Shares of Bionano Genomics (NASDAQ: BNGO) surged 7.53% in after-hours trading on Monday following the release of the company's fourth quarter and full-year 2024 financial results, along with a promising revenue outlook for 2025. The genomics company's strategic focus on cost reduction and operational efficiency appears to be paying off, instilling confidence in investors.

Bionano reported fourth-quarter revenue of $8.2 million, bringing its full-year 2024 revenue to $30.8 million. While this represents a 15% year-over-year decline, the company highlighted significant improvements in gross margins and substantial cost reductions. The GAAP gross margin for Q4 2024 jumped to 42%, a marked improvement from 23% in the same period last year. Moreover, Bionano's cost-cutting initiatives have reduced the annualized cost of operating the business by approximately $100 million since May 2023.

Looking ahead, Bionano provided an optimistic outlook for 2025, projecting first-quarter revenue between $6.2 million and $6.3 million, and full-year revenue in the range of $29 million to $32 million. The company's CEO, Erik Holmlin, expressed confidence in Bionano's strategy to weather current market challenges, citing strong demand for their products and the newly established category I CPT code for optical genome mapping (OGM) on the clinical lab fee schedule. Additionally, Bionano reported an increased installed base of OGM systems, growing 14% year-over-year to 371 systems, and a 15% increase in flowcell sales for 2024. With a cash runway extended into 2026, Bionano appears well-positioned to capitalize on the growing adoption of its OGM technology in the genomics field.