Bionano Genomics (NASDAQ:BNGO) reported fourth-quarter and full-year 2025 results and outlined expectations for 2026, emphasizing a strategy centered on profitable growth from high-volume users, expanding consumables and software revenue, and continued cost reductions.
Q4 and full-year 2025 financial results
Fourth-quarter 2025 revenue was $8.0 million, down 3% from $8.2 million in the year-ago quarter, but at the high end of the company’s pre-announced range of $7.8 million to $8.0 million, according to Vice President of Accounting and Principal Accounting Officer Mark Adamchak.
Consumables volumes were largely stable year over year. Bionano sold 7,554 nanochannel array flow cells in Q4, down 6% year over year, and 30,171 flow cells in 2025, down 0.4% from 2024. Management said supply constraints late in Q4 affected shipments after Bionano’s manufacturing partner experienced delays producing silicon wafers for chip consumables. The company entered 2026 with a “healthy backlog” and expects to realize that demand as constraints ease in coming quarters.
Margin improvement and cost restructuring
Bionano highlighted significant operating cost reductions and margin expansion under what it described as a strategic shift that began in September 2024.
Non-GAAP gross margin in Q4 was 43%, up from 42% a year earlier. For the full year, non-GAAP gross margin was 47%, up from 35% in 2024—an improvement of 1,200 basis points despite lower revenue.
Non-GAAP operating expense was $9.7 million in Q4, down 9% year over year, and $36.6 million for 2025, down 47% from $68.9 million in 2024. Adamchak said that since Q2 2023 the company has removed about $100 million of annualized non-GAAP operating expense and reduced headcount by more than 300 people.
Bionano ended 2025 with $29.6 million in cash equivalents and available-for-sale securities, including $10.3 million subject to certain restrictions. Based on factors described in its 10-K, the company expects its cash runway to extend into 2027. Adamchak also said the company’s senior secured convertible debt is expected to be fully retired in May 2026, which he characterized as a balance sheet milestone.
Strategy: focus on routine users and recurring revenue
CEO and Principal Financial Officer Dr. Erik Holmlin framed the company’s strategy around modernizing pathology workflows through automation and AI-driven software, and said Bionano’s shift away from aggressively expanding its installed base is aimed at “profitable growth from high volume users and selective customer acquisition.” He described four strategic pillars:
- Support and sustain the installed base of routine optical genome mapping (OGM) and VIA software users.
- Increase OGM utilization by routine users through menu expansion and improved ease of use with VIA software and the Ionic system for automated nucleic acid isolation.
- Build support for OGM reimbursement and inclusion in medical society guidelines and recommendations.
- Improve profitability and scalability through lower costs, higher volumes, and continuous product quality improvement.
Holmlin said 2025 was a transitional year in which the company monitored the stability of the customer base during the strategic shift. While flow cell sales were slightly down, he said existing flow cell customer purchases declined 4% in Q4 but increased 5% for the full year when excluding flow cells tied to new system sales, and he reiterated that supply constraints late in Q4 muted growth.
Holmlin said consumables and software revenue was $4.8 million in Q4, down 1% year over year, driven by a 22% decline in software revenue that offset 8% consumables growth. He attributed the software decline to a “handful of orders” pulled forward into prior quarters. For the full year, consumables and software revenue increased from $19.0 million to $20.4 million, or 7% growth, and rose to 71% of total revenue from 62% in 2024—an emphasis Holmlin called a healthier, more predictable, and more profitable revenue profile.
Installed base mix and “most profitable” customer profile
Bionano reported 321 customers with 387 OGM systems installed as of Dec. 31, 2025. In Q4, the company installed nine OGM systems, and installed 32 systems for the full year, exceeding its original 2025 guidance of 15 to 20 installations.
Holmlin said “routine use customers” represent roughly 30% to 40% of customers and operate about 175 systems, or 45% of the global installed base. Despite being less than half of customers, these routine users accounted for about 83% of OGM consumables revenue in 2025, he said. Average revenue per routine use customer was about $89,000, which he said was about double the average across the entire installed base.
Holmlin also said about 60 routine use customers have validated an OGM protocol; those customers accounted for about 56% of total consumables revenue in 2025 and 69% of consumables revenue from routine users, with average consumables revenue of $131,000 per customer per year. He added that approximately 55 routine users intend to validate in the future and about 15 use OGM routinely but do not intend to validate.
Software, publications, reimbursement, and 2026 outlook
Holmlin highlighted software and compute upgrades, including a broad commercial release in Q4. He said VIA 7.2 extends the AI-driven OGM workflow into constitutional genetic disorders, while Solve 3.8.3 expands a structural variation control database and improves detection accuracy. He also said the Stratys compute upgrade using advanced GPUs can double weekly cancer sample throughput without hardware changes. Holmlin also pointed to the VIA platform’s use beyond OGM, including microarrays and growing traction with next-generation sequencing and long-read sequencing users, which he described as a meaningful software revenue stream and an “on-ramp” to broader adoption.
On reimbursement and evidence generation, Holmlin said the fourth quarter was a record for OGM publications, with 136 new peer-reviewed publications, up 25% year over year. For 2025, he cited approximately 450 publications, up from 359 in 2024. He also pointed to the growth in published human clinical research genomes, including roughly 1,190 in Q4 alone and nearly 12,700 cumulatively.
Bionano said reimbursement improved in 2025 with a second Category I CPT code for OGM covering constitutional genetic disorders, with a final price determination of $1,263.53 on the 2026 Clinical Lab Fee Schedule. The company also noted a 47% increase in the payment determination for the hematologic malignancies code, priced at $1,853.22 versus $1,263.53 previously, effective Jan. 1, 2026. In the Q&A, Holmlin called the higher hematologic malignancy price determination a “major catalyst” expected to accelerate adoption and utilization.
For 2026, Bionano initiated revenue guidance of $30 million to $33 million, representing 5% to 16% growth over 2025. For Q1 2026, it guided to $6.5 million to $6.7 million, implying flat to 3% growth year over year, with revenue expected to build through the year in line with typical seasonality.
Asked about new OGM system installations in 2026, Holmlin said the company is not providing installation guidance, but expects performance comparable to 2025. He also said consumables volume is expected to track with the company’s revenue growth outlook and reiterated that supply constraints at the end of 2025 limited shipments.
About Bionano Genomics (NASDAQ:BNGO)
Bionano Genomics, Inc (NASDAQ: BNGO) develops and commercializes high?resolution genome analysis tools designed to map structural variants and large?scale genomic rearrangements. At the core of its technology is the Saphyr® optical genome mapping system, which uses nanochannel arrays to linearize megabase?length DNA molecules, proprietary fluorescent labeling reagents to highlight specific sequence motifs, and advanced image processing software to detect structural changes with high sensitivity.
