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Bionano Genomics Q1 Revenues up 18 Percent

NEW YORK – Bionano Genomics reported on Wednesday after market close that its first quarter revenues grew 18 percent year over year.

For the quarter ended March 31, the San Diego-based optical genome mapping company booked $8.8 million in revenues, up from $7.4 million in the same quarter a year ago and matching the upper boundary of the company’s estimate of $8.3 million to $8.8 million.

"We accomplished a lot in Q1," Bionano President and CEO Erik Holmlin told investors in a conference call recapping the company’s first quarter financial results. "Our focus in 2024 remains on strengthening the company's long-term growth profile."

Revenues consisted of $6.8 million in product revenue, up 26 percent from $5.4 million in Q1 2023, and $1.9 million in service and other revenue, a 3 percent dip from $2.0 million in the prior-year period.

Excluding $1.4 million in revenues from discontinued clinical services, core revenues during the first quarter were $7.3 million, which represents 21 percent year-over-year growth over the $6.1 million core revenues for the same period in 2023, Bionano CFO Gülsen Kama told investors during the call.

Bionano expanded its installed base of Saphyr systems to 347 during the quarter, representing 34 percent growth over 259 during Q1 2023. It also sold 8,249 nanochannel array flow cells during Q1, a 58 percent year-over-year increase from 5,226 arrays sold in the prior-year period.

The company's Q1 R&D expenses were $9.8 million, down 29 percent from $13.9 million a year ago. Its SG&A costs totaled $19.5 million, shrinking 25 percent from $26.0 million in Q1 2023.

The firm's net loss for the quarter was $31.4 million, down from $37.1 million a year ago. It did not report a per-share loss.

Bionano ended the first quarter with $53.2 million in cash, cash equivalents, and available-for-sale securities.

"Our operating expense and cash burn improved year over year as a result of the cost-savings initiatives we announced in May and October 2023, and we expect to see continued improvement to both as a result of the reduction in force we announced in March 2024," Kama said in a statement. "We continue to work to reduce our expenditures as we pursue ways to extend our cash runway.”

For full-year 2024, Bionano reiterated its revenue guidance of $37.0 million to $41.0 million; revenue for the second quarter is expected to be $7.8 million to $8.2 million.