Published on 8 Nov 2023 on GuruFocus.com via Yahoo Finance
Bionano Genomics Inc (BNGO) Reports Growth in Q3 2023 Amidst Strategic Cost-Saving Initiatives
Bionano Genomics Inc (NASDAQ:BNGO) sees a 29% increase in Q3 2023 revenue, reaching $9.3 million compared to Q3 2022.The installed base of Saphyr systems grows by 39% year-over-year, with a 55% increase in nanochannel array flowcells sold.Strategic initiatives to reduce costs are estimated to save approximately $33.0 million starting in 2024.Bionano Genomics Inc (NASDAQ:BNGO) maintains full-year 2023 revenue guidance of $35.0 to $38.0 million.
Warning! GuruFocus has detected 7 Warning Signs with BNGO.
Bionano Genomics Inc (NASDAQ:BNGO) has released its financial results for the third quarter ended September 30, 2023, on November 8, 2023. The company has reported a significant increase in revenue and growth in its product base, alongside strategic moves aimed at cost reduction and operational efficiency.