- The stock price of BioNano Genomics Inc (NASDAQ: BNGO) increased by 1.46% today. This is why it happened.
The stock price of BioNano Genomics Inc (NASDAQ: BNGO) – a pioneer of optical genome mapping (OGM) solutions on the Saphyr system and provider of NxClinical – increased by 1.46% today. During intraday trading, the company shares had increased by over 9%.
Investors had responded positively to Bionano Genomics, the leading software solutions for visualization, interpretation, and reporting of genomic data, reporting unaudited preliminary financial highlights for the fourth quarter ended December 31, 2021. The company’s full financial results for the fourth quarter and the fiscal year ended December 31, 2021, are not yet available.
Q4 2021 Highlights
Bionano is expecting fourth-quarter 2021 revenue to be the range of $5.8 million to $6.2 million, an estimated increase of 25% to 33% compared to $4.7 million in the third quarter of 2021 and an estimated increase of 45% to 55% compared to the fourth quarter of 2020. And the full year 2021 revenue is expected to be in the range of $17.5 million and $17.9 million, an increase of between 106% and 110% compared to 2020.
Plus Bionano also reported a record net increase in the installed base of 23 Saphyr systems in the fourth quarter of 2021, bringing the year-end total to 164, representing a 69% increase over the 97 installed systems reported at the end of 2020 and exceeding our goal of 150 systems by the end of 2021.
Achieved Full-Year 2021 Milestones, Exceeded Q4 2021 Goals
Q421: Published interim results from our constitutional postnatal study
Q421: Three Saphyr users validated laboratory-developed tests for their application of the OGM workflow
Q421: Completed initial prototype of next-gen high throughput Saphyr
Q421: Reached installed base of 164 systems to achieve a 69% increase over year-end 2020 and exceeded our stated goal of 150 systems
Bionano has not completed the preparation of its financial statements for the fourth quarter or a full year of 2021. The revenue ranges presented for the fourth quarter of 2021 and for the year ended December 31, 2021, are preliminary and unaudited and are thus inherently uncertain and subject to change as the company completes the financial results for the fourth quarter of 2021.
“We ended the year with a lot of momentum across the business and have achieved or exceeded all of the milestones we set out at the beginning of 2021. The integration of BioDiscovery is going well and the results from our first interim readout from our postnatal clinical trial exceeded our expectations. Additionally, there is a lot of excitement around our 2022 Symposium, which began earlier this week.”
— Erik Holmlin, PhD, President and Chief Executive Officer of Bionano
“The growth in revenues we expect to report for the fourth quarter and full-year 2021 compared to the same periods in 2020 are what we’ve been working hard to achieve. When we combine that momentum with the nearly 70 percent increase in the size of the installed base, we feel we are laying the groundwork for a very exciting year in 2022.”
— Chris Stewart, Chief Financial Officer of Bionano
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