BNGO - Bionano posts widening 1Q net loss even as revenue beats forecasts

Bionano Genomics (NASDAQ:BNGO), a provider of optical genome mapping (OGM) solutions, is trading lower in the post-market Thursday despite reporting better than expected revenue for 1Q 2022 as the company’s net loss for the period climbed after a decline in gross margin. The total revenue for the quarter reached $5.7M, with a ~80% YoY growth, indicating an improvement from the ~58% YoY growth recorded in the preceding quarter. The company sold 3,225 nanochannel array flowcells in 1Q 2021, implying ~24% YoY growth, while the installed base of Saphyr systems rose ~64% YoY to 176, up from 164 at the 2021-year-end.  “We believe our Q1 results, which include record revenues for any Bionano Q1, show that the momentum in our business from 2021 has carried into 2022,” Chief Executive Erik Holmlin remarked ahead of the conference call at 4:30 p.m. EST. Meanwhile, the cost of revenue increased ~136% YoY to $3.6M, and

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Bionano posts widening 1Q net loss even as revenue beats forecasts