Bionano Genomics Posts Wider Loss in Q3, but Revenue Jumps 137%
Bionano Genomics Inc. posted wider net loss in the third quarter of fiscal 2022, even as its revenue surged 137% year-over-year. The company attributed the jump in revenue to higher sales of its Saphyr product, as well as growth in its services business.
Bionano Genomics, a nanotechnology company that specializes in DNA analysis, posted wider losses in the third quarter of its fiscal year, but saw its revenue jump 137%. Compared to the same period last year, Bionano Genomics saw a 29.4% increase in total revenue. The company attributed the jump to an increase in sales of its Saphyr system, which is used for genomic mapping. Bionano Genomics has been on a tear over the last three years, with its total revenue increasing from $8.5 million to $23.3 million. The company has been investing heavily in R&D and has been expanding its sales and marketing efforts.
Despite the wider loss, Bionano Genomics is making progress on its bottom line. Looking ahead, Bionano Genomics is optimistic about the future. The company is expecting to see continued growth in sales of the Saphyr system and is expecting to launch new products that will help it expand its reach even further.
So far, the company's news has mostly been negative.
BIONANO GENOMICS is a high risk investment in terms of financial and business aspects. The company's fundamentals reflect its long term potential, but there are 4 risk warnings in income sheet, balance sheet, cashflow statement, financial journal. Register with us to check it out.
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Investing in Bionano Genomics may be a risky proposition, as the company has posted losses in each of the last three quarters.
However, revenue has been growing rapidly, jumping 137% in the most recent quarter. Bionano Genomics is a nanotechnology company that develops and manufactures products for genetic analysis. The company's flagship product is the Saphyr system, which is a next-generation sequencing platform that can detect structural variants with single-nucleotide precision. The company has also partnered with several major companies in the genomics space, including Illumina and Thermo Fisher Scientific. Due to its high risks, Bionano Genomics is likely only suitable for investors with a high tolerance for risk. However, the company's rapid revenue growth and partnerships with industry leaders suggest that it may be a worthwhile investment for those willing to take on the risk.