Bionano Q3 revenue $6.1M (-35% YoY); GAAP gross margin -139% on $9.8M impairment; cash burn down

Bionano Genomics, Inc.

2024-Q3 EPS reported -$1.34 revenue$22,613,000

Revenue $6.1M (-35% YoY); core product/software sales $6.6M offset by $0.5M receivable write-down from discontinued clinical services.
GAAP gross margin (139)% vs 30% YoY due to $9.8M impairment/disposal of reagent rentals and inventory; non-GAAP margin 26%.
GAAP operating expense $35.5M; non-GAAP $16.1M (-49% YoY). Cash, securities & restricted cash $23.4M as of Sept 30.
Installed base 368 OGM systems (+22% YoY); 7,835 flowcells sold (+27% YoY). Raised $10M upfront from registered direct offering & warrants Q3, plus $3M post-Q3.
Special meeting adjourned for lack of quorum; reconvenes Nov 27. CPT code for OGM in blood cancers expected 2025.

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