BNGO - Bionano stock down ~8% after hours; co reports Q2 revenue beat wider loss

• Shares of small-cap pharmaceutical company Bionano Genomics ( NASDAQ: BNGO ) fell 8.1% to $2.16 in postmarket trading, after the genome analysis firm reported a wider Q2 loss and a significant fall in quarterly gross margin.
• It is worth noting that BNGO stock had gained 27% since Tuesday and posted a three-day winning streak at today's close.
• BNGO announced Q2 net loss of $32.16M compared to a loss of $18.79M last year. However, its revenue of $6.67M grew a healthy 72.8% Y/Y and beat estimates by $0.39M .
• The company said the quarterly figure was an all-time high for it. Revenue growth was aided by expansion of the installed base of BNGO's Saphyr sytems and a 24% Y/Y rise in sales of nanochannel array flowcells.
• The company's bottom line was hurt due to a 87.2% Y/Y rise in total operating expenses to $33.55M.
• BNGO CEO Erik Holmlin said that the company remained on track to achieve its previously outlined ELEVATE! milestones for the second half of the year.
• Bionano Geonomics ( BNGO ) stock has lost 21.4% YTD.

For further details see: