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Bionano Genomics Reports Preliminary Q1 Revenues of $1.1M

NEW YORK – Bionano Genomics announced Thursday preliminary first quarter revenues of $1.1 million, down sharply from revenues of $1.9 million in the first quarter of 2019.

The San Diego-based genome mapping company also said in a statement it is "suspending any guidance, anticipated timelines or other outlooks previously provided for 2020," due to uncertainty created by the COVID-19 pandemic.

"While we saw an increasing interest in our data and growth in placements of the Saphyr system in the early part of the year, we and our customers have been impacted by the COVID-19 pandemic," CEO Erik Holmlin said in a statement. The global disruption "forced labs using Saphyr to redirect resources to COVID-19 testing or restrict their employees to working off-site, which meant that most Saphyr users were unable to operate their Saphyr instruments and others were unable to take delivery of new instruments," he said.

As of March 31, the genome mapping firm had $8.1 million cash and cash equivalents.

Bionano noted that in April it received approximately $1.8 million from the Paycheck Protection Program under the US Coronavirus Aid, Relief and Economic Security Act.

"Our operations are fully functional, we are supplying products to customers who are able to receive and use them, and we are receiving samples in-house, which we process as part of our commercial services offering," Holmlin said. "We are encouraged by the growing level of interest we see and expect it to carry over into momentum in the second half of 2020 when our markets begin to reopen."

In mid-day trade on the Nasdaq, shares of Bionano were down around 7 percent at $.37 per share.