BNGO - Bionano Genomics posts record quarterly growth while critics point to valuation

Bionano Genomics (NASDAQ:BNGO) jumped over 6% on Thursday after the company reported ~226% YoY revenue growth in Q2 2021, a historical high for a second quarter. After three consecutive quarters of decline, the revenue growth has gradually accelerated over the past three quarters as the installed base of the company’s Saphyr systems climbed to 121 as of June 30 this year, from 87 a year ago. The shares have followed suit, rising nearly 700% over the past 12-month period leading to two Seeking Alpha authors to hand neutral ratings for the stock citing its valuation. Comparing the stock to industry rival Illumina, Seeking Alpha contributor Bashar Issa argues that the company should grow its revenue by 660% YoY to justify its current valuation. Yet, the annual revenue has remained relatively flat at ~$10M since 2018, Issa points out. Meanwhile, another contributor, Edmund Ingham, predicted in May that the stock trading at $6.20 per share at the

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Bionano Genomics posts record quarterly growth while critics point to valuation