Bionano Announces Preliminary 3Q 2024 Revenues and Cash
Bionano Genomics (Nasdaq: BNGO) has announced preliminary results for Q3 2024. The company expects revenue to be between $6.5 and $6.8 million, down from previous guidance of $7.9 to $8.9 million. As of September 30, 2024, cash, cash equivalents, available-for-sale securities, and restricted cash were approximately $23.3 million, with $11.4 million subject to restrictions.
CEO Erik Holmlin attributed the lower revenue to a strategic shift towards a more capital-efficient business model, focusing on driving utilization and adoption of OGM from the existing installed base, rather than new system placements. The company also cited continued headwinds in the capital equipment sector for tools and diagnostics.
Despite these challenges, Bionano reports positive momentum in the routine use of OGM and anticipates growth in its core business, particularly in the US, Canada, Europe, and Israel.
Bionano Genomics (Nasdaq: BNGO) ha annunciato i risultati preliminari per il terzo trimestre del 2024. L'azienda prevede un fatturato compreso tra $6,5 e $6,8 milioni, in calo rispetto alla precedente previsione di $7,9 a $8,9 milioni. Al 30 settembre 2024, la liquidità, le equivalenti di liquidità, i titoli disponibili per la vendita e la liquidità vincolata ammontano a circa $23,3 milioni, di cui $11,4 milioni soggetti a restrizioni.
Il CEO Erik Holmlin ha attribuito il calo dei ricavi a un cambiamento strategico verso un modello di business più efficiente in termini di capitale, concentrandosi sull'aumento dell'utilizzo e dell'adozione dell'OGM dalla base installata esistente, piuttosto che su nuove installazioni di sistemi. L'azienda ha anche citato continue difficoltà nel settore delle attrezzature di capitale per strumenti e diagnostica.
Nonostante queste sfide, Bionano riporta una spinta positiva nell'uso quotidiano dell'OGM e prevede una crescita nel suo core business, in particolare negli Stati Uniti, Canada, Europa e Israele.
Bionano Genomics (Nasdaq: BNGO) ha anunciado resultados preliminares para el tercer trimestre de 2024. La empresa espera que los ingresos estén entre $6,5 y $6,8 millones, por debajo de la guía anterior de $7,9 a $8,9 millones. Al 30 de septiembre de 2024, el efectivo, equivalentes de efectivo, valores disponibles para la venta y efectivo restringido eran aproximadamente $23,3 millones, de los cuales $11,4 millones están sujetos a restricciones.
El CEO Erik Holmlin atribuyó la disminución de los ingresos a un cambio estratégico hacia un modelo de negocio más eficiente en capital, centrándose en impulsar la utilización y adopción de OGM desde la base instalada existente, en lugar de nuevas colocaciones de sistemas. La empresa también citó vientos en contra persistentes en el sector de equipos de capital para herramientas y diagnósticos.
A pesar de estos desafíos, Bionano informa un impulso positivo en el uso rutinario de OGM y anticipa un crecimiento en su negocio central, especialmente en Estados Unidos, Canadá, Europa e Israel.
Bionano Genomics (Nasdaq: BNGO)는 2024년 3분기 예비 결과를 발표했습니다. 회사는 수익이 $6.5에서 $6.8 백만 사이일 것으로 예상하며, 이는 이전의 $7.9에서 $8.9 백만의 예측에서 하락한 것입니다. 2024년 9월 30일 기준으로 현금, 현금성 자산, 매각 가능한 증권 및 제한된 현금은 약 $23.3 백만에 달하며, 이 중 $11.4 백만은 제한 조건이 있습니다.
CEO 에릭 홀믈린은 수익 감소를 더 자본 효율적인 비즈니스 모델로의 전략적 전환에 귀속시켰으며, 이는 기존 설치 기반에서 OGM의 활용과 채택을 이끌어내는 데 집중하는 것입니다. 회사는 도구 및 진단용 자본 장비 분야에서 계속해서 어려운 환경을 언급했습니다.
이러한 도전에도 불구하고, Bionano는 OGM의 일상적인 사용에서 긍정적인 동향을 보고하며, 특히 미국, 캐나다, 유럽 및 이스라엘에서 핵심 비즈니스의 성장을 예상하고 있습니다.
Bionano Genomics (Nasdaq: BNGO) a annoncé des résultats préliminaires pour le troisième trimestre 2024. L'entreprise s'attend à ce que le chiffre d'affaires se situe entre $6,5 et $6,8 millions, en baisse par rapport aux prévisions précédentes de $7,9 à $8,9 millions. Au 30 septembre 2024, la trésorerie, les équivalents de trésorerie, les titres disponibles à la vente et la trésorerie restreinte s'élevaient à environ $23,3 millions, dont $11,4 millions étaient soumis à des restrictions.
Le PDG Erik Holmlin a attribué la baisse des revenus à un changement stratégique vers un modèle économique plus efficace en capital, se concentrant sur l'augmentation de l'utilisation et de l'adoption de l'OGM à partir de la base installée existante, plutôt que sur de nouvelles installations de systèmes. L'entreprise a également cité des vents contraires continus dans le secteur des équipements de capital pour les outils et les diagnostics.
Malgré ces défis, Bionano signale une dynamique positive dans l'utilisation régulière de l'OGM et anticipe une croissance de son activité principale, en particulier aux États-Unis, au Canada, en Europe et en Israël.
Bionano Genomics (Nasdaq: BNGO) hat vorläufige Ergebnisse für das dritte Quartal 2024 bekannt gegeben. Das Unternehmen erwartet, dass der Umsatz zwischen $6,5 und $6,8 Millionen liegen wird, was einen Rückgang gegenüber der vorherigen Prognose von $7,9 bis $8,9 Millionen bedeutet. Zum 30. September 2024 betrugen Bargeld, Bargeldäquivalente, zum Verkauf stehende Wertpapiere und eingeschränktes Bargeld etwa $23,3 Millionen, wobei $11,4 Millionen unter Auflagen stehen.
CEO Erik Holmlin führte den Rückgang des Umsatzes auf einen strategischen Wechsel zu einem kapital effizienteren Geschäftsmodell zurück, das sich darauf konzentriert, die Nutzung und Akzeptanz von OGM aus der bestehenden installierten Basis voranzutreiben, anstatt neue Systeme zu platzieren. Das Unternehmen verwies auch auf anhaltende Herausforderungen im Sektor der Kapitalgüter für Werkzeuge und Diagnostik.
Trotz dieser Herausforderungen berichtet Bionano von einem positiven Schwung in der routinemäßigen Nutzung von OGM und erwartet ein Wachstum in seinem Kerngeschäft, insbesondere in den USA, Kanada, Europa und Israel.
- Strategic shift towards a more capital-efficient business model
- Focus on driving utilization and adoption of OGM from existing installed base
- Positive momentum reported in routine use of OGM
- Anticipated growth in core business in key geographic areas
- Revenue expectations lowered from $7.9-$8.9 million to $6.5-$6.8 million for Q3 2024
- Continued headwinds in capital equipment sector for tools and diagnostics
- Potential for further adjustments, impairments, write-downs, and other charges affecting Q3 2024 financial results
- cash reserves with $23.3 million, of which $11.4 million is restricted
Insights
The preliminary Q3 2024 revenue guidance of
The company's cash position of approximately
The strategic shift towards focusing on utilization and adoption from the existing installed base, rather than new system placements, may impact near-term revenue growth but could improve capital efficiency. However, the immediate revenue shortfall raises questions about the effectiveness of this strategy and the company's ability to drive growth from its current customer base.
Investors should closely monitor Bionano's ability to execute this strategic pivot and whether it can translate into improved financial performance in future quarters. The mention of potential impairments and write-downs adds further uncertainty to the company's financial position.
Bionano's revenue miss aligns with the broader trend of headwinds in the capital equipment sector for tools and diagnostics. This suggests that the company's challenges are not entirely company-specific but partly reflective of industry-wide issues.
The focus on "productive geographies" like the US, Canada, Europe and Israel indicates a strategic prioritization of markets with higher potential returns. This could lead to more efficient resource allocation and potentially improved margins in the long term, despite the short-term revenue impact.
The emphasis on driving utilization of the existing installed base of Optical Genome Mapping (OGM) systems could potentially lead to more stable, recurring revenue streams. However, the success of this strategy depends on Bionano's ability to increase adoption and usage among current customers, which remains to be proven.
Investors should watch for key performance indicators related to system utilization rates and consumables sales in future reports to gauge the effectiveness of this new strategy. The company's ability to demonstrate "growth in our core business" in upcoming quarters will be important for rebuilding investor confidence.
SAN DIEGO, Oct. 10, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today announced select preliminary results for the quarter ended September 30, 2024. The Company now expects revenue for the third quarter of 2024 to be between
Cash, cash equivalents, available-for-sale securities, and restricted cash were approximately
The Company has not completed its standard quarterly accounting procedures in connection with its end-of-period review and therefore these results and any guidance remain preliminary and subject to further adjustment, including for potential impairments, write downs, and other non-cash or cash charges which may affect the Company’s third quarter 2024 financial results. Such adjustments could be material.
Erik Holmlin, president and chief executive officer of Bionano commented, “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. 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. Nevertheless, we continue to see positive momentum around the routine use of OGM and expect our results to show growth in our core business as the organization focuses on driving utilization in productive geographies of the US, Canada, Europe and Israel.”
About Bionano
Bionano is a provider of genome analysis solutions that can enable researchers and clinicians to reveal answers to challenging questions in biology and medicine. The Company’s mission is to transform the way the world sees the genome through optical genome mapping (OGM) solutions, diagnostic services and software. The Company offers OGM solutions for applications across basic, translational and clinical research. The Company also offers an industry-leading, platform-agnostic genome analysis software solution, and nucleic acid extraction and purification solutions using proprietary isotachophoresis (ITP) technology. Through its Lineagen, Inc. d/b/a Bionano Laboratories business, the Company also offers OGM-based diagnostic testing services.
For more information, visit www.bionano.com or www.bionanolaboratories.com.
Except as specifically noted otherwise, Bionano’s products are for research use only and not for use in diagnostic procedures.
Forward-Looking Statements of Bionano Genomics
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “ability,” “believe,” “potential,” “will,” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) convey uncertainty of future events or outcomes and are intended to identify these forward-looking statements. Forward-looking statements include statements regarding our intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things, third quarter 2024 revenue, potential impairments, write downs, and other non-cash or cash charges which may affect the Company’s third quarter 2024 financial results and growth in the Company’s core business. Each of these forward-looking statements involves risks and uncertainties.
Actual results or developments may differ materially from those projected or implied in these forward-looking statements. Factors that may cause such a difference include adjustments to our preliminary measures of financial performance resulting from, among other things, the completion of our end-of-period review and reporting processes; the impact of adverse geopolitical and macroeconomic events, such as recent and future bank failures, the ongoing Ukraine-Russia conflict, related sanctions and any global pandemics, on our business and the global economy; challenges inherent in developing, manufacturing and commercializing products; our ability to further deploy new products and applications and expand the markets for our technology platforms; our expectations and beliefs regarding future growth of the business and the markets in which we operate; changes in our strategic and commercial plans; our 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; our ability to cure any deficiencies in compliance with Nasdaq Listing Rules that could adversely affect our ability to raise capital and our financial condition and business; our ability to consummate any strategic alternatives; the risk that if we fail to obtain additional financing we may seek relief under applicable insolvency laws; and other risks and uncertainties including those described in our filings with the Securities and Exchange Commission (“SEC”), including, without limitation, our Annual Report on Form 10-K for the year ended December 31, 2023 and in other filings subsequently made by us with the SEC. All forward-looking statements contained in this report speak only as of the date on which they were made and are based on management’s assumptions and estimates as of such date. We are under no duty to update any of these forward-looking statements after the date they are made to conform these statements to actual results or revised expectations, except as required by law. You should, therefore, not rely on these forward-looking statements as representing our views as of any date subsequent to the date the statements are made. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements contained in this press release.
CONTACTS
Company Contact:
Erik Holmlin, CEO
Bionano Genomics, Inc.
+1 (858) 888-7610
eholmlin@bionano.com
Investor Relations:
David Holmes
Gilmartin Group
+1 (858) 888-7625
IR@bionano.com
FAQ
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