Bionano Genomics(US:BNGO)2025-05-14 20:11Financial Performance - Total revenue for the three months ended March 31, 2025, was $6,457,000, down from $8,769,000 in the same period of 2024, reflecting a decline of approximately 26.4%[127] - Product revenue for the three months ended March 31, 2025, was $6,004,000, compared to $6,828,000 for the same period in 2024, indicating a decrease of about 12.1%[127] - Service and other revenue dropped to $453,000 for the three months ended March 31, 2025, from $1,941,000 in the same period of 2024, a decline of approximately 76.7%[127] - Total revenue decreased by $2.3 million, or 26%, to $6.5 million for the three months ended March 31, 2025, compared to $8.8 million for the same period in 2024[136] - Product revenue decreased by $0.8 million, or 12%, to $6.0 million, driven by a 57% decrease in instrument sales and a 6% decrease in consumable sales[137] - Service and other revenue decreased by $1.5 million, or 77%, due to the discontinuation of certain clinical service offerings, contributing no revenue in 2025 compared to $1.4 million in 2024[138][139] - The net loss for the three months ended March 31, 2025, was $3.1 million, with an accumulated deficit of $696.3 million as of the same date[132] - Net loss improved by $28.3 million, or 90%, to $3.1 million for the three months ended March 31, 2025, compared to a net loss of $31.4 million for the same period in 2024[150] Revenue by Region - Revenue from the Americas was $3,058,000, accounting for 47% of total revenue, down from $4,690,000 (53%) in the same period of 2024[128] - EMEA revenue was $3,066,000, representing 47% of total revenue, compared to $3,133,000 (36%) in the same period of 2024[128] - Asia Pacific revenue fell to $333,000, making up 5% of total revenue, down from $946,000 (11%) in the same period of 2024[128] Operating Expenses - Total operating expenses decreased by $22.5 million, or 66%, to $11.4 million for the three months ended March 31, 2025, compared to $33.9 million for the same period in 2024[136] - Research and development expenses decreased by $7.4 million, or 76%, to $2.4 million, primarily due to headcount reductions and decreased professional fees[144] - Selling, general and administrative expenses decreased by $10.1 million, or 53%, to $9.0 million, driven by reductions in salaries and consulting fees[145] Cash Flow and Liquidity - As of March 31, 2025, the company had cash and cash equivalents of $3.6 million and an accumulated deficit of $696.3 million[150] - The net cash used in operating activities was $2.8 million for the three months ended March 31, 2025, a significant decrease of $25.4 million compared to $28.1 million in the same period in 2024, attributed to reduced net loss and working capital usage[167] - Net cash provided by financing activities was $10.9 million during the three months ended March 31, 2025, compared to a net cash outflow of $21.6 million in the same period in 2024, marking an increase of $32.5 million[169] - The cash flow from investing activities was a net outflow of $14.1 million for the three months ended March 31, 2025, compared to a net inflow of $47.6 million in the same period in 2024, primarily due to changes in available-for-sale securities[168] - As of March 31, 2025, the Company had $3.6 million in cash and cash equivalents, $14.6 million in short-term investments, and $11.0 million in restricted short-term investments, indicating liquidity challenges ahead[163] Future Outlook and Financing - The Company anticipates needing to raise substantial additional capital to continue operations beyond the next twelve months, with significant doubt about its ability to continue as a going concern[163] - The Company expects to incur additional costs for capital expenditures related to scaling operations and increasing manufacturing capacity throughout 2025[161] - The Company entered into a securities purchase agreement on January 3, 2025, to issue approximately 382,000 shares of common stock and warrants, with gross proceeds expected to be around $10.0 million[158] - The Company sold approximately 0.1 million shares of common stock under the Cowen ATM in January 2025, receiving gross proceeds of approximately $1.9 million[171] - The Company entered into an At The Market Offering Agreement with Wainwright on February 21, 2025, allowing for the sale of up to $75.0 million in common stock[172] - The Company has established a strategy committee to evaluate options for maximizing stakeholder value, including potential debt financing and equity investments[164] Instrument Sales and Installed Base - The installed base of OGM instruments grew to 379 as of March 31, 2025, representing a 9% increase from 347 as of March 31, 2024[121] - A total of 6,994 flowcells were sold in the three-month period ended March 31, 2025, a decrease of approximately 15% from 8,249 flowcells sold in the same quarter of 2024[121] Other Income and Interest - Interest income decreased by $0.7 million, or 72%, to $0.3 million, reflecting a reduction in investments[148] - Other income increased by $6.5 million, resulting in total other income of $5.4 million for the three months ended March 31, 2025, compared to an expense of $1.4 million in 2024[149] Classification - The company is classified as a smaller reporting company and is not required to provide the information required by Item 3[179]