Bionano Genomics Reports 13% Revenue Decline in Q2 2025, Operating Loss Improves

Bionano Genomics, Inc. reported a total revenue of $6.73 million for the second quarter of 2025, a decrease of 13% compared to $7.77 million in the same period of 2024. The decline was primarily driven by a significant drop in service and other revenue, which fell by 66% to $423,000, attributed to the discontinuation of certain clinical service offerings. Product revenue also saw a slight decrease of 3%, totaling $6.31 million, down from $6.51 million year-over-year. For the first half of 2025, total revenue was $13.19 million, down 20% from $16.54 million in the prior year.

The company's operating expenses decreased significantly, totaling $11.28 million for the second quarter, down 42% from $19.60 million in the same quarter of 2024. This reduction was largely due to cost-saving measures implemented in response to previous restructuring efforts, which included workforce reductions. Research and development expenses dropped by 57% to $2.93 million, while selling, general, and administrative expenses decreased by 28% to $8.35 million. As a result, Bionano reported a loss from operations of $7.80 million, a notable improvement from the $17.02 million loss in the same quarter of the previous year.

Bionano's financial position showed some improvement, with total assets at $76.01 million as of June 30, 2025, slightly down from $76.67 million at the end of 2024. The company had cash and cash equivalents of $3.56 million, a significant decrease from $9.17 million at the end of 2024. However, the company also reported $12.88 million in short-term investments, indicating a strategic shift towards maintaining liquidity. The total liabilities decreased to $30.64 million from $41.30 million, primarily due to the reduction in convertible debentures payable.

Operationally, Bionano expanded its installed base of optical genome mapping (OGM) systems to 378 units, a 4% increase from the previous year. The company sold 7,233 flowcells in the second quarter, marking a 17% increase from the same period in 2024. Despite these positive indicators, Bionano faces ongoing challenges, including a substantial accumulated deficit of $703.18 million and the need for additional capital to sustain operations. The company has indicated that it may need to raise funds through equity or debt financing to continue its operations beyond the next year.

Looking ahead, Bionano's management expressed concerns about the company's ability to continue as a going concern without securing additional funding. The company is actively exploring various financing options, including public or private equity offerings, but acknowledges the uncertainty surrounding market conditions and the potential for dilution of existing shareholders. The outlook remains cautious as Bionano navigates its restructuring efforts and seeks to stabilize its financial position while continuing to develop its product offerings.