BNGO - Bionano Genomics shares rise on Q2 topline beat

Bionano Genomics (NASDAQ:BNGO) shares rise nearly 4% post market after reporting second-quarter revenue that beat Wall Street estimates, helped by the momentum in the cytogenetics market. The company's chief executive officer Chris Stewart called the quarterly results "very positive", and highlighted  "strong cash position of $333M at quarter-end, and significant momentum in the cytogenetics market...". Bionano's quarterly revenue increased more than 220% YOY to $3.86M, beating analysts average estimate by $0.34M. Gross margin of 37%, up from 33% in Q1 2021, and down 12% from the same period in 2020. The rise in global product sales was driven by increased demand for the company's Saphyr instrument and consumables, Bionano said. Bionano shipped 13 Saphyr systems in the quarter, compared to 6 systems shipped in the same period last year. The company also sold 2,742 nanochannel array flow cells during the quarter, representing Bionano’s highest quarter for such sales ever. Anticipated Milestones for 2021: 4Q21: Interim publication

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Bionano Genomics shares rise on Q2 topline beat