Bionano Reports Preliminary Q4 And FY23 Results; Sees Q4 Revenue $10.4M-$10.7M Vs $10.54M Est.; FY23 Revenue $35.8M-$36.1M Vs $35.94M Est.; Achieved All Full-Year 2023 ELEVATE Milestones
Portfolio Pulse from Benzinga Newsdesk
Bionano Genomics, Inc. (BNGO) reported preliminary Q4 and FY23 financial results, with Q4 revenue estimated between $10.4M-$10.7M, surpassing the $10.54M estimate, and FY23 revenue between $35.8M-$36.1M, slightly above the $35.94M estimate. The company achieved a 27%-30% increase in Q4 revenue and a 29%-30% increase in FY23 revenue compared to the previous year. Bionano also reported a 36% increase in installed OGM systems and a 67% increase in nanochannel array flowcells sold in Q4. The company achieved all 2023 ELEVATE milestones, including the release of the Stratys system and VIA software, and is preparing for the commercial launch of the Ionic Purification System in 2024. Bionano raised $11.0M from ATM sales and is focused on financial discipline to improve margins and extend cash runway.
January 08, 2024 | 1:13 pm
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Bionano Genomics reported preliminary Q4 and FY23 revenues that slightly exceeded estimates, with significant growth in product sales and achievement of key milestones, indicating a strong performance and positive outlook.
The preliminary financial results for Bionano Genomics indicate a positive trend in revenue and sales growth, which is likely to be viewed favorably by investors. The achievement of all ELEVATE milestones and the upcoming commercial releases suggest a strong strategic position, which could lead to increased investor confidence and potential stock price appreciation in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100