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Bionano Genomics Q2 Revenues More Than Triple

NEW YORK – Bionano Genomics reported a 226 percent year-over-year increase in second quarter revenues after the close of the market on Wednesday.

For the quarter ended June 30, Bionano reported $3.9 million in revenues, up from $1.2 million in the year-ago period and beating the average Wall Street analyst estimate of $3.5 million.

Of those, $2.5 million were product revenues, driven by increased demand for the Saphyr instrument, and $1.4 million were service and other revenues, driven by the firm's Lineagen subsidiary. This compares to $940,000 in product revenues and $242,000 in other revenues in Q2 2020.

The total installed base of Saphyr systems at the end of the quarter was 121, with 13 systems shipped in the quarter.

Bionano's net loss for the quarter totaled $18.8 million, compared to a net loss of $8.1 million, or $.09 per share, in Q2 2020. Bionano did not report earnings per share. Analysts, on average, had expected a net loss of $.04 per share.

The firm's R&D expenses grew 70 percent to $4.1 million from $2.4 million a year ago, while SG&A expenses grew 146 percent to $13.8 million from $5.6 million a year ago.

As of June 30, Bionano had $332.6 million in cash and cash equivalents.

In after-hours trading on the Nasdaq, shares of Bionano were flat at $5.86.

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