Workflow
Bionano Genomics(BNGO) - 2024 Q4 - Annual Results
BNGOBionano Genomics(BNGO)2025-03-31 20:03

Revenue Expectations - Preliminary Q4 2024 revenue is expected to be between 7.9millionand7.9 million and 8.1 million, representing an estimated decrease of approximately 25% compared to Q4 2023 revenue of 10.7million[4].−Fullyear2024revenueisexpectedtobeintherangeof10.7 million[4]. - Full year 2024 revenue is expected to be in the range of 30.5 million to 30.7million,anestimateddecreaseofapproximately1530.7 million, an estimated decrease of approximately 15% compared to 36.1 million in 2023[6]. Sales and Installed Base - Installed base of optical genome mapping (OGM) systems reached an estimated 371 as of year-end 2024, a 14% increase from 326 systems at the end of 2023[4]. - Preliminary number of nanochannel array flowcells sold in Q4 2024 is expected to be 8,058, representing an estimated increase of 1% over the 7,980 flowcells sold in Q4 2023[4]. Cost Management - The company has reduced annualized operating costs by approximately 100millionsinceinitiatingcostreductioneffortsinMay2023[3].RegulatoryandProductDevelopments−TheAmericanMedicalAssociationestablishedacategoryICPTcodeforOGM,whichisexpectedtoenhancereimbursementopportunitiesforOGMusers[10].−ThecompanycompletedthefullcommercialreleaseofthehighthroughputOGMinstrument,Stratys™,whichisexpectedtoenableafour−foldincreaseinrawdatagenerationratecomparedtothepreviousSaphyrsystem[8].FinancialPosition−Cash,cashequivalents,andavailable−for−salesecuritiesasofDecember31,2024,wereapproximately100 million since initiating cost reduction efforts in May 2023[3]. Regulatory and Product Developments - The American Medical Association established a category I CPT code for OGM, which is expected to enhance reimbursement opportunities for OGM users[10]. - The company completed the full commercial release of the high throughput OGM instrument, Stratys™, which is expected to enable a four-fold increase in raw data generation rate compared to the previous Saphyr system[8]. Financial Position - Cash, cash equivalents, and available-for-sale securities as of December 31, 2024, were approximately 20.9 million, with 11.4millionsubjecttorestrictions[7].−Thecompanyraisednetproceedsof11.4 million subject to restrictions[7]. - The company raised net proceeds of 3.6 million from ATM sales during Q4 2024 and an additional 1.9millionin2025throughATMsales[7].−Thecompanymodifiedthetermsofitsseniorsecuredconvertibledebentures,deferringa1.9 million in 2025 through ATM sales[7]. - The company modified the terms of its senior secured convertible debentures, deferring a 1 million amortization payment due in December 2024[7].