Bionano Reports First Quarter 2025 Results and Highlights Recent Business Progress

Conference call today, May 14, 2025, at 4:30 PM ET

SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the first quarter ended March 31, 2025.

"The first quarter of 2025 represents the first full quarter of execution after shifting strategy towards a focus on our base of routine users of optical genome mapping (OGM) and VIA$(TM)$ software as the primary drivers of our revenue and gross profit. We are pleased to see consistent utilization of our OGM systems and software combined with a year-over-year growth in consumables purchased by our customers we consider to be routine users of OGM. After significant reductions in costs and cash burn, together with our gross margin improvements, we have been able to extend cash runway, while at the same time, the global community of OGM users continues to publish groundbreaking research that demonstrates the value of OGM and VIA software in cytogenomics. We believe the operational efficiency and market development success set us up for continued progress going forward," commented Erik Holmlin, PhD, president and CEO of Bionano.

Recent Highlights:

   -- Sold 6,994 nanochannel array flowcells in the first quarter, which was a 
      decrease of 15% over the 8,249 flowcells sold in the first quarter of 
      2024. After adjusting sales to remove the number of flowcells sold to 21 
      new customers in Q1 2024 and 5 new customers in Q1 2025, the flowcells 
      sold to the remaining customers increased 1% in Q1 2025 versus Q1 2024. 
 
   -- 82% of all flowcells sold in Q1 2025 were sold to customers we believe 
      are routine users of OGM. 
 
   -- Installed 9 new OGM systems to reach an installed base 379 at quarter-end, 
      representing a 9% increase over the 347 installed systems reported at the 
      end of Q1 2024 and a net increase of 8 systems over the 371 installed on 
      December 31, 2024. 
 
   -- The International Consortium for Optical Genome Mapping published expert 
      recommendations for the integration of OGM as a standard-of-care 
      cytogenetic assay for diagnostic workflows in blood cancers. 
 
   -- Announced a peer-reviewed publication in Genome Research demonstrating 
      that OGM can be an accurate, cost-effective method for detecting and 
      sizing large repeat expansions, which are a class of structural variation 
      linked to as many as 40 genetic disorders. 
 
   -- Announced a study published in the Journal of Molecular Diagnostics 
      describing a method for analysis of multiple myeloma by OGM that can 
      overcome the hurdle of limited sample quantity and can cut in half the 
      effective CD138-positive cell requirement for analysis by OGM. 
 
   -- Announced a publication reporting first use of OGM to detect 
      chromoanagenesis, a key marker of poor prognosis in AML. 
 
   -- Announced a publication from the University of Texas MD Anderson Cancer 
      Center describing the largest single-institution study to evaluate the 
      clinical utility of optical genome mapping across multiple hematologic 
      malignancies. 
 
   -- Completed a $10 million Registered Direct Offering in January 2025, and 
      Bionano raised net proceeds of $3.2 million through ATM sales during the 
      first quarter of 2025. 

Q1 2025 Financial Results

   -- Total revenue for the first quarter of 2025 was $6.5 million, a decrease 
      of 26% compared to $8.8 million in the first quarter of 2024. Revenue in 
      the first quarter of 2024 included $1.4 million in discontinued clinical 
      services and $1.6 million in instrument sales, whereas such clinical 
      services contributed no revenue and instrument sales were $0.7 million in 
      the first quarter of 2025. 
 
   -- GAAP gross margin for the first quarter of 2025 was 46%, compared to 32% 
      for the first quarter of 2024. Non-GAAP gross margin1 for the first 
      quarter of 2025 was 46%, compared to 34% for the first quarter of 2024. 
 
   -- First quarter 2025 GAAP operating expense was $11.4 million, a decrease 
      of 66% compared to $33.9 million in the first quarter of 2024. The 
      year-over-year decrease was primarily due to a decrease in headcount and 
      restructuring of our product development portfolio, clinical trials 
      program and clinical services offerings. 
 
   -- First quarter 2025 non-GAAP operating expense1 was $8.5 million, a 
      decrease of 65% compared to $24.4 million in the first quarter of 2024, 
      also primarily due to a decrease in headcount year-over-year. 
 
   -- Cash, cash equivalents, available-for-sale securities, and restricted 
      short-term investments as of March 31, 2025 were $29.2 million 

2025 Outlook

We anticipate the following results for Q2 2025 and the full year:

   -- Updated full year 2025 revenue in the range of $26.0 to $30.0 million and 
      Q2 2025 revenue in the range of $6.3 to $6.8 million. 
 
   -- Reiterating installation of 15 to 20 new OGM systems in full year 2025. 
 
   -- Cash runway into the first quarter of 2026 enabled by cost savings and 
      capital efficiency together with debt restructuring and equity capital 
      raised at year-end and early January. 

Webcast Details

Webcast Details

Date: Wednesday, May 14, 2025

Time: 4:30 p.m. Eastern Time

Participant Registration: Registration -- Click Here

Webcast: https://edge.media-server.com/mmc/p/vncjmqc9/

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.

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(1) For a description of this non-GAAP financial measure, please refer to "Non-GAAP Financial Measures", and for a reconciliation of non-GAAP gross margin to gross margin reported in accordance with GAAP and non-GAAP operating expenses to operating expense reported in accordance with GAAP, please refer to the financial tables accompanying this release.

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 optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. The Company also offers an industry-leading, platform-agnostic genome analysis software solution, and nucleic acid extraction and purification solutions using proprietary isotachophoresis $(ITP)$ technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also offers OGM-based diagnostic testing services.

For more information, visit www.bionano.com or www.bionanolaboratories.com.

Unless specifically noted otherwise, Bionano's 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 gross margin and non-GAAP operating expense in this press release and the accompanying conference call, each of which is a non-GAAP financial measure. Non-GAAP gross margin excludes from gross margin reported in accordance with GAAP: stock-based compensation and restructuring expenses. Non-GAAP operating expense excludes from operating expense reported in accordance with GAAP: stock-based compensation, amortization of intangibles and transaction-related expenses.

Bionano believes that each of these non-GAAP metrics is useful to investors and analysts as a supplement to its financial information prepared in accordance with GAAP for analyzing the company's performance and identifying trends in its business. Bionano uses these non-GAAP metrics internally to facilitate period-to-period comparisons and analysis of its performance in order to understand, manage and evaluate its business and to make operating decisions and for forecasting and budgeting. Accordingly, Bionano believes presentation of these non-GAAP measure allows 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 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 gross margin to gross margin reported in accordance with GAAP and 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

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