Bionano Genomics (BNGO) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue was $8.2M, down 24% year-over-year, with full-year 2024 revenue at $30.8M, a 15% decrease from 2023; core product revenue grew 1% to $27M.

• Gross margin improved to 42% in Q4 2024 (GAAP and non-GAAP), up from 23% in Q4 2023.

• Strategic shift in September 2024 prioritized supporting routine-use customers and cost control over aggressive customer acquisition.

• OGM installed base grew 14% year-over-year to 371 systems, with 30,307 flowcells sold in 2024, up 15% from 2023.

• Ended 2024 with strong demand, a new CPT code for OGM, and cash runway into 2026.

Financial highlights

• Q4 2024 GAAP operating expense was $15.4M, down from $27.4M in Q4 2023; non-GAAP OpEx was $10.6M, down from $26.6M.

• Full-year 2024 non-GAAP gross margin was 35%, up from 28% in 2023.

• Consumables revenue for 2024 was $12.8M, up from $11.2M in 2023; software revenue reached $6.2M, up from $5.6M.

• Cash, cash equivalents, and available-for-sale securities at year-end totaled $20.9M, with $11.4M restricted.

• Net loss for FY 2024 was $112.0M, improved from $232.5M in 2023.

Outlook and guidance

• 2025 revenue expected between $29M and $32M; Q1 2025 revenue guidance is $6.2M–$6.3M.

• Plan to install 15–20 new OGM systems in 2025, mainly at routine-use sites.

• Cash runway projected into Q1 2026, supported by cost savings, debt restructuring, and recent capital raises.