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Mar 31, 2023
BioNano Q1 2023 Earnings Report
Reported revenue increase driven by growth in Saphyr system installed base and flowcell sales.
Key Takeaways
Bionano Genomics reported a 30% increase in revenue for Q1 2023 compared to Q1 2022, driven by growth in the Saphyr system installed base and flowcell sales. The company's gross margin also improved, and they announced an initiative to reduce cash expenditures.
Q1 2023 revenue was $7.4 million, a 30% increase over Q1 2022.
Saphyr system installed base grew to 259, a 47% increase over Q1 2022.
5,226 nanochannel array flowcells were sold, a 62% increase over Q1 2022.
GAAP gross margin improved to 28% compared to 15% in Q1 2022.
Revenue by Segment
Forward Guidance
Bionano plans to reduce cash expenditures by approximately $20 million over the next four to five quarters through a strategic review of operations.
Positive Outlook
- Prioritize and invest in high priority programs.
- Support ongoing adoption of OGM.
- Advance clinical studies.
- Expand OGM installed base.
- Continue planned product and regulatory developments.
Challenges Ahead
- Reduction in force implemented May 8, 2023.
- Plans to decrease anticipated new hires for the remainder of 2023.
- Reduction to safety stock of inventory due to reduced supply chain risk.
- Implementation of operational efficiencies.
- Other cost controls to reduce previously planned spending.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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