olivLaw · US equity research
Bionano Genomics, Inc. BNGO
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Bionano Genomics develops optical genome mapping (OGM) systems, nucleic acid purification solutions, genomic analysis software and diagnostic services, aimed mainly at cytogenetics laboratories and research users. The company is seeking to support growth through consumables and clinical adoption, while net losses and funding uncertainty remain significant. Total revenue was 28.5 million USD in fiscal 2025, and the net loss was 26.4 million USD.
At the close of 04 Nov 2026, Bionano Genomics, Inc. (BNGO) stock was 1.19 USD (−0.83% on the day), with market capitalisation 14.0 m USD, beta 1.01, 52-week range 1.06–1.85 USD. Latest reported quarter (Q2 2026): revenue of 8.2 m USD (+21.4% YoY), net income of -7.4 m USD, diluted EPS -0.64 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 39.8
- weak (30–45)
- Bollinger (20, 2)
- 1.06 – 1.45
- in the lower half of the band · %B 0.33 · band width 30.9%
- SMA 50 / 200
- 1.37 / 1.24
- mixed trend
- MACD (12, 26, 9)
- -0.07 / -0.07
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −17.9% | −1.1% | −16.8 pp | — |
| 3 months | +11.2% | −0.5% | +11.7 pp | — |
| 6 months | −6.3% | +4.4% | −10.7 pp | — |
| Year to date | −22.2% | +12.3% | −34.5 pp | — |
| 1 year | −30.0% | +13.5% | −43.5 pp | +15.7% |
| 3 years | −98.7% | +76.4% | −175.1 pp | +1.8% |
| 5 years | −100.0% | +63.7% | −163.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.1 m | 8.2 m | 6.5 m | 6.7 m | 7.4 m | 8.0 m | 6.7 m | 8.2 m |
| Cost of revenue | 14.5 m | 4.7 m | 3.5 m | 3.3 m | 4.0 m | 4.6 m | 3.4 m | 3.9 m |
| Research & development | 4.7 m | 3.5 m | 2.4 m | 2.9 m | 2.8 m | 3.2 m | 3.1 m | 3.0 m |
| SG&A | 9.5 m | 11.7 m | 9.0 m | 8.3 m | 9.1 m | 8.7 m | 8.0 m | 8.5 m |
| Operating income | -43.9 m | -11.9 m | -8.5 m | -7.8 m | -8.5 m | -8.5 m | -7.9 m | -7.2 m |
| Depreciation & amortisation | 5.6 m ≈ | 2.4 m | 2.4 m | 2.4 m ≈ | 2.4 m ≈ | 2.3 m | 2.3 m | 2.3 m ≈ |
| Pre-tax income | -44.2 m | -20.1 m | -3.1 m | -6.8 m | -8.5 m | -7.9 m | -8.3 m | -7.4 m |
| Income tax | 24.0 k | 1.0 k | 7.0 k | 10.0 k | 14.0 k | 35.0 k | 10.0 k | 7.0 k |
| Net income | -44.2 m | -20.1 m | -3.1 m | -6.9 m | -8.5 m | -7.9 m | -8.3 m | -7.4 m |
| Diluted EPS | -30.92 | -12.25 ≈ | -1.15 | -1.99 | -1.59 | -0.77 ≈ | -0.76 | -0.64 |
| Operating cash flow | -13.3 m ≈ | -6.5 m | -2.8 m | -3.5 m ≈ | -5.9 m ≈ | -4.2 m | -5.7 m | -4.7 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 12.0 m | 10.1 m | 8.5 m | 18.0 m | 27.8 m | 36.1 m | 30.8 m | 28.5 m |
| Revenue YoY | +26.3% | −15.6% | −16.1% | +111.5% | +54.6% | +29.9% | −14.8% | −7.4% |
| Net income | -18.5 m | -29.8 m | -41.1 m | -72.4 m | -132.6 m | -232.5 m | -112.0 m | -26.4 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | -0.26 | -4.58 | -408.60 | -88.13 | -4.85 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -154.1% | -294.3% | -483.4% | -402.8% | -476.9% | -643.7% | -364.0% | -92.6% |
| Free cash flow | -20.3 m | -29.6 m | -38.3 m | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 44.4 m USD
- Total assets
- 73.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 1.98x
- ROE
- -66.2%
- ROA
- -35.1%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 8.5 m | 18.0 m | 27.8 m | 36.1 m | 30.8 m | 28.5 m | SEC (XBRL)· 23 Mar 2026verified |
| Cost of revenue | 5.7 m | 14.1 m | 21.9 m | 26.6 m | 30.4 m | 15.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Gross profit | 2.8 m ≈ | 3.9 m ≈ | 5.9 m ≈ | 9.6 m ≈ | 380.0 k ≈ | 13.2 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Research & development | 10.3 m | 22.5 m | 49.0 m | 54.0 m | 24.8 m | 11.4 m | SEC (XBRL)· 23 Mar 2026verified |
| SG&A | 31.1 m | 58.5 m | 88.6 m | 92.8 m | 51.9 m | 35.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Operating income | -38.6 m | -77.1 m | -131.7 m | -215.2 m | -104.0 m | -33.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Depreciation & amortisation | 1.5 m | 3.4 m | 9.6 m | 13.7 m | 14.0 m | 9.5 m | SEC (XBRL)· 23 Mar 2026verified |
| EBITDA | -37.1 m ≈ | -73.8 m ≈ | -122.1 m ≈ | -201.5 m ≈ | -90.0 m ≈ | -23.8 m ≈ | SEC (XBRL)· 23 Mar 2026derived |
| Interest expense | 2.5 m | 927.0 k | 298.0 k | 5.1 m | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Pre-tax income | -41.1 m | -78.2 m | -130.7 m | -232.4 m | -112.0 m | -26.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Income tax | 29.0 k | -5.7 m | 1.9 m | 62.0 k | 33.0 k | 67.0 k | SEC (XBRL)· 23 Mar 2026verified |
| Net income | -41.1 m | -72.4 m | -132.6 m | -232.5 m | -112.0 m | -26.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Diluted EPS | — | -0.26 | -4.58 | -408.60 | -88.13 | -4.85 | SEC (XBRL)· 23 Mar 2026verified |
| Weighted average diluted shares | — | 276.8 m | 28.9 m | 569.0 k | 1.3 m | 5.4 m | SEC (XBRL)· 23 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 38.4 m | 24.6 m | 5.1 m | 17.9 m | 9.2 m | 3.0 m | SEC (XBRL)· 23 Mar 2026verified |
| Receivables | 2.8 m | 4.9 m | 7.0 m | 9.3 m | 4.8 m | 5.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Inventories | 3.3 m | 12.4 m | 29.8 m | 27.6 m | 13.3 m | 7.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Current assets | 46.8 m | 272.4 m | 157.3 m | 140.1 m | 39.5 m | 45.4 m | SEC (XBRL)· 23 Mar 2026verified |
| Property, plant & equipment, net | 4.9 m | 10.3 m | 18.0 m | 23.3 m | 19.2 m | 14.8 m | SEC (XBRL)· 23 Mar 2026verified |
| Goodwill | 7.2 m | 56.2 m | 77.3 m | 0 | — | — | SEC (XBRL)· 05 Mar 2024verified |
| Intangibles (excl. goodwill) | 1.5 m | 26.8 m | 41.1 m | 34.0 m | 9.7 m | 4.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Total assets | 60.5 m | 377.1 m | 307.5 m | 214.4 m | 76.7 m | 73.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Accounts payable | 2.9 m | 10.8 m | 12.5 m | 10.4 m | 7.0 m | 5.6 m | SEC (XBRL)· 23 Mar 2026verified |
| Short-term debt | 0 | — | — | — | — | — | SEC (XBRL)· 23 Mar 2021verified |
| Long-term debt | 16.3 m | 0 | — | — | — | — | SEC (XBRL)· 01 Mar 2022verified |
| Current liabilities | 8.9 m | 21.8 m | 35.9 m | 100.0 m | 37.3 m | 22.9 m | SEC (XBRL)· 23 Mar 2026verified |
| Total liabilities | 25.4 m | 40.0 m | 58.1 m | 118.2 m | 41.3 m | 29.2 m | SEC (XBRL)· 23 Mar 2026verified |
| Equity | 35.1 m † | 337.1 m † | 249.4 m † | 96.2 m † | 35.4 m † | 44.4 m † | SEC (XBRL)· 23 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -38.3 m | -71.9 m | -124.8 m | -125.2 m | -68.9 m | -16.3 m | SEC (XBRL)· 23 Mar 2026verified |
| Capex | 0 | — | — | — | — | — | SEC (XBRL)· 23 Mar 2021verified |
| Free cash flow | -38.3 m ≈ | — | — | — | — | — | SEC (XBRL)· 01 Mar 2022derived |
| Investing cash flow | -2.5 m | -278.1 m | 82.8 m | 24.2 m | 73.8 m | -12.7 m | SEC (XBRL)· 23 Mar 2026verified |
| Financing cash flow | 61.9 m | 336.1 m | 23.0 m | 113.8 m | -13.7 m | 24.0 m | SEC (XBRL)· 23 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 14.0 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -106.6% | 21 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 0.8% | 7 (on a fixed band) | 44% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.5x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial7/100 · 1/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Bionano Genomics, Inc. (BNGO). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 28.5 m USD in 2025; YoY growth -7.4%; net margin -106.6%; ROE -83.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.5x
What contradicts it
- Net margin: -106.6%
- Revenue CAGR 3Y: 0.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −58% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −30% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
1- and 3-year price returns: for BNGO from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Bionano Genomics develops optical genome mapping (OGM) systems, nucleic acid purification solutions, genomic analysis software and diagnostic services, aimed mainly at cytogenetics laboratories and research users. The company is seeking to support growth through consumables and clinical adoption, while net losses and funding uncertainty remain significant. Total revenue was 28.5 million USD in fiscal 2025 1, and the net loss was 26.4 million USD 1.
SWOT
Strengths
- The company has a growing OGM installed base and an integrated portfolio of instruments, consumables, software and services 12.
- Consumables are growing significantly, and this revenue type could provide a more predictable base if adoption continues 3.
- The company obtained category I CPT codes and Medicare payments for some uses, which may ease adoption by laboratories 1.
Weaknesses
- Persistent net losses and a large accumulated deficit limit the company's financial flexibility 1.
- There is substantial doubt about the company's ability to continue as a going concern, and it may need additional capital in the near term 1.
- Headcount reductions and withdrawn services may affect sales capacity and development over the medium term 1.
Opportunities
- Clinical adoption of OGM could expand consumables and services, especially in laboratories working on structural variants 23.
- Extension into NGS analysis software could enlarge the addressable market if integrated data proves useful to customers 1.
- Recent publications on OGM in hematology and reproductive health could strengthen clinician confidence 3.
Threats
- Dependence on external funding and favourable market conditions may restrict the company's strategic options 1.
- Rising memory and other component costs could reduce margins if they cannot be passed on to customers 2.
- Changes in reimbursement policy or delays in clinical adoption could slow revenue growth 1.
Risks
- Going concern doubthigh
The company warned that existing funding could cover operations only into the first quarter of 2027, and without additional capital operations could be reduced or wound down 1.
- Recurring net losseshigh
The company has reported net losses in every year since formation and cannot predict when it will become profitable 1.
- Shelf registration limitsmedium
Because its public float is small, the company's ability to raise capital through Form S-3 is limited, which could raise the cost of capital 1.
- Effects of headcount reductionsmedium
Headcount reductions and withdrawn services could affect sales, research and operational continuity 1.
- Cost and supply pressureslow
Component costs, especially memory, and supply constraints could affect margins and deliveries 2.
Investment thesis
What would need to be true (bull case)
- If clinical adoption of OGM continues, consumable growth could support recurring revenue and improve the financial profile 3.
- The company has a growing installed base and reimbursement codes for some uses, which could ease expansion into laboratories 1.
- Retiring secured debt and recent scientific publications could give the company more flexibility to accelerate growth 3.
What would break the thesis
- The going concern doubt could force the company to reduce operations or seek capital on unfavourable terms 1.
- Persistent losses and lower revenue in 2025 could indicate the business model has not yet stabilised 1.
- If Asia Pacific headwinds and cost pressures persist, margins and growth pace could be affected 2.
What to watch
- Third quarter results and revenue guidanceQ3 2026
- Development of consumables and installed system countQ4 2026
- Financing measures and any strategic transactions2027
- Update on the going concern assessment in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Bionano Genomics supplies genome analysis solutions, with its Saphyr and Stratys OGM systems as the core product, which detect structural variations in chromosomes 1. The portfolio also includes the Ionic Purification system based on ITP technology and the VIA software, which integrates OGM, NGS and microarray data 1. Through Bionano Laboratories, the company offers OGM-based diagnostic testing and laboratory services for researchers who do not own a system 1.
The company has transformed in recent years from an instrument maker into a provider of complete genomic solutions, through the Lineagen, BioDiscovery and Purigen acquisitions 1. The current strategy puts emphasis on utilization of installed systems rather than new instrument placements 1. During 2025 the company continued cost reductions and phased out some testing services 1.
Financially, in the second quarter of 2026 the company reported total revenue of 8.2 million USD, up 21% 3, and issued guidance for full year 2026 between 31 and 33 million USD 3. The company stated it could fund operations into the first quarter of 2027 and that there is substantial doubt about its ability to continue as a going concern 1.
Segments
OGM systems and consumables
The Saphyr and Stratys systems, together with nanochannel cartridges, form the core of the business. The installed base rose to 397 as of June 30, 2026 2, and consumables are the main driver of recent growth, supported by clinical adoption 2.
Market context
The company estimates that the economic potential of OGM in cytogenetics, molecular pathology and cell and gene therapy is about 10.0 billion USD per year 1. These are the company's own estimates and depend on assumptions about the number of labs and samples analysed 1.
The NGS analysis software market is described by the company as a potential extension of its offering, but the figures used come from a third-party estimate cited in the annual report 1. If clinical adoption of OGM continues, demand for consumables could support revenue growth 2.
Trends
- Clinical adoption of OGMtailwind
Consumable growth is attributed to clinical adoption and higher utilization at existing and new clinical sites 2. If this trend holds, it could support recurring revenue 2.
- Reimbursement for CPT codestailwind
The American Medical Association established category I CPT codes for OGM, and CMS set higher payments for some uses 1. These decisions may ease reimbursement, but the effect depends on payer adoption 1.
- Pressure on component costsheadwind
The company has seen higher costs for computing components, especially memory, which could create pressure and supply constraints 2. These costs may affect margins if not offset 2.
- Slowdown in Asia Pacificheadwind
Growth in the Asia Pacific region has slowed due to regional headwinds and limited government funding for manufacturing partners 12. The company does not expect these headwinds to change in the near term 2.
Competitive position
The supplied sources do not explicitly name direct competitors, but the company describes traditional cytogenetic methods such as karyotyping, FISH, Southern blot and chromosomal microarray as existing alternatives 1. Next-generation sequencing is also presented as a complementary technology rather than a full substitute 1.
The company argues that OGM outperforms traditional methods for detecting structural variations, based on published studies 23. Its advantage could be limited if laboratories choose to combine existing methods, especially where cost per sample is decisive 1.
- Traditional cytogenetic methods
Karyotyping, FISH, Southern blot and chromosomal microarray, described in the filing as standard methods that OGM could replace in some applications.
- Next-generation sequencing platforms
Widely used sequencing systems presented as complementary tools that do not reliably detect all structural variations.
- Long-read sequencing technologies
Long-read platforms mentioned in the filing and compared with the molecule lengths analysed by OGM.
- Genomic analysis software vendors
Genomic data analysis software, mostly developed for next-generation sequencing with a focus on single-nucleotide variants.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report14 Sept 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jun 2026Other events · Financial statements and exhibits
- Current report05 Jun 2026Departure or appointment of officers
- Current report28 May 2026Other events · Financial statements and exhibits
- Current report14 May 2026Shareholder vote
- Quarterly report13 May 2026
- Current report13 May 2026Results of operations · Financial statements and exhibits
- Current report06 May 2026Departure or appointment of officers · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Bionano Genomics, Inc. · 23 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Bionano Genomics, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Bionano Genomics, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.