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Jun 30, 2023
BioNano Q2 2023 Earnings Report
Bionano reported a revenue increase of 30% compared to Q2 2022 and an installed base of Saphyr systems increased by 43%.
Key Takeaways
Bionano Genomics reported record revenues and consumable sales in Q2 2023, with total revenue reaching $8.7 million, a 30% increase compared to Q2 2022. The installed base of Saphyr systems grew by 43% year-over-year, and the company announced new products and software updates. The company is implementing cost savings actions which are expected to be seen in second half operating expenses.
Q2 2023 revenue was $8.7 million, a 30% increase over Q2 2022.
Installed base of Saphyr systems totaled 281 as of June 30, 2023, a 43% increase over Q2 2022.
Sold 7,062 nanochannel array flowcells as of June 30, 2023, a 108% increase over Q2 2022.
Announced the Stratys system for high throughput optical genome mapping (OGM), which will enable a four-fold increase in raw data generation rate compared to the Saphyr instrument.
BioNano
BioNano
BioNano Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Other Revenue
CapyFin.com Forward Guidance
Bionano expects that recent and upcoming major product releases should help them further penetrate new markets and achieve their business goals. They implemented previously announced cost savings actions, which they expect to see in second half operating expenses.
Positive Outlook
- New Ionic Purification System may improve the quality and yield of samples.
- Commercial rollout of the Stratys system for high throughput OGM.
- VIA software workflow focused on genetic diseases is expected later in 2023.
- Expectations regarding product uptake, revenue growth, market development and increased OGM adoption.
- Execution of stated strategy, and previously announced cost savings actions reflecting in operating expense for the second half of 2023.
Challenges Ahead
- Impact of adverse geopolitical and macroeconomic events on the business and the global economy.
- Changes in the competitive landscape and the introduction of competitive technologies or improvements to existing technologies.
- Changes in strategic and commercial plans.
- Ability to obtain sufficient financing to fund strategic plans and commercialization efforts and ability to continue as a “going concern”.
- Study results that differ or contradict the results mentioned in this press release.
Revenue & Expenses
Visualization of income flow from segment revenue to net income