Bionano Genomics, Inc.

What they do

Bionano develops and sells optical genome mapping (OGM) systems, the Saphyr and Stratys instruments, which use nanochannel array flowcell consumables and reagents to detect structural variants in chromosomes for cytogenetics, genetic disease and cancer research. It also sells the Ionic Purification system, which uses isotachophoresis technology to extract and purify DNA or RNA, and the platform-agnostic VIA software for analyzing OGM, next-generation sequencing and microarray data. Through its Bionano Laboratories subsidiary, it provides OGM-based laboratory testing, including an LDT for FSHD1, and offers OGM lab services performed in San Diego.

Revenue drivers

• OGM consumables — Flowcell cartridges sold to the installed base generate recurring revenue; consumables revenue was $4.3 million in Q2 2026, up 31% year over year, and 9,219 flowcells were sold in the quarter.
• OGM instrument sales — Saphyr and Stratys systems sold to new customers; the installed base grew to 397 as of June 30, 2026, up about 5% from 378 a year earlier, and instrument revenue makes up the remainder of the $8.2 million quarterly total.
• Via software — Platform-agnostic interpretation software for OGM, NGS and microarray data, sold to cytogenomics and molecular pathology labs; no separate revenue figures were disclosed in the excerpts.
• Nucleic acid purification and laboratory services — Ionic Purification systems sold through the Purigen subsidiary and OGM-based LDT and lab services through Bionano Laboratories, including the FSHD1 test; after phasing out hematologic malignancy and pre/postnatal LDTs in 2025, these lines are described as small relative to OGM.

Recent performance

Q2 2026 total revenue was $8.2 million, up 21% from $6.7 million in Q2 2025, with consumables revenue of $4.3 million up 31%. Gross margin was 53% versus 52% a year earlier, and operating expenses rose 2% to $11.5 million, or $8.7 million on an adjusted basis. Full year revenue fell from $36.1 million in 2023 to $30.8 million in 2024 and $28.5 million in 2025, while net loss narrowed from $232.5 million in 2023 to $112.0 million in 2024 and $26.4 million in 2025. Operating cash use declined from $125.2 million in 2023 to $16.3 million in 2025. At June 30, 2026, cash and equivalents were $3.7 million against total liabilities of $16.0 million.

Strategy

Management is focused on expanding clinical adoption of OGM, citing consumable sales growth driven by increased clinical use and higher utilization at existing and new clinical sites. The company completed full retirement of its outstanding secured convertible debentures in Q2 2026, eliminating secured debt and releasing liens on its assets, which management says simplifies the financial profile. Bionano re-appointed Dr. Alex Hastie, an original architect of the technology, as Chief Scientific Officer. It continues to phase out certain laboratory-developed tests while retaining the FSHD1 test and OGM lab services, and it cites growing publication and conference evidence for OGM in areas such as multiple myeloma, T-cell acute lymphoblastic leukemia and reproductive health.

Risks

• Thin cash position — Cash and equivalents were only $3.7 million at June 30, 2026, against $16.0 million of total liabilities, which raises questions about funding operations without new financing.
• Historical revenue decline — Revenue fell from $36.1 million in 2023 to $28.5 million in 2025, meaning the Q2 2026 increase is a recovery from a lower base rather than growth above prior peaks.
• Narrow lab test menu after phase-outs — Bionano Laboratories phased out OGM-based LDTs for hematological malignancies and pre- and postnatal constitutional disorders during 2025, leaving the FSHD1 test and lab services as the main offerings.
• Persistent losses — The company reported net losses every year shown, from $72.4 million in 2021 through $26.4 million in 2025, and operating expenses of $11.5 million in Q2 2026 exceeded revenue of $8.2 million.

Outlook

Management guided Q3 2026 revenue to $8.2-$8.6 million and full year 2026 revenue to $31-$33 million. That full-year range would be above 2025 revenue of $28.5 million. The outlook assumes continued clinical adoption and consumable utilization growth, and follows the completed retirement of the secured convertible debentures.