Bionano Reports First Quarter 2025 Results and Highlights Recent Business Progress

Core Viewpoint - Bionano Genomics, Inc. reported its Q1 2025 financial results, highlighting a strategic shift towards routine users of optical genome mapping (OGM) and VIA™ software, which are now primary revenue drivers. The company has achieved operational efficiencies, reduced costs, and extended its cash runway while maintaining a growing user base in the OGM community [2][4]. Recent Highlights - The company sold 6,994 nanochannel array flowcells in Q1 2025, a 15% decrease from 8,249 in Q1 2024. However, sales to existing customers increased by 1% after adjusting for new customer sales [5]. - 82% of flowcells sold in Q1 2025 were to routine OGM users [5]. - Installed 9 new OGM systems, bringing the total to 379, a 9% increase from 347 systems at the end of Q1 2024 [5]. - Significant publications in the field, including expert recommendations for OGM as a standard cytogenetic assay and studies demonstrating OGM's effectiveness in various applications [5]. Q1 2025 Financial Results - Total revenue for Q1 2025 was $6.5 million, down 26% from $8.8 million in Q1 2024. The decline was attributed to the absence of revenue from discontinued clinical services and a decrease in instrument sales [5][19]. - GAAP gross margin improved to 46% in Q1 2025 from 32% in Q1 2024. Non-GAAP gross margin also increased to 46% from 34% [5][20]. - GAAP operating expenses were $11.4 million, a 66% decrease from $33.9 million in Q1 2024, primarily due to headcount reductions and restructuring [5][19]. Cash Position and Future Guidance - As of March 31, 2025, the company had cash and equivalents of $29.2 million [5]. - For Q2 2025, the company anticipates revenue between $6.3 million and $6.8 million, with full-year revenue guidance of $26 million to $30 million [12]. - The company plans to install 15 to 20 new OGM systems throughout 2025 [12].