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BioNano Genomics Inc (BNGO)
NASDAQ:BNGO
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BioNano Genomics
(NASDAQ:BNGO)
47Neutral
Positive Factors
Reimbursement Progress
OGM reimbursement for heme malignancies is now live, which is viewed as a positive as more of BNGO's customers can get reimbursed for running BNGO's applications.
Technology Advantage
OGM has been shown to outperform the current gold standard cytogenetic methods for the detection of structural variation (SV).
Negative Factors
Financial Concerns
The share price decline during the past 12 months was primarily due to the financing overhang.
Revenue Guidance
BNGO again reduced its 2024 revenue guide to $28-30M, below its prior $32-36M, $36-40M, and $37-41M guides earlier this year.
BioNano Genomics (BNGO) vs. S&P 500 (SPY)
Market Cap
$13.18M
Dividend YieldN/A
Average Volume (3M)170.82K
Price to Earnings (P/E)―
Beta (1Y)2.92
Revenue Growth-14.79%
EPS Growth76.94%
CountryUS
Employees98
SectorHealthcare
Sector Strength69
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-91.86
Shares Outstanding3,101,438
10 Day Avg. Volume330,769
30 Day Avg. Volume170,821
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)0.23
Price to Cash Flow (P/CF)-0.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.00Price Target Upside62.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
BioNano Genomics Business Overview & Revenue Model
Company DescriptionBioNano Genomics (BNGO) is a life sciences instrumentation company that specializes in genome analysis technology. The company is known for its Saphyr System, a platform that enables researchers and clinicians to conduct comprehensive structural variation analysis of genomes. BioNano Genomics primarily operates in the genomics and medical research sectors, providing solutions that facilitate the understanding of genetic variations and their relationships to disease, which is critical in fields such as cancer research, genetic disease studies, and personalized medicine.
How the Company Makes MoneyBioNano Genomics generates revenue primarily through the sale of its Saphyr System, which includes instrument sales, consumables, and software. The company offers the Saphyr System to research institutions, healthcare organizations, and pharmaceutical companies. Revenue is driven by the initial sale of the Saphyr instrument and the recurring sales of consumables and software licenses needed for ongoing genomic analysis. Additionally, BioNano Genomics engages in service contracts and provides support services that contribute to its revenue streams. Strategic partnerships and collaborations in the genomics field also play a role in the company's earnings, as they can lead to increased adoption of its technology and expansion into new markets.
BioNano Genomics Financial Statement Overview
Summary
BioNano Genomics is experiencing significant financial difficulties, with consistent losses and cash flow challenges. The income statement shows negative profit margins, and cash flow remains negative, indicating operational inefficiencies. The balance sheet, however, shows a stable equity ratio despite negative ROE.Income Statement
BioNano Genomics has faced challenges in its income statement, as reflected by a consistent negative net profit margin and declining gross profit margin. Revenue growth has been inconsistent with a decline in the most recent period. The EBIT and EBITDA margins are also negative, indicating operational inefficiencies.35
Negative
Balance Sheet
The balance sheet reveals a moderate debt-to-equity ratio, which is manageable. However, the return on equity is negative due to sustained net losses, impacting shareholder value. The equity ratio is solid, suggesting a reasonable proportion of the company is financed by equity.45
Neutral
Cash Flow
Cash flow analysis indicates persistent negative free cash flow, reflecting cash outflows from operations exceeding inflows. The operating cash flow to net income ratio shows challenges in generating cash relative to accounting profits. Free cash flow growth rate is negative, indicating a concerning trend in cash management.40
Negative
| Breakdown | |||||
| TTM | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 33.33M | 36.12M | 27.80M | 17.98M | 8.50M | 10.13M | Gross Profit |
| -599.00K | 9.57M | 5.95M | 3.87M | 2.77M | 3.36M | EBIT |
| -108.08M | -215.25M | -131.70M | -77.10M | -38.55M | -25.87M | EBITDA |
| -120.31M | -213.60M | -120.31M | -73.86M | -37.08M | -26.38M | Net Income Common Stockholders |
| -135.78M | -232.49M | -132.60M | -72.44M | -41.14M | -29.84M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 5.25M | 101.89M | 113.19M | 250.61M | 38.45M | 17.31M | Total Assets |
| 0.00 | 214.40M | 307.50M | 377.10M | 60.45M | 30.21M | Total Debt |
| 0.00 | 79.41M | 11.67M | 10.70M | 16.33M | 20.02M | Net Debt |
| 5.25M | 61.47M | 6.58M | -13.88M | -22.12M | 2.71M | Total Liabilities |
| 0.00 | 118.25M | 58.10M | 39.98M | 25.37M | 26.64M | Stockholders Equity |
| -1.84M | 96.16M | 249.40M | 337.12M | 35.08M | 3.61M |
| Cash Flow | Free Cash Flow | ||||
| -97.57M | -126.87M | -128.12M | -73.39M | -38.31M | -29.59M | Operating Cash Flow |
| -96.72M | -125.18M | -124.82M | -71.93M | -38.31M | -29.53M | Investing Cash Flow |
| 15.47M | 24.16M | 82.77M | -278.06M | -2.45M | -61.06K | Financing Cash Flow |
| 55.43M | 113.81M | 23.01M | 336.11M | 61.90M | 30.38M |
BioNano Genomics Technical Analysis
Positive
4.30
Price Trends
3.97
Positive
7.69
Negative
16.67
Negative
Market Momentum
0.08
Negative
56.00
Neutral
38.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BNGO, the sentiment is Positive. The current price of 4.3 is above the 20-day moving average (MA) of 3.74, above the 50-day MA of 3.97, and below the 200-day MA of 16.67, indicating a neutral trend. The MACD of 0.08 indicates Negative momentum. The RSI at 56.00 is Neutral, neither overbought nor oversold. The STOCH value of 38.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BNGO.
BioNano Genomics Risk Analysis
BioNano Genomics disclosed 82 risk factors in its most recent earnings report. BioNano Genomics reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
BioNano Genomics Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
53 Neutral | $8.79M | ― | -279.80% | ― | 23.21% | 57.43% | |
52 Neutral | $29.35M | ― | -51.22% | ― | -10.56% | 41.02% | |
51 Neutral | $5.32B | 3.32 | -40.25% | 2.90% | 17.93% | 2.14% | |
50 Neutral | $25.68M | ― | -12.94% | ― | ― | ― | |
47 Neutral | $13.18M | ― | -170.33% | ― | -14.79% | 76.94% | |
42 Neutral | $9.72M | ― | -809.29% | ― | ― | ― | |
42 Neutral | $9.86M | ― | -242.44% | ― | 269.68% | 17.26% |
* Healthcare Sector Average
Performance Comparison
BNGO
BioNano Genomics
4.30
-42.86
-90.88%
ENZB
Enzo Biochem
0.49
-0.47
-48.96%
BNR
Burning Rock Biotech
2.84
-5.66
-66.59%
INBS
Intelligent Bio Solutions
1.29
-1.40
-52.04%
MYNZ
Mainz Biomed B.V.
3.53
-29.19
-89.21%
BIAF
bioAffinity Technologies, Inc.
0.50
-1.87
-78.90%
BioNano Genomics Earnings Call Summary
Earnings Call Date: Mar 31, 2025 | % Change Since: 54.12% | Next Earnings Date: May 7, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive and negative aspects. While there were significant improvements in gross margins, cost reductions, and strategic shifts that focused on routine users, the company faced challenges with decreased total revenue and a reduction in instrument sales. The outlook for 2025 indicates flattish growth, balancing the achievements with existing concerns.Highlights
Improved Gross Margin
GAAP gross margin for Q4 2024 was 42%, significantly higher than the 23% reported in Q4 2023. Non-GAAP gross margin also increased to 42% from 24% in the previous year.
Cost Reduction Success
GAAP operating expense for Q4 2024 was $15.4 million, down from $27.4 million in Q4 2023. Non-GAAP operating expense decreased to $10.6 million from $26.6 million. This was attributed to cost savings initiatives and a reduced headcount.
Increased Consumables and Software Sales
Consumables sales increased by 14% to $12.8 million, while software sales grew by 11% to $6.2 million for the full year 2024.
Growth in Key Regions
Sales in the Americas increased by 9% and in the EMEA region by 10% in 2024 compared to 2023.
Routine User Focus Strategy
The company shifted its focus to support 118 routine use customers who account for over 80% of consumables purchases, leading to increased efficiency and profitability.
CPT Code for Optical Genome Mapping
The American Medical Association established a Category 1 CPT code for OGM use in hematologic malignancies, effective January 1, 2025.
Successful Fundraising
Completed a $10 million registered direct offering in January 2025 and raised net proceeds of $3.2 million through ATM sales in Q1 2025.
Lowlights
Decrease in Total Revenue
Total revenue for Q4 2024 was $8.2 million, a decrease of 24% compared to Q4 2023, largely due to the discontinuation of clinical services.
Reduction in Instrument Sales
There was a reduction in instrument sales of nearly $2 million for the full year 2024.
Overall Decrease in GAAP Gross Margin for Full Year
Full year 2024 GAAP gross margin was 1%, down from 26% in 2023, after a series of one-time non-cash adjustments.
Flattish Revenue Growth Outlook for 2025
Revenue guidance for 2025 is projected at $29 million to $32 million, indicating flattish growth compared to 2024.
Company Guidance
In the Bionano Fourth Quarter 2024 Earnings Conference Call, the company reported a total revenue of $8.2 million for Q4 2024, marking a 24% decline compared to Q4 2023, primarily due to the cessation of clinical service revenues. Despite this, Bionano achieved a substantial improvement in GAAP gross margin, which rose to 42% from 23% in Q4 2023, and non-GAAP gross margin also increased to 42% from 24%. Operating expenses were significantly reduced, with GAAP operating expenses decreasing from $27.4 million in Q4 2023 to $15.4 million in Q4 2024, and non-GAAP operating expenses dropping from $26.6 million to $10.6 million. The company reported cash, cash equivalents, and available-for-sale securities totaling $20.9 million as of December 31, 2024, and successfully extended its cash runway into Q1 2026. For the full year 2024, product revenues slightly increased to $27 million, with consumables and software sales showing growth. Bionano also experienced a 15% increase in nano channel array flow cell sales, reaching 30,307 units for the year. Looking ahead to 2025, Bionano expects full-year revenues between $29 million and $32 million and first-quarter revenues between $6.2 million and $6.3 million, focusing on existing routine use sites and strategic growth in the optical genome mapping sector.BioNano Genomics Corporate Events
Private Placements and FinancingBusiness Operations and Strategy
BioNano Genomics Ends Sales Agreement with Cowen
Neutral
Feb 10, 2025
On February 4, 2025, BioNano Genomics announced the termination of its Sales Agreement with Cowen and Company, effective February 14, 2025. This agreement, established in March 2021 and amended in March 2023, allowed the company to offer and sell up to $200 million in common stock through an ‘at the market’ equity offering program.
Shareholder MeetingsStock Split
BioNano Genomics Executes Significant Reverse Stock Split
Neutral
Jan 27, 2025
On January 24, 2025, Bionano Genomics, Inc. executed a reverse stock split at a 1-for-60 ratio following approval in a special stockholder meeting. The split, effective from January 24, reduced the number of shares and adjusted exercise prices proportionately, with trading on a split-adjusted basis starting January 27. This move impacts all stockholders proportionately without altering percentage ownership.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.