NEW YORK – Bionano Genomics reported after the close of the market on Wednesday that its Q3 revenues increased 29 percent year over year, in line with the company’s estimate announced last month.
For the three months ended Sept. 30, the San Diego-based optical genome mapping company reported $9.3 million in revenues compared to $7.2 million a year ago and beating analysts' average estimate of $9.1 million.
During the quarter, Bionano grew the installed base of its Saphyr systems to 301, a 39 percent increase from 217 a year ago. Bionano also said it sold 6,176 nanochannel array flow cells during the quarter, up 55 percent from 3,975 in the year-ago period.
Bionano's Q3 net loss swelled to $112.6 million from a net loss of $31.8 million a year ago. The firm did not report its loss per share. Analysts, on average, had expected a loss of $.97 per share for the quarter.
The company's Q3 R&D spending grew 9 percent year over year to $13.8 million from $12.7 million in 2022, while its SG&A expenses increased 17 percent to $24.9 million from $21.2 million in the year-ago period.
Bionano finished Q3 with cash and cash equivalents of $34.6 million, and available-for-sale securities of $29.0 million.
For full-year 2023, Bionano reiterated its revenue guidance of $35.0 million to $38.0 million.
In Thursday morning trading on Nasdaq, Bionano shares were down 1 percent to $1.38.