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Bionano Genomics Expects Up to 50 Percent Q4 Revenue Growth, Prices $88.5M Public Stock Offering

This article has been updated from a previous version to correct the offering amount in the headline and provide an updated stock quote.

NEW YORK – Bionano Genomics said on Thursday that it expects fourth quarter 2020 revenues to grow between 36 and 50 percent year over year, based on preliminary results. Separately, the firm announced a $88.5 million public offering of its common stock.

In a filing with the US Securities and Exchange Commission on Thursday, the firm reported preliminary revenues between $3.8 million and $4.2 million in Q4, up from $2.8 million in the same quarter of 2019.

As of Dec. 31, the firm had between $38 million and $39 million in cash and cash equivalents, which excludes approximately $17 million of additional cash it received between Jan. 1 and Jan. 6 of 2021 from the exercise of warrants to purchase its common stock.

Bionano also said it plans to offer and sell $88.5 million worth of its common stock in an underwritten public offering. On Friday, it priced 29,016,393 shares of its common stock at a price of $3.05 per share. Gross proceeds from the offering, before the deduction of underwriting discounts and commissions, are expected to be approximately $88.5 million. The company has also granted the underwriters a 30-day option to purchase up to an additional 4,352,457 shares of common stock at the public offering price. The offering is expected to close on Jan. 12, subject to customary closing conditions.

Oppenheimer is the sole book-running manager for the offering, BTIG is the lead manager, and Ladenburg Thalman and Maxim Group are co-managers.

In Friday afternoon trading on the Nasdaq, Bionano shares were down nearly 17 percent, at $4.15.