BioNano Genomics, Inc. (BNGO) Reports Q2 Revenue of $2.5M

BioNano Genomics, Inc. (NASDAQ: BNGO) reported Q2 revenue $2.5 million versus the consensus estimate of $3.52 million.

“We had a strong quarter to cap off the first half of 2021, which we believe was one of the most transformational periods in Bionano’s history. For the quarter ended June 30, 2021, total revenue was $3.9 million, up 226% on a year-over-year basis, and we demonstrated great performance in many areas of our execution, including the achievement of our strategic goals to facilitate customer development of laboratory developed tests (LDTs) based on optical genome mapping (OGM) with Saphyr and to gain accreditation in certain European countries,” commented Erik Holmlin, PhD, CEO of Bionano Genomics. “With OGM, we are aiming to transform the way the world sees the genome in our relentless pursuit of enabling genomic insights and elevating human wellness.”

Chris Stewart, Chief Financial Officer of Bionano added: “The second quarter of 2021 was very positive for Bionano, with steady and continued year-over-year revenue growth, a strong cash position of $333 million at quarter-end, and significant momentum in the cytogenetics market with increased global adoption of our product. To gain further traction in the market, we are focused on reimbursement in the United States, converting the existing cytogenetics workflow in Europe and increasing our installed base to our target number of 150 Saphyr systems by year-end.”

For earnings history and earnings-related data on BioNano Genomics, Inc. (BNGO) click here.

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