Bionano Genomics(BNGO) - 2025 Q2 - Quarterly Results

Financial & Business Highlights 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 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] - Excluding instrument sales and discontinued services, the core business of consumables, software, and other services saw revenue increase by 11%[5] Q2 2025 Business & Operational Progress 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] - The total installed base of OGM systems reached 378, a 4% increase from the 363 systems at the end of Q2 2024[5] - 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] - A new quarterly record of 119 peer-reviewed publications was achieved, highlighting growing scientific validation and utilization of OGM[5] 2025 Financial Outlook 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 Detailed unaudited financial statements for Q2 2025 include the Balance Sheet, Statement of Operations, and GAAP to Non-GAAP reconciliation Condensed Consolidated Balance Sheet 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 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 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 Supplementary information includes a company overview, non-GAAP financial measure explanations, and forward-looking statements disclaimer About Bionano 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] Non-GAAP Financial Measures 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] - 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] Forward-Looking Statements 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]