NEW YORK – Bionano Genomics reported after the close of the market on Thursday a 78 percent year-over-year increase in first quarter 2022 revenues.
Revenues for the quarter were $5.7 million compared to $3.2 million a year ago, matching analysts' average estimate of $5.7 million.
In a conference call to discuss the Q1 financial results, Bionano President and CEO Erik Holmlin told investors that the Q1 2022 performance “was a record for any first quarter in the company's history.” He also highlighted the company’s Q1 milestones, including 42 publications on optical genome mapping and the first readout of Bionano’s ongoing clinical study in postnatal genetic diseases.
Revenues consisted of $3.1 million in product revenue, up 55 percent from $2.0 million in Q1 2021, and $2.6 million in service and other revenue, more than doubling from $1.1 million for the prior-year period.
Bionano said it expanded the installed base of Saphyr systems to 176 as of the end of Q1 2022, representing 64 percent growth over Q1 2021. The company also sold 3,225 nanochannel array flow cells during Q1, a 24 percent year-over-year growth.
The company's R&D expenses were $10.5 million for the quarter, up almost fourfold from $2.7 million a year ago. Its SG&A costs tallied $20.3 million, more than doubling from $9.5 million in Q1 2021.
The firm's net loss for the quarter was $30.0 million, compared to $ 9.9 million a year ago. It did not report a per-share loss.
As of March 31, Bionano had cash and cash equivalents of $24.0 million.
The company said it is "well-capitalized" and remains on track to achieve its revenue guidance in the range of $24 million to $27 million for the year.
“We're really excited about the progress that we've made so far in 2022,” said Holmlin. “We look forward to updating you soon about this second quarter, as well as our progress for the remainder of the year.”
In Friday morning trading on the Nasdaq, Bionano shares were down 10 percent at $1.52.