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Bionano Genomics Posts Record Revenues in Q2

NEW YORK – Bionano Genomics reported a 72 percent year-over-year growth in second quarter revenues after the close of the market on Thursday.

For the quarter ended June 30, Bionano booked $6.7 million in revenues, a record for the company, up from $3.9 million in Q2 2021 and beating the average estimate of Wall Street analysts of $6.3 million.

Of those, $3.9 million were product revenues, up from $2.5 million in Q2 2021, and $2.8 million were service and other revenues, doubling from $1.4 million in the same period a year ago.

The total installed base of Saphyr systems at the end of the quarter was 196, with 20 systems shipped in the quarter, representing a 62 percent increase compared to Q2 2021.

The company also sold 3,394 nanochannel array flow cells during the quarter, a 24 percent increase over the year-ago quarter.

Bionano's net loss for the quarter swelled to $32.2 million, compared to a net loss of $18.8 million in Q2 2021. Bionano did not report earnings per share. Analysts, on average, had expected a net loss of $.09 per share.

The firm's R&D expenses almost tripled to $11.8 million from $4.1 million a year ago, while SG&A expenses grew 58 percent to $21.8 million from $13.8 million a year ago.

As of June 30, Bionano had $27.2 million in cash and cash equivalents and $160.2 million in investments.

The company maintained its full-year revenue guidance range of $24 million to $27 million.