Business
Bionano Reports Second Quarter 2024 Results and Highlights Recent Business Progress
Q2 2024 revenue was $7.8 million, which represents a 10% decrease from Q2 2023Total installed base of 363 optical genome mapping (OGM) systems as of Q2 2024,
About this update from Bionano Genomics, Inc.
[{"type":"text","content":"Q2 2024 revenue was $7.8 million, which represents a 10% decrease from Q2 2023Total installed base of 363 optical genome mapping (OGM) systems as of Q2 2024, which represents a 29% increase over Q2 2023Sold 6,165 nanochannel array flowcells in Q2 2024, which represents a 13% decrease from the number of flowcells sold in Q2 2023The editorial panel of the American Medical Association (AMA) established a new Category I Current Procedural Terminology (CPT®) code for the use of OGM in cytogenomic genome-wide analysis to detect structural and copy number variations related to hematological malignanciesConference call today, August 7th, 2024 at 4:30 PM ET SAN DIEGO, Aug. 07, 2024 (GLOBE NEWSWIRE) -- Bionano Genomics, Inc. (Nasdaq: BNGO) today reported financial results for the second quarter ended June 30, 2024. “We saw positive growth in the OGM installed base this quarter, along with key advancements to our VIA software and the achievement of a significant milestone with the establishment of a Category I CPT code for OGM, which we believe will raise the awareness and utility of OGM,” commented Erik Holmlin, PhD, president and chief executive officer of Bionano. “We are continuing to focus on strengthening the company’s long-term growth profile and prioritizing efficiencies as we manage through a transition into a lower resource environment. We expect to continue to invest in opportunities where we see the greatest potential to increase global adoption and utilization of OGM.\" Recent Highlights Announced a registered direct offering and concurrent private placement of clinical milestone-linked Series A and Series B warrants of up to $30.0 million: Upfront gross proceeds to the Company of approximately $10.0 million, before deducting the placement agent’s fees and other offering expenses payable by the Company; funds will be used for general corporate purposes.Potential additional gross proceeds of up to $20.0 million upon the cash exercise (subject to stockholder approval) in full of the Series A and Series B warrants to purchase an aggregate of 35,026,272 shares. Additional updates and improvements to the Company’s end-to-end workflow are anticipated for the second half of 2024: A pre-commercial version of the Ionic® Purification System for isolation of DNA for OGM analysis completed evaluation at two customer sites, with a third si...