Bionano Genomics, Inc. reported total revenue of $30.7 million for the year ended December 31, 2024, a 15% decrease compared to $36.1 million in 2023. This decline was primarily driven by a 60% drop in service and other revenue to $3.8 million, resulting from the discontinuation of certain clinical testing services offered by Bionano Laboratories. Product revenue, however, saw a slight 1% increase to $27 million, with consumables revenue rising 14% to $12.8 million and software revenue increasing 11% to $6.2 million. Instrument revenue decreased by 20% to $8 million, reflecting a strategic shift towards maximizing utilization of existing OGM systems rather than focusing on new placements.
The company's net loss for 2024 was $112.0 million, a 52% decrease compared to the $232.5 million loss in 2023. This improvement was largely due to significant reductions in research and development expenses (down 54% to $24.8 million) and selling, general, and administrative expenses (down 44% to $51.9 million). These reductions were achieved through cost-saving initiatives, including workforce reductions announced throughout 2023 and 2024, and the discontinuation of certain product lines. The company also recorded $19.7 million in impairment losses on intangible assets and other long-lived assets during 2024, related to restructuring initiatives.
During 2024, Bionano Genomics completed the commercial release of its high-throughput Stratys™ system, released advancements to its VIA™ software, and launched Stratys™ Compute, a computational solution for accelerating data analysis. The company also noted the establishment of a Category I CPT code for OGM by the AMA and the inclusion of OGM nomenclature in the 2024 ISCN guide. The company's installed base of OGM systems increased by approximately 14% to 371 as of December 31, 2024, while flowcells sold increased by approximately 15% to 30,307.
The company's financial statements included an explanatory paragraph expressing substantial doubt about its ability to continue as a going concern within 12 months of the report's issuance. This is due to recurring net losses, negative cash flows, and a significant accumulated deficit. Bionano Genomics stated it will need to raise additional capital to fund its operations and that it is evaluating strategic alternatives, including debt financing, equity investments, and potential mergers or acquisitions. The company's cash and cash equivalents totaled $9.2 million as of December 31, 2024.
The company's 10-K filing also detailed various risk factors, including those related to its financial condition, market competition, intellectual property protection, government regulation (including FDA regulations for LDTs and RUO products), and the complexities of healthcare reimbursement. The filing also included information on the company's employee count (100 as of December 31, 2024), its properties (primarily leased space), and its legal proceedings (none material).
About Bionano Genomics, Inc.
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