Bionano Genomics, Inc. (BNGO): Business Model Canvas [Dec-2025 Updated]

You're looking at Bionano Genomics, Inc. (BNGO) in late 2025, trying to see past the instrument sales and spot the sustainable profit engine. Honestly, the story here is a clear pivot: management is aggressively shifting from just placing the 384 Optical Genome Mapping (OGM) systems to driving high-margin revenue from consumables and software utilization, which is the classic razor-and-blade model. This focus is critical as they aim for that $26.0 million to $30.0 million revenue guidance for the year, especially after driving Q3 Non-GAAP operating expenses down to $9.7 million. The value proposition remains strong-superior detection of structural variants down to 500 bp-but the real question is execution on the utilization side. See the full breakdown below to understand exactly how the nine blocks of their Business Model Canvas support this crucial transition.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Key Partnerships

You're hiring before product-market fit, so solidifying key external relationships is critical for scaling the Saphyr Optical Genome Mapping (OGM) platform and the VIA software.

Software marketing agreement with Revvity for VIA™ software integration in NGS workflows

Bionano Genomics, Inc. entered a software marketing agreement with Revvity, Inc. (NYSE: RVTY) under which Revvity markets and commercializes Bionano Genomics, Inc.'s VIA™ software as part of Revvity's newborn sequencing research workflow. The VIA software is expected to enhance the comprehensive reporting capabilities of Revvity's next-generation sequencing (NGS) solution by adding an assessment of copy number variation (CNV) to the NGS workflow report and streamlining interpretation capabilities. Revvity's end-to-end workflow utilizes systems from Element Biosciences or Illumina and includes a hybridization-based NGS panel designed to identify variants in over 390 genes relevant for newborn sequencing research. Analysts noted that less than one-third of OGM systems currently use the VIA software as of Q2 2025.

Research collaborations with major academic and medical centers globally (e.g., MD Anderson, Yokohama City University)

Global momentum is highlighted by presentations at the American Society of Human Genetics (ASHG) Meeting in October 2025. Bionano Genomics, Inc. noted multiple studies showcasing OGM effectiveness. Key academic contributions include:

• A presentation from Li Fu, Yokohama City University Graduate School of Medicine, Japan, on resolving structural variants by OGM.
• A study from MD Anderson Cancer Center describing the largest single-institution evaluation of OGM clinical utility across multiple hematologic malignancies.
• MD Anderson Cancer Center published 4 papers on the use of OGM in blood cancer research, including one describing OGM use in the largest single cohort of 1,277 hematologic malignancy samples.

The number of published human clinical research samples grew to approximately 8,800 as of the end of 2024.

Third-party contract sales organizations and distributors for international market access

International expansion is a focus area, with EMEA sales rising 10% year-over-year in Q4 2024. Management noted that international market development, such as in Japan, is gradual and requires building local data.

Chinese commercial partner for regulatory approval and distribution of the Saphyr OGM platform

Regulatory milestones in China are progressing through OEM partners. Hangzhou Diagens Biotechnology, an OEM partner, obtained Class II registration and approval from China's National Medical Products Administration (NMPA) for the Saphyr optical genome mapping instrument in January 2025. Prior approvals include Class I registration for DNA isolation products from OEM partner Ecobono in September 2023, and Class I registration for DNA extraction and labeling kits from OEM partner Beijing Genome Precision Technology (BGPT) in February 2023.

Key suppliers and manufacturers for nanochannel array flowcells and instrument components

The utilization of consumables, specifically nanochannel array flowcells, is a key strategic driver. Here's the quick math on flowcell sales:

Consumables and software revenues represented 72% of the product mix in Q3 2025.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Key Activities

Research and development (R&D) of Optical Genome Mapping (OGM) technology and software.

Bionano Genomics, Inc. continues to advance its OGM platform, with the scientific community publishing findings that underscore the technology's utility. In the third quarter of 2025, there were 97 peer-reviewed publications showcasing OGM technology. Management highlighted the release of VIA 7.2 and Solve 3.8.3 software versions, which include updated features and AI-driven workflows.

Driving utilization of the existing installed base of 384 OGM systems.

The core operational focus is on supporting and sustaining the installed base of OGM systems and VIA software users, aiming to drive utilization and menu expansion. As of the end of the third quarter of 2025, the total installed base reached 384 systems, representing a 4% increase over the 368 systems reported at the end of the third quarter of 2024. The company expects new OGM system installations to surpass 25 for the full year 2025.

Key utilization metrics from Q3 2025 include:

• Consumables and software revenues increased by 15% year-over-year.
• 8,390 nanochannel array flowcells were sold in Q3 2025, a 7% increase over the 7,835 flowcells sold in Q3 2024.

Commercialization efforts focused on clinical adoption, especially in hematologic malignancies.

Commercialization efforts are supported by clinical evidence presented at major conferences. At the American Society of Human Genetics (ASHG) Meeting in October 2025, a total of nine studies demonstrated OGM's effectiveness in detecting structural variants associated with various genetic conditions. The company's Q3 2025 total revenue was $7.4 million.

Building support for OGM reimbursement, including the new Category I CPT code.

Securing reimbursement pathways is a major activity, with progress noted on two Category I Current Procedural Terminology (CPT) codes for OGM use. The Centers for Medicare & Medicaid Services (CMS) posted the preliminary payment determination for the Category I CPT code related to constitutional genetic disorders in September 2025. The first Category I CPT code, 81195, established in 2024 for hematologic malignancies, has a 2026 payment determination of $1853.22, which is a 47% increase from the initial $1263.53. The second Category I CPT code, for constitutional genetic disorders, is expected to be effective January 1, 2026.

Manufacturing and quality control of proprietary flowcells and reagents.

The manufacturing and quality control activity directly supports the utilization drive, as evidenced by the flowcell sales volume and margin performance. The gross margin reached 46% in Q3 2025.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Key Resources

You're looking at the core assets Bionano Genomics, Inc. (BNGO) relies on to execute its business strategy as of late 2025. These aren't just line items; they are the tangible and intangible foundations supporting their revenue generation, especially the pivot toward consumables and software utilization.

The most critical physical resource is the installed base of their Optical Genome Mapping (OGM) systems. This base drives the recurring revenue stream from flowcells and software licenses. As of the third quarter of 2025, Bionano Genomics, Inc. had an installed base of exactly 384 OGM systems at customer sites. This represented a 4% increase year-over-year from the 368 systems reported at the end of Q3 2024. During Q3 2025 specifically, the company added 7 new OGM systems to this base, while bringing 1 system back, resulting in the quarter-end total.

Utilization of this installed base is key to their financial story this year. The company sold an all-time record 8,390 nanochannel array flowcells in the third quarter of 2025. That's a 7% increase over the 7,835 flowcells sold in Q3 2024, showing that routine users are definitely ramping up their throughput.

Intangible assets are heavily weighted toward their core technology and software ecosystem. The proprietary Optical Genome Mapping (OGM) technology, deployed via the Saphyr and Stratys systems, is central. Furthermore, Bionano Genomics, Inc. possesses an intellectual property portfolio that includes proprietary isotachophoresis (ITP) technology, which they use for nucleic acid extraction and purification solutions.

The software layer is also a significant resource, designed to lock in the installed base. This includes the platform-agnostic genomic analysis software, specifically the VIA™ and Solve™ platforms, which management is focused on driving adoption of across routine users to facilitate menu expansion.

Financially, the balance sheet strength is a key resource for runway and operational flexibility. Here's a snapshot of the financial resources as of September 30, 2025:

The company's focus on operational efficiency is evident in the expense reduction; non-GAAP operating expenses were down 66% year-over-year to $11.9 million, or a 40% reduction on a non-GAAP basis to $9.7 million.

The success in driving utilization is reflected in the revenue mix. Consumables and software revenues increased by 15% in Q3 2025 compared to the prior year period. This strategic shift is clearly underpinning the asset base.

You can see the operational KPIs supporting these resources below:

• OGM Systems Installed Base (Q3 2025): 384 systems
• Nanochannel Array Flowcells Sold (Q3 2025): 8,390 units
• Flowcell Sales Growth YoY (Q3 2025): 7%
• Consumables and Software Revenue Growth YoY (Q3 2025): 15%
• New OGM System Installations (Full Year 2025 Expectation): Surpass 25 systems

The cash position of $31.8 million at quarter-end, bolstered by a $10 million public offering in September 2025, is what funds the continued development and deployment of these core technological assets. Finance: draft 13-week cash view by Friday.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Value Propositions

Superior detection of structural variants (SVs) down to 500 bp, often missed by NGS. In a comparative study for acute leukemia, Optical Genome Mapping (OGM) uniquely found 37 events, representing 15.8% of positive findings, while both OGM and targeted RNA-seq detected 175 events (74.7% of positives).

Consolidates multiple traditional cytogenetics tests into a single digital workflow. This consolidation is supported by the establishment of a new Category I Current Procedural Terminology (CPT) code by the American Medical Association for OGM use in cytogenomic genome-wide analysis for constitutional genetic disorders. Furthermore, the final 2026 Clinical Lab Fee Schedule indicates a 47% Increase in Payment Determination for the Category I CPT code for OGM use in Hematologic Malignancies.

High-resolution, genome-wide structural variation analysis for complex diseases. The technology's utility is demonstrated by the growing body of research, with 97 new peer-reviewed publications in Q3 2025, a 10% increase year-over-year. During that same quarter, 841 human clinical research genomes were published using OGM, marking an 84% increase compared to Q3 2024.

Faster workflow from sample to SV call, in as little as three days.

Platform-agnostic software for integrated analysis of OGM, NGS, and microarray data. The VIA software, in its latest version 7.2, automates variant calling, annotation, and interpretation with Artificial Intelligence for enhanced contextualization across OGM, microarray, and next-generation sequencing (NGS) data.

The adoption and utilization metrics for the platform as of late 2025 reflect the value proposition's traction:

The focus on routine users drives recurring revenue, as seen in the non-GAAP gross margin expansion:

• Non-GAAP Gross Margin in Q3 2025: 46%.
• Non-GAAP Gross Margin in Q2 2025: 52%.
• Non-GAAP Gross Margin in Q3 2024: 26%.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Customer Relationships

You're focused on driving utilization from the established user base, which is the core of the current relationship strategy for Bionano Genomics, Inc. (BNGO). This approach centers on supporting and deepening engagement with the specific customers already running Optical Genome Mapping (OGM) systems.

The company's strategy explicitly targets sustaining and supporting its base of 118 routine use customers. These core accounts are critical, as they accounted for over 80% of consumables revenue as of late 2024, a focus that continued into 2025. This emphasis on existing users is showing results in utilization metrics; for instance, flow cell purchases by these existing customers grew by 7% in the first nine months of 2025 compared to the same period a year ago. The total installed base stood at 384 OGM systems at the end of the third quarter of 2025.

Bionano Genomics, Inc. (BNGO) supports these relationships with dedicated service infrastructure. The Saphyr™ Assure Service provides an optional (opt-in) automated health monitoring feature that continuously inspects data quality and instrument performance, allowing Bionano Support to proactively repair systems with minimal downtime. This service is key for maintaining the uptime of the installed base, which saw 7 new OGM systems installed in the third quarter of 2025 alone, contributing to a year-to-date total of 23 new system installations, with expectations to surpass 25 for the full year 2025.

Scientific and educational engagement builds the community around the technology. The company supports this through direct engagement and publication metrics.

• OGM users worldwide have published on a cumulative basis nearly 11,500 clinical research genomes.
• In the third quarter of 2025, there were 97 new publications demonstrating the value of OGM, representing a 10% growth over the same period the year before.
• Over 500 publications cite OGM solutions in total.

The direct sales and support model is geared toward these high-volume, routine-use clinical and research labs. The success of this relationship focus is reflected in the Q3 2025 financial performance, where total revenue reached $7.4 million, with consumables and software revenues increasing by 15% year-over-year. The company sold 8,390 nanochannel array flowcells in that quarter.

Here's a quick look at the utilization and installed base metrics as of the end of Q3 2025:

The ongoing support structure, including dedicated Field Applications and Field Service teams, is essential for onboarding and sustaining these labs, ensuring they can effectively use the system for routine analysis.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Channels

You're looking at how Bionano Genomics, Inc. gets its Optical Genome Mapping (OGM) technology and data analysis tools into the hands of researchers and clinicians as of late 2025. The core strategy has definitely shifted to driving utilization from a focused group, so the channel mix reflects that intensity.

The direct sales force remains key, targeting what management calls its core group of 118 routine use customers, which, as of late 2024, accounted for over 80% of consumables revenue. This direct engagement helps push adoption in core geographies where the Americas region saw revenue increase by 9% year-over-year and EMEA sales rose by 10% in the full year 2024. That's how they are managing the near-term growth while keeping costs down.

For international reach beyond those core areas, Bionano Genomics relies on third-party distributors. The company supports its worldwide audiences through these partners, with specific mentions of activity in regions like North China (via Ecobono), Taiwan (via Pharmigene, Inc.), Thailand (via MDx Thailand), and Colombia (via Rochem Biocare S.A.S). Management also highlighted global momentum, noting research activity in regions like Japan, though specific distributor-driven revenue figures aren't broken out.

Online access is a growing channel, intrinsically linked to the installed base. The company is focused on driving utilization of its VIA software, which saw its segment grow by 11% in fiscal year 2024. In the third quarter of 2025, the combined consumables and software revenue was a strong $5.3 million out of the total reported revenue of $7.4 million for that quarter. This shows the digital component is a major revenue driver now.

Here's a quick look at how the revenue mix broke down in Q3 2025, showing the shift to recurring revenue streams:

Technology validation and awareness are pushed heavily through scientific channels. Bionano Genomics reported a new quarterly record of 119 peer-reviewed publications in the second quarter of 2025, followed by 97 peer-reviewed publications in the third quarter of 2025, underscoring growing scientific acceptance. They also highlighted momentum with nine studies presented at the American Society of Human Genetics (ASHG) Meeting in Q3 2025.

The diagnostic testing services channel, operating through Bionano Laboratories (Lineagen), has seen a strategic change; the company discontinued clinical services revenue, which contributed $0.7 million in Q2 2024 and $2.0 million in Q4 2023. However, the OGM-based LDTs (Laboratory Developed Tests) are supported by reimbursement pathways. Specifically, the payment determination for the Category I CPT code 81195 for hematologic malignancies, effective January 1, 2025, was set at $1263.53. This is defintely a key enabler for clinical adoption.

• OGM systems installed base reached 384 systems as of Q3 2025 end.
• The company plans to install between 25 and 30 new OGM systems in full year 2025, exceeding prior guidance.
• The company raised $10 million in a public stock offering in September 2025.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Customer Segments

You're looking at the core groups Bionano Genomics, Inc. (BNGO) serves as of late 2025, based on their Q3 2025 performance and strategic focus. The shift is clearly toward driving utilization from established users.

Academic and government research institutions focused on genomics and genetic disease.

This segment is evidenced by the scientific output Bionano Genomics supports. In the third quarter of 2025, the company saw 97 new peer-reviewed publications featuring their Optical Genome Mapping (OGM) technology. Furthermore, 841 human clinical research genomes were published using OGM during that quarter, which was an 84% increase compared to the third quarter of 2024. Research focus areas included constitutional disease, mosaicism, and oncology applications.

Clinical laboratories adopting OGM for cytogenomic analysis, especially in oncology.

Clinical adoption is being catalyzed by reimbursement milestones. For OGM use in cytogenomic genome-wide analysis for constitutional genetic disorders, the Centers for Medicare & Medicaid Services (CMS) established a preliminary payment determination of $1,263.53 effective January 1, 2025. For hematologic malignancies (blood cancers), the 2026 Clinical Lab Fee Schedule (CLFS) indicates a 47% increase for CPT code 81195, raising the payment determination from $1,263.53 to $1,853.22, effective January 1, 2026. Studies presented at the American Society of Human Genetics (ASHG) Meeting in October 2025 demonstrated OGM utility in cancer biomarker analysis and acute leukemias.

Pharmaceutical and biotechnology companies for cell line stability and gene therapy development.

While specific revenue figures for this segment aren't broken out, the technology's application in cancer research, such as the comparison of OGM to targeted RNA-sequencing in acute leukemias, shows direct relevance to drug development and validation pipelines within pharma and biotech.

Routine-use customers who account for over 80% of consumables revenue.

Bionano Genomics, Inc. is strategically focused on driving utilization from its existing base of routine users. Consumables and software revenues, which are the primary driver of utilization, accounted for $5.3 million of the total $7.4 million revenue in Q3 2025. This represented a 15% increase year-over-year for this category. The company sold 8,390 nanochannel array flowcells in Q3 2025, a 7% increase over the prior year. The total installed base supporting these routine uses reached 384 systems at the end of Q3 2025.

Early adopters in new regions like Japan leveraging OGM for complex genetics.

The CEO noted seeing strong momentum and expanding utilization in new regions, specifically mentioning Japan, where researchers are using OGM to address complex genetics questions.

Here's a quick look at the key Q3 2025 operational and financial metrics tied to these customer activities:

The company's strategic emphasis is on the recurring revenue from these users, as evidenced by the 15% growth in consumables and software revenue, which is the core of their transformed business model.

You should review the full Q3 2025 filing to see if the company provided a specific percentage breakdown of revenue derived from the routine user segment versus new system sales, as the $5.3 million from consumables/software is a strong indicator of this segment's importance. Finance: draft 13-week cash view by Friday.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Bionano Genomics, Inc. (BNGO)'s operations as of late 2025, focusing on where the cash is going to support the Optical Genome Mapping (OGM) platform. The story here is one of significant cost discipline driving margin expansion, even as they invest in the platform.

The primary cost drivers revolve around developing the OGM platform and its associated consumables. High R&D expenses for OGM platform and software development remain a foundational cost, necessary to advance the technology that underpins the entire value proposition. While specific R&D dollar amounts aren't broken out in the latest reports, the overall focus on software utilization suggests continued investment in that area.

Significant cost of goods sold (COGS) exists for manufacturing instruments and flowcells, which is directly reflected in the gross margin performance. The strategic shift toward consumables and software is clearly impacting this cost structure positively. Consumables and software revenues accounted for 72% of product revenue in Q3 2025, a mix that carries a higher margin profile than instrument sales.

The commitment to cost-saving initiatives is evident in the operating expense reduction. Non-GAAP operating expenses were reduced to $9.7 million in Q3 2025. This represents a 40% year-over-year decrease from the $16.1 million reported in Q3 2024. Honestly, that kind of reduction shows a real focus on operational efficiency.

The structure supporting the commercialization efforts-Sales, General, and Administrative (SG&A) costs for a global commercial team-is bundled within the total operating expenses. Furthermore, costs associated with intellectual property protection and regulatory compliance are ongoing, necessary expenditures for a medical technology company operating globally, though these are not itemized separately in the public summaries.

Here's a quick look at the key financial metrics reflecting this cost structure management through Q3 2025:

The shift in revenue mix is a direct cost-structure lever. You can see the impact:

• Consumables and software mix was 72% of product revenue in Q3 2025.
• Instrument revenue was $1.6 million in Q3 2025.
• Instrument revenue in Q3 2024 was $1.4 million.

The company is definitely prioritizing utilization over aggressive system placement, which changes the nature of their COGS and associated costs.

Finance: draft the full 2025 projected OpEx breakdown based on the Q3 run-rate by Friday.

Bionano Genomics, Inc. (BNGO) - Canvas Business Model: Revenue Streams

You're looking at how Bionano Genomics, Inc. (BNGO) brings in money, which is shifting more toward recurring revenue streams from existing users. The strategy is definitely focused on utilization now, not just putting boxes in the door.

The full-year 2025 revenue guidance remains projected to be between $26.0 million and $30.0 million. This outlook is supported by the company's focus on driving utilization within its existing installed base of Optical Genome Mapping (OGM) systems.

The revenue streams are segmented across four main areas, with a clear emphasis on the consumables and software components, which are higher margin.

For the third quarter of 2025, total revenue was $7.4 million, a 21% increase compared to the third quarter of 2024. This performance reflects the strategic shift, as prior periods included revenue from clinical services which have since been discontinued. The core business, excluding those discontinued services, saw growth.

Here's a breakdown of the revenue components based on the latest reported quarter:

The consumables revenue stream is directly tied to the use of the installed base of OGM systems. You can see the volume growth in the key consumable:

• Nanochannel array flowcells sold in Q3 2025 totaled 8,390 units, which was a 7% increase from Q3 2024.
• Consumables and software together represented 72% of the product mix in Q3 2025.

Instrument revenue comes from the sale of OGM systems, such as Saphyr/Stratys. The company is actively managing the installation pace, with expectations now raised for the full year. The installed base stood at 384 systems at the end of Q3 2025, following 7 new installations during that quarter. The expectation for new OGM system installations for the full year 2025 is set to surpass 25 systems, an increase from previous guidance of 20 to 25.

Service revenue is derived from instrument maintenance contracts and OGM data services, though the company has moved away from clinical services revenue. The focus on routine users is intended to generate more predictable, recurring revenue from the consumables and software.

Software revenue from licenses and subscriptions for VIA™ and Solve™ is bundled with the consumables growth, as consumables and software sales are reported together and showed a 15% year-over-year increase in Q3 2025.

Finance: draft 13-week cash view by Friday.