Q1 2024 revenue was $8.8 million, which represents an 18% increase over Q1 2023Total installed base of 347 optical genome mapping (OGM) systems as of Q1 2024, which represents a 34% increase over Q1 2023Sold 8,249 nanochannel array flowcells in Q1 2024, which represents a 58% increase over the number of flowcells sold in Q1 2023Efforts to reduce cash burn and operating expense continued with the March 2024 announcement of expanded cost savings initiatives; since the initial cost savings initiative announced ...

Many investors abandon highly promising shares with little chance of failing. The phenomenon has been exacerbated by overdone fears about elevated interest rates. Short sellers often believe that elevated rates will crush indebted, money-losing firms, regardless of their potential. These short sellers put huge downward pressure on small companies that are still in the red and have some debt. As their stock prices sink, many other investors also avoid buying their shares. As a result, the stocks keep continu ...

Bionano, a global leader in the transformation of the cytogenetic workflow with optical genome mapping (OGM), has entered into a strategic partnership with Hangzhou Diagens Biotechnology Co., Ltd. (Diagens), the pioneering leader in artificial intelligence (AI) chromosome karyotype analysis technology. Their joint endeavor aims to commercialize the first ever cytogenetic workflow that integrates OGM plus AI chromosome karyotype analysisDiagens will become an original equipment manufacturing (OEM) partner of ...

SAN DIEGO, April 04, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ:BNGO) today announced that it has entered into definitive agreements for the purchase and sale of an aggregate of 8,733,626 shares of its common stock (or common stock equivalents in lieu thereof) and warrants to purchase up to an aggregate of 8,733,626 shares of its common stock at an offering price of $1.145 per share of common stock (or per common stock equivalent in lieu thereof) and accompanying warrant, in a registered direct ...

Nine scientific posters will illustrate the application of optical genome mapping (OGM) in cancer research areas including hematological malignancies, solid tumors, and applications in cell and gene therapy, cell manufacturing and bioprocessing quality controlBionano is introducing its new Stratys™ system for high throughput OGM to the cancer research communityBionano will preview VIA™ 7.1 software, an upcoming advancement to the Company's software for visualization, interpretation and reporting of OGM, nex ...

Bionano Genomics, Inc. (NASDAQ:BNGO) Q4 2023 Earnings Conference Call March 5, 2024 4:30 PM ET Company Participants David Holmes - Investor Relations Erik Holmlin - Chief Executive Officer Gulsen Kama - Chief Financial Officer Conference Call Participants Sung Ji Nam - Scotiabank Mark Massaro - BTIG Jeff Cohen - Ladenburg Thalmann Michael Okunewitch - Maxim Group Operator Good day and welcome to the Bionano Fourth Quarter and Full Year 2023 Earnings Conference Call. Today’s conference is being recorded. At ...

Q4 2023 revenue was $10.7 million, which represents a 30% increase over Q4 2022FY 2023 revenue was $36.1 million, which represents a 30% increase over FY 2022Reached installed base of 326 optical genome mapping (OGM) systems as of YE 2023; increase of 36% over the 240 installed systems as of YE 2022Sold 26,444 nanochannel array flowcells in FY 2023, which represents a 72% increase over the flowcells sold in FY 2022Conference call today, March 5, 2024 at 4:30 PM ET SAN DIEGO, March 05, 2024 (GLOBE NEWSWIRE) ...

Geopolitical and Economic Risks - The company is subject to additional risks due to geopolitical and macroeconomic developments, including the ongoing Ukraine-Russia conflict and inflation, which could materially impact business and financial results[9] - The company faces risks from unfavorable geopolitical and macroeconomic developments that could adversely affect its business and financial condition[423] Product and Technology Development - The OGM systems utilize a proprietary approach to measure genome structure and structural variants (SVs), providing comprehensive and cost-effective detection capabilities[12] - The Saphyr instrument can analyze up to 4,000 human genomes per year at 100x coverage, while the Stratys instrument can analyze up to 13,500 human genomes per year at the same coverage[33] - The company’s OGM systems are designed to complement existing NGS instruments, which number over 15,000 globally, enhancing the analysis of genome variants from single nucleotide variants (SNVs) to whole chromosomes[21] - The Ionic Purification system allows for high purity nucleic acid isolation from fewer cells compared to traditional methods, addressing limitations in current nucleic acid isolation processes[13] - The VIA software integrates OGM data with NGS data, providing a comprehensive solution for the analysis and interpretation of genomic variants[35] - The Ionic Purification system, acquired in November 2022, is expected to enhance sample throughput and decrease preparation complexity in optical genome mapping workflows[406] Sales and Marketing Strategy - The company plans to expand its sales and marketing efforts in North America, Europe, China, and India, targeting significant market opportunities[37] - The company is focused on expanding its testing menu to include OGM, aiming to drive adoption and secure reimbursement alternatives for OGM-based testing[442] Financial Performance and Position - As of December 31, 2023, the company had $17.9 million in cash and cash equivalents, $48.8 million in short-term investments, and $35.5 million in restricted cash and cash equivalents[67] - The company reported a net loss of $232.5 million, compared to a net loss of $132.6 million for the year ended December 31, 2022, reflecting an increase in losses of 75.4%[358] - The company experienced a cash outflow of $125.2 million from operating activities in 2023, which is slightly higher than the $124.8 million cash outflow in 2022[363] - The company had an accumulated deficit of $581.2 million as of December 31, 2023[363] - The company expects to continue incurring operating losses and negative cash flows for at least the next year due to ongoing research and commercialization efforts[363] - The company has substantial doubt about its ability to continue as a going concern as of December 31, 2023, due to cash flow and liquidity impacts from servicing the Notes[71] - The company expects to seek additional capital in the near future to achieve cash-flow break-even, as existing resources will not suffice[67] Regulatory and Compliance Issues - The company is subject to extensive and frequently changing laws and regulations, which may impact its business operations[54] - The company is subject to stringent regulations related to data privacy and security, with potential consequences for non-compliance[423] Acquisitions and Partnerships - Bionano Laboratories offers a suite of laboratory-developed tests (LDTs) for various genetic conditions, although it plans to phase out certain offerings by March 2024[36] - The company completed the acquisition of Purigen Biosystems, which is expected to enhance its nucleic acid extraction and purification solutions[362] - The company issued 0.6 million shares of common stock in connection with the acquisition of Lineagen, and paid approximately $52.3 million in cash and issued 0.3 million shares for the acquisition of BioDiscovery[76] Operational Efficiency and Cost Management - The company’s manufacturing strategy includes in-house production of the Stratys instrument, with plans to transition to a third-party manufacturer for efficiency[38] - The company has engaged a single third-party manufacturer for chip consumables used in its Saphyr system, with agreements automatically renewing for successive one-year terms[52] - The company initiated restructuring actions in May and October 2023 to reduce costs and improve operational efficiency[369] - The company undertook cash savings initiatives including headcount reductions announced in May 2023, October 2023, and March 2024, which may disrupt operations and not achieve intended objectives[74] Revenue and Expense Trends - The Company reported total revenue of $36,116,000 for the year ended December 31, 2023, an increase of 30% from $27,802,000 in 2022[382] - Total operating expenses rose significantly to $224,811,000 in 2023, compared to $137,643,000 in 2022, primarily due to a goodwill impairment of $77,280,000[382] - The Company incurred a net loss of $232,493,000 for 2023, compared to a net loss of $132,596,000 in 2022, resulting in a net loss per share of $6.81[382] Market and Customer Engagement - The company believes its OGM systems can potentially replace CMA as the front-line test for children with developmental disorders, pending proper procedural codes for insurance reimbursement[442] - The company is actively working with payers to establish reimbursement strategies for OGM-based testing, which could drive demand for its systems[442] - The company’s future success depends on its ability to penetrate existing customer bases and attract new customers while retaining those from acquired businesses[423]

SAN DIEGO, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today announced that Erik Holmlin, PhD, Bionano’s president and chief executive officer, will present at TD Cowen’s 44th Annual Health Care Conference on March 6, 2024. Conference & Webcast Details Date:Wednesday, March 6th, 2024Time:12:50 p.m. to 1:20 p.m. ETPresenter:Erik Holmlin, PhD, CEO of BionanoWebcast:Link to Register A replay / recording of the session will be available following the conference through the Bionano w ...

SAN DIEGO, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ:BNGO) today announced that it will host a conference call and live webcast on Tuesday, March 5, 2024, at 4:30 p.m. Eastern Time to report financial results for the fourth quarter and year end 2023 and to highlight recent corporate progress. Conference Call & Webcast Details Date:Tuesday, March 5th, 2024Time:4:30 p.m. ETParticipant Call Link:Registration – Click HereWebcast Link:https://edge.media-server.com/mmc/p/afaym86g/ Participa ...