Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial
results for the third quarter ended September 30, 2023.
Business Updates Since the End of Q3 2023
- Completed an $80.0 million
registered offering and concurrent private placement. The
sale of (i) $45.0 million aggregate principal amount of senior
secured convertible notes due 2025 and warrants to purchase
21,660,650 shares of our common stock in a registered offering, and
(ii) $35.0 million aggregate principal amount of senior secured
convertible notes due 2025 in a concurrent private placement to an
accredited investor closed on October 13, 2023.
- Implemented initiatives
intended to further reduce headcount, manufacturing costs and
operating expenses for an estimated savings starting in
2024 of approximately $33.0 million.
- Reiterated full year 2023
revenue guidance of $35.0 to $38.0 million.
Q3 2023 Highlights
- 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.
- 6,176 nanochannel array
flowcells sold during the third quarter, which represents
an increase of 55% over the 3,975 flowcells sold during the third
quarter of 2022.
- Initiated early access program
for Stratys™ system, with 10 systems available for key
customers as part of an early access program before the full
commercial release of the product in early 2024.
- VIA™ software, with a workflow
for hematological malignancy research, began installations at the
end of July 2023, which are ongoing, while development has
continued toward an application for whole genome/constitutional
analysis research.
- Customers Praxis Genomics and
Augusta University received an approved gap fill rate of
$1,863.22 for their optical genome mapping (OGM)
Proprietary Laboratory Analysis (PLA) codes for hematological
malignancy testing from Centers for Medicare and Medicaid Services
(CMS).
- Appointed Gülsen Kama as the
company’s 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.
-
Announced that two
original equipment manufacturing (OEM) partners in China, A-smart
MedTech and Ecobono, obtained reagent class I
registrations from China's National Medical Products
Administration (NMPA) for Bionano's DNA extraction kit and labeling
products for use in in vitro diagnostics (IVD), which allow the
companies to market these products to hospitals and independent
clinical labs in China.
- Participated at
the Cancer Genomics Consortium (CGC) 2023 Annual
Meeting with a broad range of content covering the utility
of OGM for solid tumor and hematological malignancy cancer
research, including 13 scientific platform and poster presentations
from Bionano, a panel discussion on the integration of OGM for
clinical research in cancer, featuring cancer genomics experts
Dr. Ravindra Kolhe, Augusta University, Dr. Susan
Crocker, Kingston Health Sciences Centre/ Queen’s University,
and Dr. Sachin Jadhav, HCG Network, and a user group
event for the Company’s new VIA software.
- Publications featuring OGM
increased 61% from the third quarter of 2022 to the third quarter
of 2023, including a total of 47 human-focused
publications. The number of publications on rare diseases through
the first three quarters of 2023 is up 172% compared to the number
of publications through the first three quarters of 2022, with an
increasingly large average number of samples per study.
- Key studies published during Q3
that outline support for OGM’s utility for cancer and genetic
disease research and in cell therapy quality control
applications:
- A publication in Nature Communications
demonstrated the utility of OGM as an alternative to karyotyping
(KT) and chromosomal microarray (CMA) for the evaluation of
CRISPR-Cas9 edited human induced pluripotent stem cell (iPSC) lines
to uncover possible pathogenic structural alterations that may
limit their usefulness for stem cell therapy. Using OGM, the study
authors found that approximately 15% of CRISPR-Cas9 edited genomes
had potentially pathogenic large chromosomal deletions at
unexpected off-target sites. The study authors additionally found a
large, unexpected deletion at the target site.
- Researchers at the German Cancer
Consortium (DKTK) highlighted the utility of OGM and whole-exome
sequencing (WES) in better understanding the mutational landscape
of pediatric B-cell precursor acute lymphoblastic leukemia
(BCP-ALL). The combined workflow of OGM and WES identified 19
recurrently altered regions with novel potential leukemic drivers
as well as double hits of structural variants (SVs) and
single-nucleotide variants (SNVs) in the same sample, demonstrating
the power of using that combined workflow to identify compound
events relevant to risk stratification and treatment of
hematological malignancies.
- The first
peer-reviewed benchmarking study to compare OGM to chromosomal
microarray analysis (CMA) evaluated the potential of OGM to measure
all classes of variant types covered by CMA, including gains,
losses, aneuploidy, triploidy and absence of heterozygosity, in
indications including unexplained developmental delay/intellectual
disability (DD/ID), autism spectrum disorders (ASD), and multiple
congenital anomalies (MCA). OGM was 100% concordant with CMA for
the detection of pathogenic variants, and the study authors found
that the higher resolution of OGM allowed for better refinement of
the structure of the genome compared with CMA alone.
“We are pleased with our Q3 2023 results, which
demonstrate steady growth across the install base and flowcells
sold,” commented Erik Holmlin, PhD, president and chief executive
officer of Bionano. “We believe that the momentum we see building
over the past year provides validation that our strategy is
working. It was important to complete the recent convertible debt
financing to extend the company’s cash runway, which we believe
will allow us to continue to advance critical products and develop
our target markets to realize the full potential of OGM. We believe
that the cost savings initiatives and operational efficiencies we
recently implemented will play a role in leading the company to
profitability.”
Q3 2023 Financial Highlights
- Total revenue for the third
quarter of 2023 was $9.3 million, an increase of 29%
compared to the third quarter of 2022.
- GAAP gross margin for the third
quarter of 2023 was 30%, compared to 25% from the third
quarter of 2022. Third quarter 2023 non-GAAP¹ gross margin was 32%,
compared to 25% from the third quarter of 2022. Third quarter 2023
non-GAAP gross margin excludes $0.2 million in stock-based
compensation.
- Third quarter
2023 GAAP operating expense was $116.0 million, which
includes $84.1 million in GAAP-only charges, compared to $34.0
million in the third quarter of 2022, which included $7.6 million
in GAAP-only charges. Third quarter 2023 non-GAAP operating expense
was $31.8 million, compared to $26.3 million in the third quarter
of 2022 and $34.6 million in the second quarter of 2023.
- Third quarter 2023 non-GAAP
operating expense excludes the $77.3 million one-time impairment
charge related to revaluation of goodwill, $3.8 million in
stock-based compensation, $1.8 million in amortization of
intangibles, $0.9 million in one-time financing expenses, and a
$0.3 million increase in the estimated fair value of the contingent
consideration primarily related to the acquisition of Purigen
Biosystems.
-
Cash, cash equivalents, and available-for-sale securities
were $63.6 million as of September 30, 2023, compared to
cash, cash equivalents and available-for-sale securities of $77.1
million as of June 30, 2023.
Gülsen Kama, chief financial officer at Bionano,
added, “I am happy to be onboard at Bionano and look
forward to contributing to the strategic financial planning
and reporting that will be critical for us to achieve
profitability. I believe
we have already taken some important steps in
that direction with the convertible debt financing and the cost
reduction initiatives we have put in place.”
Webcast Details
Date: |
Wednesday, November 8th, 2023 |
Time: |
4:30 p.m. ET |
Participant Call Link: |
Registration – Click Here |
Webcast Link: |
https://edge.media-server.com/mmc/p/xoj2hwr3 |
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 genomic analysis
solutions that can help reveal answers to challenging genetic
questions. Our mission is to transform the way the world sees the
genome through optical genome mapping (OGM). Our OGM solutions
allow scientists and clinical researchers the ability to see and
discover structural variations in a way unmatched by traditional
cytogenetic techniques. Our products additionally include an
industry-leading, platform-agnostic software solution, which
integrates OGM, next-generation sequencing and microarray data in
one consolidated view, and nucleic acid extraction and purification
solutions using proprietary isotachophoresis (ITP) technology.
Our Lineagen, Inc., d/b/a Bionano Laboratories, business
provides diagnostic testing for patients with clinical
presentations consistent with autism spectrum disorder and other
neurodevelopmental disabilities. To learn
more, visit bionano.com and connect with us
on Twitter, LinkedIn, Instagram,
and YouTube.
Unless specifically noted otherwise, Bionano products are
provided for Research Use Only. 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 gross margin
and non-GAAP operating expense in this press release, which are
non-GAAP financial measures. Non-GAAP operating expense excludes
from GAAP reported operating expense the following components as
detailed in the reconciliation table accompanying this press
release: impairment charge, stock-based compensation, amortization
of intangibles, financing charges and change in fair value of
contingent consideration. Non-GAAP gross margin excludes from GAAP
reported gross margin stock-based compensation as detailed in the
reconciliation table accompanying this press release.
Bionano believes that non-GAAP gross margin and
non-GAAP operating expense are 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 gross
margin and 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 these measures allow for greater transparency with respect
to key financial metrics it uses in assessing its own operating
performance and making operating decisions.
These non-GAAP financial measures are 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;
have no standardized meaning prescribed by GAAP; and are 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
measures as used by Bionano in this press release and the
accompanying reconciliation table have 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 gross margin
and non-GAAP operating expense to gross margin and operating
expense reported in accordance with GAAP, please refer to the
financial tables accompanying this release.
Forward-Looking Statements of Bionano
Genomics
This press release contains forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as “believe,” “estimate,” “expect,”
“may,” “will” 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: the utility of OGM for cancer and genetic
disease research and for cell therapy quality control applications;
our ability to maintain continued year-over-year quarterly revenue
growth; our achievement of our full year revenue guidance for 2023;
our ability to execute on our strategy and achieve our objectives;
the impact and utility of our cost savings initiatives and recent
cost saving actions, 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; our expectations regarding product uptake,
revenue growth, market development and increased OGM adoption,
including through publications highlighting the utility and
applications of OGM; the timing of the full commercial release of
the Stratys mapping system; our growth prospects and future
financial and operating results, including our compound annual
growth in revenues; the growth of our installed optical genome
mapping system base; 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 recent and upcoming product releases helping us
penetrate new markets and achieve our business goals; our
commercial expectations, including the potential market opportunity
for structural variation analysis and OGM; continued research,
presentations and publications involving OGM and its utility
compared to traditional cytogenetics and our technologies; and our
ability to drive adoption of OGM and our technology solutions. 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: 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 potential future bank failures, potential global
pandemics and the ongoing conflicts between Ukraine and Russia and
Israel and Hamas, 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; our ability to obtain sufficient financing to fund our
strategic plans and commercialization efforts and our ability to
continue as a “going concern”; 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; 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, CEOBionano
Genomics, Inc.+1 (858) 888-7610eholmlin@bionano.com
Investor Relations:David HolmesGilmartin
Group+1 (858) 888-7625IR@bionano.com
|
BIONANO GENOMICS, INC |
Condensed Consolidated Balance Sheet
(Unaudited) |
|
(Unaudited) |
|
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
$ |
34,568,000 |
|
|
$ |
5,091,000 |
|
Investments |
|
29,014,000 |
|
|
|
108,095,000 |
|
Accounts receivable, net |
|
8,669,000 |
|
|
|
7,022,000 |
|
Inventory |
|
26,429,000 |
|
|
|
29,761,000 |
|
Prepaid expenses and other current assets |
|
5,857,000 |
|
|
|
7,329,000 |
|
Total current assets |
|
104,537,000 |
|
|
|
157,298,000 |
|
Restricted cash |
|
400,000 |
|
|
|
400,000 |
|
Property and equipment, net |
|
21,266,000 |
|
|
|
18,029,000 |
|
Operating lease right-of-use asset |
|
6,170,000 |
|
|
|
7,222,000 |
|
Financing lease right-of-use asset |
|
3,555,000 |
|
|
|
3,707,000 |
|
Intangible assets, net |
|
35,766,000 |
|
|
|
41,143,000 |
|
Goodwill |
|
— |
|
|
|
77,289,000 |
|
Other long-term assets |
|
10,210,000 |
|
|
|
2,414,000 |
|
Total assets |
$ |
181,904,000 |
|
|
$ |
307,502,000 |
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
15,369,000 |
|
|
$ |
12,534,000 |
|
Accrued expenses |
|
11,552,000 |
|
|
|
10,552,000 |
|
Contract liabilities |
|
811,000 |
|
|
|
871,000 |
|
Operating lease liability |
|
2,186,000 |
|
|
|
2,260,000 |
|
Finance lease liability |
|
276,000 |
|
|
|
285,000 |
|
Contingent consideration |
|
10,000,000 |
|
|
|
9,382,000 |
|
Total current liabilities |
|
40,194,000 |
|
|
|
35,884,000 |
|
Operating lease liability, net of current portion |
|
4,085,000 |
|
|
|
5,504,000 |
|
Finance lease liability, net of current portion |
|
3,595,000 |
|
|
|
3,619,000 |
|
Contingent consideration, net of current portion |
|
14,880,000 |
|
|
|
12,970,000 |
|
Long-term contract liabilities |
|
151,000 |
|
|
|
127,000 |
|
Total liabilities |
|
62,905,000 |
|
|
|
58,104,000 |
|
Stockholders’ equity: |
|
|
|
Common stock |
|
3,000 |
|
|
|
3,000 |
|
Preferred Stock |
|
— |
|
|
|
— |
|
Additional paid-in capital |
|
656,406,000 |
|
|
|
599,234,000 |
|
Accumulated deficit |
|
(537,317,000 |
) |
|
|
(348,715,000 |
) |
Accumulated other comprehensive loss |
|
(93,000 |
) |
|
|
(1,124,000 |
) |
Total stockholders’
equity |
|
118,999,000 |
|
|
|
249,398,000 |
|
Total liabilities and
stockholders’ equity |
$ |
181,904,000 |
|
|
$ |
307,502,000 |
|
|
|
|
|
Bionano Genomics, Inc. |
Condensed Consolidated Statement of Operations
(Unaudited) |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
Product revenue |
$ |
6,456,000 |
|
|
$ |
5,253,000 |
|
|
$ |
18,512,000 |
|
|
$ |
14,254,000 |
|
Service and other revenue |
|
2,862,000 |
|
|
|
1,968,000 |
|
|
|
6,883,000 |
|
|
|
5,333,000 |
|
Total revenue |
|
9,318,000 |
|
|
|
7,221,000 |
|
|
|
25,395,000 |
|
|
|
19,587,000 |
|
Cost of revenue: |
|
|
|
|
|
|
|
Cost of product revenue |
|
5,105,000 |
|
|
|
3,708,000 |
|
|
|
13,714,000 |
|
|
|
11,257,000 |
|
Cost of service and other revenue |
|
1,464,000 |
|
|
|
1,704,000 |
|
|
|
4,553,000 |
|
|
|
4,190,000 |
|
Total cost of revenue |
|
6,569,000 |
|
|
|
5,412,000 |
|
|
|
18,267,000 |
|
|
|
15,447,000 |
|
Operating expenses: |
|
|
|
|
|
|
|
Research and development |
|
13,785,000 |
|
|
|
12,742,000 |
|
|
|
42,331,000 |
|
|
|
35,036,000 |
|
Selling, general and administrative |
|
24,896,000 |
|
|
|
21,216,000 |
|
|
|
77,809,000 |
|
|
|
63,275,000 |
|
Goodwill Impairment |
|
77,280,000 |
|
|
|
— |
|
|
|
77,280,000 |
|
|
|
— |
|
Total operating expenses |
|
115,961,000 |
|
|
|
33,958,000 |
|
|
|
197,420,000 |
|
|
|
98,311,000 |
|
Loss from operations |
|
(113,212,000 |
) |
|
|
(32,149,000 |
) |
|
|
(190,292,000 |
) |
|
|
(94,171,000 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
Interest income |
|
730,000 |
|
|
|
436,000 |
|
|
|
2,122,000 |
|
|
|
737,000 |
|
Interest expense |
|
(71,000 |
) |
|
|
(73,000 |
) |
|
|
(221,000 |
) |
|
|
(223,000 |
) |
Other income (expense) |
|
26,000 |
|
|
|
5,000 |
|
|
|
(113,000 |
) |
|
|
(183,000 |
) |
Total other income (expense) |
|
685,000 |
|
|
|
368,000 |
|
|
|
1,788,000 |
|
|
|
331,000 |
|
Loss before income taxes |
|
(112,527,000 |
) |
|
|
(31,781,000 |
) |
|
|
(188,504,000 |
) |
|
|
(93,840,000 |
) |
Provision for income
taxes |
|
(39,000 |
) |
|
|
(28,000 |
) |
|
|
(98,000 |
) |
|
|
(79,000 |
) |
Net loss |
$ |
(112,566,000 |
) |
|
$ |
(31,809,000 |
) |
|
$ |
(188,602,000 |
) |
|
$ |
(93,919,000 |
) |
Bionano Genomics, Inc. |
Reconciliation of GAAP Operating Expense to Non-GAAP
Operating Expense (Unaudited) |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
GAAP gross margin: |
|
|
|
|
|
|
|
GAAP revenue |
$ |
9,318,000 |
|
|
$ |
7,221,000 |
|
|
$ |
25,395,000 |
|
|
$ |
19,587,000 |
|
GAAP cost of revenue |
|
6,569,000 |
|
|
|
5,412,000 |
|
|
|
18,267,000 |
|
|
|
15,447,000 |
|
GAAP gross profit |
|
2,749,000 |
|
|
|
1,809,000 |
|
|
|
7,128,000 |
|
|
|
4,140,000 |
|
GAAP gross margin % |
|
30 |
% |
|
|
25 |
% |
|
|
28 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
Adjusted non-GAAP gross
margin: |
|
|
|
|
|
|
|
GAAP revenue |
$ |
9,318,000 |
|
|
$ |
7,221,000 |
|
|
$ |
25,395,000 |
|
|
$ |
19,587,000 |
|
GAAP cost of revenue |
|
6,569,000 |
|
|
|
5,412,000 |
|
|
|
18,267,000 |
|
|
|
15,447,000 |
|
Stock-based compensation expense |
|
(187,000 |
) |
|
|
— |
|
|
|
(531,000 |
) |
|
|
— |
|
Adjusted non-GAAP cost of revenue |
|
6,382,000 |
|
|
|
5,412,000 |
|
|
|
17,736,000 |
|
|
|
15,447,000 |
|
Adjusted non-GAAP gross profit |
|
2,936,000 |
|
|
|
1,809,000 |
|
|
|
7,659,000 |
|
|
|
4,140,000 |
|
Adjusted non-GAAP gross margin % |
|
32 |
% |
|
|
25 |
% |
|
|
30 |
% |
|
|
21 |
% |
|
|
|
|
|
|
|
|
GAAP operating expense |
|
|
|
|
|
|
|
GAAP selling, general and administrative expense |
$ |
24,896,000 |
|
|
$ |
21,216,000 |
|
|
$ |
77,809,000 |
|
|
$ |
63,275,000 |
|
Stock-based compensation expense |
|
(2,556,000 |
) |
|
|
(2,453,000 |
) |
|
|
(7,368,000 |
) |
|
|
(6,537,000 |
) |
Intangible asset amortization |
|
(1,792,000 |
) |
|
|
(1,419,000 |
) |
|
|
(5,377,000 |
) |
|
|
(4,257,000 |
) |
Change in fair value of contingent consideration |
|
(310,000 |
) |
|
|
(79,000 |
) |
|
|
(2,528,000 |
) |
|
|
(237,000 |
) |
Transaction related expenses |
$ |
(929,000 |
) |
|
$ |
(87,000 |
) |
|
$ |
(929,000 |
) |
|
$ |
(87,000 |
) |
Adjusted non-GAAP selling, general and administrative expense |
|
19,309,000 |
|
|
|
17,178,000 |
|
|
|
61,607,000 |
|
|
|
52,157,000 |
|
GAAP research and development expense |
$ |
13,785,000 |
|
|
$ |
12,742,000 |
|
|
$ |
42,331,000 |
|
|
$ |
35,036,000 |
|
Stock-based compensation expense |
|
(1,249,000 |
) |
|
|
(3,606,000 |
) |
|
|
(3,907,000 |
) |
|
|
(10,401,000 |
) |
Adjusted non-GAAP research and development expense |
|
12,536,000 |
|
|
|
9,136,000 |
|
|
|
38,424,000 |
|
|
|
24,635,000 |
|
GAAP goodwill impairment loss |
$ |
77,280,000 |
|
|
$ |
— |
|
|
$ |
77,280,000 |
|
|
$ |
— |
|
Goodwill impairment loss |
$ |
(77,280,000 |
) |
|
$ |
— |
|
|
$ |
(77,280,000 |
) |
|
$ |
— |
|
Adjusted non-GAAP goodwill impairment loss |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Total adjusted non-GAAP
operating expense |
$ |
31,845,000 |
|
|
$ |
26,314,000 |
|
|
$ |
100,031,000 |
|
|
$ |
76,792,000 |
|
1Non-GAAP gross margin and operating expense are non-GAAP
financial measures. For a description of these non-GAAP financial
measures, please refer to “Non-GAAP Financial Measures”, and for a
reconciliation of non-GAAP cost of revenue and operating expense to
cost of revenue and operating expense reported in accordance with
GAAP, please refer to the financial tables accompanying this
release.
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