BTIG Reiterates Neutral Rating on Bionano Genomics (BNGO)

BTIG analyst Mark Massaro reiterated a Neutral rating on Bionano Genomics (NASDAQ: BNGO).

The analyst comments "Bionano delivered a Q3 miss, and again lowered its 2024 guide in part to reflect its newer focus on driving consumables growth and reducing its emphasis on driving instrument growth in greenfield accounts (in order to preserve cash). The good news is that BNGO proved in Q3 that it can grow consumables growth (by +35% Y/Y) by focusing on its existing installed base; however, BNGO experienced significant declines in its instrument and services lines. BNGO held $23M of cash at the end of Q3 and continues to look at ways to strengthen its balance sheet. We expect BNGO to expand its consumables business in 2025; however, it's difficult to model the instrument or services lines. Given our general lack of visibility on the totality of the company's business, we reiterate our Neutral rating on BNGO."

For an analyst ratings summary and ratings history on Bionano Genomics click here. For more ratings news on Bionano Genomics click here.

Shares of Bionano Genomics closed at $0.25 yesterday.

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