NASDAQ$BNGO
BioNano Genomics Inc · Q3 2024 earnings
Q3 2024 earnings · · Investor relations
Briefing
Bionano's Q3 2024 performance reflected improving momentum for OGM utilization and sales of flowcells, but overall revenues were below expectations due to delayed system orders and a write-down of aged receivables.
Bionano reported a 35% decrease in revenue compared to Q3 2023, with total revenue of $6.1 million. The company highlighted improving momentum for OGM utilization and flowcell sales, but revenues were impacted by delayed system orders and a write-down of aged receivables. Cash burn was significantly lower than the prior year period due to the reorganization plan to decrease expenses.
- Q3 2024 revenue was $6.1 million, a 35% decrease compared to Q3 2023.
- Installed base of OGM systems increased by 22% year-over-year, reaching 368 systems.
- Flowcell sales increased by 27% year-over-year, with 7,835 nanochannel array flowcells sold.
- GAAP operating expense decreased by 69% year-over-year.
Headline financials
Revenue & EPS history
BioNano · Revenue · Quarterly
$6.01M
Revenue by segment
BioNano · $9.32M total across 2 segments · Q3 2023
- Product Revenue$6.46M+79.0%69.3%
- Service and Other Revenue$2.86M-20.8%30.7%
Forward guidance
Bionano anticipates continued growth in OGM adoption and flowcell sales, driven by positive clinical data and CPT code implementation. The company expects to maintain its focus on expense management and strategic productivity initiatives to extend its cash runway.
Tailwinds
- Ongoing CPT code implementation and pricing announcement for OGM in cytogenomic genome-wide analysis.
- Potential additional gross proceeds of up to $20.0 million from the exercise of Series A and Series B warrants.
- Publication of first multi-site study to analyze the utility of OGM in Multiple Myeloma.
- Recent Peer-reviewed highlighted applications of OGM in blood cancers.
- Closing of an additional $3.0 million registered direct offering
Headwinds
- Overall revenues coming in below expectations, driven by a small number of system orders taking longer than expected to come through.
- The company's ability to continue as a “going concern” which requires us to manage costs and obtain significant additional financing to fund our strategic plans and commercialization efforts.
- Adjournment of Special Shareholder Meeting due to lack of Quorum
- Risk that if we fail to obtain additional financing we may seek relief under applicable insolvency laws.
- The impact of adverse geopolitical and macroeconomic events
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q3 2024
-3.3%
Avg return
Earnings day
-5.4%
Avg return
5 days after
-7.7%
Avg return
30 days after
40%
12 / 30 earnings
Positive
+15.5%
Q4 2018
Best reaction
-29.8%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +0.9% | +1.6% | — | |
| Q1 2026 | -0.8% | -9.5% | -7.9% | |
| Q3 2025 | +2.8% | +4.8% | +10.2% | |
| Q1 2025 | +2.9% | +0.8% | -2.4% | |
| Q4 2024 | +11.1% | +8.6% | +43.4% | |
| Q3 2024 | -3.4% | -11.5% | -7.7% | |
| Q2 2024 | -21.5% | -23.5% | -13.7% | |
| Q1 2024 | +2.7% | +7.3% | -9.4% | |
| Q4 2023 | +0.0% | -5.8% | -18.2% | |
| Q3 2023 | -7.0% | -10.5% | +2.8% | |
| Q2 2023 | -0.2% | -13.9% | -15.7% | |
| Q1 2023 | +6.9% | -9.6% | +0.0% | |
| Q4 2022 | -8.4% | -5.3% | -19.8% | |
| Q3 2022 | +2.7% | +2.2% | -6.3% | |
| Q2 2022 | +6.6% | +0.0% | +2.2% | |
| Q1 2022 | -16.1% | -24.2% | -10.8% | |
| Q4 2021 | +1.4% | -10.7% | +20.6% | |
| Q3 2021 | -9.8% | -13.7% | -44.4% | |
| Q2 2021 | +5.4% | +4.4% | -1.0% | |
| Q1 2021 | +13.9% | +22.8% | +59.9% | |
| Q4 2020 | -17.9% | -14.4% | -34.1% | |
| Q3 2020 | -7.4% | -5.4% | -10.7% | |
| Q2 2020 | -8.4% | -6.5% | -32.5% | |
| Q1 2020 | -8.4% | -11.8% | +21.6% | |
| Q4 2019 | -29.8% | -30.3% | -74.3% | |
| Q3 2019 | -2.1% | +17.8% | +24.4% | |
| Q2 2019 | -14.4% | -11.3% | -50.5% | |
| Q1 2019 | -11.3% | -17.0% | -28.1% | |
| Q4 2018 | +15.5% | +7.4% | -8.1% | |
| Q3 2018 | -6.0% | -5.7% | -11.9% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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