Bionano Genomics, Inc. (NASDAQ:BNGO) Q1 2023 Earnings Conference Call May 9, 2023 4:30 PM ET

Company Participants

David Holmes - Investor Relations

Erik Holmlin - Chief Executive Officer

Chris Stewart - Chief Financial Officer

Conference Call Participants

Michael Okunewitch - Maxim Group

Operator

Good day and welcome to the Bionano Genomics First Quarter 2023 Earnings Conference Call. Today's conference is being recorded. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

At this time, I would like to turn the conference over to David Holmes from Investor Relations. Please go ahead.

David Holmes

Thank you, operator. Good afternoon everyone. Welcome to the Bionano Genomics first 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 close today, Bionano issued a press release announcing its financial results for the first 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, the Saphyr System, NXClinical Software, and Saphyr Compute, and the timing of such release of products, anticipated milestones for 2023, the advantages of the Saphyr System over current technologies, Bionano's anticipated benefits from its announced reduction in force, and other cost savings initiatives, achievements of publicly announced 2023 Elevate anticipated milestones, advances in obtaining reimbursement of OGM, and Bionano's expectations regarding 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, Tuesday, May 9th, and the company assumes no obligation to update statements as circumstances change.

In addition, to supplement Bionano’s financial results reported in accordance with US Generally Accepted Accounting Principles, or GAAP, the company is reporting non-GAAP operating expense and non-GAAP gross margin. Thees non-GAAP financial measures are not meant to be considered in isolation or as a substitute to comparable GAAP measures and 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 any comprehensive set of accounting rules or principles.