Bionano Genomics Reports Preliminary Fourth Quarter and Full-Year 2021 Results
January 12 2022 - 8:00AM
Bionano Genomics, Inc. (BNGO), pioneer of optical genome mapping
(OGM) solutions on the Saphyr® system and provider of NxClinical™,
the leading software solutions for visualization, interpretation
and reporting of genomic data, today reported unaudited preliminary
financial highlights for the fourth quarter ended December 31,
2021. The Company’s full financial results for the fourth quarter
and the fiscal year ended December 31, 2021 are not yet available.
“We ended the year with a lot of momentum across the business
and have achieved or exceeded all of the milestones we set out at
the beginning of 2021,” commented Erik Holmlin, PhD, President and
Chief Executive Officer of Bionano. “The integration of
BioDiscovery is going well and the results from our first interim
readout from our postnatal clinical trial exceeded our
expectations. Additionally, there is a lot of excitement around our
2022 Symposium, which began earlier this week.”
Q4 2021 Highlights
- Bionano expects fourth quarter 2021 revenue to be the range of
$5.8 million to $6.2 million, an estimated increase of 25% to 33%
compared to $4.7 million in the third quarter of 2021 and an
estimated increase of 45% to 55% compared to the fourth quarter of
2020. Full year 2021 revenue is expected to be in the range of
$17.5 million and $17.9 million, an increase of between 106% and
110% compared to 2020.
- Bionano also reported a record net increase in the installed
base of 23 Saphyr systems in the fourth quarter of 2021, bringing
the year-end total to 164, representing a 69% increase over the 97
installed systems reported at the end of 2020 and exceeding our
goal of 150 systems by the end of 2021.
Achieved Full Year 2021 Milestones, Exceeded Q4 2021
Goals
- 4Q21: Published
interim results from our constitutional postnatal study
- 4Q21: Three Saphyr
users validated laboratory developed tests for their application of
the OGM workflow
- 4Q21: Completed
initial prototype of next gen high throughput Saphyr
- 4Q21: Reached
installed base of 164 systems to achieve a 69% increase over year
end 2020 and exceeded our stated goal of 150 systems
“The growth in revenues we expect to report for the fourth
quarter and full year 2021 compared to the same periods in 2020 are
what we’ve been working hard to achieve,” added Chris Stewart,
Chief Financial Officer of Bionano. “When we combine that momentum
with the nearly 70 percent increase in the size of the installed
base, we feel we are laying the groundwork for a very exciting year
in 2022.”
Bionano has not completed preparation of its financial
statements for the fourth quarter or full year of 2021. The revenue
ranges presented in this news release for the fourth quarter of
2021 and for the year ended December 31, 2021 are preliminary and
unaudited and are thus inherently uncertain and subject to change
as we complete our financial results for the fourth quarter of
2021. Bionano is in the process of completing its customary
year-end close and review procedures as of and for the year ended
December 31, 2021, and there can be no assurance that final results
for this period will not differ from these estimates. During the
course of the preparation of Bionano's consolidated financial
statements and related notes as of and for the year ended December
31, 2021, Bionano’s independent registered public accountants may
identify items that could cause final reported results to be
materially different from the preliminary financial estimates
presented herein. Additional information and disclosures would be
required for a more complete understanding of Bionano’s financial
position and results of operations as of and for the fourth quarter
and year-ended December 31, 2021. Accordingly, undue reliance
should not be placed on this preliminary information.
About Bionano GenomicsBionano 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 business, the Company also provides diagnostic testing for
patients with clinical presentations consistent with autism
spectrum disorder and other neurodevelopmental disabilities.
Through its BioDiscovery business, 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. For more
information, visit www.bionanogenomics.com, www.biodiscovery.com or
www.lineagen.com.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Words such as “may,” “will,” “expect,” “plan,” “anticipate,”
“estimate,” “intend” 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: preliminary measures
of our financial performance, including our 2021 year-end revenue
guidance; our anticipated vision for the rest of 2022; and the
advancement of our business strategy. 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
impact of the COVID-19 pandemic on our business and the global
economy; general market conditions; the timing and amount of
revenue we are able to recognize in a given fiscal period; changes
in the competitive landscape and the introduction of competitive
products; changes in our strategic and commercial plans; our
ability to obtain sufficient financing to fund our strategic plans
and commercialization efforts; the ability of medical and research
institutions to obtain funding to support adoption or continued use
of our technologies; 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, 2021
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@bionanogenomics.com
Investor Relations:Amy ConradJuniper Point+1 (858)
366-3243amy@juniper-point.com
Media Relations:Michael SullivanSeismic+1 (503)
799-7520michael@teamseismic.com
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