Bionano Genomics, Inc. (Nasdaq: BNGO) saw its stock price continue rising even after the ring of the bell on Friday. The company gained 7.13% in extended trading after rallying 3.62% in the regular sessions on the day. The surge has been coming on the heel of increasing investors’ sentiments before the release of the financial results that are likely to be announced this week though not officially confirmed. It is also helping the company offsetting the decline it has faced during last week (-26.52%).
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Genomics company Bionano provides tools and services for conducting genetic research and patient testing based on its Saphyr platform. Through its Lineagen business, the company provides diagnostic testing for autism spectrum disorder (ASD) and related neurodevelopmental disabilities. Bionano’s Saphyr system identifies structural variations with a high level of specificity. It enables researchers and clinicians to accelerate the search for new diagnostics and therapies and to simplify the study of changes in chromosomes.
Earlier last week, Bionano announced that its customer Praxis Genomics, LLC received a DEX-Z code from Palmetto MolDX to add their entire Saphyr-based testing menu of LDTs. It is an alpha-numeric modifier that is typically used in conjunction with non-specific CPT codes for molecular diagnostic experiments and is used by payers when no specific CPT code applies.
When paired with the CPT code, the code gives insurance companies and physicians greater clarity about the tests being ordered, performed, and billed. The process avoids the requirement for the provider to provide exorbitant amounts of additional information, thereby expediting the claim payment. Assigning DEX-Z codes to Praxis’s menu of Saphyr-based LDT is potentially one of the most significant steps forward in coding and eventually implementing Saphyr functions.
Saphyr based LDTs from Praxis are the first CLIA-certified, CAP-accredited diagnostic laboratories to be offered commercially. With the Z-codes, Medicare and private insurances will cover the cost of OGM with Saphyr services for patients with suspected genetic disease.
After the latest updates, the Saphyr system is capable of handling Praxis’s sample workload. Since then, the system has been able to map 96 human samples per week or 5,000 samples per year. Bionano continues to improve the flow rate of its OGM and aims to reach 16k samples per year by the first half of 2023 due to its lower consumables costs.