BioNano Genomics, Inc. (NASDAQ: BNGO) reported Q1 revenue $3.2 million versus the consensus estimate of $2.9 million.

“2021 is off to a solid start for Bionano. In the first quarter, we sold a record number of flow cells, analyzed a record number of samples in our service lab, drove broad adoption of Saphyr instruments and ramped up the installation of Saphyr systems that weren’t yet operational because of 2020’s travel restrictions,” said Erik Holmlin, PhD, CEO of Bionano. “With the largest number of Saphyr systems in service analyzing more genomes than ever before, we are seeing a sharp increase in the quality and scale of studies that are being published and presented and the awareness they build. The power of optical genome mapping, or OGM, data was on display at our own Next-Generation Cytogenomics Symposium, and through our strong presence at various key conferences in the US, Europe and China we continued to drive the awareness we believe is needed to develop the market for structural variation analysis and OGM. In Q1 2021 we saw a clear expansion into new geographical areas and into new applications such as prenatal analysis, cancer research and drug development. Our customers continued development of Saphyr-based assays for structural variation analysis in our key growth areas of prenatal and post-natal genetics, hematologic malignancies and solid tumors in Europe, the US, Canada and new markets across the world. As our customers grow the number of laboratory-developed tests (LDTs) in the market, we expect this will build out the path to reimbursement of Saphyr-based LDTs by third party payers in the US and around the world.”

Chris Stewart, Chief Financial Officer of Bionano added, “In the quarter, we solidified our foundation for growth through two successful financings, contributing to a cash position of $362 million as of the end of the quarter. We anticipate that the strength of our balance sheet will enable us to clear barriers to global adoption of OGM with Saphyr, support applications development to open up additional end-user markets and drive toward the next wave of big biology and innovation in genomics.”

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