BioNano Q2 2022 Earnings Report
Key Takeaways
Bionano Genomics reported a record revenue of $6.7 million for Q2 2022, a 73% increase compared to Q2 2021. The company also grew its installed base of Saphyr systems and sold 3,394 nanochannel array flowcells. They ended the quarter with $187.3 million in cash, cash equivalents, and available-for-sale securities.
Total revenue for Q2 2022 was $6.7 million, a 73% increase year-over-year.
Grew the installed base of Saphyr systems by 20 to 196 as of the end of Q2 2022, a 62% growth compared to Q2 2021.
Sold 3,394 nanochannel array flowcells during Q2 2022, a 24% growth over Q2 2021.
The company had cash, cash equivalents, and available-for-sale securities of $187.3 million as of June 30, 2022.
BioNano
BioNano
BioNano Revenue by Segment
Forward Guidance
Bionano maintains its full-year revenue guidance range of $24 million to $27 million.
Positive Outlook
- Continued gains in market development.
- Proof of concept demonstrated.
- Building excitement about Bionano solutions.
- Strong capitalization.
- On track to achieve ELEVATE! milestones.
Challenges Ahead
- Challenging macro-economic backdrop.
- Low yields on chip consumables produced at contract manufacturer.
- Increased headcount-related spending.
- Increased research and development expenses.
- Increased marketing expenses.
Revenue & Expenses
Visualization of income flow from segment revenue to net income