Bionano Genomics(US:BNGO)2024-08-07 20:59Financial Performance - Total revenue for the three months ended June 30, 2024, was $7,771,000, a decrease from $8,662,000 in the same period of 2023[101]. - Product revenue for the three months ended June 30, 2024, was $6,510,000, compared to $6,609,000 for the same period in 2023[101]. - Service and other revenue decreased to $1,261,000 for the three months ended June 30, 2024, from $2,053,000 in the same period of 2023[101]. - Total revenue for the three months ended June 30, 2024, was $7.8 million, a decrease of $891,000 or 10% compared to $8.7 million in 2023[108]. - Product revenue decreased by $0.1 million, or 1%, to $6.5 million for the three months ended June 30, 2024, compared to $6.6 million for the same period in 2023[109]. - Service and other revenue decreased by $0.8 million, or 39%, to $1.3 million for the three months ended June 30, 2024, primarily due to the discontinuation of certain clinical service offerings[109]. - Total revenue for the six months ended June 30, 2024, was $16.5 million, an increase of $463,000 or 3% compared to $16.1 million in 2023[117]. - Product revenue for the six months ended June 30, 2024, increased by $1.3 million, or 11%, to $13.3 million compared to $12.1 million in 2023[118]. - Net loss for the three months ended June 30, 2024, was $16.2 million, a decrease of $22.7 million or 58% compared to a net loss of $38.9 million in 2023[108]. - Net losses were $47.6 million for the six months ended June 30, 2024, compared to $76.0 million for the same period in 2023[126]. Operating Expenses - Total operating expenses decreased by $21.9 million, or 53%, to $19.6 million for the three months ended June 30, 2024, compared to $41.5 million in 2023[108]. - Research and development expenses decreased by $7.8 million, or 53%, to $6.8 million for the three months ended June 30, 2024, compared to $14.6 million in 2023[112]. - Selling, general and administrative expenses decreased by $15.4 million, or 57%, to $11.6 million for the three months ended June 30, 2024, compared to $26.9 million in 2023[113]. - Total operating expenses for the six months ended June 30, 2024, decreased by $27.9 million, or 34%, to $53.5 million compared to $81.5 million in 2023[117]. - R&D expenses decreased by $11.9 million, or 42%, to $16.6 million for the six months ended June 30, 2024, compared to $28.5 million for the same period in 2023[123]. - SG&A expenses decreased by $21.8 million, or 41%, to $31.1 million for the six months ended June 30, 2024, compared to $52.9 million for the same period in 2023[124]. - Restructuring costs were $5.8 million for the six months ended June 30, 2024, with no expenses classified as restructuring costs during the same period in 2023[125]. Cash and Liquidity - Cash and cash equivalents were $10.4 million, with an accumulated deficit of $628.9 million as of June 30, 2024[126]. - The company received net proceeds of approximately $75.6 million from the October 2023 Offering of senior secured convertible notes and warrants[127]. - The company expects to need additional capital based on strategic considerations in the future, as existing cash and equivalents will not be sufficient to achieve cash-flow break even[131]. - Future liquidity requirements will include working capital and general corporate expenses associated with business growth throughout 2024[132]. - As of June 30, 2024, the company had $10.4 million in cash and cash equivalents, $8.5 million in short-term investments, and $11.4 million in restricted cash, indicating potential liquidity issues for the next twelve months[134]. - Net cash used in operating activities was $49.1 million for the six months ended June 30, 2024, a decrease of $20.0 million compared to $69.1 million in the same period of 2023, attributed to a reduction in net loss and improved working capital management[136]. - Cash provided by investing activities increased to $76.2 million for the six months ended June 30, 2024, up from $46.1 million in 2023, primarily due to the maturity of $227.9 million in available-for-sale securities[137][138]. - Net cash used in financing activities was $23.6 million for the six months ended June 30, 2024, compared to net cash provided of $32.7 million in the same period of 2023, reflecting a decrease of $56.3 million[139]. - The company plans to raise substantial additional capital through equity or debt financing to meet operational needs, with no assurance that such financing will be available on favorable terms[134][136]. Market and Operational Insights - The installed base of OGM systems grew to 363 as of June 30, 2024, representing an increase of approximately 29% from 281 as of June 30, 2023[95]. - A total of 6,165 flowcells were sold in the three-month period ended June 30, 2024, a decrease of approximately 13% from 7,062 flowcells sold in the same quarter of 2023[95]. - The Americas accounted for 44% of total revenue in the three months ended June 30, 2024, while EMEA accounted for 47%[102]. - The company anticipates a potential protracted slowdown in its Asia Pacific business due to funding headwinds in the region[97]. Risk Factors - The company is exposed to interest rate risk, but does not expect anticipated changes in interest rates to materially affect its financial statements in future reporting periods[146]. - The company does not currently participate in material foreign exchange hedging activities and believes a hypothetical 10% change in foreign exchange rates would not have a material impact on its financial condition[148]. - The cost of revenue for the three and six months ended June 30, 2024, was not significantly impacted by inflationary pressures[149]. - The company does not believe that inflation has had a material effect on its business, financial condition, or results of operations[149]. - Geopolitical and macroeconomic events have contributed to supply chain challenges, resulting in inflation headwinds, particularly increased logistical costs and raw material prices[149].