Bionano Genomics Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
Bionano Genomics Reports Q2 2024 Financial Results
Bionano Genomics, Inc. (NASDAQ: BNGO) has reported its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Q1 2024 | Quarter-over-Quarter Change | Consensus Estimates |
|---|---|---|---|---|---|---|
| Revenue | $7.8 million | $8.7 million | -10% | - | - | - |
| GAAP Gross Margin | 33% | 27% | +6% | - | - | - |
| Non-GAAP Gross Margin | 35% | 29% | +6% | - | - | - |
| GAAP Operating Expense | $19.6 million | $41.7 million | -53% | - | - | - |
| Non-GAAP Operating Expense | $18.8 million | $34.8 million | -46% | - | - | - |
Financial Interpretation : Bionano Genomics reported a year-over-year decline of 10% in total revenue, attributed primarily to lower sales in nanochannel array flowcells. However, the company saw substantial improvements in gross margins and significant reductions in operating expenses, indicating efforts towards cost efficiency and operational optimization.
Segment Revenue Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Year-over-Year Change |
|---|---|---|---|
| Installed OGM Systems | 363 units | 281 units | +29% |
| Nanochannel Array Flowcells | 6,165 units | 7,062 units | -13% |
Segment Performance Interpretation : The Optical Genome Mapping (OGM) system installations showed strong growth, with a 29% increase year-over-year. However, the sales of nanochannel array flowcells experienced a decline, down by 13% from the previous year, indicating a potential area for revenue improvement.
Comments from Company Officers
Erik Holmlin, PhD, CEO of Bionano Genomics, commented, "We saw positive growth in the OGM installed base this quarter, along with key advancements to our VIA software and the achievement of a significant milestone with the establishment of a Category I CPT code for OGM, which we believe will raise awareness and utility of OGM. We are continuing to focus on strengthening the company's long-term growth profile and prioritizing efficiencies as we manage through a transition into a lower resource environment."
Share Repurchase Program
Bionano did not announce any new share repurchase programs or dividends in this quarter.
Forward Guidance
For the full year of 2024, Bionano Genomics has provided a revenue guidance range of $36.0 to $40.0 million. Revenue for the third quarter of 2024 is expected to range between $7.9 to $8.9 million.
Stock Price Movement
Following the earnings announcement, Bionano Genomics' stock price experienced a significant decline of 15.88%.
Summary
Bionano Genomics faced mixed financial results for Q2 2024. The company achieved enhanced efficiency reflected in improved gross margins and lowered operating expenses, but overall revenue and flowcell sales witnessed a decline. The substantial growth in the installed base of OGM systems and significant operational improvements highlight the company's strategic advancements. With a cautious yet optimistic revenue guidance, Bionano Genomics is positioning for long-term growth and increased adoption of its genome analysis solutions.
This comprehensive earnings summary encapsulates Bionano Genomics' performance and strategic direction for stakeholders and potential investors.