Bionano Genomics, Inc. Q3 FY2025 earnings call

• Bionano focuses on transforming pathology from analog to digital with digital pathology solutions including optical genome mapping systems, Ionic system, and VIA software.
• Strategy to target routine users (labs with established sample flow) for consumables and software revenue, with 4 strategic pillars: supporting installed base of routine OGM and VIA users, driving software utilization, building OGM reimbursement support, and improving profitability/scalability.
• Q3 2025 highlights: solid gross margins, disciplined operating expenses, increased utilization from routine users. 97 new publications on OGM value in Q3 2025, a 10% growth y-o-y. Strong presence at ASHG Annual Meeting, new publication from MD Anderson Cancer Center showing OGM's utility in cancer, and studies on cancer biomarker chromoanagenesis.

Total revenue for the third quarter of 2025 was $7.4 million, an increase of 21% compared to Q3 2024. Core revenues (adjusting for a $0.5 million write-down of revenues from discontinued clinical services in 2024) increased by 12% year-over-year in Q3 2025. The company sold 8,390 flow cells in Q3 2025, a 7% increase y-o-y. Non-GAAP gross margin for Q3 2025 was 46%, significantly higher than 26% in Q3 2024. Consumables and software sales grew 15% y-o-y in Q3 and 10% ytd 2025. These sales represented 72% of the product mix in Q3 2025, up from 62% in the first 9 months of 2024.

• Reiterated full-year 2025 revenue guidance: $26 million to $30 million.
• Expected Q4 2025 revenues: $7.5 million to $7.9 million.
• Installed systems: Exceeded prior range of 20-25 systems, with 23 installed ytd 2025, likely surpassing the high end.

Q: Potential peak level of utilization for routine use customers?

A: The average utilization across routine users is about 4 samples per week, with a high end of 40 samples per week. Target is to get to the midpoint, aiming for low-20s on average across all routine users.

Q: Current installed base in Japan and market ramp-up?

A: Only 1 system installed in Japan at a service provider lab. Interest in Japan is evolving, with potential in cell and gene therapy, and evolution similar to the US for applications like genetic diseases and leukemias.

Q: Expectation for operating expenses stability?

A: Intending to keep operating expenses relatively stable, with possible investments where justified while keeping overall spending flat where not warranted.