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Bionano Reports Fourth Quarter and Full-Year 2023 Results and Provides Revenue Outlook for 2024
Q4 2023 revenue was $10.7 million, which represents a 30% increase over Q4 2022FY 2023 revenue was $36.1 million, which represents a 30% increase over FY
About this update from Bionano Genomics, Inc.
[{"type":"text","content":"Q4 2023 revenue was $10.7 million, which represents a 30% increase over Q4 2022FY 2023 revenue was $36.1 million, which represents a 30% increase over FY 2022Reached installed base of 326 optical genome mapping (OGM) systems as of YE 2023; increase of 36% over the 240 installed systems as of YE 2022Sold 26,444 nanochannel array flowcells in FY 2023, which represents a 72% increase over the flowcells sold in FY 2022Conference call today, March 5, 2024 at 4:30 PM ET SAN DIEGO, March 05, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the fourth quarter and full year ended December 31, 2023 and revenue outlook for 2024. “2023 was a year in which we made tremendous progress toward our mission of transforming the way the world sees the genome. The progress is evidence that our ELEVATE strategy is working,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “Revenue growth continued with growth of the OGM installed base and consumables units sales. We had a number of significant product launches during 2023, which we believe will make OGM easier to implement and use and make it possible to run substantially more samples. Innovations such as the Stratys™ system for high throughput mapping, and VIA™ software for streamlined visualization, interpretation and reporting of genome analysis results have been enthusiastically received and we expect them to be drivers of revenue growth. We also saw independent confirmation of the utility of our solutions, including the organization of consortia across the world who are driving OGM adoption and implementation. We believe the execution of ELEVATE with the progress of OGM in 2023 and our focus on reducing cash burn, including through new cost savings initiatives introduced today, has well-positioned us for success in 2024.” Recent Highlights Announced the commercial release of the Stratys system, the Company’s system for high throughput OGM, and the completion of the Stratys early access program, which includes 11 systems at 10 customer sites across the globe.Published the first framework paper for the uniform clinical adoption and implementation of the OGM workflow for hematological malignancy applications, authored by an international consortium of 18 researchers. Published interim readout from second phase of prena...