SAN DIEGO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) announced today that it adjourned its reconvened Special Meeting of Stockholders originally held on October 2, 2024 and subsequently adjourned to October 30, 2024 (the “Special Meeting”) because a quorum was not present at the time of the reconvened meeting. Based on preliminary reports as of October 30, 2024, approximately 30.7% of total shares outstanding as of the record date have submitted their votes, whereas 33.3% of to ...

Core Insights - Bionano Genomics expects third quarter 2024 revenue to be between $6.5 million and $6.8 million, a decrease from previous guidance of $7.9 million to $8.9 million [1] - The company has approximately $23.3 million in cash and cash equivalents as of September 30, 2024, with $11.4 million subject to restrictions [2] - The company is undergoing a strategic shift to become more capital-efficient, focusing on driving utilization and adoption of optical genome mapping (OGM) from its existing installed base [4] Financial Performance - Preliminary revenue for Q3 2024 is expected to be lower than previously anticipated due to strategic business transformation and ongoing challenges in the capital equipment sector [1][4] - The company has not completed its standard quarterly accounting procedures, and results are subject to further adjustments, including potential impairments and write-downs [3] Business Strategy - Bionano is focusing on increasing the utilization of OGM in productive geographies such as the US, Canada, Europe, and Israel, rather than emphasizing new placements of OGM systems [4] - The company aims to transform its business model to enhance capital efficiency while maintaining growth in its core business [4] Company Overview - Bionano Genomics provides genome analysis solutions aimed at addressing complex questions in biology and medicine, with a mission to transform genome analysis through OGM solutions and diagnostic services [5]

Shares of Bionano Genomics, Inc. (BNGO) have been struggling lately and have lost 5.6% over the past week. However, a hammer chart pattern was formed in its last trading session, which could mean that the stock found support with bulls being able to counteract the bears. So, it could witness a trend reversal down the road. The formation of a hammer pattern is considered a technical indication of nearing a bottom with likely subsiding of selling pressure. But this is not the only factor that makes a bullish ...

Bionano Genomics, Inc. (NASDAQ:BNGO) Canaccord Genuity 44th Annual Growth Results Conference August 13, 2024 3:30 PM ET Company Participants Erik Holmlin - President and Chief Executive Officer Conference Call Participants Kyle Mikson - Canaccord Genuity Kyle Mikson Hi. Welcome to the Canaccord Genuity Global Growth Conference. I'm Kyle Mikson, and I cover life science tools and diagnostics for Canaccord. Pleased to welcome you to this Fireside Chats with Bionano Genomics. The company offers a really kind o ...

Bionano Genomics, Inc. (BNGO) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices. The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the sy ...

Bionano Genomics, Inc. (NASDAQ:BNGO) Q2 2024 Earnings Conference Call August 7, 2024 4:30 PM ET Company Participants David Holmes - Investor Relations Erik Holmlin - President & Chief Executive Officer Gülsen Kama - Chief Financial Officer Conference Call Participants Destiny Hance - Ladenburg Thalmann & Co. Operator Good day and thank you for standing by. Welcome to the Bionano Q2 Financial Results Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will ...

Financial 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].

Bionano Reports Second Quarter 2024 Results and Highlights Recent Business Progress • Q2 2024 revenue was $7.8 million, which represents a 10% decrease from Q2 2023 • Total installed base of 363 optical genome mapping (OGM) systems as of Q2 2024, which represents a 29% increase over Q2 2023 • Sold 6,165 nanochannel array flowcells in Q2 2024, which represents a 13% decrease from the number of flowcells sold in Q2 2023 th • The editorial panel of the American Medical Association (AMA) established a new Categ ...

Q2 2024 revenue was $7.8 million, which represents a 10% decrease from Q2 2023 Total installed base of 363 optical genome mapping (OGM) systems as of Q2 2024, which represents a 29% increase over Q2 2023 Sold 6,165 nanochannel array flowcells in Q2 2024, which represents a 13% decrease from the number of flowcells sold in Q2 2023 The editorial panel of the American Medical Association (AMA) established a new Category I Current Procedural Terminology (CPT®) code for the use of OGM in cytogenomic genome-wide ...

Conference Call & Webcast Details CONTACTS SAN DIEGO, July 31, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (NASDAQ:BNGO) today announced that it will host a conference call and live webcast on Wednesday, August 7, 2024, at 4:30 p.m. Eastern Time to report financial results for the second quarter 2024 and to highlight recent corporate progress. Participants may access a live webcast of the call on the Investors page of the Bionano website. A replay of the conference call and webcast will be archived on B ...