Bionano Reports Third Quarter 2024 Results and Highlights Recent Business Progress

Financial Performance - Q3 2024 revenue was $6.1 million, a 35% decrease from Q3 2023 [1][6] - Core product and software sales accounted for $6.6 million, offset by a $0.5 million write-down of aged receivables from discontinued clinical service products [1][6] - GAAP gross margin for Q3 2024 was (139)%, compared to 30% in Q3 2023; non-GAAP gross margin was 26%, down from 32% [6][23] - GAAP operating expense was $35.5 million, a 69% decrease from Q3 2023; non-GAAP operating expense was $16.1 million, a 49% decrease [6][23] Sales and Installed Base - Total installed base of optical genome mapping (OGM) systems reached 368, a 22% increase from 301 systems in Q3 2023 [1][5] - Sold 7,835 nanochannel array flowcells in Q3 2024, representing a 27% increase from 6,176 flowcells sold in Q3 2023 [1][5] Strategic Initiatives - Company is focusing on securing revenue and growth from the existing customer base rather than aggressively expanding the installed base, which has been costly [2] - A registered direct offering and concurrent private placement raised approximately $10 million for general corporate purposes, with potential additional gross proceeds of up to $20 million from warrants [3] Research and Development - Implementation of a new CPT code for OGM in cytogenomic analysis is on schedule, expected to enhance the utility of OGM in detecting variations related to hematological malignancies [3] - A multi-site study highlighted OGM's ability to identify complex genomic rearrangements in multiple myeloma, providing insights beyond traditional cytogenetic analysis [4]