Bionano Genomics — Q3 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $8.3 million, a 12% increase from $7.4 million in the same period of 2025.
• Consumables revenue reached $4.7 million, representing a 24% increase compared to the third quarter of 2025.
• Flowcell sales totaled 9,870 units in Q3 2026, an 18% increase over the 8,390 units sold in Q3 2025.
• Gross margin was 48% in Q3 2026, up from 46% in Q3 2025.
• Operating expenses decreased 12% to $10.5 million in Q3 2026.
• Adjusted operating expenses decreased 9% to $8.8 million in Q3 2026.
• Net loss for the three months ended September 30, 2026, was $6.5 million, compared to a net loss of $8.5 million in the same period of 2025.
• Cash and cash equivalents were $4.4 million as of September 30, 2026, down from $3.0 million as of December 31, 2025.
• Total current assets were $25.5 million as of September 30, 2026, compared to $45.4 million as of December 31, 2025.
• Convertible debentures payable were eliminated in Q3 2026, having been $10.0 million as of December 31, 2025.
• Contract liabilities (deferred revenue) increased to $1.1 million as of September 30, 2026, from $0.97 million as of December 31, 2025.

Guidance and Future Outlook:

• The company reiterated full-year 2026 revenue guidance in the range of $31 million to $33 million.
• Management anticipates turning current momentum into sustained growth in 2027 and beyond.
• The company expects clearer reimbursement pathways for OGM-based testing to support broader clinical adoption over time.

Business Segments and Product Lines:

• Bionano Laboratories announced milestones regarding reimbursement and state-level approvals for OGM tests offered by third parties.
• Three independent peer-reviewed publications were announced demonstrating the clinical value of OGM across myelodysplastic syndromes, acute myeloid leukemia, and therapy-related myeloid neoplasms.
• Leading academic cancer centers are increasingly integrating OGM into their clinical laboratories.
• The company continues to expand its evidence base with new independent peer-reviewed studies on OGM utility across various disorders.

Management Commentary and Tone:

• Al Luderer, Ph.D., Chairman and Interim CEO, stated that Q3 results reflect momentum building across the business and the broader genomics community.
• Management highlighted that regulatory progress and coverage improvements are accelerating the adoption of optical genome mapping (OGM) in clinical and commercial settings.
• The tone indicates confidence in the company's position to convert current momentum into sustained growth.

Risks and Challenges:

• The company faces risks related to its ability to improve margins, extend its cash runway, and reach a potential pathway to profitability.
• There is a risk regarding the company's ability to continue as a going concern, which requires managing costs and obtaining significant additional financing.
• Future results depend on the ability to drive OGM adoption for routine use in genomic analysis and the impact of Category I CPT codes on adoption rates.
• Risks include the potential need to seek relief under insolvency laws if additional financing is not obtained.
• The company must manage the impact of adverse geopolitical and macroeconomic developments, including bank failures, international conflicts, inflation, and supply chain issues.

Other Key Points:

• The company renamed certain non-GAAP financial measures effective March 31, 2026, changing "non-GAAP gross margin" to "adjusted gross margin" and "non-GAAP operating expense" to "adjusted operating expense" to align with peer nomenclature.
• Adjusted gross margin excludes stock-based compensation, while adjusted operating expense excludes stock-based compensation, amortization of intangibles, transaction-related expenses, and executive transition costs.
• The company offers OGM solutions for basic, translational, and clinical research, along with platform-agnostic genome analysis software and nucleic acid extraction solutions using proprietary isotachophoresis (ITP) technology.
• Bionano's products are designated for research use only and not for use in diagnostic procedures, though the company offers diagnostic testing services through its Lineagen, Inc. d/b/a Bionano Laboratories business.