Bionano Genomics lays off 45% of staff, or 84 employees

Bionano Genomics yesterday morning said that on September 4, it committed to a reorganization plan, including a reduction in force intended to decrease expenses and maintain a streamlined organization that is expected to conserve cash. The plan will refocus the company’s efforts on the current installed base of optical genome mapping 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 84 employees, which represents approximately 45% of its full-time employees as of September 3. 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 $25M to $30M, beginning in Q4. The company estimates that it will incur total restructuring charges of approximately $500,000 to $1.0M.