Bionano Genomics, Inc. (BNGO): restructuring charge — Bionano Q1 revenue $8.8M (+18% YoY); cash burn down 41% YoY; restructuring charges $4.6M

Bionano Genomics, Inc.

2024-Q1 EPS reported -$0.60 revenue$8,769,000

Q1 2024 revenue $8.8M, +18% YoY; GAAP gross margin 32% vs 28% in Q1 2023.
Operating cash burn (excl. interest/debt) $19M in Q1 2024, down from $32M in Q1 2023.
Reaffirmed FY2024 revenue guidance of $37-41M; Q2 2024 revenue expected $7.8-8.2M.
Installed base of 347 OGM systems (+34% YoY); flowcell sales up 58% to 8,249 units.
Restructuring charges of ~$4.6M from March 2024 RIF; substantially complete by June 30, 2024.

item 2.02 item 2.05 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.85

Bionano Genomics, Inc. reported first quarter ended March 31, 2024 results: revenue $8.8 million. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $8.8 million
Guidance: reaffirmed
Result: reported results

Exact text from the filing

filing to this Current Report on Form 8-K. --- EX-99.1 (EX-99.1) --- Bionano Reports First Quarter 2024 Results and Highlights Recent Business Progress • Q1 2024 revenue was $8.8 million, which represents an 18% increase over Q1 2023 • Total installed base of 347 optical genome mapping (OGM) systems as of Q1 2024, which represents a 34% increase over Q1 2023 •

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Bionano Genomics, Inc. announced a restructuring with charges of approximately $4.6 million.

Type: restructuring
Charge: approximately $4.6 million

Exact text from the filing

the Reduction is expected to result in total restructuring charges of approximately $4.6 million, including $3.9 million, comprised primarily of severance payments and wages for the 60-day notice period in accordance with the California Worker Adjustment and Retraining Notification (WARN) Act and $0.2 million in connection with lease terminations.

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Bionano Genomics, Inc. filing history →

Source: SEC EDGAR

accession 0001411690-24-000020

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