Bionano Genomics ( (BNGO) ) has released its Q3 earnings. Here is a breakdown of the information Bionano Genomics presented to its investors.
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Bionano Genomics, Inc. is a company specializing in genome analysis solutions, focusing on optical genome mapping (OGM) to aid research and clinical applications in biology and medicine.
In the third quarter of 2024, Bionano Genomics reported a revenue of $6.1 million, marking a 35% decrease from the same period in 2023. Despite the revenue drop, the company highlighted progress in OGM system installations and flowcell sales, reflecting growing adoption of its technology.
Key financial points include a significant increase in the installed base of OGM systems by 22% and a 27% rise in nanochannel array flowcell sales compared to the previous year. However, revenue was impacted by a $0.5 million write-down of aged receivables due to the discontinuation of certain clinical service products. The company also reported a GAAP gross margin of -139% for the quarter.
Strategically, Bionano announced a successful direct offering and private placement, potentially raising up to $30 million for general corporate purposes. The company is also advancing its CPT code implementation for OGM use in cytogenomic analysis, which could enhance its market position in clinical applications.
Looking ahead, Bionano Genomics is focused on leveraging its installed base to drive revenue while managing operational expenses. The company is optimistic about future opportunities as it continues to enhance its technology offerings and expand market applications.
