Bionano Genomics (NASDAQ: BNGO) stock surged 7.02% in after-hours trading on Tuesday, following the release of the company's second-quarter 2024 financial results. Despite facing challenges in certain regions, the company reported several positive developments that fueled investor optimism.
One of the key highlights was the approval of a Category 1 CPT code for optical genome mapping, which is expected to significantly increase adoption and utilization of Bionano's technology. Additionally, the company's installed base of OGM systems grew by 29% year-over-year, reaching 363 systems, indicating strong demand for its products.
Bionano also reported a substantial reduction in operating expenses, with non-GAAP operating expenses decreasing by 46% compared to the same period in 2023. This cost-cutting measure, coupled with the potential revenue boost from the CPT code approval and new partnerships, such as the Software Marketing Agreement with Revvity, has bolstered investor confidence in the company's prospects.
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