 23,025,119 | |||||
Property and equipment, net | 1,949,625 | 1,777,302 | |||||
Total assets | $ | 30,207,866 | $ | 24,802,421 | |||
Liabilities and stockholders’ equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,699,153 | $ | 1,351,736 | |||
Accrued expenses | 3,225,431 | 2,900,129 | |||||
Deferred revenue | 357,492 | 270,998 | |||||
Current portion of long-term debt | 20,022,810 | — | |||||
Total current liabilities | 26,304,886 | 4,522,863 | |||||
Long-term debt, net of current portion | — | 9,029,374 | |||||
Long-term deferred revenue | 182,648 | 304,467 | |||||
Other non-current liabilities | 152,401 | 808,366 | |||||
Total liabilities | 26,639,935 | 14,665,070 | |||||
Total stockholders’ equity | 3,567,931 | 10,137,351 | |||||
Total liabilities and stockholders’ equity | $ | 30,207,866 | $ | 24,802,421 | |||
Source: Bionano Genomics