Bionano Reports Third Quarter 2024 Results and Highlights Recent Business Progress
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Bionano Genomics reported a 35% decrease in Q3 2024 revenue compared to Q3 2023, with $6.1 million in revenue. Despite this, the company saw a 22% increase in its installed base of optical genome mapping systems and a 27% increase in nanochannel array flowcell sales.
November 13, 2024 | 9:15 pm
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Bionano Genomics reported a significant 35% decrease in Q3 2024 revenue compared to the previous year, primarily due to a write-down of aged receivables. However, the company showed growth in its core business with a 22% increase in the installed base of optical genome mapping systems and a 27% increase in flowcell sales.
The 35% decrease in revenue is a negative indicator for Bionano Genomics, likely impacting short-term stock prices negatively. However, the growth in core product sales and system installations suggests potential for future recovery, partially offsetting the negative impact.
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