Shares of Bionano Genomics Inc. (BNGO) - Get Bionano Genomics Inc. Report jumped Friday morning after the company topped analyst revenue estimates despite reporting a first-quarter net loss for the period.
The San Diego-based diagnostics and therapeutic instrument maker reported a first- quarter net loss of $9.9 million, down from the $10.5 million loss it reported a year ago. Revenue rose to $3.2 million from $1.1 million a year ago.
Analysts did not have reliable forecasts for earnings, but the company did top revenue estimates of $3 million.
Bionano shares jumped 14.7% to $5.06 Friday morning.
“2021 is off to a solid start for Bionano. In the first quarter, we sold a record number of flow cells, analyzed a record number of samples in our service lab, drove broad adoption of Saphyr instruments and ramped up the installation of Saphyr systems that weren’t yet operational because of 2020’s travel restrictions,” said CEO Erik Holmlin.
Gross margins for the quarter rose to 33%, up from 25% in the same period a year ago. That increase was due primarily to a shift in the company's product mix towards higher-margin consumables and services.
The company reported a cash pile of $362 million at the end of the quarter compared to cash on hand of $38.4 million at the end of last year. The increase was due to equity raises that Bionano completed in January.
“In the quarter, we solidified our foundation for growth through two successful financings, contributing to a cash position of $362 million as of the end of the quarter. We anticipate that the strength of our balance sheet will enable us to clear barriers to global adoption of OGM (Optical Genome Mapping) with Saphyr," said CFO Chris Stewart.