Shares of Bionano Genomics (BNGO) are set to open sharply lower on Friday, plummeting 5.92% in pre-market trading following the release of its second-quarter earnings report. The advanced medical equipment company reported mixed results, with losses narrowing but revenue declining year-over-year.

Bionano Genomics reported a quarterly adjusted loss of $1.99 per share for the quarter ended June 30, beating analyst expectations of a $2.41 loss. However, the company still recorded a substantial quarterly loss of $6.86 million. Revenue fell 13.4% to $6.73 million, slightly below the expected $6.83 million, indicating ongoing challenges in the company's market performance.

The pre-market plunge comes amid an already difficult year for Bionano Genomics' stock. Prior to this report, shares had fallen 1.2% in the current quarter and a staggering 81.3% year-to-date. Despite the company beating earnings expectations, investors appear to be focusing on the continued losses and declining revenue, suggesting concerns about the company's path to profitability and growth prospects in the competitive advanced medical equipment and technology sector.