Bionano Reports Fourth Quarter and Full-Year 2024 Results and Provides Revenue Outlook for 2025

Conference call today, March 31, 2025 at 4:30 PM ET

SAN DIEGO, March 31, 2025 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the fourth quarter and full year ended December 31, 2024 and revenue outlook for 2025.

"2024 has been an important year for Bionano. Despite a challenging external environment with shrinking capital budgets, financial uncertainty for our customers and difficult equity capital markets, we have continued serving our mission of transforming the way the world sees the genome and we believe we have identified a strategy to weather the storm. It is based on substantially lower operating expenses and a focus on the subset of optical genome mapping (OGM) and software customers that are using our products for routine use in a way that drives consistent and recurring revenues supporting higher overall gross profits. I could not be more proud of our team as the fourth quarter of 2024 marks the seventh straight quarter of heavy lifting on the cost reduction efforts that began in May 2023. Altogether we have reduced the annualized cost of operating the business by approximately $100 million, " commented Erik Holmlin, PhD, president and chief executive officer of Bionano.

"We concluded the year with a lot of momentum, solid revenues from OGM and VIA$(TM)$ software across priority customers and target geographies. We entered 2025 with strong demand for our products and the newly established category I CPT code for OGM on the clinical lab fee schedule managed by the Centers for Medicaid and Medicare Services $(CMS)$ and we believe we have cash runway into 2026."

Recent Highlights

   -- Completed a $10 million Registered Direct Offering in January 2025, and 
      Bionano raised net proceeds of $3.2 million through ATM sales during the 
      first quarter of 2025. 
 
   -- Announced, together with the Greenwood Genetic Center, a publication 
      describing the first application of OGM to investigate the genetic 
      landscape of neural tube disorders. OGM identified potentially pathogenic, 
      likely pathogenic and potentially relevant variants in 30% of cases 
      studied, which exceeds the rate of conventional methods significantly 
 
   -- Announced a case study publication from the Shenzhen Maternity and Child 
      Healthcare Hospital, demonstrating the application of OGM in a protocol 
      for preimplantation genetic testing for structural rearrangements 
      (PGT-SR). 
 
   -- Announced a case study publication from the Johns Hopkins University 
      School of Medicine in Genes showing that OGM identifies a variant in an 
      aggressive form of acute myelogenous leukemia $(AML.UK)$ known as acute 
      promyelocytic leukemia $(APL.AU)$. This variant is often missed by 
      conventional cytogenetic techniques. 

Q4 and FY 2024 Highlights

   -- Installed base of OGM systems totaled 371 at year-end, which represented 
      a 14% increase over the 326 installed systems reported at the end of 
      2023. 
 
   -- Sold 8,058 nanochannel array flowcells in the fourth quarter and 30,307 
      flowcells during 2024, which was an increase of 1% over the 7,980 
      flowcells sold in the fourth quarter of 2023 and an increase of 15% over 
      the 26,444 flowcells sold in 2023. 
 
   -- Number of OGM publications in 2024 totaled 336, which was a 19% increase 
      over the number of OGM publications in 2023.  Q1 2024 showed the highest 
      number to date of OGM publications in a single quarter with 99 total 
      publications. Q4 2024 had a total of 82 publications (1% decrease from Q3 
      2024 (83) and 11% decrease from Q4 2023 (92)). 
 
   -- Since 2021, there have been significant and steady year-over-year 
      percentage increases in the number of OGM publications on research 
      application areas including postnatal and prenatal genetic disorders, 
      hematological malignancies, solid tumors, and cell and gene therapy. 
      Additionally, the number of published human clinical research samples has 
      grown from approximately 500 prior to 2021, to approximately 8,800 as of 
      the end of 2024. 

Q4 2024 Financial Results

   -- Total revenue for the fourth quarter of 2024 was $8.2 million, a decrease 
      of 24% compared to the fourth quarter of 2023. Q4 2023 included $2.0 
      million from discontinued clinical services, compared to no revenue from 
      such clinical services in Q4 2024. 
 
   -- GAAP gross margin for the fourth quarter of 2024 was 42%, which was 
      significantly higher than the 23% GAAP gross margin reported for the 
      fourth quarter of 2023. Non-GAAP gross margin1 for the fourth quarter of 
      2024 was also 42%, compared to 24% for the fourth quarter of 2023. 
 
   -- Fourth quarter 2024 GAAP operating expense was $15.4 million, compared to 
      $27.4 million in the fourth quarter of 2023. The year-over-year decrease 
      was primarily due to a decrease in the fair value of contingent 
      consideration of Purigen milestones and reduced headcount-related expense 
      partly attributed to the cost savings initiatives outlined in our Q2 2023 
      and Q3 2023 earnings releases. 
 
   -- Fourth quarter 2024 non-GAAP operating expense1 was $10.6 million, 
      compared to $26.6 million in the fourth quarter of 2023. 
 
   -- Cash, cash equivalents, and available-for-sale securities as of December 
      31, 2024 were $20.9 million, of which $11.4 million was subject to 
      certain restrictions. We raised net proceeds of $3.6 million from ATM 
      sales during the fourth quarter of 2024. Additionally, we modified the 
      terms of our senior secured convertible debentures, among other things, 
      which deferred the $1,000,000 December 2024 amortization payment and 
      reduced the monthly payments from January 2025 to July 2025 by 50%. 

FY 2024 Financial Results

   -- Full year 2024 revenue was $30.8 million, a decrease of 15% compared to 
      2023. Core revenues, which includes sales from instruments, consumables, 
      software and OGM services was $29.1 million for FY 2024. Full year 2023 
      revenue included $7.1 million in discontinued clinical services versus 
      $1.7 million for FY 2024. 
 
   -- Product revenue including instruments, consumables and software was $27.0 
      million, an increase of 1% compared to $26.7 million in 2023, despite a 
      reduction in instrument sales of nearly $2.0 million. Consumables sales 
      grew 14% year-over-year and software sales grew 11% in 2024 compared to 
      2023 
 
   -- Full year 2024 GAAP total gross margin was 1%, down from 26% in 2023 and 
      non-GAAP gross margin for FY 2024 was 35%, up from 28% in 2023. 
 
   -- Full year 2024 GAAP operating expense was $104.4 million and non-GAAP 
      operating expense was $68.9 million. Full year 2024 non-GAAP operating 
      expense excludes $19.7 million impairment of intangibles and other 
      long-lived assets, $8.0 million in restructuring charges, $6.6 million in 
      amortization of intangibles, $9.4 million in stock-based compensation, 
      and $2.7 million in loss on disposals of property, plant, and equipment 
      partially offset by $10.9 million in reductions of contingency based 
      obligations. 

Achieved Significant Business Milestones in 2024

   -- Completed full commercial release of high throughput OGM instrument, 
      called the Stratys(TM) system. The Stratys system is expected to enable a 
      four-fold increase in raw data generation rate compared to the 
      Saphyr$(R)$ system and is designed for maximum lab flexibility to enable 
      routine use in consolidating legacy cytogenetic workflows into 
      streamlined OGM workflows 
 
   -- Released advancements in data analysis with updates to VIA software, 
      which provides a simple and integrated workflow for visualization, 
      interpretation, and reporting for OGM, microarray and NGS data types for 
      enhanced contextualization across multiple variant types and accelerated 
      time to results while reducing the cost of analysis by lowering the 
      amount of high-cost labor required 
 
   -- Released the first version of a computation solution for OGM developed in 
      collaboration with NVIDIA, called Stratys(TM) Compute, which, along with 
      a new analysis pipeline, can accelerate data analysis times compared to 
      its predecessor, Saphyr (R) Compute. Stratys Compute is a low footprint 
      IT solution that can be deployed quickly, sitting next to a Stratys 
      system in any lab, allowing labs of all sizes to adopt a Stratys system 
 
   -- The OGM community continued to publish significant data including: 
 
          -- A framework for consistent, universal OGM analysis in hematologic 
             malignancies published by an international consortium comprising 
             17 different researchers 
 
          -- Publications from our clinical studies in post and pre-natal 
             constitutional genetic disease 
 
          -- Four papers on the use of OGM in blood cancer research published 
             by MD Anderson Cancer Center, including one describing the use of 
             OGM in the largest single cohort of 1,277 hematologic malignancy 
             samples 
 
          -- Two publications from Johns Hopkins University Medical Center 
             outlining use of OGM in two new applications: multiple myeloma and 
             sarcoma 
 
   -- The AMA established a category I CPT code for OGM, effective January 1, 
      2025 which is a key component OGM users will take advantage of to get 
      reimbursement from insurance companies and other third-party payers 
 
   -- The International System for Human Cytogenomic Nomenclature (ISCN) 
      added OGM nomenclature to its 2024 guide 
 
   -- The American College of Medical Genetics (ACMG) recognized OGM as a key 
      tool in postnatal and solid tumor applications in two publications 

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