Bionano Genomics(US:BNGO) Globenewswire·2025-01-13 13:00Core Insights - Bionano Genomics reported preliminary financial results for Q4 and FY 2024, indicating a transitional year with significant changes aimed at cost reduction and advancing optical genome mapping (OGM) technology [1][2][8] Financial Performance - Q4 2024 revenue is expected to be between $7.9 million and $8.1 million, a decrease of approximately 25% compared to Q4 2023, primarily due to the discontinuation of clinical service products [4][5] - Full year 2024 revenue is projected to be between $30.5 million and $30.7 million, reflecting a decrease of about 15% from $36.1 million in 2023 [5] - The installed base of OGM systems increased by 14% to an estimated 371 systems by the end of 2024 [4][5] - The number of nanochannel array flowcells sold in Q4 2024 is expected to be 8,058, representing a 1% increase from Q4 2023 [4][5] - Cash and cash equivalents as of December 31, 2024, were approximately $20.9 million, with $11.4 million subject to restrictions [5] Strategic Initiatives - The company focused on restructuring to reduce operating costs by approximately $100 million since May 2023, while discontinuing non-core products [2][7] - Significant milestones were achieved in 2024, including the full commercial release of the Stratys™ system, which enhances data generation rates and streamlines workflows [10] - The American Medical Association established a category I CPT code for OGM, facilitating reimbursement for users [10] Market Position and Technology Advancements - Bionano's OGM technology is positioned as a replacement for legacy workflows in cytogenetics and molecular pathology, with ongoing advancements in VIA software for data analysis [2][10] - Collaborations with NVIDIA led to the development of Stratys™ Compute, enhancing data analysis capabilities [10] - The OGM community published significant research, further validating the technology's applications in various medical fields [10]