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Bionano Genomics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $6,073,000 from $9,318,000 in the same quarter the previous year. The decrease is attributed to a reduction in service and other revenue.
Cost of product revenue for the quarter was $14,251,000, compared to $5,105,000 in the same quarter of the previous year. This increase is due to the write-off of obsolete inventory and underutilized reagent rentals.
The company reported a gross loss of $8,446,000 for the quarter, compared to a gross profit of $2,749,000 in the previous year, with the decline attributed to increased costs and decreased revenue.
Research and development expenses decreased to $4,717,000 from $13,785,000, reflecting cost-saving measures including workforce reductions.
Selling, general, and administrative expenses decreased to $9,464,000 from $24,896,000, primarily due to reduced headcount and associated costs.
The company reported a net loss of $44,246,000 for the quarter, compared to $112,566,000 in the previous year. The improvement is due to reduced operating expenses.
Cash used in operating activities was $62,418,000, while cash provided by investing activities was $70,842,000, primarily from the sale and maturity of available-for-sale securities.
Bionano had a working capital of $14,030,000 as of September 30, 2024. The company acknowledges its dependence on additional capital to continue operations.
The filing also details restructuring efforts, including workforce reductions and a shift in business strategy to focus on existing customer utilization.
Bionano continues to face challenges in achieving profitability and securing additional funding to support its operations and strategic initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Bionano Genomics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.