NEW YORK – Bionano Genomics reported after the close of the market on Thursday that its Q4 revenues increased 30 percent year over year while full-year revenues jumped 54 percent.
For the three months ended Dec. 31, the San Diego-based optical genome mapping (OGM) firm booked $8.2 million in revenues compared to $6.3 million a year ago, beating analysts' average estimate of $8.0 million and in line with the firm’s preliminary projections announced in January.
Q4 product revenue rose 39 percent to $6.2 million from $4.8 million in Q4 2021, while service and other revenue increased 33 percent to $2.0 million from $1.5 million.
Bionano said it installed 23 Saphyr systems during Q4. The company also sold 4,781 flow cells during Q4, representing 49 percent year-over-year growth.
The company's Q4 R&D expenses rose 52 percent year over year to $14.0 million from $9.2 million, while its SG&A costs swelled 28 percent to $25.3 million from $19.8 million.
The firm's net loss for the quarter was $38.7 million, compared to $22.9 million a year ago. It did not report a per-share loss. On average, Wall Street analysts were expecting a per-share loss of $.11 for Q4 2022.
For full-year 2022, Bionano's revenues were $27.8 million, a 54 percent increase from $18 million in 2021, slightly exceeding the average analyst estimate of $27.6 million and on the top end of its previously stated guidance of $24 million to $27 million.
"Bionano issued revenue guidance for the first time in 2022, and we exceeded our total 2022 guidance range," Bionano President and CEO Erik Holmlin said in a statement. "We were also pleased to see an uptick in overall awareness and adoption of optical genome mapping across the globe."
Product revenue rose 61 percent to $20.4 million from $12.7 million in 2021, while service and other revenue were up 40 percent year-over-year to $7.4 million from $5.3 million.
By the end of 2022, the installed base of Saphyr systems was 240, representing a 46 percent increase over 164 installed systems at the end of 2021. Bionano also said it sold 15,375 flowcells in 2022, up 23 percent year over year.
The company's R&D expenses for 2022 were $49.0 million, more than double the $22.5 million spent in 2021, and its SG&A expenses rose 51 percent to $88.6 million from the prior year’s $58.5 million.
Bionano's full-year net loss was $132.6 million compared to $72.4 million in 2021. The firm did not report a loss per share, which Wall Street estimated at $.44 per share.
As of Dec. 31, 2022, Bionano had $5.1 million in cash and cash equivalents, and $108.1 million in investments.
The company said it expects full-year 2023 revenue to be in the range of $35 million to $38 million, which would represent a range of 26 percent to 37 percent growth over full-year 2022 revenue. The company also expects the installed base of OGM systems will total 325 by the end of 2023.
In Friday morning trading on Nasdaq, Bionano's shares were down 5 percent to $1.19.