Shares of Bionano Genomics (NASDAQ:BNGO) tumbled 8% in after-hours trading on Wednesday following the release of its full-year 2024 financial results and a maintained Hold rating from Scotiabank. The genetic testing company reported mixed results, with revenue beating expectations but earnings per share falling short of analyst estimates.
Bionano Genomics reported revenue of $30.8 million for the full year 2024, surpassing analyst expectations by 6.9%. However, this figure represents a 15% decline from the previous year. The company's net loss narrowed by 52% to $112.0 million, or $88.13 per share, compared to FY 2023. Despite the improvement in net loss, the earnings per share missed analyst estimates by 10%.
Adding to investor concerns, Scotiabank analyst Sung Ji Nam maintained a Hold rating on Bionano Genomics stock. This cautious stance, coupled with the mixed financial results, likely contributed to the sharp after-hours decline. Investors may be weighing the company's future prospects, as revenue is forecast to grow 3.5% per annum on average over the next two years, lagging behind the 5.8% growth forecast for the US Life Sciences industry. The after-hours plunge extends the stock's recent weakness, with shares already down 6.1% over the past week.
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