BioNano Q2 2020 Earnings Report
Key Takeaways
Bionano Genomics reported a decrease in total revenue by 45.7% to $1.2 million for Q2 2020, compared to $2.2 million for the same period in 2019, primarily due to the impact of COVID-19 on customer lab operations. The company highlighted progress in validating its Saphyr System and expanding its COVID-19 research consortium.
Processed 493 customer samples from January 1, 2020 through August 13, 2020, compared to 212 in all of 2019.
Installed 91 Saphyr instruments since commercial launch in February 2017.
Demonstrated 100% concordance between the Saphyr system and current gold standard cytogenetic methods in leukemia.
Expanded scope of research with the COVID-19 host genome structural variant consortium.
BioNano
BioNano
Forward Guidance
The press release contains forward-looking statements regarding the significance of data generated by the Saphyr system, the benefits of the Saphyr system relative to traditional cytogenetic testing methods, the anticipated use of Saphyr as a gold standard for structural accuracy, the continued adoption of Saphyr for cancer, genetics and cytogenetic applications, our contributions to, and the outcomes of, studies relating to COVID-19, the impact of COVID-19 and related governmental responses on our business and financial results, the benefits or potential commercialization of our patent technology, the contribution of our technology towards the understanding of bat’s abilities to tolerate infections, and our efforts to execute on our commercial strategy.
Positive Outlook
- Significance of data generated by the Saphyr system
- Benefits of the Saphyr system relative to traditional cytogenetic testing methods
- Anticipated use of Saphyr as a gold standard for structural accuracy
- Continued adoption of Saphyr for cancer, genetics and cytogenetic applications
- Benefits or potential commercialization of our patent technology
Challenges Ahead
- Impact of the COVID-19 pandemic on our business and the global economy
- Changes in the competitive landscape and the introduction of competitive products
- Changes in our strategic and commercial plans
- Our ability to obtain sufficient financing to fund our strategic plans and commercialization efforts
- The loss of key members of management and our commercial team