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Bionano Genomics (BNGO)
:BNGO
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BioNano Genomics
(NASDAQ:BNGO)
42Neutral
Positive Factors
Product Development
Near-term catalysts include continued rollout and upgrade cycle of BNGO's next-gen, higher-throughput Stratys system.
Reimbursement Progress
BNGO has made progress on OGM reimbursement, and secured a CPT code from AMA for the use of OGM in cytogenomic genome-wide analysis.
Negative Factors
Financial Guidance
BNGO again reduced its 2024 revenue guide to $28-30M, below its prior $32-36M, $36-40M, and $37-41M guides earlier this year.
BioNano Genomics (BNGO) vs. S&P 500 (SPY)
Market Cap
$9.48M
Dividend YieldN/A
Average Volume (3M)154.02K
Price to Earnings (P/E)―
Beta (1Y)3.30
Revenue Growth-0.82%
EPS Growth66.91%
CountryUS
Employees344
SectorHealthcare
Sector Strength77
IndustryMedical Equipment & Supplies
Share Statistics
EPS (TTM)-138.63
Shares Outstanding2,732,840
10 Day Avg. Volume99,780
30 Day Avg. Volume154,022
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.24
Price to Cash Flow (P/CF)-0.20
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$1.00Price Target Upside-71.18% Downside
Rating ConsensusHold
Number of Analyst Covering0
BioNano Genomics Business Overview & Revenue Model
Company DescriptionBioNano Genomics, Inc. is a life sciences instrumentation company, which focuses on genome analysis space. The firm engages in the development and marketing of Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and to streamline cytogenetics. The company was founded by Han Cao in October 2003 and is headquartered in San Diego, CA.
How the Company Makes MoneyBioNano Genomics primarily generates revenue through the sale of its Saphyr systems, consumables used in conjunction with these systems, and related services. The Saphyr system, a high-throughput platform, is sold to research institutions, clinical labs, and pharmaceutical companies. The consumables, which include chips and reagents necessary for performing genetic analysis, provide a recurring revenue stream as they are required for each test or analysis conducted on the Saphyr system. Additionally, BioNano offers services such as installation, training, and support, which contribute to its earnings. The company also engages in partnerships with research organizations and other companies in the genomics field, which can lead to collaborative projects and additional revenue opportunities.
BioNano Genomics Financial Statement Overview
Summary
BioNano Genomics is experiencing significant financial difficulties, with consistent losses and cash flow challenges. The income statement shows negative profit margins, and cash flow remains negative, indicating operational inefficiencies. The balance sheet, however, shows a stable equity ratio despite negative ROE.Income Statement
BioNano Genomics has faced challenges in its income statement, as reflected by a consistent negative net profit margin and declining gross profit margin. Revenue growth has been inconsistent with a decline in the most recent period. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies.35
Negative
Balance Sheet
The balance sheet reveals a moderate debt-to-equity ratio, which is manageable. However, the return on equity is negative due to sustained net losses, impacting shareholder value. The equity ratio is solid, suggesting a reasonable proportion of the company is financed by equity.45
Neutral
Cash Flow
Cash flow analysis indicates persistent negative free cash flow, reflecting cash outflows from operations exceeding inflows. The operating cash flow to net income ratio shows challenges in generating cash relative to accounting profits. Free cash flow growth rate is negative, indicating a concerning trend in cash management.40
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 33.33M | 36.12M | 27.80M | 17.98M | 8.50M | 10.13M | Gross Profit |
| -599.00K | 9.57M | 5.95M | 3.87M | 2.77M | 3.36M | EBIT |
| -108.08M | -215.25M | -131.70M | -77.10M | -38.55M | -25.87M | EBITDA |
| -120.31M | -213.60M | -120.31M | -73.86M | -37.08M | -26.38M | Net Income Common Stockholders |
| -135.78M | -232.49M | -132.60M | -72.44M | -41.14M | -29.84M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 101.89M | 101.89M | 113.19M | 250.61M | 38.45M | 17.31M | Total Assets |
| 214.40M | 214.40M | 307.50M | 377.10M | 60.45M | 30.21M | Total Debt |
| 87.95M | 79.41M | 11.67M | 10.70M | 16.33M | 20.02M | Net Debt |
| 34.88M | 61.47M | 6.58M | -13.88M | -22.12M | 2.71M | Total Liabilities |
| 118.25M | 118.25M | 58.10M | 39.98M | 25.37M | 26.64M | Stockholders Equity |
| 96.16M | 96.16M | 249.40M | 337.12M | 35.08M | 3.61M |
| Cash Flow | Free Cash Flow | ||||
| -97.57M | -126.87M | -128.12M | -73.39M | -38.31M | -29.59M | Operating Cash Flow |
| -96.72M | -125.18M | -124.82M | -71.93M | -38.31M | -29.53M | Investing Cash Flow |
| 15.47M | 24.16M | 82.77M | -278.06M | -2.45M | -61.06K | Financing Cash Flow |
| 55.43M | 113.81M | 23.01M | 336.11M | 61.90M | 30.38M |
BioNano Genomics Technical Analysis
Negative
3.47
Price Trends
7.50
Negative
11.45
Negative
22.98
Negative
Market Momentum
-1.00
Negative
26.34
Positive
11.34
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNGO, the sentiment is Negative. The current price of 3.47 is below the 20-day moving average (MA) of 4.43, below the 50-day MA of 7.50, and below the 200-day MA of 22.98, indicating a bearish trend. The MACD of -1.00 indicates Negative momentum. The RSI at 26.34 is Positive, neither overbought nor oversold. The STOCH value of 11.34 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BNGO.
BioNano Genomics Risk Analysis
BioNano Genomics disclosed 82 risk factors in its most recent earnings report. BioNano Genomics reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioNano Genomics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.05B | 18.58 | 19.46% | ― | 19.07% | ― | |
66 Neutral | $8.59B | 106.27 | 2.27% | ― | 0.66% | ― | |
49 Neutral | $13.56B | ― | -30.11% | ― | -2.93% | -4.69% | |
49 Neutral | $6.86B | 0.03 | -54.79% | 2.48% | 24.62% | -2.84% | |
45 Neutral | $334.11M | ― | -51.05% | ― | 2.14% | -13.90% | |
44 Neutral | $2.38B | ― | -37.73% | ― | 25.85% | 6.06% | |
42 Neutral | $9.48M | ― | -161.77% | ― | -0.82% | 66.91% |
* Healthcare Sector Average
Performance Comparison
BNGO
BioNano Genomics
3.47
-57.73
-94.33%
ILMN
Illumina
85.60
-40.87
-32.32%
PACB
Pacific Biosciences
1.22
-2.45
-66.76%
QGEN
Qiagen
39.48
-4.65
-10.54%
CDNA
CareDx
18.90
9.01
91.10%
TWST
Twist Bioscience
39.96
6.13
18.12%
BioNano Genomics Earnings Call Summary
Earnings Call Date: Nov 13, 2024 | % Change Since: -79.11% | Next Earnings Date: Mar 31, 2025
Earnings Call Sentiment Neutral
The earnings call reflects a challenging financial quarter for Bionano, with significant revenue decline and negative gross margins. However, there are positive signs of operational improvement, particularly in cost reductions, increased consumable sales, and progress in clinical research and reimbursement initiatives. The sentiment is mixed with positive strides in some areas countered by financial setbacks.Highlights
Reduction in Operating Expenses and Cash Burn
Bionano has reduced non-GAAP operating expenses by approximately $100 million on an annualized basis since May 2023, and operating cash burn in Q3 2024 was approximately $14 million, a 46% reduction compared to the prior year.
Increase in Consumable Sales
Sales of flow cells increased by 27% year-over-year in Q3 2024, indicating a return to growth following flat sales in Q2 2024.
Growth in Optical Genome Mapping (OGM) Utilization
The OGM installed base grew by 22% year-over-year to 368 systems, and consumables sales have increased as more customers use OGM routinely.
Advancements in Clinical Research and Publications
The total number of clinical research subjects covered in publications year-to-date grew by 82% compared to 2023, and 83 publications were released in Q3 2024, a 12% increase from the same period in 2023.
Progress in Reimbursement Initiatives
A Category 1 CPT code for OGM was established, with final pricing expected by the end of 2024, enabling labs to bill for OGM starting January 2025.
Lowlights
Decline in Overall Revenue
Q3 2024 revenue was $6.1 million, representing a 35% year-over-year decrease, including a 29% reduction from discontinued clinical services products.
Negative GAAP Gross Margin
GAAP gross margin for Q3 2024 was negative 139%, primarily due to $9.8 million in onetime charges related to inventory and system rentals.
Challenges in China and Delayed System Sales
Revenue decline was partially driven by a shift away from instrument sales in China and delays in system sales in other regions.
Potential Additional Write-Downs
There is a possibility of additional write-downs related to aged receivables from discontinued clinical services products.
Company Guidance
During the Bionano Third Quarter 2024 Earnings Call, guidance focused on key financial and operational strategies aimed at enhancing cash efficiency and advancing optical genome mapping (OGM). The company reported Q3 revenue of $6.1 million, a 35% year-over-year decrease, influenced by the discontinuation of certain clinical services. Despite challenges, such as a negative 139% GAAP gross margin due to onetime charges, Bionano saw growth in consumables, with a 27% increase in flow cell sales year-over-year. The installed base grew to 368 OGM systems, reflecting a 22% increase from Q3 2023. The company anticipates Q4 revenues of $6 to $7 million and full-year revenues of $28 to $30 million. Bionano continues to focus on cost reduction, aiming to reduce operating expenses and cash burn, with the headcount dropping from 426 employees in May 2023 to 125 by September 2024. The company is placing strategic emphasis on consumables utilization and aims to foster reimbursement initiatives for OGM, with a new CPT code expected to facilitate billing from January 2025.BioNano Genomics Corporate Events
Shareholder MeetingsStock Split
BioNano Genomics Executes Significant Reverse Stock Split
Neutral
Jan 27, 2025
On January 24, 2025, Bionano Genomics, Inc. executed a reverse stock split at a 1-for-60 ratio following approval in a special stockholder meeting. The split, effective from January 24, reduced the number of shares and adjusted exercise prices proportionately, with trading on a split-adjusted basis starting January 27. This move impacts all stockholders proportionately without altering percentage ownership.
Private Placements and Financing
BioNano Genomics Announces $10 Million Direct Offering
Neutral
Jan 6, 2025
Bionano Genomics has announced a registered direct offering involving the sale of common stock and warrants to raise approximately $10 million, with potential additional proceeds of $20 million from the exercise of warrants. The funds raised will be used for general corporate purposes, including research and development, working capital, and debt repayment, positioning the company strategically within its industry.
Private Placements and FinancingBusiness Operations and Strategy
BioNano Genomics Restructures Debt to Boost Liquidity
Positive
Jan 3, 2025
Bionano Genomics has amended its senior secured convertible debentures, enhancing its financial flexibility by deferring principal payments and reducing near-term cash needs. This restructuring is expected to strengthen the company’s capital structure and liquidity position, supporting its operational goals and long-term shareholder value.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.