Friday, March 22, 2019

Bionano Genomics Reports Financial Results for the Fourth Quarter and Year Ended December 31, 2018

BWW News Desk
March 14, 2019

bBionano Genomics Inc NASDAQ BNGOb a life sciences instrumentation company that develops and markets Saphyr a platform for ultrasensitive and ultraspecific structural variation detection in genome analysis today reported financial results for the fourth quarter and year ended December 31 2018 pblockquotep idpullquotepblockquote p bAccomplishments and Recent Business Highlightsb p ul li classbwlistitemmargb Bionano continued its focus on advancing the capabilities of its Saphyr system for whole genome mapping of structural variations Throughout 2018 and culminating in a series of product launches in February 2019 Bionano has simplified the Saphyr workflow making it easier to run return faster results and cost less than 500 per sample Saphyr is now capable of processing 42 whole human genomes per week with a workflow that can be automated from sample to answer We believe these improvements are driving Saphyr adoptions among clinical and translational research centers as well as cytogenetics labs as a digital cytogenetics platform li li classbwlistitemmargb Bionano expanded the capabilities of its data analysis solutions improving their sensitivity to all types of structural variations including those that are present at very low abundance Access to tools for Bionano data analysis was enhanced through the development of a cloudbased implementation of the analysis pipeline In addition the suite now includes a novel routine that has been tested in different leukemias and shown to have high sensitivity for structural variation detection even when the variant of interest is present in as low as 5 allele fraction which is a critical capability for analysis of cancer samples li li classbwlistitemmargb Bionano collaborated with Genoox a company that manages nextgeneration sequencing data analysis to develop and launch a platform that combines raw sequencing reads with Bionanobased structural calls from a single patient Childrens National Health System in Washington DC which is ranked 1 in the US for infant care became the initial adopter of the Genoox integrated platform The new technology offers Childrens National a single platform for sensitive accurate detection of structural variations and genetic mutations for rare disease not previously practicable helping to accelerate genetic diagnosis for children and their families li li classbwlistitemmargb Bionano users published a record number of papers detailing the application of Bionano technology In particular 70 more humancentric publications were released in 2018 over 2017 One such publication detailed the largest study conducted on Bionanos platform which was comprised of 154 humans across 26 distinct ethnic populations This publication revealed neverbeforeseen human genomic variations and genome sequence not represented in the human genome reference which demonstrated that the widely used method of aligning short sequencing reads to a static reference genome may be inadequate li li classbwlistitemmargb Another key paper showed Saphyrs ability to provide accurate molecular diagnoses of facioscapulohumeral muscular dystrophy FSHD patients Saphyr was shown to be an alternative to the Southern blot method a traditional cytogenetics technique by offering a simplified workflow that yields highly accurate results with the potential to increase clinical performance by readily adding new clinical markers without modifying the assay or workflow The replacement of traditional cytogenetics workflows with Saphyr represents the transition to digital cytogenetics where Saphyr modernizes the entire cytogenetic workflow li li classbwlistitemmargb Adoption of Saphyr in 2018 by top thought leaders in cytogenetics such as Dr Brynn Levy at Columbia University and Dr Alex Hoeschin at Radboud University Medical Center in the Netherlands and others has enabled Bionano to initiate a number of studies designed to show equivalency of Saphyr to traditional cytogenetic methods in hematologic oncology indications such as Acute lymphocytic leukemia ALL and Acute myelocytic leukemia AML We expect initial results from these studies to be presented at scientific meetings beginning in the third quarter of this year and throughout the second half of 2019 We believe these studies will lay the groundwork for Saphyr to penetrate labs that may develop assays for cytogenetic applications making Saphyr the first digital cytogenetics platform li li classbwlistitemmargb Bionano expanded its commercial team with the addition of key senior executives including the addition of a head of commercial operations and a seasoned sales team in China as well as a new global head of marketing li li classbwlistitemmargb In August 2018 Bionano completed its initial public offering raising 237 million in gross proceeds li ul p We are very pleased with how Saphyr is becoming an essential tool for genome analysis and digital cytogenetics worldwide said Erik Holmlin PhD CEO of Bionano We are seeing accelerated interest in our Saphyr system as our differentiated capabilities the unique detection of structural variations and our new price point below 500 per whole human genome sample continues to drive demand p p Dr Holmlin added We continue to focus on expanding and executing on our commercial plan We plan to continue building our commercial team and look forward to executing on our strategies to make structural variation analysis as commonplace as nextgeneration sequencing and to lead the emergence of digital cytogenetics p p bFourth Quarter Financial Highlightsb p p bTotal Revenue bTotal revenue for the fourth quarter 2018 was 40 million compared to 28 million in the fourth quarter 2017 or an increase of 41 Growth over the fourth quarter of 2017 was predominantly due to an increase in product sales p p bProduct Revenueb Product revenue for the fourth quarter 2018 was 38 million compared to 26 million in the fourth quarter 2017 or an increase of 50 p p bCost of Revenuesb Cost of revenues for the fourth quarter 2018 was 30 million compared to 15 million in the fourth quarter 2017 The cost of revenue was higher in the fourth quarter of 2018 primarily due to increased sales p p bOperating Expensesb Operating expenses for the fourth quarter 2018 were 71 million compared to 66 million in the fourth quarter 2017 or an increase of 8 The increase was primarily due to an increase in SGampA resulting from the additional costs of being a public company p p bFullYear 2018 Financial Highlightsb p p bTotal Revenue bTotal revenue for 2018 was 120 million compared to 95 million in 2017 or an increase of 26 The increase was predominantly due to significant increases in sales of instruments and consumables p p bProduct Revenueb Product revenue for 2018 was 115 million compared to 88 million in 2017 an increase of 31 The majority of the increase in product revenue was due to a 29 increase in instrument unit sales and a 63 increase in consumable unit sales p p bCost of Revenuesb Cost of revenues for 2018 was 87 million compared to 60 million for 2017 The increase in cost was primarily due to increased sales of instruments and consumables and predecessor instrument inventory writeoffs of 13 million in 2018 as compared to 04 million in 2017 p p bOperating Expensesb Operating expenses for 2018 were 237 million compared to 267 million in 2017 This represents a decrease of 11 in operating expenses for 2018 compared to 2017 The decrease in operating expenses was primarily due a 25 million decrease in spending for research amp development p p bCash and Cash Equivalents Balance on December 31 2018b p p At December 31 2018 the Company had cash and cash equivalents of 165 million compared to cash and cash equivalents of 10 million at December 31 2017 p p bConference Call amp Webcast Detailsb p p The Company will host a conference call and live webcast to discuss its fourth quarter and full year 2018 financial results and provide an update on business activities The event will be held today at 430 pm Eastern Time Dialin details are as follows p div classbwreleasetabletable cellspacing0 classbwtablemarginb tr td colspan4 td tr tr td classbwpadl0 bwvertalignt bwalignl colspan4 p classbwcellpmargin bThursday March 14 430 pm Eastern Timeb p td tr tr td classbwpadl0 bwvertalignt bwalignl Domestic td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl 8774070789 td tr tr td classbwpadl0 bwvertalignt bwalignl International td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl 2016898562 td tr tr td classbwpadl0 bwvertalignt bwalignl Passcode td td td td td td classbwpadl0 bwnowrap bwpadr0 bwvertalignb bwalignl 13687797 td tr tr td classbwpadl0 bwvertalignt bwalignl Webcast td td td td td td classbwpadl0 bwvertalignt bwalignl p classbwcellpmargin a referrerpolicyunsafeurl targetblank 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SOURCE: BUSINESS WIRE. ©2015 Business Wire

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