Bionano Sets 2025 Revenue Target of $26M-$30M Amid Strategic Pivot to Higher Gross Margin

Bionano has set a revenue target of $26M-$30M for 2025, driven by its strategic pivot to higher-gross-margin products. The company's gross margin is expected to improve as it transitions from its traditional genomics business to its higher-margin Saphyr and Holographic Imaging products.

Bionano Genomics (NASDAQ: BNGO) reported its first-quarter 2025 financial results, showcasing a mixed performance with a focus on routine users for revenue growth. Total revenue decreased 26% to $6.5 million compared to $8.8 million in Q1 2024. However, the company improved its GAAP gross margin to 46% from 32% year-over-year. The company sold 6,994 nanochannel array flowcells, down 15% year-over-year, but noted that 82% were sold to routine users. The installed base grew to 379 OGM systems, a 9% increase from Q1 2024. Operating expenses decreased significantly by 66% to $11.4 million. The company raised additional capital through a $10 million Registered Direct Offering and $3.2 million in ATM sales. Bionano updated its 2025 outlook, projecting full-year revenue of $26.0-30.0 million and expects to install 15-20 new OGM systems. Cash position stands at $29.2 million, with runway extended into Q1 2026.

Bionano's Q1 2025 results reflect a company in transition, with some encouraging signs amid challenges. Revenue declined 26% year-over-year to $6.5 million, primarily due to the discontinuation of clinical services that contributed $1.4 million in Q1 2024 and lower instrument sales ($0.7 million vs $1.6 million). The strategic pivot toward focusing on routine users of optical genome mapping (OGM) is showing early traction. While total flowcell sales decreased 15% year-over-year, sales to existing customers actually increased 1% when adjusting for new customer acquisition. Notably, 82% of flowcells sold went to routine users, suggesting a stable core customer base. Gross margin improvements are a clear positive, jumping to 46% from 32% a year earlier. This significant expansion reflects the company's strategic shift and improved operational efficiency. Similarly, operating expenses plummeted 66% to $11.4 million through headcount reductions and portfolio restructuring. The installed base grew modestly to 379 OGM systems, up 9% year-over-year, with 9 new installations in Q1. This modest growth aligns with the updated strategy focusing on utilization rather than rapid system placement. Cash position stands at $29.2 million, bolstered by a $10 million offering in January and $3.2 million from ATM sales. Management expects runway into Q1 2026, projecting Q2 revenue of $6.3-6.8 million and full-year 2025 revenue of $26-30 million. The company's improved cash burn rate, gross margin expansion, and focus on high-value customers present a more sustainable operational model, though ongoing revenue challenges suggest the transformation remains a work in progress.

Bionano's OGM technology garners scientific validation through multiple publications, reinforcing clinical utility despite financial restructuring challenges. Bionano's Optical Genome Mapping (OGM) technology continues to gain scientific credibility through significant peer-reviewed publications in Q1 2025. Most notably, the International Consortium for Optical Genome Mapping published expert recommendations for integrating OGM as a standard-of-care cytogenetic assay for diagnosing blood cancers. This endorsement from the scientific community represents a critical validation step toward broader clinical adoption. Several high-impact studies demonstrated OGM's clinical utility. A Genome Research publication validated OGM as an accurate, cost-effective method for detecting large repeat expansions associated with approximately 40 genetic disorders. Another study in the Journal of Molecular Diagnostics showcased OGM's capability to analyze multiple myeloma with half the typical CD138-positive cell requirement, addressing a significant sample limitation challenge in clinical settings. The University of Texas MD Anderson Cancer Center published what appears to be the largest single-institution study evaluating OGM's clinical utility across multiple hematologic malignancies. Additionally, researchers reported the first use of OGM to detect chromoanagenesis, a marker of poor prognosis in AML. These publications collectively strengthen OGM's value proposition in cytogenomics, particularly for hematological malignancies. The increasing scientific evidence supports Bionano's strategic focus on routine users who generate consistent consumable revenue. With 82% of flowcell sales now going to routine users, the company appears to be successfully targeting facilities that recognize OGM's clinical utility.

While Bionano faces financial challenges with overall revenue decline, the growing body of research suggests the technology itself continues to prove its worth in clinical research settings, potentially laying groundwork for broader adoption once the company's financial restructuring stabilizes. Conference call today, May 14, 2025, at 4:30 PM ET SAN DIEGO, May 14, 2025 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the first quarter ended March 31, 2025. “The first quarter of 2025 represents the first full quarter of execution after shifting strategy towards a focus on our base of routine users of optical genome mapping (OGM) and VIA™ software as the primary drivers of our revenue and gross profit. We are pleased to see consistent utilization of our OGM systems and software combined with a year-over-year growth in consumables purchased by our customers we consider to be routine users of OGM. After significant reductions in costs and cash burn, together with our gross margin improvements, we have been able to extend cash runway, while at the same time, the global community of OGM users continues to publish groundbreaking research that demonstrates the value of OGM and VIA software in cytogenomics. We believe the operational efficiency and market development success set us up for continued progress going forward,” commented Erik Holmlin, PhD, president and CEO of Bionano.

Recent Highlights: Q1 2025 Financial Results 2025 Outlook We anticipate the following results for Q2 2025 and the full year: Webcast Details Webcast Details Date: Wednesday, May 14, 2025 Time: 4:30 p.m. Eastern Time Participant Registration: Registration – Click Here Webcast: https://edge.media-server.com/mmc/p/vncjmqc9/ Participants should register at the link above in advance of the call, and then click the webcast link before the call begins. An archived version of the webcast will be available for replay in the Investors section of the Bionano website. _______________ 1 For a description of this non-GAAP financial measure, please refer to “Non-GAAP Financial Measures”, and for a reconciliation of non-GAAP gross margin to gross margin reported in accordance with GAAP and non-GAAP operating expenses to operating expense reported in accordance with GAAP, please refer to the financial tables accompanying this release. About Bionano Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. The Company also offers an industry-leading, platform-agnostic genome analysis software solution, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also offers OGM-based diagnostic testing services. For more information, visit or . Unless specifically noted otherwise, Bionano’s products are for research use only and not for use in diagnostic procedures. Non-GAAP Financial Measures To supplement Bionano’s financial results reported in accordance with U.S. generally accepted accounting principles (GAAP), the Company has provided non-GAAP gross margin and non-GAAP operating expense in this press release and the accompanying conference call, each of which is a non-GAAP financial measure. Non-GAAP gross margin excludes from gross margin reported in accordance with GAAP: stock-based compensation and restructuring expenses. Non-GAAP operating expense excludes from operating expense reported in accordance with GAAP: stock-based compensation, amortization of intangibles and transaction-related expenses. Bionano believes that each of these non-GAAP metrics is useful to investors and analysts as a supplement to its financial information prepared in accordance with GAAP for analyzing the company’s performance and identifying trends in its business. Bionano uses these non-GAAP metrics internally to facilitate period-to-period comparisons and analysis of its performance in order to understand, manage and evaluate its business and to make operating decisions and for forecasting and budgeting. Accordingly, Bionano believes presentation of these non-GAAP measure allows for greater transparency with respect to key financial metrics it uses in assessing its own operating performance and making operating decisions. These non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures; should be read in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP; have no standardized meaning prescribed by GAAP; and are not prepared under any comprehensive set of accounting rules or principles. In addition, from time to time in the future, there may be other items that the Company may exclude for purposes of its non-GAAP financial