Shares of Bionano Genomics (NASDAQ: BNGO) plummeted by 5.42% on Tuesday after the company lowered its revenue guidance for the third quarter of 2024.
The genomic analysis company now expects revenue for Q3 2024 to range between $6.5 million and $6.8 million, down significantly from its previous guidance of $7.9 million to $8.9 million. The revised outlook also fell short of the consensus estimate of $7.85 million.
In a press release, Bionano CEO Erik Holmlin cited a strategic shift toward driving utilization of its optical genome mapping (OGM) technology among existing customers rather than emphasizing new system placements. He also acknowledged headwinds experienced in the capital equipment sector, which likely impacted the company's ability to sell new OGM systems during the quarter.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.