Bionano Genomics (BNGO) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue was $6.1 million, down 35% year-over-year, impacted by discontinued clinical services and a $0.5 million write-down of aged receivables.

• OGM installed base grew 22% year-over-year to 368 systems, with flowcell sales up 27% to 7,835 units, though new placements slowed due to a strategic shift.

• Company implemented major restructuring, reducing headcount by over 200, focusing on cash efficiency and utilization among a core group of about 150 customers.

• Net loss for Q3 2024 was $44.2 million, with an accumulated deficit of $673.1 million as of September 30, 2024.

• Substantial doubt exists about ability to continue as a going concern without immediate additional funding.

Financial highlights

• Q3 2024 revenue: $6.1 million, including a $0.5 million write-down; core product and software sales were $6.6 million.

• GAAP gross margin: -139% (impacted by $9.8 million in one-time charges); non-GAAP gross margin: 26%.

• GAAP operating expense: $35.5 million (down 69% year-over-year); non-GAAP: $16.1 million (down 49%).

• Net loss per share for Q3 2024 was $0.52 (basic and diluted).

• Cash, equivalents, and restricted cash as of September 30, 2024: $23.4 million, with $11.4 million restricted.

Outlook and guidance

• Q4 2024 revenue expected between $6 million and $7 million; full-year 2024 revenue guidance is $28 million to $30 million.

• OGM install base projected to reach 370–380 systems by year-end.

• Further reductions in operating expenses anticipated into 2025.

• Focus remains on cost control, cash runway extension, and leveraging installed base for growth.

• Awaiting final 2025 Clinical Lab Fee Schedule for new CPT code for OGM in hematological malignancies.