NEW YORK – Bionano Genomics reported a 179 percent increase in first quarter revenues after the close of the market on Thursday, driven by record sales of consumables and growth in the installed base of the firm's Saphyr instruments.
For the quarter ended March 31, Bionano reported $3.2 million in revenues, up from $1.1 million during the year-ago period and beating the consensus Wall Street estimate of $2.9 million. Of those, $2.0 million were product revenues and $1.1 million were service and other revenues, compared to $983,000 in product revenues and $153,000 in other revenues in Q1 2020.
"In the first quarter, we sold a record number of flow cells, analyzed a record number of samples in our service lab, drove broad adoption of Saphyr instruments, and ramped up the installation of Saphyr systems that weren't yet operational because of 2020's travel restrictions," Bionano CEO Erik Holmlin said in a statement. "With the largest number of Saphyr systems in service analyzing more genomes than ever before, we are seeing a sharp increase in the quality and scale of studies that are being published and presented and the awareness they build."
On a conference call with investors following the release of the financial results, Holmlin noted that the firm shipped 11 Saphyr platforms during the quarter, increasing the installed base to 107 instruments. The company also expanded into several new countries, including Greece and South Africa, and saw adoptions at the UK's King's College Hospital and at University Health Network, one of Canada's premier healthcare providers and medical research organizations.
Bionano's net loss for the quarter narrowed to $9.9 million, compared to a loss of $10.5 million in Q1 2020.
R&D expenses remained flat at $2.7 million compared to the year-ago quarter. SG&A expenses grew 28 percent to $9.5 million, up from $7.4 million in Q1 2020.
As of March 31, Bionano had $362.1 million in cash and cash equivalents. In January, the firm raised more than $300 million in several public stock offerings.
Holmlin said the company would continue to be "conservative about guidance" because the timing of deals could affect when revenue gets recognized, as well as because of the lingering uncertainty from COVID-19.
In morning trading on the Nasdaq, shares of Bionano Genomics were up 17 percent at $5.15.