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Bionano Genomics Q3 Revenues Rise 17 Percent

This story has been updated to include information about the potential delisting of Bionano's stock from the Nasdaq.

NEW YORK – Bionano Genomics reported a 17 percent increase in third quarter revenues after the close of the market on Thursday.

For the three months ended Sept. 30, the San Diego-based DNA analysis company reported $3.3 million in revenue, up from $2.8 million a year ago, driven by "substantial growth in our domestic sales, offset by a decline in our international sales," the firm said in a statement.

Product revenues totaled $3.2 million while other revenue totaled $150,724. By geographic region, North America revenues grew 103 percent, while Asia-Pacific revenues decreased by 36 percent, and Europe, Middle East, India, and Africa revenues decreased 13 percent.

"Data continue to confirm and validate Saphyr's potential to replace traditional cytogenetics methods for the detection of structural variants in certain blood cancers, and we are humbled to have globally recognized leaders in their field support the use of Saphyr over traditional methods," CEO Erik Holmlin said in a statement. "We are now seeing Saphyr being accepted and recognized by world-class institutions and expect to see that trend continue. With our recent public offering, we believe we are well-positioned for continued growth.

The firm's research and development costs for the quarter amounted to $2.2 million, down 13 percent from $2.5 million in the same quarter last year, while its selling, general, and administrative costs totaled $4.4 million, up 38 percent from $3.2 million in Q3 2018.

Bionano's net loss widened to $6.4 million for the quarter compared to $4.9 million in the year-ago quarter; the firm did not provide a net loss per share.

As of Sept. 30, the firm had $8.2 million in cash and cash equivalents.

According to documents filed with the US Securities and Exchange Commission this week, Bionano is facing delisting from the Nasdaq, unless it regains compliance with the stock market's listing rules.

The firm said in its Form 10-Q for the third quarter that Nasdaq has granted it until Feb. 12, 2020 to provide evidence of compliance. A recent stock offering, priced and closed last month, was one of Nasdaq's requirements for regaining compliance.

The firm said that in August, Nasdaq notified Bionano that its stockholders' equity, as reported in its Form 10-Q filed for Q2, was below the required minimum of $2.5 million and did not satisfy the exchange's continued listing requirements. Bionano submitted a plan to regain compliance in September and last month Nasdaq granted the firm the time to regain compliance, subject to certain requirements, including the stock offering.

In morning trading on the Nasdaq, shares of Bionano were down 6 percent at $.95.

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