BioNano Genomics, Inc. (BNGO) Reports Q4 Revenue of $4M

March 23, 2021 4:08 PM EDT

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BioNano Genomics, Inc. (NASDAQ: BNGO) reported Q4 revenue of $4 million versus the consensus estimate of $3.5 million.

“2020 was an important momentum-building year for Bionano and one that allowed us to showcase many of our strengths. Despite 2020’s challenges, we executed well on our commercial offerings for Saphyr® by expanding the number of systems in the field and the number of samples analyzed in our data services lab. We believe this progress helped create the awareness needed to develop the market for structural variation analysis and optical genome mapping, or OGM, furthering our goal of disrupting the genomics industry,” said Erik Holmlin, PhD, CEO of Bionano. “2021 is shaping up to be a transformational year for the company. With a strong balance sheet, we are focused on driving the global development of Saphyr-based assays for use in clinical testing of patients with genetic disease and hematological malignancies, and on adoption of Saphyr for use in larger clinical studies aimed at obtaining a critical mass of data on Saphyr application across key areas of structural variation analysis including prenatal and post-natal genetics, hematologic malignancies and solid tumors. These data are expected to expand the number of publications, including peer-reviewed ones, grow significantly the number of laboratory developed tests, or LDTs, on the market and support reimbursement of Saphyr-based LDTs by third party payers in the US and around the world.”

Chris Stewart, Chief Financial Officer of Bionano added, “As we begin 2021, Bionano’s balance sheet is in its strongest position ever. Since the start of 2021, we have raised approximately $335 million, which we believe significantly de-risks the company, solidifies our financial future, and allows us to focus on the achievement of our long-term vision to disrupt genomics through the global adoption of Saphyr.”

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

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