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Investing.com - BTIG has reiterated its Neutral rating on Bionano Genomics (NASDAQ:BNGO) following the company’s second-quarter earnings report, citing improved gross margins and increased instrument placement outlook. According to InvestingPro data, the stock has surged 35.86% in the past week, despite facing significant profitability challenges with a net loss of $74.33 million in the last twelve months.
The genomics company reported gross margins of approximately 52% in the second quarter, which BTIG noted was "encouraging" for a company of Bionano’s size, though InvestingPro data shows overall trailing twelve-month gross margins remain challenged at 5.06%. The firm highlighted that Bionano is successfully focusing on core routine users, who drive approximately 80% of the company’s flowcell utilization.
Bionano has raised its 2025 outlook for new Optical Genome Mapping (OGM) system placements to 20-25 instruments. The company also reported 17% year-over-year growth in flowcells, which BTIG indicated was a positive sign for forward-looking demand, noting that new customers typically take 6-9 months to fully ramp utilization.
The genomics firm grew its recurring consumable and software business by 16% year-over-year. BTIG also pointed to management’s optimism regarding a second Category I CPT code for constitutional genetic disorders, which the research firm views as an endorsement of OGM for clinical use cases beyond oncology and hematology.
Bionano ended the second quarter with $27 million in cash, which management believes provides runway into the first quarter of 2026. While the company maintains a current ratio of 1.76, InvestingPro analysis indicates the company is quickly burning through cash. The company indicated it is engaged in "a variety of discussions" with strategic partners, according to BTIG’s research note. For deeper insights into Bionano’s financial health and 12 additional ProTips, subscribers can access the comprehensive Pro Research Report.
In other recent news, Bionano Genomics reported its second-quarter 2025 financial results, revealing a total revenue of $6.7 million. This figure marks a 13% decline compared to the same period last year, although it shows a slight increase from the first quarter’s $6.5 million. The company also improved its gross margin to over 50% during this period, alongside a reduction in operating expenses. Following these results, H.C. Wainwright adjusted its price target for Bionano Genomics from $10 to $11, maintaining a Buy rating on the stock. Despite these developments, the company’s stock experienced a decline in aftermarket trading, reflecting some investor concerns. These recent updates highlight the mixed reactions from the market and analysts regarding Bionano Genomics’ financial performance.
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