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BioNano Genomics Inc (BNGO)
NASDAQ:BNGO
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BioNano Genomics
(NASDAQ:BNGO)
45Neutral
Positive Factors
Reimbursement Progress
OGM reimbursement for heme malignancies is now live, which is viewed as a positive as more of BNGO's customers can get reimbursed for running BNGO's applications.
Technology Advancement
OGM has been shown to outperform the current gold standard cytogenetic methods for the detection of structural variation.
Negative Factors
Financial Performance
Bionano shares are currently trading at an EV/Revenue multiple of 0.2x, which is less than one tenth of comparable companies’ average multiple of 3.5x.
Revenue Forecast
Bionano again reduced its 2024 revenue guide to $28-30M, below its prior $32-36M, $36-40M, and $37-41M guides earlier this year.
BioNano Genomics (BNGO) vs. S&P 500 (SPY)
Market Cap
$11.60M
Dividend YieldN/A
Average Volume (3M)177.38K
Price to Earnings (P/E)―
Beta (1Y)2.85
Revenue Growth-24.04%
EPS Growth84.11%
CountryUS
Employees98
SectorHealthcare
Sector Strength38
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)N/A
Shares Outstanding3,101,438
10 Day Avg. Volume97,319
30 Day Avg. Volume177,379
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.20
Price to Sales (P/S)0.00
P/FCF Ratio-0.17
Enterprise Value/Market Cap0.83
Enterprise Value/Revenue0.07
Enterprise Value/Gross Profit25.41
Enterprise Value/Ebitda-0.02
Forecast
1Y Price Target
$7.00Price Target Upside84.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
BioNano Genomics Business Overview & Revenue Model
Company DescriptionBionano Genomics, Inc. provides genome analysis software solutions. It offers Saphyr, a sample-to-result solution for structural variation analysis by optical genome mapping for genome analysis and understanding of genetic variation and function; Saphyr instrument, a single-molecule imager; Saphyr Chip, a consumable that packages the nanochannel arrays for DNA linearization; and Bionano Prep Kits and DNA labeling kits, which provide the reagents and protocols for extracting and labeling ultra-high molecular weight. The company also provides Saphyr and Bionano compute servers; and NxClinical which offers one system for analysis and interpretation of genomic variants from microarray and next-generation sequencing data for cytogenetics and molecular genetics. In addition, it offers testing and laboratory services comprising FirstStepDx PLUS, a chromosomal microarray for identifying an underlying genetic cause in individuals with autism spectrum disorder, developmental delay, and intellectual disability; Fragile X syndrome (FXS) testing services; NextStepDx PLUS, a exome sequencing test to identify genetic variants that are associated with disorders of childhood development; EpiPanelDx PLUS, a genetic testing panel for patients who have experienced seizures, infantile spasms, encephalopathy, or febrile seizures; PGx test, which identifies over 60 alleles in 11 genes. The company was founded in 2003 and is headquartered in San Diego, California.
How the Company Makes MoneyBioNano Genomics generates revenue primarily through the sale of its Saphyr System, which includes instrument sales, consumables, and software. The company offers the Saphyr System to research institutions, healthcare organizations, and pharmaceutical companies. Revenue is driven by the initial sale of the Saphyr instrument and the recurring sales of consumables and software licenses needed for ongoing genomic analysis. Additionally, BioNano Genomics engages in service contracts and provides support services that contribute to its revenue streams. Strategic partnerships and collaborations in the genomics field also play a role in the company's earnings, as they can lead to increased adoption of its technology and expansion into new markets.
BioNano Genomics Financial Statement Overview
Summary
BioNano Genomics displays financial challenges with sustained losses and negative cash flows. While there has been revenue growth historically, profitability remains elusive. The balance sheet shows increasing debt and decreasing equity, pointing to potential risks if the current trajectory continues. The company needs to address profitability and cash flow generation to improve financial stability.Income Statement
BioNano Genomics has experienced volatile revenue growth, with a notable increase in 2021 but a decline in 2022 and 2023. Margins are under pressure, with consistent negative net profit margins and EBIT margins over the years, reflecting substantial losses. Despite some gross profit, the company remains unprofitable with high operating losses.35
Negative
Balance Sheet
The balance sheet reflects moderate leverage with a debt-to-equity ratio that has increased over time, yet it remains within a manageable range. However, the equity ratio has decreased, indicating rising liabilities relative to assets. The declining stockholders' equity suggests potential financial strain, although the company maintains some liquidity.45
Neutral
Cash Flow
Cash flow metrics show consistent negative free cash flow, indicating ongoing cash outflows. Operating cash flow is negative, highlighting challenges in generating cash from operations. The historical reliance on financing activities suggests the need for external funding to sustain operations.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 30.78M | 36.12M | 27.80M | 17.98M | 8.50M | Gross Profit |
| 380.00K | 9.57M | 5.95M | 3.87M | 2.77M | EBIT |
| -103.98M | -215.25M | -131.70M | -77.10M | -38.55M | EBITDA |
| -97.47M | -213.60M | -120.31M | -73.86M | -37.08M | Net Income Common Stockholders |
| -112.02M | -232.49M | -132.60M | -72.44M | -41.14M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 9.47M | 101.89M | 113.19M | 250.61M | 38.45M | Total Assets |
| 76.67M | 214.40M | 307.50M | 377.10M | 60.45M | Total Debt |
| 27.30M | 79.41M | 11.67M | 10.70M | 16.33M | Net Debt |
| 18.12M | 61.47M | 6.58M | -13.88M | -22.12M | Total Liabilities |
| 41.30M | 118.25M | 58.10M | 39.98M | 25.37M | Stockholders Equity |
| 35.38M | 96.16M | 249.40M | 337.12M | 35.08M |
| Cash Flow | Free Cash Flow | |||
| -69.03M | -126.87M | -128.12M | -73.39M | -38.31M | Operating Cash Flow |
| -68.92M | -125.18M | -124.82M | -71.93M | -38.31M | Investing Cash Flow |
| 73.84M | 24.16M | 82.77M | -278.06M | -2.45M | Financing Cash Flow |
| -13.69M | 113.81M | 23.01M | 336.11M | 61.90M |
BioNano Genomics Technical Analysis
Negative
3.79
Price Trends
3.70
Positive
6.17
Negative
14.13
Negative
Market Momentum
-0.03
Positive
46.57
Neutral
19.80
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNGO, the sentiment is Negative. The current price of 3.79 is below the 20-day moving average (MA) of 3.98, above the 50-day MA of 3.70, and below the 200-day MA of 14.13, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 46.57 is Neutral, neither overbought nor oversold. The STOCH value of 19.80 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNGO.
BioNano Genomics Risk Analysis
BioNano Genomics disclosed 82 risk factors in its most recent earnings report. BioNano Genomics reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioNano Genomics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
52 Neutral | $5.15B | 3.05 | -44.13% | 2.84% | 16.42% | -0.48% | |
50 Neutral | $27.50M | ― | -12.94% | ― | ― | ― | |
49 Neutral | $8.88M | ― | -126.34% | ― | 3.87% | 35.37% | |
45 Neutral | $11.60M | ― | -127.82% | ― | -24.04% | 84.11% | |
42 Neutral | $7.41M | ― | -809.29% | ― | ― | ― | |
42 Neutral | $5.77M | ― | -290.85% | ― | 78.40% | 22.41% | |
39 Underperform | $28.09M | ― | -51.22% | ― | -5.72% | 48.12% |
* Healthcare Sector Average
Performance Comparison
BNGO
BioNano Genomics
3.79
-64.61
-94.46%
ENZB
Enzo Biochem
0.56
-0.43
-43.43%
BNR
Burning Rock Biotech
2.85
-5.45
-65.66%
INBS
Intelligent Bio Solutions
1.22
-1.03
-45.78%
MYNZ
Mainz Biomed B.V.
2.44
-24.76
-91.03%
BIAF
bioAffinity Technologies, Inc.
0.21
-2.05
-90.71%
BioNano Genomics Earnings Call Summary
Earnings Call Date:May 14, 2025
(Q1-2025)
| % Change Since: 1.34%|
Next Earnings Date:Jul 31, 2025
Earnings Call Sentiment Neutral
The earnings call highlighted significant improvements in gross margin and reductions in operating expenses, driven by a successful strategic shift and a focus on routine users. However, these positive developments are counterbalanced by a notable decrease in revenue and flowcell sales, and challenges related to global trade uncertainties.Q1-2025 Updates
Positive Updates
Significant Improvement in Gross Margin
GAAP and non-GAAP gross margin for the first quarter of 2025 was 46%, significantly higher than the 32% GAAP and 34% non-GAAP gross margin reported for the first quarter of 2024.
Substantial Decrease in Operating Expenses
First quarter 2025 GAAP operating expense was $11.4 million, a 66% decrease compared to $33.9 million in the first quarter of 2024. Non-GAAP operating expense was $8.5 million, compared to $24.4 million in the prior year.
Increase in Installed Base of OGM Systems
The installed base of OGM systems grew to 379, which is a 9% year-over-year increase.
Successful Strategic Shift
The company executed a strategic shift focusing on existing users with the potential to be routine users of Bionano's products.
Strong Academic and Clinical Publications
The first quarter of 2025 had 95 publications, second only to the 99 publications in the first quarter of 2024. Notably, MD Anderson Cancer Center published a study highlighting the utility of optical genome mapping.
Negative Updates
Decrease in Total Revenue
Total revenue for Q1 2025 was $6.5 million, a decrease of 26% compared to the first quarter of 2024.
Decline in Flowcell Sales Volume
The company sold 6,994 flowcells in Q1 2025, reflecting a 15% decrease compared to the same period last year.
Global Trade Uncertainty Impact
The company cited global trade uncertainty as a factor causing some deals to slow down, adding conservatism into their full-year revenue guide.
Company Guidance
During the Bionano First Quarter 2025 Earnings Conference Call, the company provided detailed guidance on its strategic shift and financial metrics. Bionano reported a Q1 2025 total revenue of $6.5 million, marking a 26% decrease from Q1 2024, influenced by the cessation of clinical services. The installed base of OGM systems grew by 9% year-over-year, with nine new installations in Q1, bringing the total to 379 systems. Despite a 15% decline in flowcell sales, excluding new customer sales, there was a 1% increase in flowcells sold to existing customers compared to the previous year. The GAAP and non-GAAP gross margins improved significantly to 46%, up from 32% and 34% respectively, in Q1 2024, driven by cost savings initiatives and supply chain optimizations. Operating expenses saw a substantial reduction, down to $11.4 million on a GAAP basis and $8.5 million on a non-GAAP basis. Bionano's cash and equivalents stood at $29.2 million, with a cash runway extending into Q1 2026, aided by a $10 million registered direct offering and ATM sales. The company expects full-year revenues to range between $26 million and $30 million, with Q2 revenues anticipated between $6.3 million and $6.8 million, and plans to install 15 to 20 new OGM systems in 2025.BioNano Genomics Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
BioNano Genomics Ends Sales Agreement with Cowen
Neutral
Feb 10, 2025
On February 4, 2025, BioNano Genomics announced the termination of its Sales Agreement with Cowen and Company, effective February 14, 2025. This agreement, established in March 2021 and amended in March 2023, allowed the company to offer and sell up to $200 million in common stock through an ‘at the market’ equity offering program.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.