Bionano Genomics (NASDAQ:BNGO) reported first-quarter 2026 revenue at the high end of its guidance range, as management said stronger consumables demand and rising utilization among existing optical genome mapping users helped offset a decline in software revenue.
The company also used its earnings call to address a recent leadership change. Dr. Al Luderer, Bionano’s chairman and interim chief executive officer, said his immediate priority is maintaining business continuity while the board searches for a permanent CEO.
Revenue Rises as Consumables Growth Continues
Bionano posted first-quarter revenue of $6.7 million, up 4% from the prior-year period and at the high end of its $6.5 million to $6.7 million guidance range, according to Mark Adamchak, vice president of accounting and principal accounting officer.
The company sold 8,178 nanochannel array flow cells during the quarter, a 17% increase from the first quarter of 2025. Luderer said that represented a record first-quarter unit sales volume for Bionano. Excluding flow cells tied to sales of new OGM systems in both periods, flow cells sold to existing customers increased 21% year over year.
Luderer said Bionano entered the quarter with constraints on flow cell production, but supply began improving during the period. He said the company expects continued improvement in flow cell production through the remainder of 2026.
By revenue category, consumables revenue rose 20% year over year to $3.9 million. Software revenue fell 40% to $1.2 million, which Luderer attributed to a large software sale in the prior year that is expected to cover that user’s needs in both 2025 and 2026. Other revenue increased 36% to $1.6 million.
Management said the company’s revenue mix is shifting toward a higher proportion of recurring revenue from consumables and software. Luderer described that shift as “a healthier, more predictable business mix” aligned with Bionano’s strategy.
Margins Improve; Debt Retirement Expected
Adjusted gross margin was 49% in the first quarter, compared with 46% in the prior-year period, Adamchak said. Luderer said Bionano has improved its gross margin profile from the “high 20%” range in 2023 to 49.9% in the first quarter of 2026, citing lower costs, higher volumes and operational efficiencies.
Adjusted operating expense was $9.1 million, compared with $8.5 million in the first quarter of 2025. The company ended the quarter with $24.7 million in cash, cash equivalents and available-for-sale securities, including $10.3 million subject to certain restrictions.
Adamchak said Bionano expects its cash runway to extend into 2027, based on factors described in its annual filing. He also said the company expects to fully retire its outstanding senior secured convertible debt this month, calling it “a meaningful balance sheet milestone that further simplifies our financial profile.”
Asked by H.C. Wainwright analyst Yi Chen whether the company expects to reach operating cash flow break-even by late 2026 or sometime in 2027, Adamchak said Bionano does not expect to reach cash flow break-even by the end of 2026. He said the company is taking steps to reduce cash burn as much as possible by the fourth quarter of 2027, but is not providing guidance on whether it can achieve break-even by then.
Guidance Reaffirmed for 2026
Bionano reaffirmed full-year 2026 revenue guidance of $30 million to $33 million, representing growth of 5% to 16% over 2025.
For the second quarter of 2026, the company initiated revenue guidance of $7.5 million to $7.8 million, representing 12% to 16% growth over the second quarter of 2025. Adamchak said the first quarter was expected to be the lightest quarter of the year, consistent with the company’s typical seasonality.
Reimbursement and Adoption Remain Strategic Priorities
Luderer said Bionano’s strategy is built around four priorities: supporting routine OGM and VIA software users; increasing OGM utilization through menu expansion and adoption of VIA and Ionic; building support for reimbursement and inclusion in medical society guidelines; and improving profitability and scalability.
He highlighted two reimbursement milestones that took effect in the first quarter. The 2026 clinical lab fee schedule reflected a 47% increase in the payment determination for the Category I CPT code for OGM in hematologic malignancies, rising to $1,853.22 from $1,263.53. Separately, a new Category I CPT code for OGM in constitutional genetic disorders received a final payment determination of $1,263.53, effective Jan. 1, 2026.
Luderer said the two codes now cover OGM’s primary application areas and could reduce barriers to adoption across oncology and clinical genetic research communities.
On the publication front, Bionano said 28 publications describing the utility of OGM for rare disease analysis were released in the first quarter, up approximately 56% from the first quarter of 2025. Luderer also cited a study from Johns Hopkins University School of Medicine and the University of Texas MD Anderson Cancer Center in multiple myeloma, as well as a publication from Sanford Burnham Prebys Medical Discovery Institute on the use of OGM to detect genomic alterations introduced by gene editing technologies.
During the question-and-answer session, Luderer pointed to reimbursement changes, the expected elimination of debt and forthcoming publications as potential catalysts for the business. He said adoption is increasingly being driven by users rather than by the company’s internal clinical and medical teams.
“Today, it’s all of our users that are out there, and they are setting the standard and the path,” Luderer said. “They are now leading, and that’s a huge transformation for this company.”
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.
