Bionano Genomics Reports Third Quarter 2021 Financial Results and Highlights Recent Business Progress
– Acquisition of BioDiscovery transforms Bionano from the structural variation company into a data solutions provider with the potential to offer the most comprehensive variant analysis platform in genomics
– Total revenue of
– Record number of Saphyr shipments and installations for any quarter to date
– Launched protocols for ultra-high molecular weight DNA isolation from amniocentesis and chorionic villus sampling (CVS) for prenatal applications
– Remaining 2021 milestones on track
– Strong balance sheet with
– Conference call today,
“We had the strongest quarter in Bionano’s history with a record number of Saphyr shipments and installations, including adoptions at several notable sites, including leading hospitals, cytogenetics labs and academic medical centers around the world. With the acquisition of BioDiscovery, a leading software company with best-in-class solutions for analysis, visualization, interpretation and reporting of genomics data. for microarray and next-generation sequencing (NGS), we are transitioning
Recent Business Highlight
On
Key Business Highlights in Q3
The Company executed on its commercialization strategy, built scientific momentum by presenting data at key scientific meetings and drove utilization of Saphyr at key institutions across the globe, with the following highlights:
– Expanded the installed base of Saphyr systems from 121 at the end of Q2 to 141 at the end of Q3. During the quarter ended
– Sold 3,969 nanochannel array flow cells during the quarter ended
– Commercial release of solutions for isolation of ultra-high molecular weight DNA for prenatal applications supporting the use of samples derived from amniocentesis and CVS. Bionano Prep SP Amnio and CVS Culture DNA Isolation Protocol supports both fresh cultures and cryopreserved cells, which expands the markets served for OGM.
– OGM with Saphyr was adopted at several notable cytogenetics laboratories and academic medical centers in
– The largest clinical research study to date evaluating OGM was published in
– NuProbe Global, a global molecular diagnostics leader, adopted Saphyr to be integrated their proprietary tools, Quantitative Amplicon Sequencing (QASeq) and Blocker Displacement Amplification (BDA), for research and development efforts in reproductive health and oncology liquid biopsies.
– Saphyr customers and Bionano conducted 10 presentations at the Annual Cancer Genomics Consortium Meeting in
– Bionano customers presented 11 presentations on OGM at the
– Added exceptional talent across commercial leadership functions, including
Financial Highlights
– Total revenue for the third quarter of 2021 was
– Gross margin for the third quarter of 2021 was 24.8%, compared to 37.3% in the prior quarter and 33.4% from the third quarter of 2020. The decrease was primarily due to an increase in laboratory and warranty related expense that are expected to be non-recurring.
– Third quarter operating expense was
– At
Remaining Anticipated Milestones for 2021 – Initiatives to Drive Global Adoption of Saphyr
– 4Q21: Interim publication of results from pediatric clinical study
– 4Q21: Validation of LDTs by 3 sites in both our prenatal clinical study and our pediatric clinical study
– 4Q21: Initial prototype of next gen high throughput Saphyr
– 4Q21: Reach installed base of 150 systems to achieve a 50% increase over year end 2020
Conference Call & Webcast Details
| Date: | |
| Time: | |
| Toll Free: | 1-877-407-0784 |
| International: | 1-201-689-8560 |
| Conference ID: | 13724790 |
| Webcast: | https://edge.media-server.com/mmc/p/emjvhnfb |
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 provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through OGM solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. Through its
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 expected benefits of our acquisition of BioDiscovery, including with respect to its impact on our market leadership; our anticipated milestones for the remainder of 2021, including that we remain on track to achieve these milestones; and the advancement of our business 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 ability of medical and research institutions to obtain funding to support adoption or continued use of our technologies; the loss of key members of management and our commercial team; our inability to achieve the anticipated benefits from our acquisitions of
| CONTACTS | |
| Company Contact: | |
| +1 (858) 888-7610 | |
| eholmlin@bionanogenomics.com | |
| Investor Relations and | |
| Media Contact: | |
| +1 (858) 366-3243 | |
| amy@juniper-point.com | |
| Condensed Consolidated Balance Sheet | |||||||||
| (Unaudited) | |||||||||
| Assets | |||||||||
| Current assets: | |||||||||
| Cash and cash equivalents | $ | 140,736,000 | $ | 38,449,000 | |||||
| Investments | $ | 185,333,000 | $ | — | |||||
| Accounts receivable, net | 2,996,000 | 2,775,000 | |||||||
| Inventory | 9,020,000 | 3,316,000 | |||||||
| Prepaid expenses and other current assets | 3,962,000 | 2,250,000 | |||||||
| Total current assets | 342,047,000 | 46,790,000 | |||||||
| Property and equipment, net | 8,554,000 | 4,910,000 | |||||||
| Intangible Assets | 1,238,000 | 1,475,000 | |||||||
| 7,173,000 | 7,173,000 | ||||||||
| Other Long Term Assets | $ | 645,000 | $ | 103,000 | |||||
| Total assets | $ | 359,657,000 | $ | 60,451,000 | |||||
| Liabilities and stockholders’ equity | |||||||||
| Current liabilities: | |||||||||
| Accounts payable | $ | 7,875,000 | $ | 2,930,000 | |||||
| Accrued expenses | 9,416,000 | 5,599,000 | |||||||
| Contract liabilities | 411,000 | 416,000 | |||||||
| Total current liabilities | 17,702,000 | 8,945,000 | |||||||
| Long-term debt | — | 16,326,000 | |||||||
| Long-term contract liabilities | 158,000 | 98,000 | |||||||
| Other non-current liabilities | 232,000 | — | |||||||
| Total liabilities | 18,092,000 | 25,369,000 | |||||||
| Stockholders’ equity: | |||||||||
| Common stock | 28,000 | 19,000 | |||||||
| Additional paid-in capital | 534,823,000 | 178,747,000 | |||||||
| Accumulated deficit | (193,170,000 | ) | (143,684,000 | ) | |||||
| Accumulated Other Comprehensive Loss | (116,000 | ) | — | ||||||
| Total stockholders’ equity | 341,565,000 | 35,082,000 | |||||||
| Total liabilities and stockholders’ equity | $ | 359,657,000 | $ | 60,451,000 | |||||
| Condensed Consolidated Statement of Operations (Unaudited) | |||||||||||||||||||
| Three Months Ended |
Nine Months Ended |
||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Revenue: | |||||||||||||||||||
| Product revenue | $ | 3,300,000 | $ | 1,580,000 | $ | 7,845,000 | $ | 3,503,000 | |||||||||||
| Service and other revenue | 1,355,000 | 616,000 | 3,834,000 | 1,010,000 | |||||||||||||||
| Total revenue | 4,655,000 | 2,196,000 | 11,679,000 | 4,513,000 | |||||||||||||||
| Cost of revenue: | |||||||||||||||||||
| Cost of product revenue | 2,340,000 | 1,136,000 | 5,723,000 | 2,426,000 | |||||||||||||||
| Cost of service and other revenue | 1,161,000 | 324,000 | 2,321,000 | 493,000 | |||||||||||||||
| Total cost of revenue | 3,501,000 | 1,460,000 | 8,044,000 | 2,919,000 | |||||||||||||||
| Operating expenses: | |||||||||||||||||||
| Research and development | 6,505,000 | 2,304,000 | 13,270,000 | 7,379,000 | |||||||||||||||
| Selling, general and administrative | 15,327,000 | 8,659,000 | 38,683,000 | 21,640,000 | |||||||||||||||
| Total operating expenses | 21,832,000 | 10,963,000 | 51,953,000 | 29,019,000 | |||||||||||||||
| Loss from operations | (20,678,000 | ) | (10,227,000 | ) | (48,318,000 | ) | (27,425,000 | ) | |||||||||||
| Other income (expenses): | |||||||||||||||||||
| Interest income (expense) | 27,000 | (589,000 | ) | (721,000 | ) | (1,911,000 | ) | ||||||||||||
| Gain on forgiveness of PPP Loan | — | — | 1,775,000 | — | |||||||||||||||
| Loss on debt extinguishment | — | — | (2,076,000 | ) | — | ||||||||||||||
| Other income (expense) | (67,000 | ) | 54,000 | (96,000 | ) | — | |||||||||||||
| Total other income (expense) | (40,000 | ) | (535,000 | ) | (1,118,000 | ) | (1,911,000 | ) | |||||||||||
| Loss before income taxes | (20,718,000 | ) | (10,762,000 | ) | (49,436,000 | ) | (29,336,000 | ) | |||||||||||
| Provision for income taxes | (35,000 | ) | (30,000 | ) | (50,000 | ) | (40,000 | ) | |||||||||||
| Net loss | $ | (20,753,000 | ) | $ | (10,792,000 | ) | $ | (49,486,000 | ) | $ | (29,376,000 | ) | |||||||
Source: Bionano Genomics