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BioNano
🇺🇸 NASDAQ:BNGO
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•
Dec 31, 2023

BioNano Q4 2023 Earnings Report

Reported a 30% revenue increase compared to Q4 2022, driven by growth in OGM installed base and consumables sales.

Key Takeaways

Bionano Genomics reported a 30% increase in Q4 2023 revenue compared to Q4 2022, reaching $10.7 million. The company's ELEVATE strategy is working, with progress in OGM installed base and consumables unit sales.

Q4 2023 revenue increased by 30% year-over-year, reaching $10.7 million.

Full year 2023 revenue increased by 30% year-over-year, reaching $36.1 million.

Installed base of OGM systems increased by 36% year-over-year, totaling 326 systems at year-end 2023.

Flowcells sales increased by 67% year-over-year in Q4 2023.

Total Revenue
$10.7M
Previous year: $8.22M
+30.5%
EPS
-$0.96
Previous year: -$1.3
-26.2%
Saphyr Installed Base
326
Gross Profit
$2.44M
Previous year: $1.81M
+35.1%
Cash and Equivalents
$17.9M
Previous year: $5.09M
+252.5%
Total Assets
$214M
Previous year: $308M
-30.3%

BioNano

BioNano

BioNano Revenue by Segment

Forward Guidance

Bionano expects full year 2024 revenue to be in the range of $37.0 to $41.0 million and Q1 2024 revenue is expected to be in the range of $8.25 to $8.75 million.

Positive Outlook

  • Focus on addressing cash burn and financial discipline.
  • Actions to improve margins and further extend cash runway.
  • Cost savings initiatives are expected to have a positive impact on operating expenses.
  • Anticipate installation of 80 to 100 new OGM systems in 2024, with a projected 2024 installed base range of 381 to 401 OGM systems.
  • Recently amended the convertible debt financing entered into in October 2023 to restructure our debt obligations

Challenges Ahead

  • Phasing out First Step and Next Step Dx clinical services products and our Fragile X test, which are legacy, non-OGM tests.
  • Potential reduction in headcount by an additional 110 to 125 employees.
  • Exploring strategic opportunities that could include debt financing, equity investments, combinations with other companies, or the sale of all or part of the company.
  • The company expects to incur costs related to the cost saving initiatives.
  • There can be no assurances that any transactions will be completed, and we do not intend to disclose or comment on interim developments except to the extent required by law.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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