Bionano Raise
Bionano is raising more cash!
We last checked in on Bionano back in May to review their Q1 earnings.
Taking a quick look at the Q2 filings suggests that revenue continues to somewhat slowly decline:
Their numerous layoffs appear to be helping them reduce their burn. But their burn still seems too high. Spending $11.2M to make $6.7M doesn’t seem like a great business.
If you look at the instrument/consumable split, there doesn’t seem to be hugely positive news here either:
So consumables are up (yay!) but instrument sales are down by ~40%. That suggests slowing growth. In fact it appears their installed base as grown by only 15 instruments in the last year1.
I suspect these mapping approaches will hang around for a while. With competition from other approaches like Nabsys. But personally find it difficult to see room for much growth. I assume Bionano will continue to try and cut costs to push themselves closer to profitability. But perhaps it’s more likely that a larger player will acquire them, and to squeeze as much revenue as they can out of the product.
In the longer term, I don’t see a huge market for optical mapping.
I’m much more optimistic about the ability for long reads to show significant growth, and replacing mapping entirely. Even though I think that’s an extremely difficult journey too.
Grew our installed base to 378 as of June 30, 2025, an increase of approximately 4% from a total installed base of 363 as of June 30, 2024. Installed base represents the global number of OGM instruments installed at end-customer locations and therefore having the technology to process OGM.
Sold 7,233 flowcells in the three-month period ended June 30, 2025, an increase of approximately 17% from 6,165 flowcells sold in the same period of 2024. Sold 14,227 flowcells in the six-month period ended June 30, 2025, a decrease of approximately 1% from 14,414 flowcells sold in the same period of 2024. The OGM cartridge is the consumable that packages nanochannel arrays for DNA linearization. In its current form, the OGM cartridge can comprise one, two or three flowcells per cartridge. Flowcells sold refers to the units of genome mapping consumables used for analyzing one genome, purchased by customers to process samples for optical genome mapping.