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Mar 31, 2024
BioNano Q1 2024 Earnings Report
Bionano's financial performance for Q1 2024 showed revenue growth and progress in cost-saving initiatives.
Key Takeaways
Bionano Genomics reported an 18% increase in revenue for Q1 2024 compared to Q1 2023, reaching $8.8 million. The company also saw growth in its installed base of OGM systems and flowcell sales. Efforts to reduce cash burn and operating expenses continued with expanded cost savings initiatives.
Q1 2024 revenue increased by 18% year-over-year, reaching $8.8 million.
The installed base of optical genome mapping (OGM) systems grew by 34% compared to Q1 2023, totaling 347 systems.
Nanochannel array flowcell sales increased by 58% compared to Q1 2023, with 8,249 flowcells sold.
The company is implementing cost savings initiatives, planning to reduce headcount by approximately 200 people by the end of Q2 2024 and reduce annualized non-GAAP operating expenses by $65.0 to $75.0 million by Q1 2025.
Revenue by Segment
Forward Guidance
Bionano reiterated its full year 2024 revenue guidance of $37.0 to $41.0 million. Revenue for the second quarter of 2024 is expected to be $7.8 to $8.2 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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