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Bionano Genomics Q3 Revenues Jump 55 Percent

NEW YORK – Bionano Genomics after the close of the market on Thursday reported the company’s highest quarterly revenue to date for the third quarter.

For the three months ended Sept. 30, the San Diego-based optical genome mapping company reported $7.2 million in revenues, a 55 percent increase compared to $4.7 million a year ago, and beating analysts’ average estimate of $6.8 million.

"We believe our Q3 2022 results, which include the highest quarterly revenues ever for Bionano, reflect continued gains in market development and commercial validation for [optical genome mapping]," Bionano President and CEO Erik Holmlin said in a statement. "We were pleased to see improved revenues across all of our global regions."

By the end of Q3 2022, the company grew the installed base of Saphyr systems to 217, representing a 54 percent year-over-year increase compared to Q3 2021. Bionano also said it sold 3,975 nanochannel array flow cells during the quarter, which is "a record for the number of flow cells sold in any quarter in the company’s history."

Bionano’s Q3 net loss swelled to $31.8 million from a net loss of $20.8 million a year ago. The firm did not report its loss per share.

The company's Q3 R&D spending almost doubled to $12.7 million from $6.5 million a year ago, while its SG&A expenses increased 39 percent to $21.2 million from $15.3 million. The year-over-year increase was primarily due to increased headcount and related spending, the company reported.

Bionano finished Q3 with cash, cash equivalents, and available-for-sale securities of $180.2 million.

Chris Stewart, the company’s CFO, said the firm expects revenues for the fourth quarter to be in the range of $7.5 million to $8.0 million.

In Friday morning trading on Nasdaq, Bionano shares were up 5 percent to $2.41.