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1. Company Snapshot

1.a. Company Description

Bionano Genomics, Inc.provides genome analysis software solutions.It offers Saphyr, a sample-to-result solution for structural variation analysis by optical genome mapping for genome analysis and understanding of genetic variation and function; Saphyr instrument, a single-molecule imager; Saphyr Chip, a consumable that packages the nanochannel arrays for DNA linearization; and Bionano Prep Kits and DNA labeling kits, which provide the reagents and protocols for extracting and labeling ultra-high molecular weight.


The company also provides Saphyr and Bionano compute servers; and NxClinical which offers one system for analysis and interpretation of genomic variants from microarray and next-generation sequencing data for cytogenetics and molecular genetics.In addition, it offers testing and laboratory services comprising FirstStepDx PLUS, a chromosomal microarray for identifying an underlying genetic cause in individuals with autism spectrum disorder, developmental delay, and intellectual disability; Fragile X syndrome (FXS) testing services; NextStepDx PLUS, a exome sequencing test to identify genetic variants that are associated with disorders of childhood development; EpiPanelDx PLUS, a genetic testing panel for patients who have experienced seizures, infantile spasms, encephalopathy, or febrile seizures; PGx test, which identifies over 60 alleles in 11 genes.The company was founded in 2003 and is headquartered in San Diego, California.

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1.b. Last Insights on BNGO

Bionano Genomics' recent performance was negatively impacted by a series of challenging events. The company's decision to enter into a $10 million registered direct offering at a price of $0.252 per share, accompanied by warrants, may have diluted shareholder value. Additionally, the announcement of a reverse stock split, effective at a ratio of 1-for-60, could also have a negative impact on shareholder value. Furthermore, the company's debt restructuring, which defers amortization payments and reduces monthly payments from $1 million to $500,000, may not be sufficient to address its cash runway concerns. The absence of any recent earnings release makes it difficult to assess the company's current financial health.

1.c. Company Highlights

2. Bionano's Q3 2025 Earnings: A Step Closer to a Digital Pathology Future

Bionano Genomics reported a total revenue of $7.4 million for the third quarter of 2025, marking a 21% increase from the same period in 2024. The company's non-GAAP gross margin stood at 46%, while its non-GAAP operating expenses decreased by 40% year-over-year. The earnings per share (EPS) came in at -$1.59, beating estimates of -$1.81. The company's installed base grew to 384 systems after installing 7 new systems during the quarter. The revenue growth was largely driven by a 7% increase in flow cell purchases by existing customers, with the company selling a record 8,390 flow cells.

Publication Date: Nov -19

📋 Highlights
  • Revenue Growth:: Q3 2025 revenue reached $7.4 million, reflecting a 21% year-over-year increase.
  • Flow Cell Sales:: Sold 8,390 flow cells, a 7% year-over-year increase, with 7% growth in existing customer purchases.
  • Gross Margin:: Non-GAAP gross margin hit 46%, supported by disciplined operating expenses reduced by 40% YoY.
  • Installed Systems:: 7 new systems installed, raising the total to 384, with 2025 full-year revenue guidance raised to $26–$30 million.
  • Reimbursement Progress:: 97 new optical genome mapping publications in Q3 2025, a 10% YoY increase, supporting reimbursement efforts.

Revenue Growth Drivers

The company's focus on driving utilization within its routine user base is yielding results, with revenue from consumables and software growing 15% year-over-year in the third quarter and 10% for the first 9 months of 2025. Bionano's strategy of supporting its installed base, driving software adoption, and building support for optical genome mapping reimbursement is working in tandem to drive growth. As Dr. Erik Holmlin mentioned during the call, the company's efforts are focused on "transforming pathology by moving from an analog past to a digital future."

Optical Genome Mapping Progress

Bionano made significant progress in building support for optical genome mapping reimbursement, with 97 new publications demonstrating its value in the third quarter of 2025, a 10% growth over the same period in 2024. The company's pricing for optical genome mapping is higher than microarray codes, aligning with the needs of laboratories today. This progress is crucial in driving adoption and reimbursement for the company's optical genome mapping technology.

Outlook and Valuation

Bionano reiterated its full-year 2025 revenue guidance of $26 million to $30 million and expects the fourth quarter of 2025 revenues to be in the range of $7.5 million to $7.9 million. Analysts estimate next year's revenue growth at 32.0%. With a Price-to-Sales Ratio of 0.18, the market seems to have tempered expectations. However, considering the company's negative EPS, the P/E Ratio of -0.21 might not be a reliable metric. The EV/EBITDA ratio stands at -0.3, indicating that the company's valuation is largely dependent on its future growth prospects.

3. NewsRoom

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Final 2026 Clinical Lab Fee Schedule Indicates a 47% Increase in Payment Determination for the Category I CPT Code for OGM use in Hematologic Malignancies

Dec -03

Source: globenewswire.com

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Bionano Genomics, Inc. (BNGO) Q3 2025 Earnings Call Transcript

Nov -14

Source: seekingalpha.com

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Bionano Reports Third Quarter 2025 Results and Highlights Recent Business Progress

Nov -13

Source: globenewswire.com

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Bionano Announces Publication Showing OGM Can Overcome Key Limitations of Targeted RNA-Seq for Cytogenetic Investigation in Acute Leukemia

Nov -06

Source: globenewswire.com

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Bionano to Report Third Quarter 2025 Financial Results and Host a Conference Call Webcast on November 13, 2025

Oct -30

Source: globenewswire.com

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Bionano to Participate in the H.C. Wainwright @ Home Event

Oct -07

Source: globenewswire.com

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Bionano Genomics, Inc. Announces Closing of $10 Million Public Offering

Sep -17

Source: globenewswire.com

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Crude Oil Rises Over 2%; Bionano Genomics Shares Plunge

Sep -16

Source: benzinga.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (10.54%)

6. Segments

Consumables

Expected Growth: 10.43%

Bionano Genomics' Consumables segment growth of 10.43% is driven by increasing adoption of optical genome mapping in genetic disorder diagnosis, rising demand for non-invasive prenatal testing, and growing use of precision medicine in cancer treatment, coupled with expanding global distribution channels and strategic partnerships.

Instruments

Expected Growth: 10.47%

Bionano Genomics, Inc.'s 10.47% growth is driven by increasing adoption of its Saphyr system for optical genome mapping, strong sales of its NanoChannel arrays, and growing demand for its genome analysis services. Additionally, the company's expanding partnerships with leading research institutions and pharmaceutical companies, as well as its increasing presence in the liquid biopsy market, contribute to its growth momentum.

Services and Other

Expected Growth: 10.95%

Bionano Genomics' Services and Other segment growth of 10.95% is driven by increasing adoption of its genome analysis services, expansion of its customer base, and growing demand for its proprietary Saphyr system. Additionally, the company's strategic partnerships and collaborations have contributed to the growth, as well as its focus on providing high-quality services and support to its customers.

Software

Expected Growth: 10.27%

Bionano Genomics' software growth is driven by increasing adoption in genomics research, precision medicine, and clinical diagnostics. The company's optical genome mapping technology provides a unique value proposition, enabling researchers to better understand genome structure and function. Growing demand for genomic analysis, partnerships with leading research institutions, and expanding sales channels contribute to the 10.27% growth rate.

7. Detailed Products

Saphyr

A high-resolution, high-throughput genome mapping instrument that enables the analysis of ultra-long-range genomic information

Irys

A high-resolution, high-throughput genome mapping instrument that enables the analysis of ultra-long-range genomic information

Bionano Prep

A DNA labeling and staining kit used to prepare high-molecular-weight DNA for genome mapping

Bionano Access

A cloud-based software platform that enables users to analyze and interpret genome mapping data

Bionano Solve

A software tool that enables users to analyze and interpret genome mapping data

8. Bionano Genomics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bionano Genomics, Inc. operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the ongoing development of new technologies.

Bargaining Power Of Customers

Bionano Genomics, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are highly specialized, making it difficult for customers to switch to alternative suppliers.

Bargaining Power Of Suppliers

Bionano Genomics, Inc. relies on a limited number of suppliers for its raw materials and components. While the company has some bargaining power due to its size, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The biotechnology industry has high barriers to entry, including significant capital requirements, complex regulatory requirements, and the need for specialized expertise. These barriers make it difficult for new entrants to compete with established companies like Bionano Genomics, Inc.

Intensity Of Rivalry

The biotechnology industry is highly competitive, with many established companies competing for market share. Bionano Genomics, Inc. faces intense competition from companies with similar products and technologies, which can lead to pricing pressure and reduced market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 47.77%
Debt Cost 5.82%
Equity Weight 52.23%
Equity Cost 16.02%
WACC 11.15%
Leverage 91.46%

11. Quality Control: Bionano Genomics, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aclaris Therapeutics

A-Score: 4.7/10

Value: 6.8

Growth: 6.7

Quality: 4.0

Yield: 0.0

Momentum: 9.5

Volatility: 1.0

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VolitionRx

A-Score: 4.1/10

Value: 8.0

Growth: 6.4

Quality: 6.1

Yield: 0.0

Momentum: 3.0

Volatility: 1.0

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Personalis

A-Score: 3.8/10

Value: 6.4

Growth: 3.1

Quality: 4.1

Yield: 0.0

Momentum: 8.5

Volatility: 0.7

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Inotiv

A-Score: 3.6/10

Value: 9.8

Growth: 3.2

Quality: 4.6

Yield: 0.0

Momentum: 3.5

Volatility: 0.3

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T2 Biosystems

A-Score: 3.2/10

Value: 10.0

Growth: 4.7

Quality: 4.8

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Bionano Genomics

A-Score: 3.1/10

Value: 9.8

Growth: 4.3

Quality: 3.0

Yield: 0.0

Momentum: 0.5

Volatility: 0.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.68$

Current Price

1.68$

Potential

-0.00%

Expected Cash-Flows