BioNano Q4 2019 Earnings Report
Key Takeaways
Bionano Genomics reported a decrease in total revenue for the fourth quarter of 2019, with a significant decrease in instrument revenue offset by an increase in consumable revenue. The company's net loss increased, attributed to higher operating expenses. Despite the financial results, the company highlighted the growing acceptance and recognition of their Saphyr system.
Total revenue decreased by 31% to $2.8 million compared to Q4 2018.
Instrument revenue decreased by 50% to $1.5 million.
Consumable revenue increased by 35% to $1.1 million.
Net loss increased to $7.9 million compared to $6.4 million in Q4 2018.
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Forward Guidance
This press release contains forward-looking statements regarding trends in the adoption of the Saphyr system, beliefs regarding near-term shifts towards broader adoption, and efforts to execute commercial strategy. These statements involve risks and uncertainties, and actual results may differ materially.
Positive Outlook
- Expectations regarding trends in the adoption of the Saphyr system
- Beliefs regarding near-term shifts towards broader adoption of the Saphyr system
- Efforts to execute on commercial strategy
- Focus on accelerating the search for new diagnostics and therapeutic targets
- Drive the adoption of digital cytogenetics
Challenges Ahead
- General market conditions
- Changes in the competitive landscape and the introduction of competitive products
- Changes in strategic and commercial plans
- Ability to obtain sufficient financing to fund strategic plans and commercialization efforts
- Loss of key members of management and commercial team