Bionano Genomics (NASDAQ:BNGO) reported third-quarter 2026 revenue of $8.3 million, up 12% from a year earlier, as increased sales of consumables and instruments offset a decline in software revenue.
The company reiterated its full-year revenue forecast of $31 million to $33 million and said it expects to finish near the midpoint of that range. The forecast represents growth of 9% to 16% over 2025, Chief Accounting Officer Mark Adamchak said on the earnings call.
Chairman and Interim CEO Al Luderer said the company’s growth strategy remains focused on expanding routine clinical use of optical genome mapping, or OGM, among existing and new customers. He also cited progress toward reimbursement coverage and efforts to increase production capacity.
Consumables Drive Growth
Bionano sold 9,870 nanochannel array flow cells in the quarter, an 18% increase from a year earlier and a quarterly record. Luderer said a large share of the additional volume came from laboratories bringing OGM into routine use.
Consumable revenue rose 24% to $4.7 million, driven by sales to existing customers in the Americas. Other revenue, including instruments and services, increased 24% to $2.5 million, led by instrument sales to new customers. Software revenue fell 31% to $1.1 million because fewer VIA software licenses were sold.
Luderer said the company expects some software revenue to decline as customers using VIA with arrays transition to OGM, but it expects to offset that loss by bringing those customers further into its OGM business.
Revenue in Europe, the Middle East and Africa rose 14% to $4.1 million, while revenue in the Americas increased 35% to $3.8 million.
Coverage Proposal and Clinical Adoption
Luderer highlighted a proposed local coverage determination published by MolDX in late August that would establish criteria for Medicare coverage of OGM-based detection of certain genomic alterations in hematologic neoplasms. The proposal applies to Medicare administrative contractor jurisdictions that follow MolDX, covering 31 states. The public comment period has closed, and a final determination is pending.
He said a clear coverage pathway could reduce the financial risk for laboratories validating OGM and moving it into routine use. Luderer also noted that the American Medical Association has approved two category 1 CPT codes for OGM and that the Centers for Medicare & Medicaid Services has established reimbursement rates for both.
In New York, the state Department of Health approved OGM-based laboratory-developed tests at University of Rochester Medicine for genetic disorders, reproductive disorders and hematologic malignancies, Luderer said. Memorial Sloan Kettering Cancer Center also launched OGM-based hematologic malignancy testing following state approval.
Asked how broadly Memorial Sloan Kettering planned to implement the testing, Luderer said he was not prepared to answer but that the company could follow up. He added that integrating a new test into clinical services and familiarizing ordering physicians with it can take time.
Luderer also discussed three independent peer-reviewed studies that examined OGM in high-risk myeloid cancers. Among them, a University of Oulu study found clinically relevant structural variants in 46% of 48 acute myeloid leukemia samples classified as normal by conventional karyotyping, he said.
Costs, Cash and Capacity
Adjusted gross margin increased to 48% from 46% a year earlier. Operating expenses fell 12% to $10.5 million, while adjusted operating expenses declined 9% to $8.8 million. Bionano ended the quarter with $8.7 million in cash equivalents and available-for-sale securities, including $500,000 subject to restrictions.
Luderer said the company is targeting adjusted EBITDA neutrality by the end of 2027, supported by expense controls and revenue growth. Asked about a September framework for $50 million to $54 million in 2027 revenue, he described the earlier presentation as a vision for what the company might become rather than explicitly reaffirming that revenue range. He said large customers starting to come online would account for much of the expected growth.
Production constraints have limited Bionano’s ability to meet demand, Luderer said. He cited long lead times for critical components, particularly the silicon wafer containing nanochannels. The company expects to roughly double its current capacity around mid-2027 and plans to clear essentially all back orders by the end of 2026, he said.
About Bionano Genomics (NASDAQ:BNGO)
Bionano Genomics, Inc. is a life sciences company that develops genomic analysis tools designed to help researchers and clinicians detect large-scale structural variations in DNA. Its technology is intended to complement or extend conventional sequencing and cytogenetic methods by providing information about changes in genome structure, including deletions, duplications, inversions and translocations. The company’s principal platform is the Saphyr system, an optical genome mapping solution that analyzes ultra-high-molecular-weight DNA.
