The San Diego-based genomic analysis firm reported $3.3 million in revenue, driven by growth in North America sales, offset by a decline in international sales.
Shares of firm fell 47 percent on the news it will sell 20.9 million common shares along with warrants to purchase up to the same number of shares.
Bionano also disclosed that it is expecting to report a nearly 18 percent jump in revenues for the third quarter.
Industry experts say a receptive market and investor interest in new technologies have spurred the increase in genomics tools and molecular diagnostics IPOs.
The firm is offering approximately 13.8 million shares and the same number of warrants to purchase shares, which will be sold together.
The San Diego-based genome mapping company attributed the drop in revenues to fewer international sales of its Saphyr platform.
The company reported $1.9 million in Q1 revenues amid a widened net loss of $7.9 million that was driven by increased operating expenses.
The study used a variety of sequencing and mapping technologies, including from Illumina, Pacific Biosciences, 10X Genomics, Bionano Genomics, and Oxford Nanopore.
The company also entered into two separate financing agreements totaling $41.5 million with Innovatus Life Sciences Lending Fund, East West Bank, and Aspire Capital.
ScienceInsider reports that rude and unprofessional paper reviewers are common and can have harmful effects.
The US Senate has confirmed Stephen Hahn as the next commissioner of the Food and Drug Administration, according to the New York Times.
CNBC reports Apple is partnering with Color Genomics to offer its employees free DNA screening for disease.
In Science this week: researchers use CRISPR tool to find gut microbiome molecules involved in immunity, and more.