BNGO - Bionano gains as early Q1 revenue exceeds consensus

2023-04-24 09:50:17 ET

Shares of life sciences company Bionano Genomics ( NASDAQ: BNGO ) inched higher on Monday after announcing its preliminary revenue figures for Q1 2023 ahead of expectations.

Citing preliminary and unaudited financials reviewed so far, Bionano ( BNGO ) said its revenue for the quarter could reach $7.3M – $7.5M with an estimated growth rate of 28% – 32%, better than ~$7.2M in the consensus.

Bionano ( BNGO ), which develops its Saphyr system for genome analysis based on optical genome mapping (OGM), reiterated its plan to achieve full-year revenue guidance of $35M – $38M and an installed base of 325 OGM systems this year.

The company said the installed base of Saphyr systems reached 259 as of March 31, with the addition of 19 systems during the quarter indicating ~47% YoY growth. Bionano ( BNGO ) projects the sales of its nanochannel array flowcells to reach 5,226 for Q1 implying 62% YoY growth.

However, the company has decided to withdraw its applications for Category I CPT codes for OGM, citing a risk of receiving Category III CPT codes under which reimbursements would be subject to individual payors.

Category III CPT codes which are typically applied for emerging technologies are not assigned pricing under Medicare’s clinical laboratory fee schedule.

Read: Seeking Alpha analyst Busted IPO Forum argues that despite its work on promising OGM technology, Bionano ( BNGO ) “is also bleeding cash.”

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