Mind-boggling Stock: Bionano Genomics, Inc. (NASDAQ: BNGO)

Bionano Genomics, Inc. (NASDAQ: BNGO) stock observed trading -88.91% off 52-week high price. On the other end, the stock has been noted 108.48% away from low price over the last 52-weeks. The stock disclosed a move of 29.95% away from 50 day moving average and -37.25% away from 200 day moving average. Moving closer, we can see that shares have been trading 11.84% off 20-day moving average.

Bionano Genomics, Inc. (BNGO) recently stated its financial results for the first quarter ended March 31, 2020 and provided a business update.

First Quarter Financial Highlights

Total Revenue. Total revenue was $1.1M for the three months ended March 31, 2020, contrast to $1.8M for the same period in 2019. The decrease influenced all regions, largely driven by consumers temporarily shutting down their lab operations in response to COVID-19 shelter-at-home orders. Below is a summary of changes for the three months ended March 31, 2020 as contrast to the same period in 2019:

  • North America revenue reduced by $0.1M, or 13%;
  • EMEIA revenue reduced by $0.5M, or 57%; and
  • Asia Pacific revenue reduced by $0.1M, or 78%.

Cost of Revenue. Total cost of revenue reduced by about $0.3M, or 25%, to $0.9M for the three months ended March 31, 2020, contrast to $1.1M for the same period in 2019. The decrease in the cost of revenue for the quarter was primarily Because of a decrease in the number of instruments units sold during the quarter, which was partially offset by a raise in consumable units sold of 46%.

Operating Expenses. Operating expenses increased by about $3.1M, or 46%, to $10.0M for the three months ended March 31, 2020, contrast to $6.9M for the same period in 2019. The increase was mainly attributed to higher selling, general, and administrative expense Because of headcount additions to our global sales and marketing teams as well as back-office support teams to assist with the growth of our world-wide product distribution. In addition, we recorded bad debt expense of nearly $1.0M.

Net Loss. Net loss for the three months ended March 31, 2020 was $10.5M, contrast to a net loss of $7.8M for the same period in 2019.

Cash and cash equivalents. At March 31, 2020, the Company had cash and cash equivalents of $8.1M contrast to cash and cash equivalents of $17.3M at December 31, 2019.

The USA based company Bionano Genomics, Inc. moved with change of 1.30% to $0.52 with the total traded volume of 6361069 shares in recent session versus to an average volume of 7630.82K. BNGO’s shares are at 8.56% for the quarter and driving a -81.12% return over the course of the past year and is now at -57.97% since this point in 2018.

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