NEW YORK – Bionano Genomics said Thursday that the company anticipates Q3 2024 revenues to be between $6.5 million to $6.8 million, down from the previous guidance of $7.9 million to $8.9 million.
As of Sept. 30, the San Diego-based optical genome mapping company had approximately $23.3 million in cash, cash equivalents, and available-for-sale securities, of which $11.4 million was subject to restrictions.
"As we previously announced, Bionano has been undertaking a strategic shift in the business that is intended to allow us to become a more capital-efficient business focused on driving utilization and adoption of OGM from our existing installed base with less emphasis on new placements of our OGM systems," Bionano President and CEO Erik Holmlin said in a statement. "This business transformation may be a factor in revenues coming in lighter than previously anticipated coupled with continued headwinds experienced for capital equipment across the tools and diagnostics sector."
Last month, beleaguered Bionano carried out a fourth round of reorganization for the company since the beginning of 2023. In addition to laying off nearly half of its workforce, the company once again lowered its 2024 revenue guidance from a previous range of $36 million to $40 million to between $32 million and $36 million.