Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial
results for the fourth quarter and full year ended December 31,
2023 and revenue outlook for 2024.
“2023 was a year in which we made tremendous
progress toward our mission of transforming the way the world sees
the genome. The progress is evidence that our ELEVATE strategy is
working,” commented Erik Holmlin, PhD, president and chief
executive officer of Bionano. “Revenue growth continued with growth
of the OGM installed base and consumables units sales. We had a
number of significant product launches during 2023, which we
believe will make OGM easier to implement and use and make it
possible to run substantially more samples. Innovations such as the
Stratys™ system for high throughput mapping, and VIA™ software for
streamlined visualization, interpretation and reporting of genome
analysis results have been enthusiastically received and we expect
them to be drivers of revenue growth. We also saw independent
confirmation of the utility of our solutions, including the
organization of consortia across the world who are driving OGM
adoption and implementation. We believe the execution of ELEVATE
with the progress of OGM in 2023 and our focus on reducing cash
burn, including through new cost savings initiatives introduced
today, has well-positioned us for success in 2024.”
Recent Highlights
- Announced
the commercial release of the Stratys system, the
Company’s system for high throughput OGM, and the completion of the
Stratys early access program, which includes 11 systems at 10
customer sites across the globe.
-
Published the first framework
paper for the uniform clinical adoption and
implementation of the OGM workflow for hematological
malignancy applications, authored by an international consortium of
18 researchers.
- Published
interim readout from second phase of prenatal validation
study, which evaluated 342 unique cases for prenatal
genetic disease using OGM; results showed OGM to have 100%
concordance with traditional cytogenetic methods, with sensitivity
of 99.2%, specificity of 100%, and overall accuracy of 99.6%.
- Published peer-reviewed
publication for the second phase of postnatal validation
study, which evaluated 627 constitutional postnatal
samples using OGM; results showed that 99.5% of samples were fully
concordant with standard of care (SOC) methods; when compared to
the rate of finding pathogenic or likely pathogenic variants with
SOC methods, OGM increased the rate by a factor of 6% to as much as
50% depending on the sample population.
- Held 2024
Symposium, which featured a record 32 oral presentations and 69
scientific posters from genomic scientists at leading global
institutions on the use of OGM for research applications
in cancer, genetic disease, and cell and gene therapy. Symposium
had over 2,100 registrants from 92 countries and averaged 574
attendees per day.
Q4 2023 and YE 2023
Highlights
- Installed
base of OGM systems totaled 326 at year-end, which
represented a 36% increase over the 240 installed systems reported
at the end of 2022.
- Sold 7,980
nanochannel array flowcells in the fourth quarter and 26,444
flowcells during 2023, which was an increase of 67% over
the 4,781 flowcells sold in the fourth quarter of 2022 and an
increase of 72% over the 15,375 flowcells sold in 2022.
- Number of
2023 OGM publications totaled 282, which was a 54% increase over
the total number of OGM publications in 2022. Q4 2023
showed the highest number to date of OGM publications in a single
quarter with 88 total publications.
- Since 2021,
there have been significant and steady year-over-year percentage
increases in the number of OGM publications on research
application areas including postnatal and prenatal genetic
disorders, hematological malignancies, solid tumors, and cell and
gene therapy. Additionally, the number of published human clinical
research samples has grown from approximately 500 prior to 2021, to
approximately 5,100 as of the end of 2023.
Achieved All Full-Year 2023 ELEVATE
Milestones
- Released
the Stratys system, as part of an early access program in the
fourth quarter of 2023. The Stratys system is expected to
enable a four-fold increase in raw data generation rate
compared to the
Saphyr® system and
is designed for maximum lab flexibility by enabling up to 12 single
access chips, accessible as they complete runs, without the need to
batch multiple samples on a consumable.
- Released
VIA software, which replaces
NxClinical™ software with
a simple and integrated workflow for visualization, interpretation,
and reporting for OGM, microarray and NGS data types for enhanced
contextualization across multiple variant types and accelerated
time to results at a reduced cost. A workflow focused on
hematological malignancies was released in June 2023, and in
December 2023, the Company announced upgrades to its pipeline for
OGM data analysis in VIA software for applications in
constitutional genetic diseases.
-
Pre-commercial version of the Ionic® Purification System
for isolation of DNA for OGM analysis was running in the field as
of the fourth quarter of 2023, with the full commercial
launch planned for 2024.
- Launched an
OGM LDT for constitutional genetic disease applications
through Bionano Laboratories.
- Submitted a
dossier to Medicare seeking a local coverage determination for OGM
coverage.
- Conducted a
pre-submission discussion with FDA in connection with the
planned clearance of the Stratys system.
- Met or
exceeded all previously stated 2023 milestones for
prenatal, postnatal, and hematological malignancy clinical trials,
including: sample enrollment and data collection for prenatal
study; interim publication of the prenatal study; interim
publication of the hematological malignancy study; peer-reviewed
interim publication from postnatal study; and IRB approval for
solid tumor study.
Q4 2023 Financial Results
- Total
revenue for the fourth quarter of 2023 was $10.7 million,
an increase of 30% compared to the fourth quarter of 2022.
- GAAP gross
margin for the fourth quarter of 2023 was 23%, which was
slightly higher than the 22% GAAP gross margin reported for the
fourth quarter of 2022.
- Fourth
quarter 2023 GAAP operating expense was $27.4
million, compared to $39.3 million in the fourth quarter
of 2022. The year-over-year decrease was primarily due to a
decrease in the fair value of contingent consideration of Purigen
milestones and reduced headcount-related expense partly attributed
to the cost savings initiatives outlined in our Q2 2023 and Q3 2023
earnings releases.
- Fourth
quarter 2023 non-GAAP operating expense was $27.3 million,
compared to $30.6 million in the fourth quarter of 2022.
- Cash, cash
equivalents, and available-for-sale securities as of December 31,
2023 were $102.3 million, of which $35.5 million was subject to
certain restrictions.
FY 2023 Financial Results
- Full year
2023 revenue was $36.1 million, an increase of 30%
compared to 2022.
- Full year
2023 total gross margin was 26%, up from 21% in 2022.
- Full year
2023 GAAP operating expense was $224.8 million and
non-GAAP operating expense was $127.3 million. Full year 2023
non-GAAP operating expense excludes a one-time impairment charge of
$77.3 million, $7.2 million in amortization of intangibles and
$14.5 million in stock-based compensation, partially offset by $1.5
million in reductions of contingency based obligations.
2024 Outlook
We remain hyper focused on our mission of
transforming the way the world sees the genome. To that end we want
to highlight the following:
- We recently amended
the convertible debt financing entered into in October 2023 to
restructure our debt obligations and we will continue to work with
our lender as we manage the remaining obligations.
- In an effort to
streamline our operating structure and focus on core OGM products,
we are phasing out First Step and Next Step Dx clinical services
products and our Fragile X test, which are legacy, non-OGM tests.
In 2023, these products generated around $7.0 million of the
overall $36.1 million in revenues.
- After taking into
account the financial impact of discontinued products, Bionano
expects full year 2024 revenue to be in the range of $37.0 to $41.0
million and Q1 2024 revenue is expected to be in the range of $8.25
to $8.75 million.
- We anticipate
installation of 80 to 100 new OGM systems in 2024, with a projected
2024 installed base range of 381 to 401 OGM systems. This range
reflects some anticipated Saphyr to Stratys upgrades.
Cost Savings Initiatives
- In addition to the
cost savings initiatives announced in May and October 2023, we are
announcing new plans that will further reduce expenses.
- With this 2024
initiative, our goal will be reducing annualized operating expense
by another estimated $35.0 to $40.0 million, including a potential
reduction in headcount by an additional 110 to 125 employees,
bringing the total number of employees down to approximately 200
from approximately 324 today.
- Overall, since May
2023 through the completion of the initiative announced today, we
aim to have reduced headcount by approximately 200 people and
reduced annualized operating expenses by about $65.0 to $75.0
million.
- We expect to
continue exploring strategic opportunities that we believe will
maximize stakeholder value. These opportunities could include any
of the following or a combination thereof: debt financing, equity
investments, combinations with other companies, or the sale of all
or part of the company. There can be no assurances that any
transactions will be completed, and we do not intend to disclose or
comment on interim developments except to the extent required by
law.
- We believe these
activities will allow us to remain committed to our customers and
partners, and to be able to continue expanding the opportunity and
availability of OGM.
“We started 2024 with a focus on addressing cash
burn and financial discipline, and we continue to take actions that
we believe will enable us to improve margins and further extend our
cash runway, including through the cost savings initiatives
announced today and the amended debt financing agreement we
announced last week. I am pleased to see that our 2023 cost savings
initiatives have started to have a positive impact on our operating
expenses and expect to see continued progress in that area over the
course of the year,” added Gülsen Kama, chief financial
officer of Bionano.
Webcast Details
Webcast Details |
Date: |
Tuesday, March 5, 2024 |
Time: |
4:30 p.m. Eastern Time |
Participant Registration: |
https://register.vevent.com/register/BI54a6f64eeb2842bd893b4ad1b52fc78f |
Webcast: |
https://edge.media-server.com/mmc/p/afaym86g/ |
Participants should register at the link above
in advance of the call, and then click the webcast link before the
call begins. An archived version of the webcast will be available
for replay in the Investors section of the Bionano website.
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 (ITP)
technology. For more information,
visit www.bionano.com, www.bionanolaboratories.com or www.purigenbio.com.
Bionano’s OGM products are for research use only
and not for use in diagnostic procedures.
Non-GAAP Financial Measures
To supplement Bionano’s financial results
reported in accordance with U.S. generally accepted accounting
principles (GAAP), the Company has provided non-GAAP operating
expense in this press release and the accompanying conference call,
which is a non-GAAP financial measure. Non-GAAP operating expense
excludes from GAAP reported operating expense the following
components as detailed in the reconciliation table accompanying
this press release: stock-based compensation, amortization of
intangibles and acquisition-related expenses.
Bionano believes that non-GAAP operating expense
is useful to investors and analysts as a supplement to its
financial information prepared in accordance with GAAP for
analyzing operating performance and identifying operating trends in
its business. Bionano uses non-GAAP operating expense internally to
facilitate period-to-period comparisons and analysis of its
operating performance in order to understand, manage and evaluate
its business and to make operating decisions. Accordingly, Bionano
believes this measure allows for greater transparency with respect
to key financial metrics it uses in assessing its own operating
performance and making operating decisions.
This non-GAAP financial measure is not meant to
be considered in isolation or as a substitute for comparable GAAP
measures; should be read in conjunction with the Company’s
consolidated financial statements prepared in accordance with GAAP;
has no standardized meaning prescribed by GAAP; and is not prepared
under any comprehensive set of accounting rules or principles. In
addition, from time to time in the future, there may be other items
that the Company may exclude for purposes of its non-GAAP financial
measures; and the Company may in the future cease to exclude items
that it has historically excluded for purposes of its non-GAAP
financial measures. Likewise, the Company may determine to modify
the nature of its adjustments to arrive at its non-GAAP financial
measures. Because of the non-standardized definitions of non-GAAP
financial measures, the non-GAAP financial measure as used by
Bionano in this press release and the accompanying reconciliation
table has limits in its usefulness to investors and may be
calculated differently from, and therefore may not be directly
comparable to, similarly titled measures used by other
companies.
For a reconciliation of non-GAAP operating
expense to operating expense reported in accordance with GAAP,
please refer to the financial tables accompanying this press
release.
Forward-Looking Statements of Bionano
Genomics
This press release and the accompanying
conference call contains forward-looking statements within the
meaning of the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical facts contained in this press release, including
statements regarding our future results of operations or financial
condition, business strategy and plans, and objectives of
management for future operations, are forward-looking statements.
Words such as “anticipate”, “believe,” “could”, “estimate,”
“expect,” “intend,” “may,” “plan,” “potential”, “predict,”
“project,” “should,” “target,” “will,” or “would” 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:
our expectations regarding product uptake, revenue growth, market
development and increased OGM adoption, including through
publications highlighting the utility and applications of OGM; our
growth prospects and future financial and operating results,
including our 2024 revenue guidance, expected impact from our cost
savings initiatives and plans to reduce our annualized cost
structure and the timing for such savings; the growth of our
installed base of OGM systems; our expectation that innovations
such as the Stratys system and VIA software will be drivers of
future growth, the sales of our flowcell consumables and the other
expectations related thereto; our ability to meet our stated goals,
including to drive value and penetrate into our target markets; our
commercial expectations, including the potential market opportunity
for structural variation analysis and OGM; the impact on our
commercial opportunities related to the launch of our
next-generation OGM system and our analysis software; continued
research, presentations and publications involving OGM, its utility
compared to traditional cytogenetics and our technologies; our
ability to drive adoption of OGM and our technology solutions; and
expected timing and results from our clinical studies; our
exploring a variety of strategic opportunities that we believe will
maximize stakeholder value and the execution of our strategy. Each
of these forward-looking statements involves risks and
uncertainties. Accordingly, investors and prospective investors are
cautioned not to place undue reliance on these forward-looking
statements as they involve inherent risk and uncertainty (both
general and specific) and should note that they are provided as a
general guide only and should not be relied on as an indication or
guarantee of future performance. 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: the
timing and amount of revenue we are able to recognize in a given
fiscal period; our ability to obtain sufficient financing to fund
our strategic plans and commercialization efforts and our ability
to continue as a “going concern”; the impact of adverse
geopolitical and macroeconomic events, such as the ongoing
conflicts between Ukraine and Russia and Israel and Gaza and
uncertain market conditions, including inflation and supply chain
disruptions, on our business and the global economy; general market
conditions; changes in the competitive landscape and the
introduction of competitive technologies or improvements to
existing technologies; changes in our strategic and commercial
plans; the ability of medical and research institutions to obtain
funding to support adoption or continued use of our technologies;
study results that differ or contradict the results mentioned in
this press release; the risk that we are not able to complete a
strategic transaction that would increase stakeholder value; 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.
CONTACTSCompany
Contact:Erik Holmlin, CEOBionano Genomics, Inc.+1 (858)
888-7610eholmlin@bionano.com
Investor Relations:David R.
HolmesGilmartin Group+1 (858)
366-3243david.holmes@gilmartinir.com
|
BIONANO GENOMICS, INC |
Consolidated Statement of Operations |
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Product revenue |
$ |
8,215,000 |
|
|
$ |
6,171,000 |
|
|
$ |
26,727,000 |
|
|
$ |
20,425,000 |
|
Service and other revenue |
|
2,506,000 |
|
|
|
2,044,000 |
|
|
|
9,389,000 |
|
|
|
7,377,000 |
|
Total revenue |
|
10,721,000 |
|
|
|
8,215,000 |
|
|
|
36,116,000 |
|
|
|
27,802,000 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of product revenue |
|
6,701,000 |
|
|
|
4,709,000 |
|
|
|
20,415,000 |
|
|
|
15,966,000 |
|
Cost of service and other revenue |
|
1,582,000 |
|
|
|
1,701,000 |
|
|
|
6,135,000 |
|
|
|
5,891,000 |
|
Total cost of revenue |
|
8,283,000 |
|
|
|
6,410,000 |
|
|
|
26,550,000 |
|
|
|
21,857,000 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
11,701,000 |
|
|
|
14,011,000 |
|
|
|
54,032,000 |
|
|
|
49,047,000 |
|
Selling, general and administrative |
|
15,690,000 |
|
|
|
25,321,000 |
|
|
|
93,499,000 |
|
|
|
88,596,000 |
|
Goodwill Impairment |
|
— |
|
|
|
— |
|
|
|
77,280,000 |
|
|
|
— |
|
Total operating expenses |
|
27,391,000 |
|
|
|
39,332,000 |
|
|
|
224,811,000 |
|
|
|
137,643,000 |
|
Loss from operations |
|
(24,953,000 |
) |
|
|
(37,527,000 |
) |
|
|
(215,245,000 |
) |
|
|
(131,698,000 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
Interest income |
|
1,189,000 |
|
|
|
770,000 |
|
|
|
3,311,000 |
|
|
|
1,507,000 |
|
Interest expense |
|
(4,898,000 |
) |
|
|
(75,000 |
) |
|
|
(5,119,000 |
) |
|
|
(298,000 |
) |
Other income (expenses) |
|
3,562,000 |
|
|
|
(40,000 |
) |
|
|
3,449,000 |
|
|
|
(223,000 |
) |
Loss on convertible note payable |
|
(18,827,000 |
) |
|
|
— |
|
|
|
(18,827,000 |
) |
|
|
— |
|
Total other income (expenses) |
|
(18,974,000 |
) |
|
|
655,000 |
|
|
|
(17,186,000 |
) |
|
|
986,000 |
|
Loss before income taxes |
|
(43,927,000 |
) |
|
|
(36,872,000 |
) |
|
|
(232,431,000 |
) |
|
|
(130,712,000 |
) |
Benefit (provision) for income taxes |
|
36,000 |
|
|
|
(1,805,000 |
) |
|
|
(62,000 |
) |
|
|
(1,884,000 |
) |
Net loss |
$ |
(43,891,000 |
) |
|
$ |
(38,677,000 |
) |
|
$ |
(232,493,000 |
) |
|
$ |
(132,596,000 |
) |
|
BIONANO GENOMICS, INC |
Consolidated Balance Sheet |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
17,948,000 |
|
|
$ |
5,091,000 |
|
Investments |
|
48,823,000 |
|
|
|
108,095,000 |
|
Accounts receivable, net |
|
9,319,000 |
|
|
|
7,022,000 |
|
Inventory |
|
22,892,000 |
|
|
|
29,761,000 |
|
Prepaid expenses and other current assets |
|
6,019,000 |
|
|
|
7,329,000 |
|
Restricted investments |
|
35,117,000 |
|
|
|
— |
|
Total current assets |
|
140,118,000 |
|
|
|
157,298,000 |
|
Restricted cash |
|
400,000 |
|
|
|
400,000 |
|
Property and equipment, net |
|
23,345,000 |
|
|
|
18,029,000 |
|
Operating lease right-of-use assets |
|
5,633,000 |
|
|
|
7,222,000 |
|
Financing lease right-of-use assets, related party |
|
3,503,000 |
|
|
|
3,707,000 |
|
Intangible assets, net |
|
33,974,000 |
|
|
|
41,143,000 |
|
Goodwill |
|
— |
|
|
|
77,289,000 |
|
Other long-term assets |
|
7,431,000 |
|
|
|
2,414,000 |
|
Total assets |
$ |
214,404,000 |
|
|
$ |
307,502,000 |
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
10,384,000 |
|
|
$ |
12,534,000 |
|
Accrued expenses |
|
8,089,000 |
|
|
|
10,552,000 |
|
Contract liabilities |
|
783,000 |
|
|
|
871,000 |
|
Short term operating lease liability |
|
2,163,000 |
|
|
|
2,260,000 |
|
Short term finance lease liability |
|
272,000 |
|
|
|
285,000 |
|
Contingent consideration, short term |
|
— |
|
|
|
9,382,000 |
|
Purchase option liability (at fair value) |
|
8,534,000 |
|
|
|
— |
|
Convertible notes payable (at fair value) |
|
69,803,000 |
|
|
|
— |
|
Total current liabilities |
|
100,028,000 |
|
|
|
35,884,000 |
|
Operating lease liability, net of current portion |
|
3,590,000 |
|
|
|
5,504,000 |
|
Finance lease liability, net of current portion |
|
3,585,000 |
|
|
|
3,619,000 |
|
Contingent consideration |
|
10,890,000 |
|
|
|
12,970,000 |
|
Long-term contract liabilities |
|
154,000 |
|
|
|
127,000 |
|
Total liabilities |
$ |
118,247,000 |
|
|
$ |
58,104,000 |
|
Stockholders’ equity: |
|
|
|
Common Stock |
|
5,000 |
|
|
|
3,000 |
|
Additional paid-in capital |
|
677,337,000 |
|
|
|
599,234,000 |
|
Accumulated deficit |
|
(581,208,000 |
) |
|
|
(348,715,000 |
) |
Accumulated other comprehensive loss |
|
23,000 |
|
|
|
(1,124,000 |
) |
Total stockholders’ equity |
|
96,157,000 |
|
|
|
249,398,000 |
|
Total liabilities and
stockholders’ equity |
$ |
214,404,000 |
|
|
$ |
307,502,000 |
|
|
Bionano Genomics, Inc. |
Reconciliation of GAAP Operating Expense to Non-GAAP
Operating Expense (Unaudited) |
|
Three Months Ended December 31, |
|
Years Ended December 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP gross margin: |
|
|
|
|
|
|
|
GAAP revenue |
$ |
10,721,000 |
|
|
$ |
8,215,000 |
|
|
$ |
36,116,000 |
|
|
$ |
27,802,000 |
|
GAAP cost of revenue |
|
8,283,000 |
|
|
|
6,410,000 |
|
|
|
26,550,000 |
|
|
|
21,857,000 |
|
GAAP gross profit |
|
2,438,000 |
|
|
|
1,805,000 |
|
|
|
9,566,000 |
|
|
|
5,945,000 |
|
GAAP gross margin % |
|
23 |
% |
|
|
22 |
% |
|
|
26 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
Adjusted non-GAAP gross
margin: |
|
|
|
|
|
|
|
GAAP revenue |
$ |
10,721,000 |
|
|
$ |
8,215,000 |
|
|
$ |
36,116,000 |
|
|
$ |
27,802,000 |
|
GAAP cost of revenue |
|
8,283,000 |
|
|
|
6,410,000 |
|
|
|
26,550,000 |
|
|
|
21,857,000 |
|
Stock-based compensation expense |
|
(172,000 |
) |
|
|
— |
|
|
|
(703,000 |
) |
|
|
— |
|
Adjusted non-GAAP cost of revenue |
|
8,111,000 |
|
|
|
6,410,000 |
|
|
|
25,847,000 |
|
|
|
21,857,000 |
|
Adjusted non-GAAP gross profit |
|
2,610,000 |
|
|
|
1,805,000 |
|
|
|
10,269,000 |
|
|
|
5,945,000 |
|
Adjusted non-GAAP gross margin % |
|
24 |
% |
|
|
22 |
% |
|
|
28 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
GAAP operating expense |
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ |
15,690,000 |
|
|
$ |
25,321,000 |
|
|
$ |
93,499,000 |
|
|
$ |
88,596,000 |
|
Stock-based compensation expense |
|
(2,015,000 |
) |
|
|
(2,478,000 |
) |
|
|
(9,383,000 |
) |
|
|
(9,015,000 |
) |
Intangible asset amortization |
|
(1,792,000 |
) |
|
|
(1,543,000 |
) |
|
|
(7,169,000 |
) |
|
|
(5,800,000 |
) |
Change in fair value of contingent consideration |
|
3,990,000 |
|
|
|
(79,000 |
) |
|
|
1,462,000 |
|
|
|
(316,000 |
) |
Transaction related expenses |
$ |
929,000 |
|
|
$ |
(1,673,000 |
) |
|
$ |
— |
|
|
$ |
(1,760,000 |
) |
Adjusted non-GAAP selling, general and administrative expense |
|
16,802,000 |
|
|
|
19,548,000 |
|
|
|
78,409,000 |
|
|
|
71,705,000 |
|
GAAP research and development expense |
$ |
11,701,000 |
|
|
$ |
14,011,000 |
|
|
$ |
54,032,000 |
|
|
$ |
49,047,000 |
|
Stock-based compensation expense |
|
(1,185,000 |
) |
|
|
(3,001,000 |
) |
|
|
(5,092,000 |
) |
|
|
(13,402,000 |
) |
Adjusted non-GAAP research and
development expense |
|
10,516,000 |
|
|
|
11,010,000 |
|
|
|
48,940,000 |
|
|
|
35,645,000 |
|
GAAP goodwill impairment
loss |
$ |
— |
|
|
$ |
— |
|
|
$ |
77,280,000 |
|
|
$ |
— |
|
Goodwill impairment loss |
$ |
— |
|
|
$ |
— |
|
|
$ |
(77,280,000 |
) |
|
$ |
— |
|
Adjusted non-GAAP goodwill
impairment loss |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total adjusted non-GAAP
operating expense |
$ |
27,318,000 |
|
|
$ |
30,558,000 |
|
|
$ |
127,349,000 |
|
|
$ |
107,350,000 |
|
Bionano Genomics (NASDAQ:BNGO)
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