Bionano Prices $80.0 Million Financing in Convertible Notes and Warrants, Announces Preliminary Q3 2023 Results, and Implements Streamlined Operational Plan
11 Outubro 2023 - 9:05AM
Bionano Genomics, Inc. (Nasdaq: BNGO) today reported certain
business updates and unaudited preliminary financial results for
the third quarter ended September 30, 2023.
Pricing of Financing
- Earlier today, Bionano announced the
pricing of an $80.0 million registered offering and concurrent
private placement comprising of (i) $45.0 million aggregate
principal amount of senior secured convertible notes due 2025 (the
“Registered Notes”) and warrants (the “Registered Warrants”) to
purchase 21,660,650 shares of its common stock in a registered
offering, and (ii) $35.0 million aggregate principal amount of
senior secured convertible notes due 2025 (the “Private Placement
Notes” and together with the Registered Notes, the “Notes”) in a
concurrent private placement, in each case to a certain accredited
investor (the “Buyer”). The sale of the Notes and the Registered
Warrants to the Buyer is expected to close on October 13, 2023,
subject to customary closing conditions.
- Bionano has also granted the Buyer an
option to purchase up to an additional $25.0 million aggregate
principal amount of senior secured notes due 2025 and warrants to
purchase up to 6,768,953 shares of common stock in a subsequent
private placement on substantially the same terms as the Private
Placement Notes and the Registered Warrants, respectively.
Q3 2023 Preliminary Unaudited Financial and Business
Results
- Revenues for the third quarter
2023 are expected to be in the range of $9.1 million to $9.3
million, an estimated increase of 26% to 29% compared to
the third quarter of 2022, which would be at the higher end of
revenue guidance of $8.8 million to $9.2 million provided in
August.
- Installed base of
Saphyr® systems totaled 301 at
the end of the third quarter 2023, which was an increase
of 20 systems over the second quarter of 2023 and represents a 39%
increase over the 217 installed systems reported at the end of the
third quarter of 2022.
- Nanochannel array flowcells
sold in the third quarter is expected to be 6,176, an
estimated increase of 55% over the 3,975 flowcells sold during the
third quarter of 2022.
Appointed New CFO Effective September 11,
2023
- As previously announced, Gülsen
Kama joined as the Chief Financial Officer (CFO),
effective September 11, 2023. Ms. Kama has an extensive background
in business planning and execution, especially in operating
environments that demand rigorous management of expenses to enable
profitable growth.
Operating and Manufacturing Cost Reductions
- On October 9, 2023, Bionano committed
to a series of cost savings initiatives including a reduction in
force and reducing facility costs and discretionary spending
unrelated to headcount that, taken together with cost savings
realized from the reduction in force the Company announced in May,
is expected to result in a reduction of non-GAAP operating expenses
by approximately $31.6 million on an annualized basis starting in
2024, excluding savings in stock-based compensation.
- Part of the savings comes from a
reduction in force of 66 positions eliminated as part of the
October 2023 initiatives, which, when combined with the positions
eliminated since May 2023, is expected to bring the number of
employees planned for December 31, 2023 to 321.
- Cost of goods sold is expected to be
reduced by approximately $1.4 million on an annual basis, starting
in 2024, in connection with the October 2023 initiatives, which
will be a component of anticipated improvements to gross margin
going forward.
“We are pleased to be recognizing several significant
advancements for the company today, including the addition of
Gülsen Kama as CFO, preliminary results of another strong quarter
of performance, a financing, and cost savings initiatives that we
believe will be an important part of Bionano becoming profitable.
The preliminary Q3 2023 results include strong revenues that are
expected to meet and potentially exceed the guidance provided in
August, reflect solid revenue growth compared to Q3 2022, and
demonstrate increases in the installed base of optical genome
mappers and in flowcells sold compared to Q3 2022.
Our objective in financing the company during what we believe is
one of the most challenging financing environments for growth
companies in health care has been to obtain enough capital to
provide a meaningful extension in the cash runway, while also
managing the dilutive impact. We believe we have found a good
balance in the agreement we made with the Buyer and that this
financing is an important step toward closing the gap to
profitability,” said Erik Holmlin, PhD, president and chief
executive officer of Bionano.
Gülsen Kama, CFO of Bionano, added, “Reducing our operating
expense footprint is something that we felt was important to do.
It’s never easy to reduce the number of employees, all of whom have
contributed significantly to our progress so far, but in the face
of difficult prioritization decisions in the current equity capital
market environment, we believe these steps were necessary to
implement alongside the financing to reduce the overall capital
needed to reach profitability.”
“We feel we can continue to prioritize and invest in our highest
priority programs that support the ongoing adoption of optical
genome mapping (OGM) and market development for OGM including our
planned product launches and regulatory development,” commented Dr.
Holmlin.
Bionano has not completed preparation of its financial
statements for the third quarter of 2023. The financial performance
measures presented in this press release for the third quarter of
2023 are preliminary and unaudited, based on management’s initial
review of the information presented, and are thus inherently
uncertain and subject to change as Bionano completes its
end-of-period reporting process and related activities for the
third quarter of 2023. Bionano is in the process of completing its
customary quarter-end close and review procedures as of and for the
quarter ended September 30, 2023, and the final results for this
period could differ from the preliminary estimated results
disclosed in this press release. During the course of the
preparation of Bionano's unaudited consolidated financial
statements and related notes as of and for the quarter ended
September 30, 2023, Bionano’s independent registered public
accountants may identify items that could cause final reported
results to be materially different from the preliminary estimates
presented herein. Additional information and disclosures would be
required for a more complete understanding of Bionano’s financial
position and results of operations as of and for the quarter ended
September 30, 2023. Accordingly, undue reliance should not be
placed on this preliminary information.
Non-GAAP Financial Measures
We refer to non-GAAP total expenses and non-GAAP operating
expenses in this press release but we do not provide guidance for
the most directly comparable GAAP measures, total expenses and
operating expenses. Similarly, we cannot provide a reconciliation
between our most directly comparable GAAP measures, total expenses
and operating expenses without unreasonable effort due to the
unavailability of reliable estimates for certain components
including stock-based compensation, which are not within our
control and may vary greatly between periods and could
significantly impact our financial results calculated in accordance
with GAAP.
About Bionano
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 Lineagen, Inc. d/b/a Bionano
Laboratories business, the Company also provides diagnostic
testing for patients with clinical presentations consistent with
autism spectrum disorder and other neurodevelopmental disabilities.
The Company also offers an industry-leading, platform-agnostic
software solution, which integrates next-generation sequencing and
microarray data designed to provide analysis, visualization,
interpretation and reporting of copy number variants,
single-nucleotide variants and absence of heterozygosity across the
genome in one consolidated view. The Company additionally offers
nucleic acid extraction and purification solutions using
proprietary isotachophoresis technology. For more information,
visit www.bionano.com, www.bionanolaboratories.com or www.purigenbio.com.
Unless specifically noted otherwise, Bionano’s OGM products
are for research use only and not for use in diagnostic
procedures.
Forward-Looking Statements of Bionano
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Words such as “anticipate,” “believe,” “could,” “estimate,”
“expect,” “may,” “plan,” “will,” “should” “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:
certain financial measures, such as our preliminary revenue,
installed base and flowcell sales expected for the third quarter
2023; our ability to maintain continued year-over-year quarterly
revenue growth; our ability to execute on our strategy and achieve
our objectives; the impact and utility of our cost savings
initiative including the expected amount and timing of cost
savings, anticipated improvements in gross margin and ability to
become profitable; the impact of our recent financing including
providing a meaningful extension in the cash runway and closing the
gap to profitability; the ability to close and timing for the
closing of the offering of the Registered Notes and the Registered
Warrants, the concurrent private placement and any subsequent
private placement; and our ability to continue to drive OGM
adoption by potential customers for routine use in genomic analysis
to expand our OGM installed base and planned product launches and
regulatory developments. 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:
adjustments to our preliminary measures of financial performance
resulting from, among other things, the completion of our
end-of-period review and reporting processes; the timing and amount
of revenue we are able to recognize in a given fiscal period; the
impact of adverse geopolitical and macroeconomic events, such as
recent and future bank failures, global pandemics, inflation,
supply chain disruptions and the ongoing conflict between Ukraine
and Russia, on our business and the global economy; general market
conditions; our ability to meet the funding conditions to gain
access to the minimum cash amount held as restricted cash in an
account control agreement under the financing; changes in the
competitive landscape and the introduction of competitive
technologies or improvements to existing technologies; changes in
our strategic and commercial plans; our need and ability to obtain
sufficient additional financing to fund our strategic plans and
commercialization efforts, our ability to effectively manage our
uses of cash, and our ability to continue as a “going concern”; the
ability or potential to obtain funding to support adoption or
continued use of our technologies; 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, 2022 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.
CONTACTS
Company Contact:Erik Holmlin, CEO Bionano
Genomics, Inc. +1 (858) 888-7610 eholmlin@bionano.com
Investor Relations:David Holmes Gilmartin Group
+1 (858) 888-7625 IR@bionano.com
Bionano Genomics (NASDAQ:BNGO)
Gráfico Histórico do Ativo
De Abr 2024 até Mai 2024
Bionano Genomics (NASDAQ:BNGO)
Gráfico Histórico do Ativo
De Mai 2023 até Mai 2024