Bionano Genomics (BNGO) stock plummeted over 5% in the pre-market session on Monday, following the company's release of preliminary unaudited financial results for the fourth quarter and full year 2024.

The key highlights from the preliminary results that likely contributed to the stock's decline are:

• Preliminary Q4 2024 revenue is expected to be between $7.9 million and $8.1 million, representing an estimated 25% decrease compared to Q4 2023. This is primarily due to the discontinuation of certain clinical service products in 2024.
• For the full year 2024, revenue is expected to be in the range of $30.5 million to $30.7 million, an estimated 15% decrease from $36.1 million in revenue for 2023.

Despite the revenue decline, Bionano reported some positive developments in its core business:

• The installed base of its optical genome mapping (OGM) systems reached an estimated 371 as of year-end 2024, a 14% increase over 2023.
• The company achieved several milestones, including the commercial release of its high-throughput Stratys system, advancements in its VIA software for data analysis, and the establishment of a Category I CPT code for OGM by the American Medical Association.