BNGO - Bionano Genomics 2023 revenue range comes in below consensus

2023-03-09 17:08:33 ET

• Bionano Genomics ( NASDAQ: BNGO ) set its 2023 revenue guidance range at between $35M and $38M, below the consensus of $39.63M.
• The company noted its outlook represents 26%-37% year-over-year growth.
• In Q4 2022, the genome analysis software solutions provider did see its revenue increase ~30% compared to Q4 2021 to $8.2M.
• In the quarter, Bionano ( BNGO ) saw its net loss widen ~69% to ~$38.7M.
• The company was hit in the quarter by a more than $10M increase in total operating expenses compared to the prior-year period, as well as a ~$1.8M provision for income taxes.
• Bionano ( BNGO ) ended 2022 with cash and cash equivalents of ~5.1M, a ~79% decline from the end of 2021.
• Read why Seeking Alpha contributor Bashar Issa rates Bionano ( BNGO ) a sell.

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