Bionano Genomics Revenues Increase 3 Percent in Q3

Bionano Genomics reported a 3 percent increase in third-quarter revenues after the market close recently.

Fresh off  its initial public offering in August, in which it raised $23.7 million in gross proceeds, the San Diego-based DNA analysis company reported $2.8 million in revenue for the quarter, up from $2.7 million a year ago and beating the average analyst estimate of $2.45 million. Revenues consisted of $2.7 million in product revenue and $128,542 in other revenue.

"We are seeing increasing interest in our Saphyr system, as our differentiated capabilities, including long-read and structural variant data, continue to drive demand," said CEO Erik Holmlin in a statement.

Research and development costs for the quarter amounted to $2.5 million, down 17 percent from $3 million in the same quarter last year. Selling, general, and administrative costs totaled $3.2 million, up 3 percent from $3.1 million in Q3 of 2017.

Bionano booked a net loss of $4.9 million for the quarter, down 4 percent from $5.1 million in the year-ago quarter.

As of September 30, the firm had $20.7 million in cash and cash equivalents, which includes the proceeds from the IPO.