Buying pressure heads to Bionano Genomics (BNGO) as it beats earnings

Shares of Bionano Genomics (BNGO) skyrocketed as high as 25% when the company announced positive earnings report.

I expect the frenzy that drove Bionano Genomics earlier this year will triple the share price in the coming months ahead.

BNGO earnings report overview

Bionano Genomics reported first quarter revenue of $3 million which represents 170% year over year increase. The company reported a net loss of $10 million compared to $10.5 million in the prior year period.

Bionano Genomics ended the first quarter with $365 million compared to $38.4 million last year.

What’s next for BNGO stock?

There are several potential catalysts ahead for BNGO stock, one of which the company expects to receive accreditation of its Saphyr-based lab developed tests for acute lymphocytic leukemia and facioscapulohumeral muscular dystrophy.

The company plans to launch prenatal assays and expand its menu of pediatric assays in Q3.

The outlook for end-of-year results, the company is expected to install 150 systems which is a 50% increase compared to last year.