NEW YORK – Bionano Genomics on Monday afternoon reported a 24 percent decrease in fourth quarter 2024 revenues, largely due to discontinued clinical services, while full-year revenues dipped 15 percent.
"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," CEO and President Erik Holmlin said in a statement.
For the quarter ended Dec. 31, 2024, the optical genome mapping (OGM) company posted $8.2 million in revenues, down from $10.7 million in Q4 2023 and in line with preliminary estimates. Of those receipts, $7.6 million were product revenues, down 7 percent from $8.2 million the previous year, and $514,000 were service and other revenues, down 80 percent from $2.5 million the year before, which included $2.0 million from since discontinued clinical services.
The firm sold 8,058 nanochannel array flow cells in Q4, 1 percent more than in Q4 2023.
Net loss for the quarter was $20.1 million, down from a net loss of $43.9 million in Q4 2023. Bionano did not report loss per share.
Q4 R&D expenses totaled $3.5 million, down 70 percent from $11.7 million the previous year, while SG&A costs were $10.5 million, down 30 percent from $14.9 million.
Bionano's full-year 2024 revenues were $30.8 million, down 15 percent from $36.1 million in 2023.
It sold 30,307 flow cells in 2024, a year-over-year increase of 15 percent. At the end of the year, the company had an installed base of 471 OGM systems, 14 percent more than at the end of 2023.
Net loss for the year was $112.0 million, down from a net loss of $232.5 million in 2023.
R&D costs were $24.8 million in 2024, less than half the $54.0 million in 2023. SG&A expenses for the year were $51.9 million, down 44 percent from $92.8 million in 2023.
Bionano ended 2024 with $9.2 million in cash and cash equivalents and $400,000 in restricted cash. It completed a $10 million registered direct offering in January of this year and raised an additional $3.2 million in net proceeds through at-the-market sales during the first quarter.
In January, Bionano also effected a 1-for-60 reverse stock split, as a result of which it regained compliance with the Nasdaq minimum bid price requirement on Feb. 10.
According to Holmlin, the company has lowered its annual operating costs by approximately $100 million. "We concluded the year with a lot of momentum, [with] solid revenues from OGM and Via software across priority customers and target geographies," he said.
The strategy going forward "is based on substantially lower operating expenses and a focus on the subset of optical genome mapping 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," he added.
The American Medical Association has established a category I CPT code for OGM that became effective Jan. 1, which Bionano said "is a key component OGM users will take advantage of to get reimbursement from insurance companies and other third-party payors."
For Q1, the company expects revenues in the range of $6.2 million to $6.3 million, and for full-year 2025, between $29.0 million and $32.0 million in revenues.
Bionano hopes to install 15 to 20 new OGM systems this year at existing customer sites that are expanding capacity as well as at new sites.
The San Diego-based company's cash is expected to last into the first quarter of 2026.