Shares of Bionano Genomics (BNGO) plunged 8.13% in intraday trading following the release of the company's third-quarter financial results and full-year revenue outlook. The significant drop suggests that investors were disappointed with the company's performance and future prospects.
Bionano Genomics reported Q3 revenue of $7.4 million, with a gross margin of 46%. However, the company's operating expenses for the quarter stood at $11.9 million, with adjusted operating expenses at $9.7 million. These figures indicate that the company is still operating at a loss, which may have contributed to the negative market reaction.
Adding to investor concerns, Bionano Genomics provided a full-year revenue outlook of $26-30 million. This guidance might have fallen short of market expectations, potentially signaling slower growth or challenges in the company's business model. The combination of current financial results and future projections appears to have shaken investor confidence, leading to the sharp decline in stock price.
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