Bionano Genomics, Inc. (NASDAQ:BNGO) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET

Company Participants

David Holmes - IR

Erik Holmlin - CEO

Chris Stewart - CFO

Conference Call Participants

Jason McCarthy - Maxim Group

Mark Massaro - BTIG

Sung Ji Nam - Scotiabank

Daniel Hultberg - Oppenheimer

Michael Okunewitch - Maxim Group

Operator

Good day, and welcome to the Bionano's Second Quarter 2023 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, Michelle, and good afternoon everyone. Welcome to the Bionano second quarter 2023 financial results conference call. Leading the call today is Dr. Erik Holmlin, CEO of Bionano. He is joined by Chris Stewart, CFO of Bionano.

After market closed today, Bionano issued a press release announcing its financial results for the second quarter of 2023. A copy of the release can be found on the Investor Relations page of the company's website.

I would like to remind everyone that certain statements made during this conference call maybe forward-looking, including statements about Bionano’s annual and quarterly revenue outlook, strategic and commercialization plans, anticipated benefits or improvements to Bionano’s products including the Saphyr System, VIA, NXClinical Software, Saphyr Compute, and the timing of such release of products, and impacts of such products, anticipated milestones for 2023, the advantages of the Saphyr System over current technologies, Bionano's anticipated benefits and the timing of those benefits from its announced reduction in force, and other cost savings initiatives, the anticipated effects and benefits of Bionano's recent reverse stock split and associated increase and authorized shares available for issuance, achievements of publicly announced 2023 Elevate anticipated milestones, advances in obtaining reimbursement of OGM, and Bionano's expectations regarding study results and publications and anticipated benefits of these studies and publications in driving adoption of OGM.

Such forward-looking statements are based upon current expectations and there can be no assurances that the results contemplated in these statements will be realized. Actual results may differ materially from such statements due to a number of factors and risks, some of which are identified in Bionano's press release and Bionano's reports filed with the SEC. These forward-looking statements are based on information available to Bionano today and the company assumes no obligation to update statements as circumstances change.

In addition, to supplement Bionano’s financial results reported in accordance with U.S. Generally Accepted Accounting Principles or GAAP, the company is reporting non-GAAP operating expense and non-GAAP gross margin. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures, should be read in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP, have no standardized meaning prescribed by GAAP and are not prepared under the comprehensive set of accounting rules or principles. A description of both non-GAAP operating expense and non-GAAP gross margin and reconciliations of non-GAAP operating expense to GAAP operating expense and non-GAAP gross margin to GAAP gross margin, are included at the end of the company's press release issued earlier today, which has been posted on the Investor Relations page of the company's website. An audio recording and webcast replay for today's conference call will also be available online on company's Investor Relations page.