Bionano Genomics Reports 26% Revenue Decline to $6.46 Million in Q1 2025

Bionano Genomics, Inc. reported a total revenue of $6.46 million for the first quarter of 2025, a decline of 26% compared to $8.77 million in the same period of 2024. The decrease was primarily driven by a 12% drop in product revenue, which fell to $6.00 million from $6.83 million, and a significant 77% reduction in service and other revenue, which decreased to $453,000 from $1.94 million. The company attributed the decline in service revenue to the discontinuation of certain clinical service offerings from its Bionano Laboratories division, effective March 2024. Despite the revenue drop, Bionano Genomics reported a net loss of $3.10 million, a substantial improvement from the $31.42 million loss recorded in the prior year.

In terms of operational efficiency, Bionano Genomics has made significant strides in reducing its operating expenses, which totaled $11.40 million for the first quarter of 2025, down 66% from $33.95 million in the same quarter of 2024. This reduction was largely due to a decrease in research and development expenses, which fell by 76% to $2.37 million, and a 53% decrease in selling, general, and administrative expenses, which amounted to $9.03 million. The company has implemented restructuring initiatives aimed at streamlining operations and reducing costs, which have contributed to the improved financial performance.

Bionano Genomics has also seen a modest increase in its installed base of optical genome mapping (OGM) systems, growing to 379 units as of March 31, 2025, up from 347 units a year earlier. However, the company sold 6,994 flowcells during the quarter, a 15% decrease from the 8,249 flowcells sold in the same period of 2024. The company continues to focus on increasing the utilization of its existing OGM systems rather than pursuing new placements, a strategic shift that is expected to impact revenue growth in the near term.

As of March 31, 2025, Bionano Genomics reported $3.63 million in cash and cash equivalents, down from $9.17 million at the end of 2024. The company has an accumulated deficit of $696.3 million and has indicated substantial doubt about its ability to continue as a going concern within the next 12 months without raising additional capital. Management is actively exploring various financing options, including public or private equity and debt financings, to support ongoing operations and capital requirements.

Looking ahead, Bionano Genomics anticipates continued operating losses and negative cash flows as it invests in product development and commercialization efforts. The company is also negotiating agreements with its instrument contract manufacturer to secure inventory purchases, which are expected to range from $1.7 million to $2.0 million in 2025. The management remains cautious about the macroeconomic environment and its potential impact on business operations, particularly in the Asia Pacific region, where funding headwinds have affected manufacturing partners.