NASDAQ$BNGO
BioNano Genomics Inc · Q1 2023 earnings
Q1 2023 earnings · · Investor relations
Briefing
Reported revenue increase driven by growth in Saphyr system installed base and flowcell sales.
Bionano Genomics reported a 30% increase in revenue for Q1 2023 compared to Q1 2022, driven by growth in the Saphyr system installed base and flowcell sales. The company's gross margin also improved, and they announced an initiative to reduce cash expenditures.
- Q1 2023 revenue was $7.4 million, a 30% increase over Q1 2022.
- Saphyr system installed base grew to 259, a 47% increase over Q1 2022.
- 5,226 nanochannel array flowcells were sold, a 62% increase over Q1 2022.
- GAAP gross margin improved to 28% compared to 15% in Q1 2022.
Headline financials
Revenue & EPS history
BioNano · Revenue · Quarterly
$7.42M
Revenue by segment
BioNano · $7.42M total across 2 segments · Q1 2023
- Product Revenue$5.45M+74.8%73.5%
- Service and Other Revenue$1.97M-23.7%26.5%
Forward guidance
Bionano plans to reduce cash expenditures by approximately $20 million over the next four to five quarters through a strategic review of operations.
Tailwinds
- Prioritize and invest in high priority programs.
- Support ongoing adoption of OGM.
- Advance clinical studies.
- Expand OGM installed base.
- Continue planned product and regulatory developments.
Headwinds
- Reduction in force implemented May 8, 2023.
- Plans to decrease anticipated new hires for the remainder of 2023.
- Reduction to safety stock of inventory due to reduced supply chain risk.
- Implementation of operational efficiencies.
- Other cost controls to reduce previously planned spending.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 18 quarterly earnings reports · overlaid with Q1 2023
-3.3%
Avg return
Earnings day
-5.4%
Avg return
5 days after
-7.7%
Avg return
30 days after
40%
12 / 30 earnings
Positive
+15.5%
Q4 2018
Best reaction
-29.8%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +0.9% | +1.6% | — | |
| Q1 2026 | -0.8% | -9.5% | -7.9% | |
| Q3 2025 | +2.8% | +4.8% | +10.2% | |
| Q1 2025 | +2.9% | +0.8% | -2.4% | |
| Q4 2024 | +11.1% | +8.6% | +43.4% | |
| Q3 2024 | -3.4% | -11.5% | -7.7% | |
| Q2 2024 | -21.5% | -23.5% | -13.7% | |
| Q1 2024 | +2.7% | +7.3% | -9.4% | |
| Q4 2023 | +0.0% | -5.8% | -18.2% | |
| Q3 2023 | -7.0% | -10.5% | +2.8% | |
| Q2 2023 | -0.2% | -13.9% | -15.7% | |
| Q1 2023 | +6.9% | -9.6% | +0.0% | |
| Q4 2022 | -8.4% | -5.3% | -19.8% | |
| Q3 2022 | +2.7% | +2.2% | -6.3% | |
| Q2 2022 | +6.6% | +0.0% | +2.2% | |
| Q1 2022 | -16.1% | -24.2% | -10.8% | |
| Q4 2021 | +1.4% | -10.7% | +20.6% | |
| Q3 2021 | -9.8% | -13.7% | -44.4% | |
| Q2 2021 | +5.4% | +4.4% | -1.0% | |
| Q1 2021 | +13.9% | +22.8% | +59.9% | |
| Q4 2020 | -17.9% | -14.4% | -34.1% | |
| Q3 2020 | -7.4% | -5.4% | -10.7% | |
| Q2 2020 | -8.4% | -6.5% | -32.5% | |
| Q1 2020 | -8.4% | -11.8% | +21.6% | |
| Q4 2019 | -29.8% | -30.3% | -74.3% | |
| Q3 2019 | -2.1% | +17.8% | +24.4% | |
| Q2 2019 | -14.4% | -11.3% | -50.5% | |
| Q1 2019 | -11.3% | -17.0% | -28.1% | |
| Q4 2018 | +15.5% | +7.4% | -8.1% | |
| Q3 2018 | -6.0% | -5.7% | -11.9% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2017 | — | — | — | |
| Q1 2017 | — | — | — |
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