Bionano Genomics Inc Stock Price, News & Analysis

Bionano Genomics (Nasdaq: BNGO) announced the appointment of Richard Shippy as Chief Business Officer. With over 20 years in life sciences, Shippy has a proven track record at Affymetrix, where he developed the CytoScan HD Array, and at Illumina. He will lead product strategy and market expansion for Bionano's optical genome mapping (OGM) technology, aiming to enhance the detection of structural variations (SVs). CEO Erik Holmlin expressed confidence in Shippy's ability to drive the company's growth and impact in cytogenetics.

Bionano Genomics (BNGO) has appointed Jason Priar as Chief Commercial Officer. Priar is a seasoned leader known for scaling businesses in genetic diseases and cancer testing, previously leading GeneDx to significant revenue growth. His role will focus on enhancing sales and market access for the company's Saphyr® system and Lineagen’s diagnostic services. CEO Erik Holmlin expressed confidence in Priar's ability to drive global adoption of Bionano's optical genome mapping technology, emphasizing his industry expertise and established relationships with payers.

Bionano Genomics, Inc. (Nasdaq: BNGO) will present virtually at the Oppenheimer MedTech, Tools & Diagnostics Summit on May 26, 2021, at 8 am ET. The presentation will be accessible on Bionano’s website under the Investors section, with an archived webcast available for 30 days after the event. Bionano specializes in genome analysis, offering the Saphyr system for detecting structural variations and providing diagnostic testing for autism spectrum disorder through its Lineagen business. For more details, visit www.bionanogenomics.com.

Bionano Genomics reported a 179% year-over-year revenue increase for Q1 2021, achieving total revenues of $3.2 million. This growth was fueled by record sales of consumables and an expanding Saphyr installed base. The company also maintained a strong balance sheet with $362 million in cash as of March 31, 2021. Key milestones include expansions into new markets and applications in prenatal analysis and cancer research. Operating expenses rose to $12.2 million, driven by increased headcount and material costs, but gross margins improved to 33%.

Bionano Genomics (BNGO) will host a conference call and webcast on May 13, 2021, at 4:30 p.m. ET to discuss its financial results for the first quarter ending March 31, 2021. This call will also highlight recent corporate progress. Interested participants can dial in using the listed toll-free number or view the webcast through the provided link. The company's Saphyr system enables advanced genome analysis for genetic research and diagnostic testing, particularly in autism spectrum disorders.

Bionano Genomics (Nasdaq: BNGO) announced the issuance of US Patent No. 10,995,364 on May 4, 2021, covering methods for single-molecule whole genome analysis. This patent enhances DNA molecule labeling using sequence-specific probes, improving detection of disease-causing variants and single-basepair changes. The patented methods bolster the Saphyr® System's capabilities, which already excel in structural variant detection. CEO Erik Holmlin emphasized the patent's role in strengthening Bionano's intellectual property portfolio, comprising 67 patents across 14 families, aiding in detailed genomic analysis for cancer and genetic diseases.

Bionano Genomics (BNGO) announced that the Georgia Esoteric and Molecular (GEM) Laboratory at Augusta University is now offering diagnostic services for genetic disorders using optical genome mapping (OGM) with the Saphyr® System. Developed by Dr. Ravindra Kolhe, this laboratory-developed test (LDT) targets pediatric patients suspected of neurodevelopmental disorders. The OGM-based LDT aims to streamline traditional testing workflows, reduce costs, and improve diagnostic rates by combining multiple testing functions into a single assay.

Bionano Genomics (Nasdaq: BNGO) announced the publication of a transformative study on DNA replication mechanisms, enhancing cancer research capabilities. Conducted by Dr. Nicholas Rhind and an international team, the study utilized the Saphyr system, which demonstrated a remarkable ability to analyze DNA replication timing, speed, and origin at a coverage level thousands of times greater than previous methods. This breakthrough could pave the way for new cancer drug development with fewer side effects, positioning Saphyr as a pivotal tool in genomic research.

Bionano Genomics (BNGO) has announced the adoption of its Saphyr system for optical genome mapping (OGM) by two major UK National Health Service (NHS) laboratories: King’s College Hospital and the NHS Regional Genetics Laboratory in Belfast. These institutions will use Saphyr to assess genomes of patients with hematological malignancies, among other genetic diseases. CEO Erik Holmlin emphasized that this shift towards OGM represents a modernization of cytogenetic workflows, potentially accelerating data generation and enhancing patient care outcomes.