Bionano Genomics ( (BNGO) ) has released its Q4 earnings. Here is a breakdown of the information Bionano Genomics presented to its investors.
Bionano Genomics, Inc. is a company specializing in genome analysis solutions, offering optical genome mapping (OGM) technologies and software for research and clinical applications. The company aims to transform genomic analysis through its innovative products and services.
Bionano Genomics recently released its financial results for the fourth quarter and full year of 2024, highlighting a challenging year marked by strategic cost reductions and a focus on core revenue streams. Despite external economic pressures, the company has made significant strides in its operational strategy, reducing annualized costs by approximately $100 million.
Key financial metrics from the report include a total revenue of $8.2 million for Q4 2024, reflecting a 24% decrease from the previous year, primarily due to the discontinuation of clinical services. However, the company’s GAAP gross margin improved significantly to 42% from 23% in Q4 2023. Bionano also reported a full-year revenue of $30.8 million, a 15% decrease from 2023, with core product revenues showing modest growth despite a challenging market environment.
Strategically, Bionano achieved several milestones, including the commercial release of the high-throughput Stratys™ system and advancements in their VIA software. The company also saw a 14% increase in its installed base of OGM systems and a 19% increase in OGM-related publications, underscoring its growing influence in the genomic research community.
Looking ahead, Bionano Genomics anticipates a revenue range of $29.0 to $32.0 million for 2025, with plans to install 15 to 20 new OGM systems. The company remains focused on cost savings and capital efficiency to sustain its operations into early 2026, positioning itself for continued growth and innovation in the genomic analysis sector.