Bionano Genomics Targets $30 Million Revenue by 2025 with Strategic Shift

Published 9 hours agoBNGO

Bionano Genomics Targets $30 Million Revenue by 2025 with Strategic Shift

Bionano Genomics has set an ambitious revenue target, expecting to generate between $26 million and $30 million by 2025. This announcement accompanies a strategic refocus as the company aims to improve its gross margins. Key actions include shifting efforts towards enhancing cash efficiency and boosting consumables revenue, rather than continuing rapid expansion. Reuters reported this includes a move away from certain clinical services products to concentrate on the core optical genome mapping products.

In addition to redefining its product focus, Bionano plans to cut operating expenses by $35–40 million, potentially affecting its workforce. The company emphasizes improving cash efficiency and increasing sample throughput, which they believe will enhance gross margins by reducing the cost of goods sold. Bionano also announced the commercial release of its high-throughput OGM instrument, the Stratys™ system, marking a significant step in its product development strategy.

Bionano's financial position at the end of 2024 included approximately $20.9 million in cash, cash equivalents, and available-for-sale securities. These moves align with Bionano’s overall objective to realign its operations, focusing on core competencies for sustainable growth and profitability.

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