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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.
Revenue by Segment
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.
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