• The Illumina for large-scale structural changes in DNA.
• If Illumina provides the alphabet of the genome, Bionano provides the blueprint of its architecture.
• The Foundation Medicine for structural genomics.

• Saphyr System: An instrument platform utilized for high-resolution optical genome mapping (OGM) to detect structural variants in the genome.
• OGM Reagents and Consumables: Kits and chips essential for preparing DNA samples and running OGM assays on the Saphyr system.
• Bionano Access and Solve Software: Proprietary software solutions for data analysis, visualization, and interpretation of OGM results.
• Clinical OGM Solutions: Specific OGM applications and assays designed for detecting structural variants in various clinical and research areas, including prenatal, postnatal, and cancer diagnostics.

Bionano Genomics (BNGO) develops and markets the Saphyr system, a platform for optical genome mapping (OGM) used for structural variant detection in genomics research and clinical applications. As such, the company primarily sells its products and services to other organizations rather than directly to individuals.

Bionano Genomics does not publicly disclose a list of its specific major customers by name, nor does it typically identify individual companies (with stock symbols) as major customers. This is common practice for companies selling scientific instrumentation and consumables to a broad base of research and clinical laboratories. Instead, their customer base consists of various types of institutions and organizations globally.

The primary categories of customers that Bionano Genomics serves include:

• Academic and Research Institutions: This category includes universities, academic medical centers, and government-funded research laboratories worldwide. These institutions utilize the Saphyr system for basic science research, translational studies, and large-scale genomics projects aimed at understanding diseases and biological processes.
• Clinical Diagnostic Laboratories: Both private and public clinical labs adopt Bionano's technology to enhance their diagnostic and prognostic testing capabilities for various conditions, including genetic disorders, rare diseases, and different types of cancer. These labs aim to integrate OGM into their routine clinical workflows.
• Biopharmaceutical Companies: Companies engaged in drug discovery, development, and therapeutic research, especially those focused on genomics, gene therapy, and precision medicine, utilize the Saphyr system for detailed genomic analysis critical to their R&D pipelines.
• Contract Research Organizations (CROs): CROs that offer genomics services to pharmaceutical, biotechnology, and academic clients may incorporate Bionano's technology to provide advanced structural variant analysis as part of their service offerings.

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Erik Holmlin, PhD, President and Chief Executive Officer

Dr. Erik Holmlin has served as the CEO and President of Bionano Genomics since January 2011. He has over two decades of experience in the life science and healthcare industries. Dr. Holmlin founded GeneOhm Sciences, Inc., in 2001, and orchestrated its acquisition by Becton Dickinson in 2006. He also served as an Entrepreneur in Residence at Domain Associates, LLC, a leading life-science venture capital firm. His prior experience includes CEO at GenVault Corporation, Chief Commercial Officer at Exiqon A/S, and Vice President of Marketing and Development at Becton Dickinson.

Christopher Stewart, Former Chief Financial Officer

Christopher Stewart served as Bionano Genomics' Chief Financial Officer from September 2020 to September 2023. He brings over 20 years of financial management experience to his role. Prior to Bionano, he was Head of the Maxwell Ultracapacitors business unit at Tesla after Maxwell Technologies was acquired by Tesla. He also served as Vice President of Finance & Information Technology at Maxwell Technologies (a public company), Vice President of Finance at Entropic Communications (a public company), and Chief Financial Officer of V-ENABLE (now xAD), a leader in targeted mobile advertising. Stewart has demonstrated extensive mergers and acquisition experience.

Mark Oldakowski, Chief Operating Officer

Mark Oldakowski has a 20-year history of success in developing systems for the life sciences and medical device industries. Before joining Bionano Genomics, he led a global team at Brooks Life Science Systems in the development of sample analyzers, high-throughput screening solutions, and biobank systems. He also held roles at Affymetrix, where he launched an array platform widely used for genomics applications, Siemens Healthcare Diagnostics, and Life Technologies (formerly Applied Biosystems), where he was involved in developing systems for real-time PCR, sequencing, and sample preparation.

Alka Chaubey, PhD, FACMG, Chief Medical Officer

Dr. Alka Chaubey joined Bionano as its first Chief Medical Officer, effective August 31, 2020. She is double board-certified in clinical cytogenetics/genomics and clinical molecular genetics/genomics by the American Board of Medical Genetics and Genomics (ABMGG). Dr. Chaubey has nearly 20 years of scientific and clinical experience, including serving as the Head of Cytogenomics for PerkinElmer Genomics and for Vanadis, where she led the development and launch of several innovative products. She was also the Director of the Cytogenomics Laboratory at the Greenwood Genetic Center.

Jason Priar, Chief Commercial Officer

Jason Priar joined Bionano Genomics as Chief Commercial Officer in June 2021. He is a seasoned sales leader with experience scaling businesses from early stage to hundreds of millions in revenue. His background includes sales leadership positions at GeneDx, Sema4, and PerkinElmer Genomics, where he was responsible for sales, marketing, customer support, and managed care across various regions. Under his leadership at GeneDx, revenue grew from $8 million to over $225 million.

The rapid advancements and increasing adoption of long-read sequencing technologies, particularly from companies like Pacific Biosciences (PacBio) and Oxford Nanopore Technologies (ONT). These platforms are continuously improving their ability to detect a broad spectrum of structural variants (SVs) with high accuracy, increasing throughput, and decreasing cost per genome. As long-read sequencing becomes more cost-effective and integrated into clinical and research workflows for comprehensive genome analysis, it directly encroaches upon Bionano Genomics' core value proposition of identifying large structural variants, potentially diminishing the unique necessity or market share of Optical Genome Mapping (OGM) as a standalone or primary solution for SV detection.

The addressable markets for Bionano Genomics' (BNGO) main products and services are substantial, primarily driven by the demand for advanced genomic analysis in research and clinical diagnostics.

Optical Genome Mapping (OGM)

• The global optical genome mapping market was valued at approximately USD 131.50 million in 2023. It is estimated to reach USD 883.50 million by 2032, demonstrating a compound annual growth rate (CAGR) of 24.10% during the forecast period from 2024 to 2032.
• North America held the largest share of the global optical genome mapping market in 2023, accounting for 45.07%.
• Bionano's management has previously estimated its total addressable market for optical genome mapping capabilities to be USD 10 billion.

Genetic Testing and Diagnostic Services

• Rare Disease Genetic Testing Market: The global rare disease genetic testing market is projected to grow from USD 918.94 million in 2023 to approximately USD 3,051.6 million by 2032, at a CAGR of 13.1% during the forecast period from 2022 to 2032.
• Prenatal and Newborn Genetic Testing Market: The global prenatal and newborn genetic testing market was valued at USD 8.1 billion in 2024. This market is anticipated to grow to USD 26.8 billion by 2034, with a CAGR of 12.8%.
  • Specifically, the U.S. prenatal and newborn genetic testing market reached USD 3.8 billion in 2024.
  • Another report projects the global prenatal testing market to grow from USD 9.8 billion in 2022 to USD 19.8 billion in 2028, at a CAGR of 12.6%.
• First-line genetic testing for Autism Spectrum Disorder (ASD) and other Neurodevelopmental Disorders (NDDs) (U.S.): Bionano Genomics has estimated the serviceable addressable market (SAM) in the United States for its Lineagen FirstStepDx PLUS testing to be between USD 1.7 billion and USD 2.2 billion.

Bionano Genomics (BNGO) is positioning itself for future revenue growth over the next two to three years through several key drivers, as indicated by recent company reports and analyst insights:

1. Increased Utilization of Optical Genome Mapping (OGM) Systems and Consumables: Bionano is strategically shifting its focus from merely increasing the installed base of its Saphyr systems to driving higher utilization among existing and new "routine users." This strategy aims to boost the sales of high-margin consumables, such as nanochannel array flowcells, which are directly linked to the number of genomes analyzed. For example, flowcell sales increased by 17% in Q2 2025 year-over-year, and consumables and software revenue grew 16% in the same quarter, representing 73% of product revenue. The company anticipates the installed base of OGM systems to reach 325 by the end of 2023, and has raised its expectations for new OGM installations in 2025 to 20-25 systems.
2. Expansion of VIA Software Platform Adoption: The VIA software is considered a crucial component of Bionano's digital pathology strategy and a gold standard for copy number variation (CNV) analysis for microarrays and sequencing. Bionano is actively driving the adoption of its VIA software, which streamlines the visualization, interpretation, annotation, and reporting of genetic variants. This expansion is expected to drive recurring revenue as customers increasingly integrate VIA into their genomic analysis workflows, even for data from other long-read sequencing technologies.
3. Favorable Reimbursement Landscape and Clinical Market Penetration: The issuance of Category I CPT codes for optical genome mapping (OGM), particularly for constitutional disorders and hematologic malignancies, is a significant catalyst for future revenue growth. These codes are expected to pave the way for more routine use of OGM in cytogenetics by facilitating reimbursement, making the technology more accessible and attractive to clinical laboratories. The company believes this progress will accelerate OGM adoption in the clinical market, potentially displacing older methods.
4. Technological Enhancements and Workflow Improvements for OGM: Continuous innovation and improvements to the OGM workflow are expected to drive adoption and utilization. The acquisition of Purigen Biosystems, for instance, is anticipated to accelerate OGM adoption by enhancing Bionano's ultra-high molecular weight (UHMW) DNA sample preparation workflow. Additionally, the positive reception and first-wave deployments of the Stratus compute are expected to foster further growth in user numbers across the United States and Europe by making OGM easier to implement and use, and capable of processing substantially more samples.

Share Issuance

• In January 2021, Bionano Genomics announced the pricing of an underwritten public offering of 33,333,350 shares of its common stock at $6.00 per share, expecting to generate approximately $200 million in gross proceeds.
• In October 2023, Bionano Genomics completed an $80 million financing round and ended the year with $102.3 million in cash and securities.
• Bionano Genomics completed a registered direct offering in January 2025, raising $10 million through the sale of 39,682,540 shares of common stock and warrants at $0.252 per share, with potential for an additional $10 million if warrants are fully exercised. In September 2025, the company closed another public offering, raising approximately $10 million in gross proceeds from 5,000,000 shares at $2.00 per share and accompanying warrants, with the potential for an additional $20 million if warrants are fully exercised.

Outbound Investments

• In August 2020, Bionano Genomics acquired Lineagen Inc., a genetic diagnostic company specializing in pediatric neurodevelopmental disorders, for approximately $9.6 million. The consideration included 6,167,510 shares of Bionano's common stock, approximately $1.7 million in cash, and the assumption of about $2.9 million in liabilities. Bionano also paid approximately $1.1 million to satisfy outstanding principal and accrued interest of a Paycheck Protection Program loan issued to Lineagen.

Capital Expenditures

• Bionano Genomics' cash flow statements indicate capital expenditures of approximately -$2.4 million in 2020.
• In 2021, capital expenditures were approximately -$278.1 million.
• For 2024, Bionano's free cash flow was -$70.77 million, and operating cash flow was -$70.67 million, with proceeds from offerings generally intended for general corporate purposes, including capital expenditures.