NEW YORK (GenomeWeb) – Bionano Genomics reported a 5 percent increase in first quarter revenues after the close of the market on Thursday.
"We continue to build our sales pipeline and execute our strategy to advance and prove the capabilities of [the] Saphyr [system] for our current and future customers," said CEO Erik Holmlin in a statement.
For the quarter ended March 31, 2019, Bionano reported $1.9 million in revenues, up from $1.8 million during the year-ago period. Of those, $1.7 million were product revenues and $165,160 other revenues, compared to $1.7 million of product revenues and $106,263 other revenues in Q1 2018.
Bionano's net loss for the quarter totaled $7.9 million, more than double last year's $3.8 million loss for Q1, primarily due to increases in operating expenses, as well as interest and other expenses recognized in association with the company's recent debt and equity financing.
R&D expenses were $2.1 million in the quarter, down 13 percent from $2.4 million in Q1 2018. SG&A expenses amounted to $4.8 million, up 66 percent from $2.9 million in the year-ago quarter. The increase was mostly related to employee compensation costs associated with new staff to support the growth of the company's worldwide product distribution. The firm also had increased professional fees to support ongoing business operations and to comply with obligations associated with being a publicly traded company.
As of March 31, Bionano had $20.8 million in cash and cash equivalents.