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BioNano Genomics ( (BNGO) ) just unveiled an announcement.
Bionano Genomics, Inc. is undergoing a significant reorganization to cut costs and optimize cash flow, including a workforce reduction of about 45% and refocusing efforts on existing optical genome mapping systems rather than new placements. This restructuring is expected to save an additional $25-30 million annually from Q4 2024. The CFO, Gülsen Kama, will depart, with R. Erik Holmlin, Ph.D. stepping in as the principal financial officer and Mark Adamchak as the principal accounting officer. The company has also revised its annual revenue guidance down to $32-36 million due to anticipated declines in new system placements.
Learn more about BNGO stock on TipRanks’ Stock Analysis page.
