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 fourth quarter and year ended December 31, 2018.
Accomplishments and Recent Business Highlights
“We are very pleased with how Saphyr is becoming an essential tool for genome analysis and digital cytogenetics worldwide,” said Erik Holmlin, Ph.D., CEO of Bionano. “We are seeing accelerated interest in our Saphyr system, as our differentiated capabilities, the unique detection of structural variations, and our new price point below $500 per whole human genome sample continues to drive demand.”
Dr. Holmlin added, “We continue to focus on expanding and executing on our commercial plan. We plan to continue building our commercial team, and look forward to executing on our strategies to make structural variation analysis as commonplace as next-generation sequencing and to lead the emergence of digital cytogenetics.”
Fourth Quarter Financial Highlights
Total Revenue. Total revenue for the fourth quarter 2018 was $4.0 million compared to $2.8 million in the fourth quarter 2017, or an increase of 41%. Growth over the fourth quarter of 2017 was predominantly due to an increase in product sales.
Product Revenue. Product revenue for the fourth quarter 2018 was $3.8 million compared to $2.6 million in the fourth quarter 2017, or an increase of 50%.
Cost of Revenues. Cost of revenues for the fourth quarter 2018 was $3.0 million compared to $1.5 million in the fourth quarter 2017. The cost of revenue was higher in the fourth quarter of 2018 primarily due to increased sales.
Operating Expenses. Operating expenses for the fourth quarter 2018 were $7.1 million compared to $6.6 million in the fourth quarter 2017, or an increase of 8%. The increase was primarily due to an increase in SG&A resulting from the additional costs of being a public company.
Full-Year 2018 Financial Highlights
Total Revenue. Total revenue for 2018 was $12.0 million compared to $9.5 million in 2017, or an increase of 26%. The increase was predominantly due to significant increases in sales of instruments and consumables.
Product Revenue. Product revenue for 2018 was $11.5 million compared to $8.8 million in 2017, an increase of 31%. The majority of the increase in product revenue was due to a 29% increase in instrument unit sales and a 63% increase in consumable unit sales.
Cost of Revenues. Cost of revenues for 2018 was $8.7 million compared to $6.0 million for 2017. The increase in cost was primarily due to increased sales of instruments and consumables and predecessor instrument inventory write-offs of $1.3 million in 2018 as compared to $0.4 million in 2017.
Operating Expenses. Operating expenses for 2018 were $23.7 million compared to $26.7 million in 2017. This represents a decrease of 11% in operating expenses for 2018 compared to 2017. The decrease in operating expenses was primarily due a $2.5 million decrease in spending for research & development.
Cash and Cash Equivalents Balance on December 31, 2018
At December 31, 2018, the Company had cash and cash equivalents of $16.5 million, compared to cash and cash equivalents of $1.0 million at December 31, 2017.
Conference Call & Webcast Details
The Company will host a conference call and live webcast to discuss its fourth quarter and full year 2018 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:
Thursday, March 14 @ 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: the benefits of recent improvements to the Saphyr system, including with respect to increased demand, sales and adoption of the Saphyr system; the opportunities presented by increased adoption of the Saphyr system, including with respect to increased studies; the anticipated benefits of conducting additional studies using the Saphyr system; our efforts to execute on our commercial strategy, including plans to expand our commercial team. 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.
|Bionano Genomics, Inc.|
|Consolidated Statements of Operations|
|Three Months Ended||Year Ended|
|December 31,||December 31,|
|Cost of revenue:|
|Cost of product revenue||2,853,339||1,496,172||8,562,042||5,958,537|
|Cost of other revenue||134,777||—||149,284||71,975|
|Total cost of revenue||2,988,116||1,496,172||8,711,327||6,030,512|
|Research and development||2,521,467||2,457,483||9,484,163||12,009,170|
|Selling, general and administrative||4,602,518||3,526,310||14,220,331||14,079,658|
|Impairment of property and equipment||—||604,511||—||604,511|
|Total operating expenses||7,123,985||6,588,304||23,704,494||26,693,339|
|Loss from operations||(6,098,563||)||(5,239,353||)||(20,415,085||)||(23,218,808||)|
|Other income (expense)|
|Change in fair value of preferred stock warrants and expirations||—||(356,429||)||3,991,081||751,933|
|Total other income (expenses)||(303,687||)||(679,639||)||1,934,204||(128,004||)|
|Loss before income taxes||(6,402,251||)||(5,918,992||)||(18,480,881||)||(23,346,812||)|
|Benefit (provision) for income taxes||(9,207||)||(932||)||(15,511||)||(18,552||)|
|Bionano Genomics, Inc.|
|Consolidated Balance Sheets|
|Cash and cash equivalents||$||16,522,729||$||1,021,897|
|Accounts receivable, net||4,514,333||3,352,214|
|Prepaid expenses and other current assets||919,500||1,071,512|
|Total current assets||23,025,119||7,139,365|
|Property and equipment, net||1,777,302||3,005,788|
|Liabilities, convertible preferred stock, and stockholders’ equity (deficit)|
|Preferred stock warrant liability||—||3,898,944|
|Current portion of long-term debt||—||6,729,752|
|Total current liabilities||4,522,863||16,652,251|
|Long-term debt, net of current portion||9,029,374||—|
|Long-term deferred revenue||304,467||142,929|
|Other non-current liabilities||808,366||567,047|
|Total stockholders’ equity (deficit)||10,137,351||(50,227,211)||)|
|Total liabilities, convertible preferred stock, and stockholders’ equity (deficit)||$||24,802,421||$||10,145,153|
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