Company Overview - Bionano Genomics, Inc. is a provider of genome analysis solutions aimed at addressing complex questions in biology and medicine [3] - The company's mission is to transform genome visualization through optical genome mapping (OGM) solutions, diagnostic services, and software [3] - Bionano offers OGM solutions applicable in basic, translational, and clinical research, along with a platform-agnostic genome analysis software and nucleic acid extraction solutions using proprietary isotachophoresis (ITP) technology [3] Upcoming Conference - Erik Holmlin, PhD, the CEO of Bionano, will present at the H.C. Wainwright 27th Annual Global Investment Conference on September 8, 2025 [1] - The presentation is scheduled from 3:00 p.m. to 3:30 p.m. ET [2] - A recording of the session will be available on the Bionano website for at least 30 days following the conference [2]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing - Momentum investors often face challenges in determining the right entry point, as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Bionano Genomics, Inc. (BNGO) - BNGO has shown a significant price increase of 19.4% over the past four weeks, indicating growing investor interest [4] - The stock has gained 13.2% over the past 12 weeks, demonstrating its ability to deliver positive returns over a longer timeframe [5] - BNGO has a high beta of 2.06, suggesting it moves 106% more than the market in either direction, indicating fast-paced momentum [5] - The stock holds a Momentum Score of A, suggesting it is an opportune time to invest [6] - BNGO has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which typically attract more investor interest [7] - The stock is currently trading at a Price-to-Sales ratio of 0.70, indicating it is reasonably valued at 70 cents for each dollar of sales [7] Group 3: Additional Investment Opportunities - Besides BNGO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting further investment opportunities [8] - The Zacks Premium Screens offer over 45 different strategies tailored to help investors find winning stock picks [9]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $6.7 million, a decrease of 13% compared to Q2 2024, but a 5% decrease when adjusted for discontinued services [11] - Non-GAAP gross margin for Q2 2025 was 52%, significantly higher than the 35% reported a year ago [12] - Non-GAAP operating expenses for Q2 2025 were $8.8 million, down 53% from $18.8 million in Q2 2024 [12][16] - Cash and cash equivalents at the end of the quarter were $27.4 million, with $11 million subject to restrictions [13] Business Line Data and Key Metrics Changes - The company sold 7,233 flow cells in Q2 2025, reflecting a 17% increase year-over-year [12] - Revenue from consumables and software combined grew 16% year-over-year in Q2 2025 [15] - The percentage of consumables and software revenue increased from 55% in 2024 to 73% in Q2 2025 [15] Market Data and Key Metrics Changes - The optical genome mapping (OGM) community surpassed 10,000 published clinical research genomes, marking a significant milestone [19] - The 2025 quarter had the highest number of publications in the history of optical genome mapping [19] Company Strategy and Development Direction - The company is focusing on digital pathology, particularly in cytogenetics and molecular pathology, with plans to expand into clinical and anatomic pathology [6] - The strategy includes supporting routine users, driving utilization of VIA software, building reimbursement support for OGM, and improving profitability [10] - The company aims to consolidate workflows in pathology through AI-driven software and optical genome mapping [7][8] Management's Comments on Operating Environment and Future Outlook - Management reiterated full-year revenue guidance of $26 to $30 million, with Q3 revenues expected to be in the range of $6.7 to $7.2 million [20] - The company raised expectations for new OGM installations in 2025 to 20-25 systems, up from the previous range of 15-20 [20] - Management expressed confidence in the ongoing strategy and the potential for significant business upside [51] Other Important Information - The company has made substantial progress in reducing operating expenses, cutting over $100 million in annual non-GAAP operating expenses since 2023 [16] - The release of new software updates is expected to enhance the usability of OGM workflows [18] Q&A Session Summary Question: How universal is the use of VIA software among OGM users? - Management indicated that VIA is installed in about a third of the OGM systems, with higher adoption among routine users, suggesting significant opportunities for expansion [24][25] Question: Are there efforts to market VIA to non-OGM users? - Management confirmed that a substantial amount of software is sold for non-OGM applications, and there is potential for cross-selling to convert these users into OGM customers [27][28] Question: What role does AI play in the VIA software? - AI enhances the analysis of variants by leveraging databases to improve accuracy and speed in reporting [29] Question: Can you clarify the return rate for new systems placed? - Management stated it is premature to discuss return rates, but they expect low returns due to the strategic shift in customer focus [36][37] Question: How does the new CPT code differ from the first one? - The new CPT code is for constitutional genetic disorders, which may lead to differences in pricing and facilitate reimbursement [40][41] Question: Is the instrument placement guidance conservative? - Management acknowledged that the guidance is conservative, considering potential delays in installations [45] Question: What is the expected time for new customers to reach maturity? - It typically takes a minimum of three months, with six to nine months being a healthy timeframe for labs to reach routine use [47][48]

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents unaudited condensed consolidated financial statements, detailing financial position, performance, and cash flows, with a going concern warning [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows decreased cash, stable total assets, reduced liabilities, and increased stockholders' equity as of June 30, 2025 Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $3,562 | $9,173 | | Total current assets | $42,662 | $39,489 | | Total assets | $76,010 | $76,670 | | Convertible debentures payable (current) | $11,762 | $20,362 | | Total current liabilities | $24,178 | $37,344 | | Total liabilities | $30,636 | $41,295 | | Accumulated deficit | $(703,184) | $(693,225) | | Total stockholders' equity | $45,374 | $35,375 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements show significantly lower net losses for Q2 and H1 2025 due to reduced operating expenses, despite decreased revenue Statement of Operations Summary (in thousands) | Metric | Q2 2025 | Q2 2024 | 6 Months 2025 | 6 Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $6,733 | $7,771 | $13,190 | $16,540 | | Loss from Operations | $(7,800) | $(17,018) | $(16,262) | $(48,139) | | Net Loss | $(6,857) | $(16,224) | $(9,958) | $(47,646) | | Net Loss Per Share | $(1.99) | $(14.41) | $(3.24) | $(47.50) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements show significantly reduced cash used in operations, with financing activities providing capital, resulting in a net cash decrease Cash Flow Summary for Six Months Ended June 30 (in thousands) | Cash Flow Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(6,251) | $(49,109) | | Net cash (used in)/provided by investing activities | $(12,087) | $76,217 | | Net cash provided by/(used in) financing activities | $12,360 | $(23,596) | | Net (decrease)/increase in cash | $(6,011) | $3,485 | | Cash, cash equivalents and restricted cash at end of period | $3,562 | $21,833 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes provide critical context, including a going concern warning due to recurring losses, and detail accounting policies, debt, and equity changes - The company effected a 1-for-60 reverse stock split on January 24, 2025. All share and per-share amounts have been retroactively adjusted[25](index=25&type=chunk) - Management has substantial doubt about the company's ability to continue as a going concern within 12 months, citing recurring net losses, negative cash flows, and the need to raise additional funding[28](index=28&type=chunk)[30](index=30&type=chunk) - As of June 30, 2025, the company had **$12.1 million** of principal outstanding under its Debentures and an accumulated deficit of **$703.2 million**[29](index=29&type=chunk) Revenue by Source - Six Months Ended June 30 (in thousands) | Revenue Source | 2025 | 2024 | | :--- | :--- | :--- | | Instruments | $2,088 | $3,874 | | Consumables | $6,523 | $6,033 | | Software | $3,703 | $3,431 | | **Total product revenue** | **$12,314** | **$13,338** | | Service and other | $876 | $3,202 | | **Total revenue** | **$13,190** | **$16,540** | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses decreased revenue but improved net loss due to cost cuts, emphasizing a strategic shift and reiterating substantial doubt about going concern [Overview and Recent Highlights](index=31&type=section&id=Overview%20and%20Recent%20Highlights) The company's OGM system installed base grew, flowcell sales increased, but it faces slowdowns in the Asia Pacific region - The installed base of OGM systems grew to **378** as of June 30, 2025, up **4%** from 363 a year prior[124](index=124&type=chunk) - Flowcell sales increased by approximately **17%** to **7,233 units** in Q2 2025 compared to 6,165 in Q2 2024[124](index=124&type=chunk) - The company is experiencing a slowdown in its Asia Pacific business due to regional headwinds and reliance on government funding by manufacturing partners[125](index=125&type=chunk) [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Results show declining revenue but significantly improved profitability for Q2 and H1 2025, driven by substantial operating expense reductions Comparison of Three Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total Revenue | $6,733 | $7,771 | $(1,038) | (13)% | | Gross Profit | $3,477 | $2,585 | $892 | 35% | | Loss from Operations | $(7,800) | $(17,018) | $9,218 | (54)% | | Net Loss | $(6,857) | $(16,224) | $9,367 | (58)% | - The decrease in Q2 revenue was driven by a **38% drop** in instrument sales and a **66% drop** in service revenue, partially offset by a **28% increase** in consumables sales[138](index=138&type=chunk)[139](index=139&type=chunk) - Operating expenses in Q2 2025 decreased by **42%** year-over-year, primarily due to headcount reductions and other cost-saving initiatives announced in 2023 and 2024[137](index=137&type=chunk)[144](index=144&type=chunk)[145](index=145&type=chunk) [Liquidity and Capital Resources](index=39&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces critical liquidity issues and substantial doubt about its going concern, requiring additional capital in the near term - As of June 30, 2025, the company had **$3.6 million** in cash and cash equivalents, **$12.9 million** in short-term investments, and an accumulated deficit of **$703.2 million**[164](index=164&type=chunk) - Management has determined there is substantial doubt about the company's ability to continue as a going concern, as available cash is not sufficient to operate for the next twelve months[176](index=176&type=chunk) - Based on current plans, the company believes it can fund operations into the first quarter of 2026, but will require additional capital in the very near term to continue[174](index=174&type=chunk) - In the first half of 2025, the company raised approximately **$16.4 million** in gross proceeds from sales of common stock and warrants through its ATM facilities and other offerings[182](index=182&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is not required to provide this information as it qualifies as a smaller reporting company - As a smaller reporting company, Bionano Genomics is not required to provide the information for this item[192](index=192&type=chunk) [Item 4. Controls and Procedures](index=44&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Management concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report (June 30, 2025)[195](index=195&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, internal controls[196](index=196&type=chunk) [PART II. OTHER INFORMATION](index=46&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=46&type=section&id=Item%201.%20Legal%20Proceedings) The company reports no material legal proceedings - The company reports no material legal proceedings[198](index=198&type=chunk) [Item 1A. Risk Factors](index=46&type=section&id=Item%201A.%20Risk%20Factors) This section details significant risks, including financial viability, operational challenges, regulatory hurdles, intellectual property, and stock price volatility [Risks related to our financial condition and need for additional capital](index=49&type=section&id=Risks%20related%20to%20our%20financial%20condition%20and%20need%20for%20additional%20capital) The company faces substantial doubt about its going concern due to recurring losses, requiring immediate capital to avoid curtailing operations - The company has incurred recurring net losses since inception and expects losses to continue, with an accumulated deficit of **$703.2 million** as of June 30, 2025[203](index=203&type=chunk) - There is substantial doubt about the company's ability to continue as a going concern, and without raising sufficient additional capital in the very near term, it may be required to curtail, liquidate, or cease operations entirely[204](index=204&type=chunk) - The company's ability to raise capital may be limited by SEC rules, as its public float is less than **$75.0 million**, restricting the use of its Form S-3 shelf registration statement[206](index=206&type=chunk) [Risks related to our business operations](index=58&type=section&id=Risks%20related%20to%20our%20business%20operations) Operational risks include acquisition integration, market acceptance, supply chain reliance, lengthy sales cycles, and international and data security challenges - Acquisitions could disrupt business, and the company may not achieve the expected revenues or synergies, as exemplified by the full impairment of goodwill and intangible assets from the Purigen and Lineagen acquisitions[243](index=243&type=chunk)[250](index=250&type=chunk) - The company relies on a single contract manufacturer for its OGM systems and a limited number for its chip consumables, creating significant supply chain risk[285](index=285&type=chunk) - The company's products are currently for Research Use Only (RUO), and any move toward clinical diagnostic use would require expensive and uncertain regulatory clearance from the FDA[280](index=280&type=chunk) [Risks related to government regulation and diagnostic product reimbursement](index=72&type=section&id=Risks%20related%20to%20government%20regulation%20and%20diagnostic%20product%20reimbursement) Significant regulatory risks include FDA changes to LDTs, complex billing and reimbursement, and compliance with federal and state healthcare laws - A significant change in how the FDA regulates Laboratory Developed Tests (LDTs), which Bionano Laboratories provides, could materially harm the business[338](index=338&type=chunk) - Billing for diagnostic testing is complex and subject to risks of non-payment, audits, and recoupment from payors, which could negatively affect revenue and cash flow[343](index=343&type=chunk)[347](index=347&type=chunk) - The business is subject to numerous federal and state healthcare laws, including anti-kickback statutes and false claims laws, and non-compliance could result in substantial penalties[368](index=368&type=chunk) [Risks related to intellectual property](index=79&type=section&id=Risks%20related%20to%20intellectual%20property) Intellectual property risks include inadequate patent protection, potential challenges to existing patents, and costly infringement claims from third parties - The company relies on a global patent portfolio of over **135 issued patents**, but cannot guarantee that pending applications will issue or that existing patents will not be challenged or invalidated[378](index=378&type=chunk)[379](index=379&type=chunk) - Some of the company's intellectual property was developed with U.S. government funding and is subject to federal regulations, including "march-in" rights, which could limit exclusive rights[385](index=385&type=chunk) - The company may be subject to costly litigation if sued for infringing on the intellectual property rights of third parties, which could result in injunctions or substantial damage awards[391](index=391&type=chunk)[393](index=393&type=chunk) [Risks related to ownership of our securities](index=86&type=section&id=Risks%20related%20to%20ownership%20of%20our%20securities) Risks for investors include high stock price volatility, potential failure of reverse stock splits, and anti-takeover provisions - The company's stock price has been and is expected to remain highly volatile, which could lead to significant investment losses[421](index=421&type=chunk)[422](index=422&type=chunk) - The company has implemented multiple reverse stock splits to maintain its Nasdaq listing but cannot guarantee it will continue to meet the minimum bid price or other listing requirements[428](index=428&type=chunk)[429](index=429&type=chunk)[433](index=433&type=chunk) - Anti-takeover provisions in the company's charter documents and Delaware law could delay or prevent a change of control, potentially limiting the market price of its securities[446](index=446&type=chunk) [Risks Related to Our Review of Strategic Alternatives](index=91&type=section&id=Risks%20Related%20to%20Our%20Review%20of%20Strategic%20Alternatives) Review of strategic alternatives offers no assurance of a transaction, potentially leading to dissolution and significant stockholder loss - The company is evaluating strategic alternatives, but there is no guarantee that any transaction will be pursued or successfully consummated[453](index=453&type=chunk) - The process of evaluating strategic alternatives is costly and time-consuming, and may divert management's attention from the business[455](index=455&type=chunk) - If a strategic transaction is not completed, the board may decide to pursue dissolution and liquidation, where the cash available for distribution to stockholders would be uncertain and could be minimal[460](index=460&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=94&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period - None reported[466](index=466&type=chunk) [Item 3. Defaults Upon Senior Securities](index=94&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities - None reported[467](index=467&type=chunk) [Item 4. Mine Safety Disclosures](index=94&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[468](index=468&type=chunk) [Item 5. Other Information](index=94&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, terminated, or modified a Rule 10b5-1 trading arrangement during the quarter - No director or officer of the Company adopted, terminated or modified a Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[469](index=469&type=chunk) [Item 6. Exhibits](index=95&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents, securities forms, and certifications

[Financial & Business Highlights](index=1&type=section&id=Financial%20%26%20Business%20Highlights) Bionano's Q2 2025 revenue decreased 13% to $6.7 million, while gross margin improved to 52% and operating expenses fell 42% [Q2 2025 Financial Performance](index=1&type=section&id=Q2%202025%20Financial%20Performance) Q2 2025 revenue was $6.7 million, down 13% YoY, with gross margin at 52% and operating expenses reduced by 42% Q2 2025 Financial Summary | Financial Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $6.7 million | $7.8 million | -13% | | **Gross Margin** | 52% | 33% | +19 p.p. | | **Operating Expenses** | $11.3 million | $19.6 million | -42% | | **Cash & Equivalents (End of Quarter)** | $27.4 million | N/A | N/A | - The decrease in total revenue was driven by the discontinuation of clinical services (**$0.7M** in prior year) and a strategic shift away from new instrument placements, causing instrument revenue to fall to **$1.4M** from **$2.3M**[5](index=5&type=chunk) - Excluding instrument sales and discontinued services, the core business of consumables, software, and other services saw revenue increase by **11%**[5](index=5&type=chunk) [Q2 2025 Business & Operational Progress](index=1&type=section&id=Q2%202025%20Business%20%26%20Operational%20Progress) Operational progress includes a 17% increase in flowcell sales, 4% OGM system base growth, and a new Category I CPT code - Nanochannel array flowcell sales, a key indicator of system utilization, increased by **17%** YoY to **7,233 units**[5](index=5&type=chunk) - The total installed base of OGM systems reached **378**, a **4%** increase from the **363 systems** at the end of Q2 2024[5](index=5&type=chunk) - The American Medical Association (AMA) established a **second Category I CPT code** for OGM in cytogenomic genome-wide analysis, which can facilitate reimbursement and adoption[5](index=5&type=chunk) - A new quarterly record of **119 peer-reviewed publications** was achieved, highlighting growing scientific validation and utilization of OGM[5](index=5&type=chunk) [2025 Financial Outlook](index=3&type=section&id=2025%20Financial%20Outlook) Bionano reiterated 2025 revenue guidance of $26-30 million, increased OGM installation targets, and confirmed cash runway into Q1 2026 2025 Financial Guidance | Guidance Metric | 2025 Outlook | | :--- | :--- | | **Full Year 2025 Revenue** | $26.0 - $30.0 million (Reiterated) | | **Q3 2025 Revenue** | $6.7 - $7.2 million (Initiated) | | **New OGM Installations (FY 2025)** | 20 to 25 (Increased from 15-20) | | **Cash Runway** | Into Q1 2026 | [Financial Statements](index=7&type=section&id=Financial%20Statements) Detailed unaudited financial statements for Q2 2025 include the Balance Sheet, Statement of Operations, and GAAP to Non-GAAP reconciliation [Condensed Consolidated Balance Sheet](index=7&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets were $76.0 million, liabilities $30.6 million, and stockholders' equity $45.4 million Condensed Consolidated Balance Sheet Summary | Balance Sheet Item | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | **Cash, Cash Equivalents & Investments** | $27.4 million | $20.5 million | | **Total Assets** | $76.0 million | $76.7 million | | **Total Liabilities** | $30.6 million | $41.3 million | | **Total Stockholders' Equity** | $45.4 million | $35.4 million | [Condensed Consolidated Statement of Operations](index=8&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) Q2 2025 revenue was $6.7 million, with a net loss of $6.9 million, significantly reduced by a 42% drop in operating expenses Condensed Consolidated Statement of Operations Summary | Income Statement (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **Total Revenue** | $6,733,000 | $7,771,000 | | **Gross Profit** | $3,477,000 | $2,585,000 | | **Total Operating Expenses** | $11,277,000 | $19,603,000 | | **Loss from Operations** | ($7,800,000) | ($17,018,000) | | **Net Loss** | ($6,857,000) | ($16,224,000) | [Reconciliation of GAAP to Non-GAAP Financial Measures](index=9&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Financial%20Measures) Reconciliation shows Q2 2025 non-GAAP gross margin at 52% and non-GAAP operating expenses reduced by 53% to $8.8 million GAAP to Non-GAAP Reconciliation Summary | Metric (Three Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **GAAP Gross Margin %** | 52% | 33% | | **Non-GAAP Gross Margin %** | 52% | 35% | | **GAAP Operating Expense** | $11.3 million | $19.6 million | | **Non-GAAP Operating Expense** | $8.8 million | $18.8 million | [Supplementary Information](index=4&type=section&id=Supplementary%20Information) Supplementary information includes a company overview, non-GAAP financial measure explanations, and forward-looking statements disclaimer [About Bionano](index=4&type=section&id=About%20Bionano) Bionano provides genome analysis solutions, including OGM technology, diagnostic services, and software for research and clinical applications - Bionano's business is centered on providing genome analysis solutions through its **optical genome mapping (OGM) systems**, **diagnostic testing services**, and **analysis software**[8](index=8&type=chunk) [Non-GAAP Financial Measures](index=4&type=section&id=Non-GAAP%20Financial%20Measures) Non-GAAP measures are used to supplement GAAP results by excluding non-cash or non-recurring items for clearer operational insights - Bionano uses **non-GAAP metrics** to supplement GAAP results, believing they offer better insight into performance and trends by excluding certain non-cash or non-recurring items[11](index=11&type=chunk) - Key adjustments to derive non-GAAP figures include excluding **stock-based compensation**, **amortization of intangibles**, **changes in fair value of contingent consideration**, and **restructuring expenses**[10](index=10&type=chunk) [Forward-Looking Statements](index=5&type=section&id=Forward-Looking%20Statements) This section cautions that forward-looking statements regarding future performance are subject to significant risks and uncertainties - The report contains **forward-looking statements** concerning future financial results (including revenue guidance), OGM adoption, and cash runway, which are subject to inherent risks and uncertainties[14](index=14&type=chunk)

Core Viewpoint - Bionano Genomics is focusing on routine users of its optical genome mapping (OGM) systems and VIA™ software to drive revenue and gross profit, achieving a gross margin above 50% in Q2 2025, indicating a successful strategy shift [2][4]. Financial Results - Total revenue for Q2 2025 was $6.7 million, a decrease of 13% from $7.8 million in Q2 2024, primarily due to the discontinuation of clinical services [4]. - Consumables and software revenues increased by 16% compared to the prior year [4]. - Instrument revenue decreased from $2.3 million in Q2 2024 to $1.4 million in Q2 2025, reflecting the company's strategy to focus on routine users rather than new instrument placements [4]. - Adjusted for instrument sales and discontinued clinical services, combined revenue for consumables, software, and remaining services increased by 11% [4]. - The company sold 7,233 nanochannel array flowcells in Q2 2025, a 17% increase from 6,165 flowcells sold in Q2 2024 [4]. - Gross margin was 52% in Q2 2025, up from 33% in Q2 2024 [4][18]. - Operating expenses were reduced by 42% to $11.3 million, with non-GAAP operating expenses down by 53% to $8.8 million [4]. Business Highlights - The installed base of OGM systems increased by 4% to 378 at the end of Q2 2025 [4]. - The company achieved a record of 119 peer-reviewed publications, showcasing the growing utilization of OGM [4]. - Bionano announced upgrades to its VIA and Solve™ software, enhancing genomic data analysis capabilities [4]. - The American Medical Association established a second Category I CPT code for OGM use in cytogenomic genome-wide analysis [4]. 2025 Outlook - The company anticipates Q3 2025 revenue in the range of $6.7 to $7.2 million and full-year 2025 revenue between $26.0 to $30.0 million [11]. - Expectations for new OGM installations have been increased to 20 to 25 for the full year 2025 [11]. - The company ended Q2 2025 with cash and equivalents totaling $27.4 million, providing a cash runway into the first quarter of 2026 [4][11].

Summary of Bionano Genomics (BNGO) FY Conference Call Company Overview - **Company**: Bionano Genomics - **Industry**: Life Sciences Instrumentation, specifically focusing on genome analysis through Optical Genome Mapping (OGM) technology [1][2] Core Points and Arguments - **Optical Genome Mapping (OGM)**: Bionano's proprietary platform is transforming workflows in cytogenetics, particularly in hematological malignancies like leukemia and lymphoma. OGM consolidates traditional methods such as karyotyping and FISH into a single digital platform, offering faster results (four days vs. four weeks) and higher accuracy (up to 85% compared to 50% for karyotyping) [5][6] - **Market Segments**: Bionano identifies three key market segments for OGM: 1. **Hematologic Malignancies**: Focus on leukemias and lymphomas. 2. **Constitutional Genetic Disorders**: Applications in developmental delays and autism spectrum disorders. 3. **Pharmaceutical R&D**: Use in cell and gene therapies to confirm genetic analysis [8][9] - **Product Development**: The introduction of the Stratus platform, which has four times the throughput of the Sapphire system, is aimed at high-volume labs. Currently, there are around 20 Stratus systems in use [12][13] - **Software Integration**: The Via software automates the OGM workflow, allowing for streamlined analysis and reporting, which enhances laboratory efficiency [14][15] Financial Performance and Strategy - **Cost Management**: Bionano has reduced operating expenses by over $100 million, improving gross margins from 22% to 46% [16][18] - **Utilization Trends**: High-volume users are generating significant consumables revenue, with some customers running close to $1 million annually in consumables [16] - **Revenue Guidance**: The company anticipates revenue between $26 million to $30 million for the year, reflecting a year-over-year decrease due to macroeconomic constraints [40] Reimbursement and Adoption - **CPT Codes**: The establishment of category one CPT codes for OGM in hematologic malignancies and constitutional genetic disorders is expected to facilitate reimbursement and drive adoption [27][30] - **Market Stability**: The company reports stable demand in oncology, particularly in the U.S. and Europe, despite uncertainties in funding and economic conditions [42][44] Growth Potential - **International Expansion**: Bionano sees growth opportunities in regions like Turkey and China, where OGM has been integrated into clinical testing registries [46][47] - **Future Outlook**: The company aims to enhance customer support and training to increase utilization rates among existing users, rather than focusing solely on new system placements [38] Key Takeaways - **Unique Value Proposition**: Bionano's OGM technology is positioned as a complementary solution to existing sequencing technologies, offering unique advantages that are currently underappreciated in the market [50][51] - **Anticipated Developments**: The company expects progress in reimbursement landscapes and potential price adjustments for CPT codes, which could positively impact revenue [52][53] This summary encapsulates the key points discussed during the Bionano Genomics FY Conference, highlighting the company's strategic focus, market opportunities, and financial outlook.

Core Viewpoint - Bionano Genomics, Inc. has announced the release of upgraded software versions VIA 7.2 and Solve 3.8.3, along with enhancements to its Stratys Compute server, aimed at improving genomic data analysis and interpretation speed, particularly for hematological malignancies and constitutional genetic disorders [1][2]. Group 1: Software Upgrades - VIA 7.2 automates variant calling, annotation, and interpretation using AI, enhancing the contextualization of variant calls across various data types [1][4]. - Solve 3.8.3 expands its control database of background structural variants (SVs) by 18%, improving sensitivity, specificity, and resolution for SV detection [4][5]. - The upgrades to the Stratys Compute server double the number of cancer samples that can be analyzed per week and expand functionality to include analysis pipelines previously available only on CPU versions [4][5]. Group 2: Company Mission and Offerings - Bionano aims to transform genome analysis through optical genome mapping (OGM) solutions, diagnostic services, and software, catering to basic, translational, and clinical research [3]. - The company provides an industry-leading, platform-agnostic genome analysis software solution and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology [3].

Core Viewpoint - Bionano Genomics, Inc. will host a conference call and live webcast on August 14, 2025, to report its financial results for the second quarter of 2025 and discuss recent corporate developments [1]. Group 1: Conference Call & Webcast Details - The conference call is scheduled for Thursday, August 14, 2025, at 4:30 p.m. Eastern Time [2]. - Participants can register for the call and access a live webcast through the company's investor relations page [2]. - A replay of the conference call and webcast will be available on Bionano's investor relations website for at least 30 days [2]. Group 2: Company Contacts - Erik Holmlin is the CEO of Bionano Genomics, and can be contacted at +1 (858) 888-7610 or via email at eholmlin@bionano.com [3]. - Investor relations are managed by Kelly Gura from Gilmartin Group, who can be reached at +1 (212) 229-6163 or IR@bionano.com [3].

Core Insights - Bionano Genomics participated in the European Cytogenomics Conference (ECA) 2025, highlighting the growing interest and advancements in Optical Genome Mapping (OGM) technology within the clinical cytogenomics community [1][2][5] Group 1: Conference Highlights - The ECA 2025 featured two hands-on workshops focused on Bionano's VIA™ analytical suite for structural variation analysis, co-led by Bionano representatives and key opinion leaders [2] - A total of 16 studies were presented at the conference, an increase from 14 studies in 2023 and 9 studies in 2021, indicating a rising trend in OGM research contributions [2][5] - The scientific program included various presentations on the applications of OGM in diagnosing and treating conditions like Multiple Myeloma and Non-Hodgkin Lymphoma [3][5] Group 2: Industry Implications - The increasing number of contributions at the ECA conference suggests a broader shift towards comprehensive genome-wide structural variant analysis using OGM, which can uncover structural variants often missed by traditional methods [5][10] - Bionano's president emphasized the validation and inspiration derived from more institutions adopting OGM to address complex genetic cases, indicating a positive trajectory for the technology's acceptance in clinical settings [5][10] - Bionano's mission is to transform genome analysis through OGM solutions, diagnostic services, and software, positioning the company as a leader in the field [7]