What happened
Shares of Bionano Genomics (BNGO -6.80%) 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.
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.
