0001411690-26-000007
SEC filingBionano Genomics, Inc. (BNGO) reported total revenue of $28.5 million for FY 2025, a 7% decline from $30.8 million in FY 2024, driven by a 53% drop in service and other revenue to $1.8 million following discontinuation of certain clinical services, partially offset by 9% growth in consumables to $14.0 million. Product revenue dipped 1% to $26.7 million, with instruments down 21% to $6.4 million due to strategic shift toward existing installed base utilization, now at 387 systems (up 4%). Gross profit improved dramatically to $13.2 million (46% margin) from $0.4 million (1% margin), aided by absence of 2024's $9.8 million inventory charges and higher consumables mix. Operating loss narrowed to $33.3 million from $104.0 million, with R&D down 54% to $11.4 million and SG&A down 32% to $35.2 million post-restructuring. Net loss shrank 76% to $26.4 million, boosted by $7.0 million other income including fair value gains. Cash used in operations fell to $16.3 million from $68.9 million. Balance sheet shows $73.6 million assets, $3.0 million cash, $44.4 million equity, but $10.0 million current convertible debentures. Management flags substantial going concern doubt, needing additional capital soon to fund operations into Q1 2027; exploring financings, potential M&A or bankruptcy if unmet.
Bionano Genomics reported FY 2025 total revenue of $28.5M, down 7% from $30.8M in 2024, with product revenue at $26.7M (-1%) and service/other at $1.8M (-53%). Gross profit surged to $13.2M (46% margin) from $0.4M (1%), due to no 2024 inventory charges ($9.8M) and better mix. Operating expenses fell 55% to $46.5M, driving operating loss to -$33.3M from -$104.0M. Net loss improved to -$26.4M from -$112.0M, aided by $7.0M other income. EPS was -$5 basic/diluted, same as prior year on 5.4M shares. Cash from ops used -$16.3M vs -$68.9M.
Product revenue: instruments $6.4M (-21%, fewer sales post-strategy shift), consumables $14.0M (+9%, higher ASP despite Q4 delays), software $6.4M (+4%, more licenses). Service revenue dropped due to March 2024 discontinuation of clinical offerings ($1.7M prior). Geography: Americas 43% ($12.2M), EMEA 50% ($14.1M), Asia Pacific 8% ($2.2M, headwinds). Installed base +4% to 387; flowcells sold 30,171 (-0.4%).
Gross margin 46% vs 1%, product 46% vs -5%, service 49% vs 48%. Cost of revenue halved to $15.3M, no 2024 impairments/restructuring. R&D -54% to $11.4M (headcount cuts), SG&A -32% to $35.2M (lower personnel, fees). No 2024 impairments ($19.7M) or restructuring ($8.0M). Other income $7.0M vs expense, from debt gains, credits.
Ops cash use -$16.3M (vs -$68.9M), investing -$12.7M (securities), financing +$24.0M (stock sales $31.1M net, debenture pays -$4.9M). Net cash down $5.1M; ending cash/restricted $4.5M (cash $3.0M). Assets $73.6M (current $45.4M), liabilities $29.2M (current $22.9M incl. $10.0M debentures), equity $44.4M. Accumulated deficit -$719.6M.
Substantial going concern doubt; cash funds to Q1 2027, needs capital soon or risk bankruptcy/reorganization. Focus: OGM utilization, cytogenomics, cell/gene therapy ($10B TAM). Restructuring reduced burn; monitoring macro/geopolitical risks, Asia slowdown. Evaluating debt/equity, M&A, sales; ATM facilities used ($31.1M proceeds). $10.3M debentures due 2026.