Bionano Genomics(BNGO) - 2025 Q1 - Quarterly Results

Revenue Performance - Total revenue for Q1 2025 was $6.5 million, a decrease of 26% compared to $8.8 million in Q1 2024[7] - Total revenue for the three months ended March 31, 2025, was $6,457,000, a decrease of 26.3% compared to $8,769,000 for the same period in 2024[20] - Product revenue decreased to $6,004,000 from $6,828,000, representing a decline of 12.1% year-over-year[20] - Service and other revenue fell significantly to $453,000 from $1,941,000, a decrease of 76.7%[20] - Updated full year 2025 revenue guidance is projected to be between $26.0 million and $30.0 million[7] Operating Expenses - First quarter 2025 GAAP operating expense was $11.4 million, a decrease of 66% compared to $33.9 million in Q1 2024[7] - Total operating expenses for the quarter were $11,403,000, down 66.5% from $33,947,000 in the prior year[20] Gross Margin - GAAP gross margin for Q1 2025 was 46%, up from 32% in Q1 2024[7] - GAAP gross margin improved to 46% from 32% year-over-year, indicating better cost management[22] - Adjusted non-GAAP gross margin remained stable at 46%, compared to 34% in the previous year[22] Sales and Installations - Sold 6,994 nanochannel array flowcells in Q1 2025, a decrease of 15% from 8,249 flowcells sold in Q1 2024[4] - 82% of flowcells sold in Q1 2025 were to routine users of OGM[4] - Installed 9 new OGM systems, bringing the total installed base to 379, a 9% increase from 347 systems at the end of Q1 2024[4] - Anticipating installation of 15 to 20 new OGM systems in full year 2025[7] Financial Position - Cash, cash equivalents, and short-term investments as of March 31, 2025, were $29.2 million[7] - Total current assets increased to $44,929,000 from $39,489,000, reflecting a growth of 14.0%[18] - Total liabilities decreased to $30,226,000 from $41,295,000, a reduction of 26.8%[18] - Stockholders' equity rose to $48,188,000 from $35,375,000, an increase of 36.2%[18] Net Loss - The net loss for the three months ended March 31, 2025, was $3,102,000, compared to a net loss of $31,422,000 for the same period in 2024[20] Capital Raising - Completed a $10 million Registered Direct Offering in January 2025, raising net proceeds of $3.2 million through ATM sales in Q1 2025[4]