BNGO - Earnings call transcript Q1 2024

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Operator

Good day, and welcome to the Bionano First Quarter 2024 Earnings Conference Call. Today's conference is being recorded. At this time, I would like to turn the conference over to David Holmes from Investor Relations. Please go ahead.

David Holmes

Thank you, operator, and good afternoon, everyone. First Financial Bionano Conference the to Quarter Results XXXX Call. Welcome call today the is Leading Dr. of Bionano. CEO Holmlin, Erik He by is Bionano. joined Gulsen Kama, of CFO market first issued financial Bionano closed release After its announcing a results of quarter press the XXXX. for today, be A on Relations website. the company's found copy the release of Investor the of can page revenue conference commercialization runway, cash cost initiatives and during Certain be statements, profitability, statements the made including outlook, forward-looking product plans. and may call statements about Bionano's savings be on realized. Such that expectations, current no statements can these be assurances results there will based in contemplated are the and statements statements Actual risks, results may due identified and differ to which the of filed number materially in and from SEC. factors reports press release such Bionano's of are Bionano's a some with Bionano These obligation forward-looking today, assumes the update XXXX, to statements change. no company and are X, based to as available May circumstances statements on information

reported measures supplement financial for measures, meanings be Relations turn Erik. With call today's financial comprehensive replay be audio and An the should standardized reconciliation that, non-GAAP I substitute GAAP with company's principles GAAP, not set to company's to the GAAP conference company's read These Investor measures with results In comparable Investor or company accepted recording financial to have as in page. prepared the under of description addition, principles. end Relations of these on U.S. today, release financial statements consolidated of A accounting certain in are a accordance as to the the by generally as measures. well of or on any accordance been issued reports conjunction at rules be in the call Bionano's the company's earlier over measures page financial isolation considered the the also will with or online webcast GAAP described are which for financial prepared available no the the meant included non-GAAP has nearest in GAAP, are earnings not posted website. non-GAAP will and accounting

Robert Holmlin

the gene used that the followed process analysis an of creating porcine not not editing were eliminate to detected optical that cells Throughout the eventually because detect a a that that David, detected were donor which were technology genome genetically to pig conducted lot to at mapping mapping ability at General used genetically progress Hospital a you, Thank a start pig in the as accomplished other or patient, was genome genes the that first donor regimen was infection steps its to part miss. confirm in modification inactivate alternative pig the a look genes I and was remarkable They in grow We March off-target Optical successful g-banding any advancement to place genome sharing pig harmful the in customer a off the CRISPR-CasX mapping variation its that of from significant a endogenous the on risk want role. add gene today's by QX, humans. forward provided as in medical used arrive were donor. of of XX. commonly eventually with The I into optical story to and of retroviruses remove into effects to detail. modified pig played certain I'm referring improve were genetic everyone. and the and OGM also to good grew call, and transplant donor which to human desired however, of multiple used was a Bionano user genome human humans. eGenesis, afternoon, kidney using edited Massachusetts compatibility cells in methods those edits to kidney discussing from deleterious. to karyotype to process,

are for these utility safe because in development customers We our tremendous and OGMs of see growth group, in value it's customer the believe biopharma we innovative and seeing therapies.

Our focus long-term in XXXX remains growth the strengthening on company's profile.

open we strategic in continuing the May are genome to steps productivity our to allow our for the to you in increase utilization in cost impact ongoing our part mapping and markets. by we Gulsen? explaining As company some runway. see begun intended and and walking of the to began plan greatest going and where is us streamlined be operational and that adoption across the savings our more performance of execute initiatives our cash of potential are investing across multiple that opportunities quarter to positively efficiency have through prioritize optical agile financial of we call to evolution, drive to XXXX end results Gulsen today to how and financial

Gulsen Kama

period with of With Thanks, let me XXXX. for results the XXXX Revenue you. an Erik. same $X.X the XX% quarter to that, share was our year-over-year first increase compared representing of million,

represents of X,XXX quarter QX X,XXX XXXX, flow the was XX% margin to year. XXXX. GAAP which over end the the core in in a flow Excluding sold quarter revenues year-over-year at XX% the were million represents QX million, the for first XX% over revenues period non-GAAP The core million systems services And was margin growth increase XX% the in represents discontinued gross the clinical the which last compared $X.X quarter XXXX, from of revenues same and base growth XX the compared quarter first an to $X.X XXXX. sold increase $X.X a XXXX. which cells installed QX, in during of of XX% over last OGM gross same during XX% systems year. during for XXX We period installed base same grew in XX% the cells QX XXX to of in year-over-year

$XX,XXX gross XXXX non-GAAP $XXX,XXX in quarter First expense. margin stock-based compensation and excludes of restructuring

period and the accompanying and release quarter the Non-GAAP million. expense in can costs, excludes detailed was operating operating non-GAAP in to same GAAP First Relations the and expense posted in as the $XX.X was website. Investor in the table non-GAAP reconciliation XXXX, GAAP million, on operating found other million QX million. restructuring $XX.X expense was the GAAP stock-based table. press expense $XX.X be was page XXXX, of In operating operating expense non-GAAP same our XXXX quarter reconciliation $XX.X compensation adjustments,

equivalents sale cash December XXXX, to available securities of and $XX.X XXXX. available-for-sale cash securities XX, equivalents of XX, million for cash, compared $XXX.X Our as and were as cash, March of million

burn net of retirement XX, ATM certain fees, of $X March XX, ATM the of XXXX cash interest in million As to excluding debt $XX.X in from in facility. fees, raised quarter XX, million XXXX, in of $XX.X December proceeds $XX.X XX, consists XXXX. through was balance total million subject compared as XXXX, million our interest restrictions in offset change December first XXXX, The net proceeds. million to and activities, to principal, from March by operating in debt million repaid $XX retirement million and $XX cash $XX We

expenses operations, spending to steps planned to The to to to consistent the taken head In QX reductions non-GAAP the with and to quarter million October expenses expenses streamline have expected reduce we discuss the discretionary expense those our Now unrelated count by initiatives are to for annualized have through extend to expanded reductions first about XXXX, March, million cash people. non-GAAP announced to runway. Overall, XXXX by Compared of to in force in our of include of further QX since reduce by are continue operating operating reduction XXXX, to XXXX. $XX we want the reduced annualized quarter I and $XX headcount. over non-GAAP operating XXX in May initiatives XXXX. these we plan

the priced company offering million the XXXX registered our remain and drug able at placement us rules partners expenses fees opportunity a We payable deducting to and approximately and will OGM. to expanding also of other Back offering by and to announced to $XX availability Erik. April the in under believe proceeds NASDAQ gross activities customers before you, to the market committed agent company. We continue these of the allow to be with

Robert Holmlin

Thanks, Gulsen.

feedback forward drive the to path expected strategy units accelerate now, our our to which believe raise capacity which have shipping operate revenue demand. we that commercial and now straightforward. We're this will available a to allow runway the portfolio, Our to efficiently We on to to moving growth, positive. profitability. commercially us product cash will capital extend Stratys adopters Key the updates been is and system, we and need production by growth is meet early include fully has continue

developed year, In capabilities on this research. of later announce tools for Stratys which AI second release high-performance improvements the cancer Compute, a to major with software, advancements entire the suite processing X.X the in which time a data has plan expect we series VIA collaboration our analysis to enhanced to half is analysis comprehensive for week Version the NVIDIA. workstation to of our We of cancer, software of including

newly Ionic the Biosystems. X ultrahigh acquisition optical the in system ITP isotachophoresis recently isolation of with bottleneck acquired isolation DNA customer precommercial of We for on placed Ionic the system a we added molecular sites. DNA which genome more XXXX, quarter our the in on mapping and addressing Purigen was for in field fourth weight a system, using cartridge are We have developed technology the of the

of on are the We third XXXX. of release for track product a in the full quarter commercial

solutions, leverage routine enable University Radboud Center in in EUR the Netherlands and combination optical use. at DNA for with the a isolation medical Board UMC pleased announce routine reporting Now Research of the optical center, this and translation at Ionic mapping to grant with Hoischen and their is mapping data of and of to Dr. in of how by quarter up total genome Medical Innovation of objective an his in award for will streamlined VIA Alexander solid to to Radboud high-throughput diseases. at publications genome analysis and team in academic on and assembling genome compared with history. mapping collection quarter in automated has use congratulate the society. first the number XXX,XXX scale customers work our Stratys, number genome saw We're view optical the which market high-throughput first mapping XX% they stakeholders and from XX constitutional workflow. prospective of of XXXX on This will focus development, an is optical publications, to progress publications Growth genetic XXXX. the quarter influence in publications tumors medical payers On on end-to-end the all where leukemias, third-party in highest in any our

growth outstanding. this So really is

primarily publishing on they focused trial, constitutional the cost clinical are on trials. pre advancing the heme initiatives, streamlined data study while from Our studies more and and now postnatal our based are savings

to prior the an application Time. covering American This a Medical which withdrawn meeting. was CPT for and has genome that's to that application been Finally, optical as the June been panel front are We the fact application will the comment code genome now starts it a previous mapping. May sign that the view X it the that awaiting X be CPT at for will of editorial may go Association mapping. is the reviewed at Eastern Category on one X the panel I'd a.m. in outcome, meeting, to or publicly which panel editorial submitted understand before tomorrow, submitted on like eagerly published progress, that briefly X. be X optical third But cycles, in we of We

Although may understand registers who the to the will we it's link meeting anyone A be place taking website. public, on do register Association meeting is attend. that be for and listed this able to possible AMA that

OGM to to anticipated meet XXXX, our remain XXX installing by Saphyr of goal to we the ahead, Stratys some end XXX upgrades. on reflects track of which Looking systems

discontinuing line of excited confident to about And the in the services closing, into year please acknowledge $X.X in QX cytogenetics. to initiatives. products that, facing account challenges $XX in of the markets, these great ranges need mappings we our ability we field expect operator, we are take be guidance our We to XXXX. million open to of of to transform both range state million, the cost and of to million $XX and made due capital certain ahead have revenue maintaining the continue financial of questions. full in mind we Keep have the million. guidance optical that XXXX $X.X In I clinical of I'm are part as impact for go revenue the built. and We we progress with current am momentum genome reduction

Operator

question first Ji Sung the Scotiabank. from [Operator from And Nam be Instructions] will

Sung Ji Nam

the from to if constraints. quarter? or then, in And placements quarter in I the first in Stratys was talked Stratys about capital place you curious Erik, there upgrades were Saphyr the spending any first

between the ticking instrument rentals, split that If you're up seeing of kind the the versus if reagent sales towards current rental reagent side see environment? you in

Robert Holmlin

Yes. Thanks, Sung Ji.

capital In slightly kind funding. the attention around So what are paying of now vehicle very and ranges a And we don't elevated. the That's the edged us think a sales, that something the unique genome it's that's that we're expect. reagent I would just think out in really new a are in of rentals available all is but It system bring that I space mapping I reason to is is And done, attractive first pressure. our that that of felt feeling normal this and in. in have within getting is in going to been quarter, constraints and something for deals example, works quarter, the quarter for we've optical second forward.But that while. think which

Stratys are result total being not out, from And not to in breaking year programs seeing And do There had several systems something in mindful that it be OGM so of now, the during later time forward. And for progress see environment. it, quarter, just that anecdotally, breaking the recognize Stratys. I out of our Stratys growth we going With might we seen peers but we've as the we're several it. that the is a of right conversion creeping uptake don't regard and for yes, But the solid. it them we perhaps we're But are involve we'll overall a to how continues successful we're the that are yet. in space. being, definitely in to of important really think number see discussions. current that of And

that something Stratys to don't we've we of addition the expect a dynamics be existing numbers base conversion think or It's But of an customer probably all customer. forward. some going drive the new of growth to the would and that anecdotally, So either to been yet. installed incremental a I seen

Sung Ji Nam

access just there great Ionic That's traction purification from site. see nice Got helpful. system, early And on you. then the to the

do a that how OGM early your think well? -- go could And customers be the potential kind should of also to significant portion this you outside be existing adopters as the used applications? systems Stratys to we anticipate the you expect curious to to that platform? -- adopt? purchasing Or Just about ramp do Do Saphyr customers you expect also, of of of

Robert Holmlin

Yes.

take me question Let last the first.

acid get pure for to isolation, and it paraffin-embedded variety really is the So sequencing, not cleaner nucleic utilization Purigen for Biosystems through formalin-fixed, the technology like prior of time but sample been used.And of acquisition DNA And FFPE majority of they acid has customers the years an a we've and a had that system even available of method. reagents that after using now, couple in-house of the are column-based for but gone nucleic because of Ionic kind actually, cycle, samples. the instrument, types, the for typical of and produces we've than during isolation in uptake are are that isotachophoresis upgrade have sample, or the much from they and consumables that RNA of off applications

So source just direct but to We're as product what current and OGM customers. really very are for part we going forward. in of constrained sales offering it not of as of our interesting revenues something cost to this offer a salespeople able, independently us that the environment a dedicated see it, on we reps put do is

speaking, generally see those we that And sites. by Now Saphyr genome higher-volume we're include adoption routine the users. optical expect adoption around with mapping, the regard existing expecting to to would

quite samples a are year. hundreds per of have that number We running sites of

But Stratys more system the isotachophoresis. the adopters into And to so users we their would benefit expect of obvious they also Ionic workflows. from integrating be

able the completed the we expect one to a isotachophoresis, molecular are high X hours. ultra of of cartridge run is isolation. with for itself reasons that And DNA weight be process samples And in you'll some matter in

takes to then nucleic it be labeled the imaged. isotachophoresis overnight itself for ready Now rapid. is process actual the acid to and be But incredibly

are it. now users are the so driving adopt consumables, the and I the to that is And And to those ones going higher that see what be will think you're are future. volume purchases going

Operator

our I [Operator gentlemen, back closing turn questions. session. further over Erik any showing the Ladies Holmlin will remarks. concludes and Dr. to This for question-and-answer no Instructions] conference

Robert Holmlin

want joining, and our our much, to QX I very looking you forward to are a Have progress on updating Thank operator. on everybody we for you great thank call. day.

Operator

much. Thank concluded. has The for Thank now you conference today's you very presentation. attending

You may disconnect. now

Bionano Genomics (BNGO) 8 May 242024 Q1 Earnings call transcript