12:46 PM EDT, 10/10/2024 (MT Newswires) -- Bionano Genomics ( BNGO ) shares fell nearly 8% in recent Thursday trading after the company lowered its Q3 revenue guidance.

The healthcare company slashed its Q3 revenue forecast to between $6.5 million and $6.8 million from a prior outlook of $7.9 million to $8.9 million.

Analysts polled by S&P Capital IQ expect $7.9 million.

Bionano added that it had $23.3 million in cash, cash equivalents, available-for-sale securities, and restricted cash as of Sept. 30, of which $11.4 million was subject to certain restrictions.

The company "has been undertaking a strategic shift in the business that is intended to allow us to become a more capital-efficient business focused on driving utilization and adoption of [optical genome mapping] from our existing installed base, with less emphasis on new placements of our [optical genome mapping] systems. This business transformation may be a factor in revenues coming in lighter than previously anticipated," Bionano Chief Executive Erik Holmlin said in a statement.

Price: 0.39, Change: -0.03, Percent Change: -7.73