In This Article:
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Total Revenue: $6.5 million for Q1 2025, a decrease of 26% compared to Q1 2024.
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Flowcells Sold: 6,994 units in Q1 2025, a 15% decrease year-over-year; however, a 1% increase when excluding new customers.
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GAAP Gross Margin: 46% in Q1 2025, up from 32% in Q1 2024.
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Non-GAAP Gross Margin: 46% in Q1 2025, compared to 34% in Q1 2024.
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GAAP Operating Expense: $11.4 million in Q1 2025, down from $33.9 million in Q1 2024.
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Non-GAAP Operating Expense: $8.5 million in Q1 2025, compared to $24.4 million in Q1 2024.
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Installed Base of OGM Systems: 379 systems, a 9% year-over-year increase.
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Cash and Cash Equivalents: $29.2 million as of March 31, 2025, with $11 million subject to restrictions.
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Cash Runway: Expected to extend into Q1 2026.
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Q2 2025 Revenue Outlook: Expected to be between $6.3 million and $6.8 million.
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Full Year 2025 Revenue Outlook: Expected to be in the range of $26 million to $30 million.
Release Date: May 14, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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Bionano Genomics Inc (NASDAQ:BNGO) reported a significant improvement in gross margin, reaching 46% in Q1 2025 compared to 32% in Q1 2024.
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The company successfully reduced its GAAP operating expenses by 66% year-over-year, reflecting effective cost-saving initiatives.
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The installed base of OGM systems grew by 9% year-over-year, indicating a steady increase in customer adoption.
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Bionano Genomics Inc (NASDAQ:BNGO) maintained stable revenue from its existing customer base, despite a strategic shift away from new customer acquisition.
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The company achieved a strong start to 2025 with 95 publications in Q1, showcasing the growing recognition and validation of its technology.
Negative Points
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Total revenue for Q1 2025 decreased by 26% compared to Q1 2024, primarily due to the discontinuation of clinical services.
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The number of flowcells sold decreased by 15% year-over-year, indicating a decline in consumable sales.
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Bionano Genomics Inc (NASDAQ:BNGO) faces challenges related to global trade uncertainties, which may impact future revenue and customer acquisition.
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The company experienced some attrition in its installed base as it moved away from supporting basic research applications.
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Despite improvements, the company still faces the challenge of increasing utilization rates among its routine user customer group.
Q & A Highlights
Q: Is MD Anderson a significant customer, and could their recent study lead to broader adoption of Optical Genome Mapping (OGM)? A: R. Erik Holmlin, CEO, explained that MD Anderson is an existing user and has progressed from basic research to routine use of OGM. Their recent publication highlights OGM's impact, potentially influencing broader adoption and inclusion in medical guidelines.