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Bionano Genomics Q2 Revenues Fall 46 Percent

NEW YORK – Bionano Genomics reported a 46 percent decrease in second quarter revenues after the close of the market on Thursday, attributable to customers shutting down labs in response to the COVID-19 pandemic.

For the quarter ended June 30, 2020, Bionano reported $1.2 million in revenues, down from $2.2 million for the year-ago period. Of those, $940,000 were product revenues and $242,000 were other revenues compared to $2 million in product revenues and $154,237 in other revenues in Q2 2019.

North America revenue dropped by 43 percent; Asia Pacific, 73 percent; and EMEIA, 38 percent.

"We have made great strides towards validating the scientific credibility of our Saphyr System as we work to establish it as the new gold standard in cytogenetic methods. To that end, we saw leading researchers publish data showing 100 percent concordance with current cytogenetic methods," Bionano CEO Erik Holmlin said in a statement. "Also, we are enabling researchers to develop an understanding of SARS-CoV-2, the virus that causes COVID-19, through our partnership with the structural variant consortium, formed by Ravindra Kolhe at Augusta University. The scope of work with the consortium was significantly expanded and now includes work analyzing samples from COVID-19 patients around the globe."

On a conference call following the release of results, Holmlin said the firm shipped six instruments in the quarter, compared to eight a year ago. "Considering the pressure of the pandemic, especially in the second quarter where the effects were felt most dramatically, the number of Saphyrs adopted is extremely encouraging," he said.

The total installed base at the end of the quarter was 87, with 19 instruments awaiting installation.

Holmlin also noted that the firm's commercial services business has run 493 samples year to date compared to 212 in the same period of 2019.

Bionano's net loss for the quarter totaled $8.1 million, or $.09 per share, compared to $7.7 million, or .71 per share in Q2 2019. Bionano Genomics went public in August 2019. The weighted average number of common shares was approximately 20.9 million in Q2 2020, compared to approximately 10.9 million a year ago.

The firm's R&D expenses were flat year over year at $2.4 million while SG&A expenses amounted to $5.6 million, up 11 percent from $5.1 million a year ago, driven by increased sales and marketing costs, offset by salary reductions and a decrease in discretionary spending and other costs.

As of June 30, Bionano had $17.2 million in cash and cash equivalents.

In Friday morning trading on the Nasdaq, shares of Bionano were down 12 percent at $.67.