Bionano Genomics implements streamlined operational plan

On October 9, 2023, Bionano committed to a series of cost savings initiatives including a reduction in force and reducing facility costs and discretionary spending unrelated to headcount that, taken together with cost savings realized from the reduction in force the Company announced in May, is expected to result in a reduction of non-GAAP operating expenses by approximately $31.6 million on an annualized basis starting in 2024, excluding savings in stock-based compensation. Part of the savings comes from a reduction in force of 66 positions eliminated as part of the October 2023 initiatives, which, when combined with the positions eliminated since May 2023, is expected to bring the number of employees planned for December 31, 2023 to 321. Cost of goods sold is expected to be reduced by approximately $1.4 million on an annual basis, starting in 2024, in connection with the October 2023 initiatives, which will be a component of anticipated improvements to gross margin going forward.