Bionano Genomics Q3 earnings beat estimates by $0.13
Revenue exceeded expectations as the genomics firm posted a narrower-than-projected loss. Shares were indicated higher in extended trading.
Bionano Genomics reported third-quarter results that surpassed analyst forecasts, with earnings per share beating estimates by $0.13.
The San Diego-based company posted a loss of $0.18 per share, compared with a projected loss of $0.31 per share, according to a Refinitiv poll of analysts. Revenue totaled $12.7 million, topping the $11.5 million consensus estimate.
Gross margin improved to 54% from 48% in the same period last year, reflecting operational efficiencies. The company attributed the revenue growth to increased demand for its optical genome mapping technology, particularly in clinical and research applications.
Cash and cash equivalents stood at $102.4 million as of Sept. 30, up from $95.2 million at the end of June. Bionano ended the quarter with $45.6 million in total debt, unchanged from the prior quarter.
Shares of Bionano were indicated up about 5% in after-hours trading following the release. The stock has gained roughly 20% year-to-date, underperforming the broader biotech sector’s advance of 25% over the same period.
Bionano has not provided formal guidance for the current quarter, though management reaffirmed its full-year revenue target of $45 million to $50 million.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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