Bionano Genomics, Inc. reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2024. The company experienced a notable decline in total revenue, which fell to $6.1 million in Q3 2024 from $9.3 million in Q3 2023, marking a decrease of 35%. For the nine months ended September 30, 2024, total revenue was $22.6 million, down from $25.4 million in the same period the previous year. Product revenue for Q3 2024 was $6.0 million, a slight decrease from $6.5 million in Q3 2023, while service and other revenue plummeted by 98% to $0.1 million due to the discontinuation of certain clinical services.
The company's cost of revenue surged, with total costs for Q3 2024 reaching $14.5 million, up from $6.6 million in Q3 2023, primarily driven by a $9.8 million write-off of excess inventory. Despite these challenges, total operating expenses decreased significantly to $35.5 million from $116.0 million in the prior year, largely due to workforce reductions and restructuring efforts. The net loss for Q3 2024 was $44.2 million, a substantial improvement from a net loss of $112.6 million in Q3 2023.
Bionano's total current assets decreased to $47.0 million as of September 30, 2024, down from $140.1 million at the end of 2023. Total liabilities also fell to $38.5 million from $118.2 million, while total stockholders’ equity decreased to $48.9 million from $96.2 million. The company reported an accumulated deficit of $673.1 million as of September 30, 2024.
Strategically, Bionano has undergone multiple workforce reductions, laying off approximately 203 employees in 2024 to streamline operations and reduce costs. The company has also shifted its focus to maximizing the utilization of existing optical genome mapping (OGM) systems rather than pursuing new placements. This strategic pivot is expected to slow revenue growth compared to historical rates.
Bionano's cash position as of September 30, 2024, included $8.8 million in cash and cash equivalents, $3.2 million in short-term investments, and $11.4 million in restricted cash. The company anticipates needing additional capital to fund operations and has expressed substantial doubt about its ability to continue as a going concern without raising further funds. The company is actively exploring various financing options, including debt and equity offerings, to address its liquidity needs.
About Bionano Genomics, Inc.
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