NEW YORK – Bionano Genomics reported a 36 percent decrease in second quarter revenues after the close of the market on Thursday.
For the quarter ended June 30, 2019, Bionano reported $2.2 million in revenues, down from $3.4 million during the year-ago period.
Of those, $2 million were product revenues and $154,237 were other revenues, compared to $3.3 million of product revenues and $133,986 of other revenues in Q2 2018.
In a statement, the firm attributed the decrease to a drop in international sales. Asia Pacific revenue dropped 66 percent to approximately $600,000, while EMEIA revenue dropped 51 percent to approximately $500,000.
On a conference call following the release of results, Bionano CFO Mike Ward said US growth remained strong. He added that the firm saw a reduction in both instrument and consumable sales in the quarter.
"We knew coming into this quarter the year-over-year comparison would be challenging," given strong revenues in the second quarter of 2018, Bionano CEO Erik Holmlin said. "We remain steadfastly focused on our markets as our execution continues to drive interest and build demand. We are pleased to make progress each quarter on our goal of establishing Saphyr as a best-in-class structural variation detection and discovery system. We also continue to add to the body of scientific evidence demonstrating Saphyr to be comparable to the standard of care in cytogenetics but with a more reliable and cost effective workflow. We also continue to add to the body of scientific evidence demonstrating Saphyr to be comparable to the standard of care in cytogenetics but with a more reliable and cost effective workflow."
Holmlin noted that the firm completed four "strategic product placements" that he said could lead to instrument sales or leases with specified consumable usage.
Bionano's net loss for the quarter totaled $7.7 million, more than double last year's $3.3 million loss for Q2.
The San Diego-based company went public in August 2018.
R&D expenses were $2.4 million in the quarter, up 14 percent from $2.1 million in Q2 2018. SG&A expenses amounted to $5.1 million, up 45 percent from $3.5 million a year ago. The firm attributed the increase in operating expenses to the costs of operating a public company as well as the addition of sales, marketing, and support staff.
As of June 30, Bionano had $15.3 million in cash and cash equivalents.