Bionano Genomics reports Q4 revenue $10.7M, consensus $10.58M

Reports Q4 revenue $10.7M, consensus $10.58M.Reached installed base of 326 optical genome mapping (OGM) systems as of YE 2023; increase of 36% over the 240 installed systems as of YE 2022 Sold 26,444 nanochannel array flowcells in FY 2023, which represents a 72% increase over the flowcells sold in FY 2022″2023 was a year in which we made tremendous progress toward our mission of transforming the way the world sees the genome. The progress is evidence that our ELEVATE strategy is working,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “Revenue growth continued with growth of the OGM installed base and consumables units sales. We had a number of significant product launches during 2023, which we believe will make OGM easier to implement and use and make it possible to run substantially more samples. Innovations such as the Stratys system for high throughput mapping, and VIA software for streamlined visualization, interpretation and reporting of genome analysis results have been enthusiastically received and we expect them to be drivers of revenue growth. We also saw independent confirmation of the utility of our solutions, including the organization of consortia across the world who are driving OGM adoption and implementation. We believe the execution of ELEVATE with the progress of OGM in 2023 and our focus on reducing cash burn, including through new cost savings initiatives introduced today, has well-positioned us for success in 2024.”