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Why Bionano Genomics Stock Is Skyrocketing Today

By Keith Speights - May 14, 2021 at 11:28AM

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The company reported better-than-expected Q1 revenue growth.

What happened

Shares of Bionano Genomics (BNGO 5.81%) had skyrocketed 19.3% as of 11:05 a.m. EDT on Friday. The big gain came after the company announced its first-quarter results following the market close on Thursday. 

So what

Bionano's revenue in the first quarter soared 179% year over year to $3.2 million. The consensus analysts' estimate was for revenue of $2.9 million. The company posted a net loss of $9.9 million, but this reflected solid improvement from the net loss of $10.5 million in the prior-year period.

Hand held out with an image of DNA over it

Image source: Getty Images.

The primary key to Bionano's first-quarter success was increased demand for its reagent rental program and consumables. The company sold more flow cells and analyzed more samples in the first quarter than ever before. It also shipped 11 Saphyr genomic mapping systems, up from five in the prior-year period.

Now what

Bionano hopes to increase its installed base to around 150 Saphyr systems by the end of 2021. The life sciences stock could keep its momentum going if significant progress is made toward this goal.

Keith Speights has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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