Bionano (BNGO) Q4-25 earnings: The power-user pivot & a brutal supply chain trap

Bionano Genomics completely rewired its business model to focus on selling high-margin consumables to a tiny fraction of power users, only to immediately run out of the raw materials needed to make them. In ~10 minutes:• How wafer delays caused a 10% drop in flowcell sales.• Why just 60 customers now drive 56% of consumable revenue.• The massive 47% Medicare reimbursement bump hitting in 2026.• The ticking "going concern" clock tied to May 2026 debt.Management has successfully slashed $100 million in OPEX, keeping costs completely flat as they fight for profitability. But with liquidity dipping to $29.6 million, the company is walking a tightrope between clearing their hardware backlog and surviving long enough to see the benefits of their new pricing windfall.Company: Bionano Genomics, Inc. (BNGO) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.