NEW YORK – Bionano Genomics reported 30 percent year-over-year growth in second quarter revenues after the close of the market on Wednesday.
"We are pleased with our Q2 2023 results, which include record revenues and consumable sales for any quarter in Bionano’s history," Bionano President and CEO Erik Holmlin said in a statement. "We continue to see growing momentum in our business, and we believe our recent and upcoming major product releases should help us further penetrate new markets and achieve our business goals."
For the quarter ended June 30, Bionano booked $8.7 million in revenues, up from $6.7 million in Q2 2022 and exceeding the average Wall Street estimate of $8.3 million.
Of the total, $6.6 million were product revenues, up 38 percent year over year from $4.8 million in the prior-year quarter. Service and other revenues were $2.1 million, an 11 percent increase from $1.9 million in Q2 2022.
During the quarter, Bionano installed 22 new Saphyr systems, growing the total installed base of the platform to 281, which represents a 43 percent increase over the 196 systems it had installed at the end of Q2 2022.
The company also sold 7,062 nanochannel array flow cells during the quarter, more than doubling the number of flow cells it sold during the year-ago quarter.
Bionano's net loss for the quarter swelled to $38.9 million, compared to a net loss of $32.2 million in Q2 2022. The firm did not report earnings per share. Analysts, on average, had expected a net loss of $1.03 per share.
The firm's R&D expenses increased to $14.6 million, up 24 percent from $11.8 million a year ago. Its SG&A expenses grew 23 percent to $26.9 million from $21.8 million in Q2 2022.
At the end of Q2, Bionano had $77.1 million in cash, cash equivalents, and available-for-sale securities.