Bionano Genomics Sees Q1 Revenue $8.25M-$8.75M Vs $9.69M Est.; FY24 Revenue $37M-$41M Vs $47.17M Est.

Author: Benzinga Newsdesk | March 05, 2024 05:50pm

2024 Outlook

We remain hyper focused on our mission of transforming the way the world sees the genome. To that end we want to highlight the following:

• We recently amended the convertible debt financing entered into in October 2023 to restructure our debt obligations and we will continue to work with our lender as we manage the remaining obligations.
  
   
• In an effort to streamline our operating structure and focus on core OGM products, we are phasing out First Step and Next Step Dx clinical services products and our Fragile X test, which are legacy, non-OGM tests. In 2023, these products generated around $7.0 million of the overall $36.1 million in revenues. 
  
   
• After taking into account the financial impact of discontinued products, Bionano expects full year 2024 revenue to be in the range of $37.0 to $41.0 million and Q1 2024 revenue is expected to be in the range of $8.25 to $8.75 million.
• We anticipate installation of 80 to 100 new OGM systems in 2024, with a projected 2024 installed base range of 381 to 401 OGM systems. This range reflects some anticipated Saphyr to Stratys upgrades.

Posted In: BNGO