Bionano Announces Preliminary 3Q 2024 Revenues and Cash

Core Insights - Bionano Genomics expects third quarter 2024 revenue to be between $6.5 million and $6.8 million, a decrease from previous guidance of $7.9 million to $8.9 million [1] - The company has approximately $23.3 million in cash and cash equivalents as of September 30, 2024, with $11.4 million subject to restrictions [2] - The company is undergoing a strategic shift to become more capital-efficient, focusing on driving utilization and adoption of optical genome mapping (OGM) from its existing installed base [4] Financial Performance - Preliminary revenue for Q3 2024 is expected to be lower than previously anticipated due to strategic business transformation and ongoing challenges in the capital equipment sector [1][4] - The company has not completed its standard quarterly accounting procedures, and results are subject to further adjustments, including potential impairments and write-downs [3] Business Strategy - Bionano is focusing on increasing the utilization of OGM in productive geographies such as the US, Canada, Europe, and Israel, rather than emphasizing new placements of OGM systems [4] - The company aims to transform its business model to enhance capital efficiency while maintaining growth in its core business [4] Company Overview - Bionano Genomics provides genome analysis solutions aimed at addressing complex questions in biology and medicine, with a mission to transform genome analysis through OGM solutions and diagnostic services [5]