Bionano Genomics (BNGO) stock soared 5.16% in the pre-market session on Monday, fueled by the company's preliminary financial results for Q4 2024 and full year 2024, which highlighted growth in its core optical genome mapping (OGM) business and significant cost reduction efforts.
While Bionano expects Q4 2024 revenue to decline around 25% year-over-year to $7.9-$8.1 million, primarily due to the discontinuation of some clinical service products, the company's installed base of OGM systems grew 14% to 371 units in 2024. Additionally, Q4 2024 revenue is projected to increase 30-33% compared to Q3 2024, showcasing recovery in the core business.
Importantly, Bionano's OGM technology continues to gain broader acceptance and recognition, with publications highlighting its utility, guidelines incorporating OGM nomenclature, and the establishment of a Category I CPT code for reimbursement. The company also made strides in reducing costs, with annualized operating expenses expected to decrease by approximately $100 million following restructuring efforts initiated in May 2023. Furthermore, Bionano raised additional capital to extend its cash runway.
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