Bionano Genomics (NASDAQ:BNGO) reported second-quarter 2026 revenue of $8.2 million, up 21% from the prior-year period and above its previously issued guidance range of $7.5 million to $7.8 million, as consumable demand and clinical adoption of optical genome mapping increased.
Chairman and Interim CEO Al Luderer said the company’s quarterly performance reflected increased utilization by existing routine-use customers, particularly clinical users. Bionano sold a record 9,219 nanochannel array flow cells during the quarter, a 27% increase year over year. Excluding flow cells associated with new optical genome mapping system sales, flow-cell sales to existing customers rose 24% from a year earlier.
Consumables Growth Offsets Software Decline
Consumable revenue rose 30% year over year to $4.3 million in the second quarter. Luderer said the increase was primarily tied to greater flow-cell sales and clinical adoption. Other revenue, which includes instruments and services, increased 38% to $2.5 million, driven by higher instrument sales to new customers.
Software revenue declined 16% from the prior-year quarter to $1.4 million, which the company attributed to timing delays in deployments for certain customers.
International revenue represented a majority of total revenue during the quarter, according to Luderer, who attributed the contribution to broadening clinical adoption at European institutions. The company ended the quarter with 397 optical genome mapping systems installed worldwide, compared with 378 a year earlier.
Bionano said it has prioritized deeper utilization among existing customers over aggressive expansion of its installed base since September 2024. Luderer said the company has been selective in pursuing new customers, focusing on prospects that are likely to become recurring, high-volume users.
Supply Limits Remain a Constraint
Despite the record flow-cell sales, management said demand continues to exceed current manufacturing capacity. Luderer told analysts the company remains in back order for nanochannel array flow cells and expects to address the situation around the middle to end of the fourth quarter.
The supply constraint was a key reason Bionano raised only the low end of its 2026 revenue outlook. The company now expects full-year revenue of $31 million to $33 million, representing growth of 9% to 16% over 2025. The prior outlook was not specified on the call, but management said the revised range increased the lower end while maintaining the upper end.
For the third quarter, Bionano initiated revenue guidance of $8.2 million to $8.6 million, representing year-over-year growth of 11% to 16%. Luderer said the outlook was conservative because several large orders are close to the end of the third quarter and could close during either the third or fourth quarter.
When asked whether growth would continue to be led by current customers, Luderer said he expects that to remain the case, citing strong demand from clinical users.
Reimbursement, Clinical Evidence and Product Development
Luderer said two Category 1 CPT codes that became effective earlier in 2026 provide reimbursement infrastructure for optical genome mapping in hematologic malignancies and constitutional genetic disorders. The hematologic malignancies code has a reimbursement amount of $1,853.22, while the constitutional genetic disorders code has an amount of $1,263.53.
Management said it believes reimbursement is beginning to contribute to U.S. sales, while coverage is also expanding in certain European regions. Luderer said there had been efforts to improve reimbursement for the constitutional genetics application, but he was not aware of progress.
The company also highlighted published research involving optical genome mapping. Luderer cited a 91-case study of T-cell acute lymphoblastic leukemia published in Modern Pathology by researchers at the University of Texas MD Anderson Cancer Center and Johns Hopkins University School of Medicine. According to Bionano, the study found that optical genome mapping detected genomic abnormalities in 97.8% of cases, compared with 55% using conventional karyotyping.
Bionano said it is preparing to launch expanded capabilities for its Ionic nucleic-acid purification system that interface with optical genome mapping sample preparation and long-read sequencing. The optical genome mapping-related expansion is targeted for the fourth quarter of 2026.
The company also announced the return of Dr. Alex Hastie as chief scientific officer. Hastie previously spent 14 years at Bionano and was involved in developing its optical genome mapping technology. Luderer said the board continues to search for his replacement as CEO.
Margins and Liquidity
Adjusted gross margin was 53% in the second quarter, up from 52% a year earlier and the company’s highest quarterly adjusted gross margin to date. Adjusted operating expenses were $8.7 million, compared with $8.8 million in the prior-year period.
Bionano ended the quarter with $10.4 million in cash, cash equivalents and available-for-sale securities, including $500,000 subject to restrictions. Principal Accounting Officer Mark Adamchak said the company expects its cash runway to extend into at least the first quarter of 2027, based on factors described in its Form 10-Q.
During the quarter, Bionano fully retired its outstanding senior secured convertible debt. Adamchak said the move simplified the company’s financial profile.
Addressing the relationship between flow-cell volume and consumable revenue, Adamchak noted that a substantial portion of customers are on reagent-rental arrangements. Under those arrangements, some revenue is deferred and amortized over the life of the lease, meaning flow-cell sales do not translate on a one-for-one basis to revenue recognized in a period.
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.
