Bionano Reports Fourth Quarter and Full-Year 2024 Results and Provides Revenue Outlook for 2025

Core Insights - Bionano Genomics reported a total revenue of $8.2 million for Q4 2024, a decrease of 24% compared to Q4 2023, primarily due to the absence of revenue from discontinued clinical services [5][7] - The company achieved significant cost reductions, lowering annualized operating expenses by approximately $100 million since May 2023, contributing to a GAAP gross margin of 42% in Q4 2024, up from 23% in Q4 2023 [2][9] - For FY 2024, total revenue was $30.8 million, a 15% decrease from 2023, while core revenues, including instruments, consumables, software, and OGM services, totaled $29.1 million [7][9] Financial Performance - Q4 2024 total revenue was $8.2 million, down from $10.7 million in Q4 2023, with product revenue at $7.6 million and service revenue at $0.5 million [5][24] - Full year 2024 revenue was $30.8 million, down from $36.1 million in 2023, with product revenue slightly increasing to $27.0 million [7][24] - GAAP operating expenses for Q4 2024 were $15.4 million, significantly reduced from $27.4 million in Q4 2023, while full year GAAP operating expenses totaled $104.4 million [9][24] Product and Market Developments - The installed base of OGM systems increased by 14% to 371 systems by the end of 2024, with sales of nanochannel array flowcells rising by 1% in Q4 2024 and 15% for the full year [6][9] - The company launched the Stratys™ system, expected to enhance data generation rates and streamline workflows in laboratories [9][17] - A new category I CPT code for OGM was established, effective January 1, 2025, which is anticipated to facilitate reimbursement for OGM users [9][10] Research and Publications - The number of OGM publications reached 336 in 2024, a 19% increase from 2023, with Q1 2024 marking the highest quarterly total of 99 publications [6][9] - Significant case studies were published demonstrating the application of OGM in various genetic disorders and cancers, highlighting its advantages over conventional methods [6][9] 2025 Outlook - The company anticipates full year 2025 revenue in the range of $29.0 to $32.0 million, with Q1 2025 revenue expected between $6.2 to $6.3 million [17] - Plans include the installation of 15 to 20 new OGM systems in 2025, supported by a cash runway extending into the first quarter of 2026 [17]