BioNano Genomics Inc. (BNGO) ‘s stock price dropped -11.23% Yesterday, and the negative trend is keeping its momentum in today’sMarch 25 pre-market session. As of this writing, it has lost -3.77%.
Here are the latest updates about BioNano Genomics.
Financial results announcement:
On March 23, 2021, BNGO announced its financial results for the three and twelve months ended December 31, 2020. The results were announced after the market close.
Q4 2020 financial highlights
- BNGO earned $4.0 million for the fourth quarter of 2020, compared to $2.8 million for the same period in 2019. It beat analyst’s revenue estimate of $3.5 million.
- Its gross margin was 30% for the fourth quarter of 2020, compared with 39% in the same period in 2019.
- The company operating expenses were increased to $12.3 million for the fourth quarter of 2020 compared to $8.9 million for the same period in 2019.
- The company announced a net loss in Q4 of $11.7 million, or around $0.08 per share, which is more than the average analysts estimate of $0.05 per share.
Full-year 2020 financial highlights
- BNGO revenue declined to $8.5 million for 2020, compared with $10.1 million in 2019.
- Gross margins for the year ended December 31, 2020, were 33%, consistent with 2019.
- The company spent $41.3 million in operating expenses for the year ended December 31, 2020, compared to $29.9 million for the same period in 2019
- As of December 31, 2020, BNGO had cash and cash equivalents of $38.4 million.
BNGO 2021 targets
- BNGO is looking for accreditation of Saphyr based LDTs for ALL & FSHD in specific EU markets in the 2nd quarter of 2021
- The company expects the commercial release of prenatal assays and expansion of the menu of pediatric assays in the third quarter of os 2021.
- In the fourth quarter of 2021, BNGOexpects interim results from the pediatric clinical study, Prototype of next-gen high throughput Saphyr.
Participation in the recent investors’ conferences
Bionano Genomics, Inc. (Nasdaq: BNGO) participated virtually at the following investor conference, which held recently
- Maxim Group’s Emerging Growth Conference, which was held on March 17-19, 2021.
Conclusion: The recent results missed the analyst’s estimates. That’s why its price is declining now, but investors are pretty optimistic that 2021 will be a good year for Bionano. The acquisition of diagnostic services provider Lineagen, the better cash position of the company at the end of fourth-quarter 2020, and expected validation of three of its laboratory-developed tests with billing codes make it an attractive option for the investors. Its stock can start gaining positive momentum in near future and can each to new heights.