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Mar 31, 2020
BioNano Q1 2020 Earnings Report
Bionano Genomics reported financial results for the first quarter ended March 31, 2020 and provided a business update.
Key Takeaways
Bionano Genomics reported a decrease in revenue for Q1 2020, totaling $1.1 million compared to $1.8 million in Q1 2019, primarily due to COVID-19 related lab shutdowns. The net loss was $10.5 million, compared to a net loss of $7.8 million for the same period in 2019. The company's cash and cash equivalents were $8.1 million at the end of the quarter.
Total revenue was $1.1 million, down from $1.8 million in the same period last year, due to COVID-19 impacts.
Cost of revenue decreased to $0.9 million from $1.1 million year-over-year, driven by lower instrument sales.
Operating expenses increased to $10.0 million from $6.9 million year-over-year, due to increased selling, general, and administrative expenses.
Net loss increased to $10.5 million, compared to $7.8 million in the same period last year.
Forward Guidance
The company is hopeful that the disruption to their business as a result of the pandemic will ease as many of the restrictions that were put in place globally due to the COVID-19 pandemic are easing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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