Bionano Genomics, Inc. (BNGO) stock was dropping in the pre-market today following the announcement of Q2 2021 financial results. BNGO stock saw a downtrend of 3.24% to drop at $3.24 a share at the time of this writing. The stock was also gloomy in the previous trade and went down by 1.01% at closing. Let’s deep dive to explore more of it.
Second Quarter 2021 Financial Results:
- BNGO stock suffered a $0.06 per share quarterly loss in the reported quarter. This is above than Zacks Consensus Estimate of loss of $0.05 per share.
- The earning surprise for the second quarter of 2021 is -20%. The stock delivered no surprise in the previous quarter. Moreover, this is the consecutive fourth quarter in which stock has not surpassed the consensus EPS estimate.
- BNGO stock reported $3.9 million in total revenue, 226% higher than the same period of prior year.
- The gross margin of 37% was 33% higher than the previous quarter and 12% lower than the same quarter of last year.
- Operating expenses increased to $17.9 million for Q2 2021 from $12.2 million in Q1 2021. These were $8.0 million in the same quarter of last year.
- BNGO stock reported a net expense of $2.3 million, mainly associated with Innovatus term loan and accrued interest.
Balance Sheet of BNGO stock:
At the end of June 30, 2021, BNGO stock reported $333 million in cash and cash equivalents. These were $38.4 million by the end of December 2020. The equity raise completed in January 2021 is the main reason behind this increase.
Upcoming Milestones of BNGO stock:
- Bionano stock expects Commercial release of prenatal assays in the third quarter of 2021. pediatric assays menu expansion is also anticipated in the third quarter.
- In the fourth quarter, Bionano stock will release interim results of a pediatric clinical study.
- 3 sites of BNGO’s both prenatal clinical study and pediatric clinical study will validate LDTs in Q4 2021.
- The initial prototype of next-generation high throughput Saphyr is expected in the fourth quarter of 2021.
- Installation of 150 systems by the end of this year will represent a 50% increase over the year.
Conclusion:
BNGO stock is falling despite increased revenue in second-quarter 2021 as compared to the same prior-year quarter. However, one thing is to note that its earnings surprise is -20% and quarterly loss is above the Zacks Consensus Estimate. The stock is progressing with time and continuing to conduct clinical studies which is a good sign. In a nutshell, deep research is necessary before adding this stock to the portfolio.
