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BioNano Genomics Inc (BNGO)
NASDAQ:BNGO
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Earnings Data
Report Date
Mar 06, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.14Last Year’s EPS
-$1.12Same Quarter Last Year
Based on 3 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 13, 2024
|% Change Since: -29.35%
|Next Earnings Date:Mar 06, 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.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.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.
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BNGO Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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BNGO Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 13, 2024 | $0.28 | $0.26 | -7.14% |
| Aug 07, 2024 | $0.43 | $0.40 | -6.98% |
| May 08, 2024 | $0.92 | $0.98 | +6.52% |
| Mar 05, 2024 | $1.19 | $1.21 | +1.68% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does BioNano Genomics Inc (BNGO) report earnings?
BioNano Genomics Inc (BNGO) is schdueled to report earning on Mar 06, 2025, TBA Not Confirmed.
What is BioNano Genomics Inc (BNGO) earnings time?
BioNano Genomics Inc (BNGO) earnings time is at Mar 06, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BNGO EPS forecast?
BNGO EPS forecast for the fiscal quarter 2024 (Q4) is -$0.14.
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