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Bionano Genomics Q4 Revenues Grow 43 Percent

NEW YORK – Bionano Genomics reported after the close of the market on Tuesday a 43 percent year-over-year increase in fourth quarter revenues.

Revenues in Q4 totaled $4 million, up from $2.8 million a year ago, beating the average Wall Street analyst estimate of $3.5 million and in line with preliminary results announced in January. The increase was primarily due to $1.1 million in service revenues contributed by the firm's recently acquired Lineagen diagnostic services business. Revenues consisted of $2.7 million in product revenue, up 4 percent from $2.6 million in Q4 2019, and $1.3 million in service and other revenue of, up sevenfold from $184,943 the prior year period.

"Despite 2020's challenges, we executed well on our commercial offerings for Saphyr by expanding the number of systems in the field and the number of samples analyzed in our data services lab," CEO Erik Holmlin said in a statement.

The installed base of Saphyr systems as of Dec. 31, 2020 was 97, up from 73 at the end of 2019, and the company shipped a "record number" of flow cells last year, he said during a conference call to discuss the firm's financial results.

In 2021, the company expects the installed base of Saphyr instruments to grow up to 50 percent, to 150 systems, he added. Bionano also plans to complete a prototype of a new version of Saphyr that will have higher throughput.

"2021 is shaping up to be a transformational year for the company," Holmlin said. "With a strong balance sheet, we are focused on driving the global development of Saphyr-based assays for use in clinical testing of patients with genetic disease and hematological malignancies, and on adoption of Saphyr for use in larger clinical studies aimed at obtaining a critical mass of data on Saphyr applications across key areas of structural variation analysis including prenatal and postnatal genetics, hematologic malignancies, and solid tumors."

The company's R&D expenses totaled $2.9 million in Q4, up 21 percent from $2.4 million in Q4 of 2019. SG&A costs were $9.4 million, up 59 percent from $5.9 million in the year-ago quarter.

The firm's net loss for the quarter was $11.7 million, compared to a loss of $7.9 million a year ago. Bionano did not provide a net loss per share.

For full-year 2020, Bionano's revenues fell 16 percent to $8.5 million from $10.1 million in 2019, beating the average analyst estimate of $8 million. The decrease was primarily driven by limited customer operations as a result of COVID-19 restrictions and by the introduction of Bionano's reagent rental program, and was partially offset by a $1.6 million increase in service revenues from the Lineagen business. Product revenue decreased 35 percent to $6.2 million from $9.5 million in 2020, while service and other revenue grew almost fourfold to $2.3 million from $655,064.

The company's R&D expenses for 2020 grew 13 percent to $10.3 million from $9.1 million in 2019, and SG&A expenses expanded 54 percent to $31.1 million from $20.2 million.

Bionano's net loss in 2020 was $41.1 million compared to a net loss of $29.8 million in 2019. The firm did not provide a net loss per share.

As of Dec. 31, 2020, Bionano had $38.4 million in cash and cash equivalents. Since the beginning of 2021, the company has raised approximately $335 million in cash from two underwritten public offerings of shares of its common stock, from utilizing a $40 million ATM facility, and from the exercise of outstanding warrants.

In morning trading on the Nasdaq, Bionano's shares were down 3.5 percent, at $8.07.