Bionano Genomics Inc - BNGO STOCK NEWS

Bionano Genomics announces the release of new kits for its Ionic Purification System, offering potential improvements in quality and yield of nucleic acid extraction from complex biological samples. The system uses isotachophoresis (ITP) to extract, purify, and concentrate nucleic acid without damaging it. The Ionic G2 chemistry includes four new kits that provide up to a potential 4.5-fold increase in nucleic acid yield over the leading column-based system.

Bionano Genomics reports Q1 2023 revenue of $7.4 million, a 30% increase YoY. Installed base of Saphyr systems grows by 47% YoY. Collaboration with NVIDIA expected to improve data processing speed. OEM partner in China obtains reagent registrations. Q1 2023 Symposium sees significant expansion. Q1 2023 gross margin improves to 28% YoY. Q1 2023 operating expense increases to $39.9 million YoY. Bionano plans to reduce cash expenditures by $20 million. Webcast scheduled for May 9, 2023.

Bionano Genomics will host a conference call and webcast on May 9, 2023, to report financial results for Q1 2023 and highlight recent corporate progress.

Bionano Genomics (BNGO) announced three peer-reviewed publications validating optical genome mapping (OGM) as a superior alternative to traditional cytogenetic methods for analyzing hematological malignancies. The studies indicate that OGM demonstrates high concordance rates with traditional methods, revealing additional relevant genetic variants that could influence clinical decisions. Key findings include:

• 91% concordance in acute myeloid leukemia (AML) and 83% in myelodysplastic syndrome (MDS).
• OGM's detection threshold can be lowered to 1-2% variant allele fraction.
• OGM provides results in 4 days without cell culture.

The research highlights OGM's potential for enhanced patient management and risk assessment, positioning it as a first-tier cytogenetic testing option.

Bionano Genomics (Nasdaq: BNGO) announced preliminary financial results for Q1 2023, predicting total revenues between $7.3 million and $7.5 million, reflecting a 28% to 32% increase from Q1 2022. The installed base of Saphyr® systems grew to 259, marking a 47% year-over-year rise, with an increase of 19 systems in the quarter. Additionally, 5,226 nanochannel array flowcells are expected to be sold, indicating a 62% growth over the previous year. Bionano has decided to withdraw its applications for Category I CPT codes for optical genome mapping (OGM) to avoid potential assignment of less favorable Category III codes. This quarter marks the 10th consecutive quarter of revenue growth, with a revenue guidance of $35 million to $38 million for the full year 2023.