BIONANO GENOMICS 2024 Q3
Earnings Overview & AI Insights

Earnings Performance

Robert Erik Holmlin -- President, Chief Executive, and Director -- gave an update on the third quarter of 2024. He said Bionano is moving to be more cash efficient, while still driving the  advancement of optical genome mapping for  cytogenetics. Revenue was at $6.1 million, but that includes a 29% reduction in revenues tied to discontinued clinical services products. The OGM installed base grew to 368 systems during the quarter, which is a net increase of 67 systems. Sales of flow cells in the second quarter of 2024 relative to Q2 2023 were flat. With 83 publications in the third quarter, the total publications grew by 12% compared to the same period in 2023. The total number of clinical research topics covered in publications year to date has grown by 82%. Preliminary prices for new codes were published September 25th, 2024, and we expect the final pricing to be established by the end of this year. We are continuing to see good demand for the Stratys system in our focus geographies of Europe, U.S., Canada, and Israel.driven by $9.8 million in one-time charges that are flowing through cost of goods sold and related to the fact that we have shifted our focus away from driving systems into the field. Both GAAP and non-GAAP margin metrics were impacted by also a $500,000 write-off in revenues related to aged receivables from clinical services. We expect Q4 revenues to be in the range of $6 million to $7 million. We're working to improve the gross margin profile by reducing the cost of goods sold. We understand that we're seeing slower growth in the adoption and expansion of OGM as a result of these expense reductions.