BioNano Genomics, Inc. (NASDAQ: BNGO) reported Q1 revenue for the quarter came in at $1.1 million versus the consensus estimate of $1.7 million.

First Quarter Financial Highlights

• Total Revenue. Total revenue was $1.1 million for the three months ended March 31, 2020, compared to $1.8 million for the same period in 2019. The decrease impacted all regions, largely driven by customers temporarily shutting down their lab operations in response to COVID-19 shelter-at-home orders. Below is a summary of changes for the three months ended March 31, 2020 as compared to the same period in 2019:
  • North America revenue decreased by $0.1 million, or 13%;
  • EMEIA revenue decreased by $0.5 million, or 57%; and
  • Asia Pacific revenue decreased by $0.1 million, or 78%.
• Cost of Revenue. Total cost of revenue decreased by approximately $0.3 million, or 25%, to $0.9 million for the three months ended March 31, 2020, compared to $1.1 million for the same period in 2019. The decrease in the cost of revenue for the quarter was primarily due to a decrease in the number of instruments units sold during the quarter, which was partially offset by an increase in consumable units sold of 46%.
• Operating Expenses. Operating expenses increased by approximately $3.1 million, or 46%, to $10.0 million for the three months ended March 31, 2020, compared to $6.9 million for the same period in 2019. The increase was mainly attributed to higher selling, general, and administrative expense due to headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution. In addition, we recorded bad debt expense of nearly $1.0 million.
• Net Loss. Net loss for the three months ended March 31, 2020 was $10.5 million, compared to a net loss of $7.8 million for the same period in 2019.

“We are encouraged by the easing of many of the restrictions that were put in place globally due to the COVID-19 pandemic and are hopeful that the disruption to our business as a result of the pandemic will ease as well,” said Erik Holmlin, Ph.D., CEO of Bionano. “We have focused on building customer awareness and demand for our Saphyr system and have seen many examples of our success, but the reality of the broad impact of COVID-19 on corporate capital expenditures has been sobering. The silver lining for us has been the tremendous work and global effort being put forth toward identifying a testing solution for COVID-19, and Bionano has been committed to supporting these efforts. Saphyr is uniquely designed to allow researchers to characterize structural variations of the genome, which can contribute to an understanding of the behavior of the virus and shed light on the body’s reaction to it. We are proud to be part of the consortium in the efforts to find a solution,” Dr. Holmlin concluded.

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