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Dec 31, 2024
BioNano Q4 2024 Earnings Report
Estimated Revenue:$6.49M
-39.9% YoY
Estimated EPS:-$8.19
831.0% YoY
Key Takeaways
Bionano Genomics reported a total revenue of $8.2 million for the fourth quarter of 2024, a 24% decrease compared to Q4 2023, primarily due to the discontinuation of clinical services. However, GAAP gross margin significantly improved to 42% from 23% in the prior year. The company also achieved substantial reductions in operating expenses, decreasing them to $15.4 million from $27.4 million in Q4 2023.
Total revenue for Q4 2024 was $8.2 million, a 24% decrease from Q4 2023, mainly due to the absence of revenue from discontinued clinical services.
GAAP gross margin for Q4 2024 significantly increased to 42% from 23% in Q4 2023, indicating improved profitability on core operations.
Fourth quarter 2024 GAAP operating expense decreased substantially to $15.4 million from $27.4 million in Q4 2023, reflecting successful cost reduction initiatives.
The installed base of OGM systems grew by 14% year-over-year, reaching 371 systems by the end of 2024, and flowcell sales increased by 1% in Q4 2024 compared to Q4 2023.
BioNano
BioNano
BioNano Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Other Revenue
CapyFin.com Forward Guidance
Bionano anticipates full year 2025 revenue to be between $29.0 million and $32.0 million, with Q1 2025 revenue projected between $6.2 million and $6.3 million. The company expects to install 15 to 20 new OGM systems in 2025 and projects cash runway into the first quarter of 2026.
Positive Outlook
- Full year 2025 revenue is projected to be in the range of $29.0 million to $32.0 million.
- Q1 2025 revenue is anticipated to be in the range of $6.2 million to $6.3 million.
- Installation of 15 to 20 new OGM systems is expected in 2025, at both existing customer sites and new target geographies.
- Cash runway is projected to extend into the first quarter of 2026, supported by cost savings, capital efficiency, debt restructuring, and equity capital raised.
- The AMA established a Category I CPT code for OGM, effective January 1, 2025, which is expected to facilitate reimbursement from insurance companies.
Challenges Ahead
- The forward guidance for full year 2025 revenue ($29.0M - $32.0M) is lower than the full year 2024 revenue ($30.8M), indicating a potential flat to slight decrease in revenue.
- The Q1 2025 revenue guidance ($6.2M - $6.3M) is lower than the Q4 2024 revenue ($8.2M), suggesting a sequential decline.
- The company continues to operate at a net loss, as indicated by the Q4 2024 net loss of $20.125 million.
- Despite cost reduction efforts, the company still relies on additional financing and debt restructuring to extend its cash runway.
- The company's ability to meet its forward guidance depends on successful market adoption and continued demand for its products in a challenging external environment.
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Key Statistics
Market Cap
$17.6M
P/E Ratio
-2.27
Sector
Health Technology
Industry
Biotechnology
52-Week High
$27.6
52-Week Low
$2.81
OGM Installed Base
371
Nanochannel Array Flowcells Sold
8.06K
OGM Peer-Reviewed Publications
82
GAAP Gross Margin
42%
Non-GAAP Gross Margin
42%