Financial Performance Overview

Bionano Genomics is a life sciences company that provides genome analysis solutions to transform research and clinical applications. In the first quarter of 2024, Bionano achieved the following financial results:

Revenue

• Total revenue was $8.8 million, up 18% compared to Q1 2023.
• Revenue growth was driven primarily by increased sales of consumables and software.

Expenses

• Operating expenses were $33.9 million, down 15% from Q1 2023 due to cost reduction initiatives.
• Net loss narrowed to $31.4 million compared to a net loss of $37.1 million in Q1 2023.

Cash Position

• Ended Q1 2024 with $15.8 million in cash and cash equivalents.
• Completed financing transactions in Q4 2023 and Q1 2024 that extended cash runway into Q3 2024.
• Actively evaluating additional financing options to fund operations.

Commercial Adoption and Growth

• Grew installed base of genome mapping systems to 347, up 34% year-over-year.
• Sold 8,249 consumable flow cells in Q1 2024, up 58% from Q1 2023.
• Increasing demand driven by growing market awareness and data demonstrating benefits of Bionano’s technology.

Key Revenue Metrics	Q1 2024	Change vs. Q1 2023
Total Revenue	$8.8 million	+18%
Consumable Revenue	$6.8 million	+25%
Instruments Sold	+34%

Strategic Business Developments

Cost Savings Initiatives

• Implementing restructuring plans to reduce operating expenses by $35-40 million annually.
• Headcount reductions of approximately 120 employees in Q1 2024.
• Phasing out certain clinical testing services to improve profitability.

Software and Diagnostics Expansion

• Launched VIA software to accelerate adoption of Bionano data analysis tools.
• Completed acquisitions of BioDiscovery and Purigen to enhance product portfolio.

Financing Activities

• Completed $75 million debt financing in Q4 2023 to extend cash runway.
• Entered agreements in Q1 2024 to reduce debt balance and modify terms.
• Raised $10 million in Q2 2024 via equity offering to further strengthen cash position.

Financial Outlook

• Revenue expected to grow in 2024 driven by increasing commercial traction.
• Operating expenses declining due to cost reduction initiatives.
• Successfully extended cash runway into Q3 2024 through financing activities.
• Actively pursuing additional capital to fund operations and support growth.

Bionano continues to drive commercial adoption of its innovative genomic analysis solutions while implementing structural improvements to enhance efficiency and reduce costs. With a strengthened balance sheet, Bionano is positioned to advance its strategic transformation in 2024.