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Bionano Genomics Inc. (BNGO+6.54%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024 filing.
The report details a decrease in total revenue to $30.8 million from $36.1 million in the previous year, driven primarily by a reduction in service and other revenue.
Product revenue remained relatively stable at $27.0 million, with consumables revenue increasing by 14% to $12.8 million, while instrument revenue decreased by 20% to $8.0 million.
Service and other revenue saw a significant decline of 60% to $3.8 million, attributed to the discontinuation of certain clinical service offerings from Bionano Laboratories.
Cost of revenue increased by 14% to $30.4 million, primarily due to higher sales of consumables and a $9.8 million write-off of excess and obsolete inventory.
Operating expenses decreased by 54% to $104.4 million, reflecting reductions in research and development and selling, general, and administrative expenses.
The company reported a net loss of $112.0 million, an improvement from the $232.5 million net loss in the previous year.
Bionano Genomics highlighted its restructuring plans aimed at reducing annualized operating expenses by $35.0 to $40.0 million in the second half of 2024, and an additional $25.0 to $30.0 million beginning in the fourth quarter of 2024.
The report also notes a change in business strategy to focus on driving utilization and adoption of Optical Genome Mapping (OGM) from its existing installed base, with less emphasis on new placements of OGM systems.
The company continues to seek additional capital to fund its operations and has raised funds through equity offerings and convertible debentures.
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. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.