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Bionano (BNGO) to Report Q2 Earnings: What's in the Offing?
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Bionano Genomics, Inc. (BNGO - Free Report) is scheduled to report second-quarter results on Aug 13.
The stock has lost 30.4% in the year so far against the industry's growth of 5.3%.
The company missed expectations by 36.36% in the last reported quarter. Over the trailing four quarters, it missed earnings estimates on three occasions. The four-quarter average negative earnings surprise is 21.48%.
Let us see how things have shaped up prior to this announcement.
Factors in Focus
Bionano is a life sciences instrumentation company in the genome analysis space. The company develops and markets the Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system comprises an instrument, chip consumables, reagents and a suite of data analysis tools.
The company generates product revenues from sales of its instruments and consumables. It currently sells its products for research use only applications. The customers are primarily laboratories associated with academic and governmental research institutions, as well as pharmaceutical, biotechnology and contract research companies. Consumable revenues consist of sales of complete assays, which are developed internally along with sales of kits that contain all the elements necessary to run tests. Other revenues consist of warranty and other service-based revenues.
Total revenues were $1.1 million in the previous quarter, down from $1.8 million in the year-ago quarter as customers temporarily shut down their lab operations in response to COVID-19 shelter-at-home orders. The decline has most likely magnified in the to-be-reported quarter as the pandemic gained steam.
Operating expenses were up 46% in the last quarter due to headcount additions in its sales and marketing teams as well as back-office support teams to assist with the growth of worldwide product distribution. Expenses are most likely to have been higher in the quarter under review. However, in April, the company imposed salary reductions for most of its salaried employees, which might have lowered the cost base.
Meanwhile, the company will also update its plans to use approximately $14 million in cash proceeds, which it received pursuant to warrant exercises since the end of the second quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Bionano this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here, as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP for Bionano is 0.00%.
Zacks Rank: The company currently carries a Zacks Rank #4 (Sell).
Bionano Genomics, Inc. Price, Consensus and EPS Surprise
Here are a few stocks you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season.
NuCana (NCNA - Free Report) has an Earnings ESP of +8.07% and a Zacks Rank #2.
Fulcrum Therapeutics, Inc. (FULC - Free Report) has an Earnings ESP of +8.46% and a Zacks Rank #2.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Bionano (BNGO) to Report Q2 Earnings: What's in the Offing?
Bionano Genomics, Inc. (BNGO - Free Report) is scheduled to report second-quarter results on Aug 13.
The stock has lost 30.4% in the year so far against the industry's growth of 5.3%.
The company missed expectations by 36.36% in the last reported quarter. Over the trailing four quarters, it missed earnings estimates on three occasions. The four-quarter average negative earnings surprise is 21.48%.
Let us see how things have shaped up prior to this announcement.
Factors in Focus
Bionano is a life sciences instrumentation company in the genome analysis space. The company develops and markets the Saphyr system, a platform for ultra-sensitive and ultra-specific structural variation detection that enables researchers and clinicians to accelerate the search for new diagnostics and therapeutic targets and streamline the study of changes in chromosomes, which is known as cytogenetics. The Saphyr system comprises an instrument, chip consumables, reagents and a suite of data analysis tools.
The company generates product revenues from sales of its instruments and consumables. It currently sells its products for research use only applications. The customers are primarily laboratories associated with academic and governmental research institutions, as well as pharmaceutical, biotechnology and contract research companies. Consumable revenues consist of sales of complete assays, which are developed internally along with sales of kits that contain all the elements necessary to run tests. Other revenues consist of warranty and other service-based revenues.
Total revenues were $1.1 million in the previous quarter, down from $1.8 million in the year-ago quarter as customers temporarily shut down their lab operations in response to COVID-19 shelter-at-home orders. The decline has most likely magnified in the to-be-reported quarter as the pandemic gained steam.
Operating expenses were up 46% in the last quarter due to headcount additions in its sales and marketing teams as well as back-office support teams to assist with the growth of worldwide product distribution. Expenses are most likely to have been higher in the quarter under review. However, in April, the company imposed salary reductions for most of its salaried employees, which might have lowered the cost base.
Meanwhile, the company will also update its plans to use approximately $14 million in cash proceeds, which it received pursuant to warrant exercises since the end of the second quarter.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Bionano this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the odds of an earnings beat. Unfortunately, that is not the case here, as you will see below. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter.
Earnings ESP: Earnings ESP for Bionano is 0.00%.
Zacks Rank: The company currently carries a Zacks Rank #4 (Sell).
Bionano Genomics, Inc. Price, Consensus and EPS Surprise
Bionano Genomics, Inc. price-consensus-eps-surprise-chart | Bionano Genomics, Inc. Quote
Stocks to Consider
Here are a few stocks you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat this season.
Supernus Pharmaceuticals, Inc. (SUPN - Free Report) has an Earnings ESP of +35.85% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
NuCana (NCNA - Free Report) has an Earnings ESP of +8.07% and a Zacks Rank #2.
Fulcrum Therapeutics, Inc. (FULC - Free Report) has an Earnings ESP of +8.46% and a Zacks Rank #2.
The Hottest Tech Mega-Trend of All
Last year, it generated $24 billion in global revenues. By 2020, it's predicted to blast through the roof to $77.6 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>