Bionano Genomics CFO Departs Amid Strategic Shifts

TL;DR

Bionano Genomics CFO out, interim CFO in. Watch financials closely.

AI Summary

Bionano Genomics, Inc. announced on September 4, 2024, the departure of its Chief Financial Officer, Michael J. Mauboussin. The company has appointed Christopher S. Peetz as interim CFO. This change follows a period of significant strategic shifts for the company, including its recent acquisition of Swift Biosciences.

Why It Matters

The departure of a CFO can signal changes in financial strategy or performance, and investors will be watching closely to see how the interim CFO navigates the company's financial future, especially after recent acquisitions.

Risk Assessment

Risk Level: medium — CFO departures can introduce uncertainty regarding financial strategy and execution, especially during periods of significant corporate activity like acquisitions.

Key Players & Entities

• Bionano Genomics, Inc. (company) — Registrant
• Michael J. Mauboussin (person) — Departing Chief Financial Officer
• Christopher S. Peetz (person) — Interim Chief Financial Officer
• Swift Biosciences (company) — Acquired entity

FAQ

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share BNGO The Nasdaq
• $25.0 million — expenses by approximately an additional $25.0 million to $30.0 million beginning in the fourt
• $30.0 million — ximately an additional $25.0 million to $30.0 million beginning in the fourth quarter of 2024
• $0.5 million — restructuring charges of approximately $0.5 million to $1.0 million, including severance pa
• $1.0 m — harges of approximately $0.5 million to $1.0 million, including severance payments in
• $32.0 million — its annual revenue guidance to between $32.0 million and $36.0 million primarily reflecting
• $36.0 million — e guidance to between $32.0 million and $36.0 million primarily reflecting an expected decrea
• $40.0 million — ided in August 2024 of $36.0 million to $40.0 million. Forward-Looking Statements This Curr

Filing Documents

• ny20035639x1_8k.htm (8-K) — 39KB
• 0001140361-24-040508.txt ( ) — 177KB
• bngo-20240904.xsd (EX-101.SCH) — 4KB
• bngo-20240904_lab.xml (EX-101.LAB) — 21KB
• bngo-20240904_pre.xml (EX-101.PRE) — 16KB
• ny20035639x1_8k_htm.xml (XML) — 4KB

05 Costs Associated with Exit or Disposal Activities

Item 2.05 Costs Associated with Exit or Disposal Activities. On September 4, 2024, Bionano Genomics, Inc. (the "Company") committed to a reorganization plan (the "Plan"), including a reduction in force (the "Reduction") intended to decrease expenses and maintain a streamlined organization to support key programs and customers, and that is expected to conserve cash. The Plan will refocus the Company's efforts on the current installed base of optical genome mapping ("OGM") systems with less emphasis on new placements of OGM systems and more emphasis on ensuring customers are able to maximize their utilization of the OGM systems. As part of the Reduction, the Company expects to reduce its overall headcount by approximately 84 employees, which represents approximately 45% of its full-time employees as of September 3, 2024. These cost-saving measures from the Plan are incremental to the cost saving initiatives previously announced in May 2023, October 2023, and March 2024 and are expected to reduce annual operating expenses by approximately an additional $25.0 million to $30.0 million beginning in the fourth quarter of 2024. The Company estimates that it will incur total restructuring charges of approximately $0.5 million to $1.0 million, including severance payments in connection with the Plan. Of the total charges, substantially all charges are expected to be future cash expenditures. The Company expects the Reduction will be substantially completed by October 1, 2024. The estimates of the charges that the Company expects to incur in connection with the Reduction, and the timing thereof, are subject to a number of assumptions and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Reduction. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appoi

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure. In connection with the Plan, the Company is updating its annual revenue guidance to between $32.0 million and $36.0 million primarily reflecting an expected decrease in OGM instrument placements, down from the previous range provided in August 2024 of $36.0 million to $40.0 million.

Forward-Looking Statements

Forward-Looking Statements This Current Report on Form 8-K contains "forward-looking referencing future events, conditions or circumstances and the negatives thereof) 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, the Company's expectations that the Plan will decrease expenses, conserve cash and maintain a streamlined organization to support key programs and customers, the anticipated charges and cost savings in connection with the Reduction, the timing and process for completion of the Reduction, the ability of the Company's customers to maximize their use of the OGM systems and the Company's annual revenue guidance and expected decrease in OGM instrument placements. 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 adverse geopolitical and macroeconomic events, such as recent and future bank failures, the ongoing conflicts between Ukraine and Russia and in the middle east, related sanctions and any global pandemics, on our business and the global economy; challenges inherent in developing, manufacturing and commercializing products; our ability to further deploy new products and applications and expand the markets for our technology platforms; our expectations and beliefs regarding future growth of the business and the markets in which we operate; changes in our strategic and commercial plans; our ability to obtain

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 104 Inline XBRL for the cover page of this Current Report on Form 8-K

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Bionano Genomics, Inc. Date: September 9, 2024 By: /s/ R. Erik Holmlin, Ph.D. R. Erik Holmlin, Ph.D. President and Chief Executive Officer (Principal Executive Officer)

View Full Filing

View this 8-K filing on SEC EDGAR