This article was originally published on TipRanks.com
Bionano Genomics, Inc. (BNGO) has announced preliminary results for the fourth quarter of 2021 and full-year 2021. Bionano is a life sciences instrumentation company focused on genome analysis space.
Shares of Bionano rose 1.5% on Wednesday and another 3.6% in the after-hours trading session to close at $2.88.
The President and CEO of Bionano, Erik Holmlin, PhD, said, “We ended the year with a lot of momentum across the business and have achieved or exceeded all of the milestones we set out at the beginning of 2021. The integration of BioDiscovery is going well and the results from our first interim readout from our postnatal clinical trial exceeded our expectations. Additionally, there is a lot of excitement around our 2022 Symposium, which began earlier this week.”
Bionano has announced preliminary fourth-quarter revenues in the range of $5.8 million to $6.2 million, up 45% to 55%, compared to the fourth quarter of 2020. For full-year 2021, the company has reported preliminary revenues in the range of $17.5 million to $17.9 million, an increase of 106% to 110%, compared to the previous year.
The company also reported a net increase in the installed base of 23 Saphyr systems in the fourth quarter of 2021, bringing the total figure for 2021 to 164, above its target of 150 systems. The yearly figure is 69% more than the 97 installed systems reported in 2020.
Consensus among analysts is a Strong Buy based on 3 unanimous Buys. The Bionano stock forecast stands at $11 and implies upside potential of 295.7%. Shares of the company have declined 60% over the past year.
Investors should always be aware of the risks involved in any stock. According to the TipRanks’ Risk Factors tool, BNGO is at risk mainly from two factors: Tech and Innovation, and Finance and Corporate, which contribute 24% and 30%, respectively, to the total 76 risks identified for the stock.
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure
Coinbase Acquires Crypto-Derivatives Trading Platform FairX
Exela Renews Partnership with Mastercard in EMEA
T. Rowe Price’s AUM Rise in December; Shares Drop