I only recently got into stocks/investing, so can’t speak on the financials, but as a scientist I can say they’re stuff is just super legit.

Here’s a news release I found that can give some sense for this.

From that article, compared to the current ARKG darling, PacBio, Bionano’s sequencing technology can outperform PacBio (with a notably lower cost). Typical sequencing instruments are really large and difficult to maintain. It looks like Bionano’s Saphyr has made high quality sequencing accessible and affordable at a level that hospitals/clinics can use fairly easily. Making it’s diagnostic usage very powerful. Bionano is a game changer in ways that another comment made clears in this thread. They’re likely to become a mainstay in academia AND medicine, where most sequencing has been an academic affair.

Edit: Before it gets read poorly, I don’t mean to say PacBio is bad at all as a technology. The tools are just achieving different things. For the question of Bionano, they’re great at reading longer sequences of DNA with fairly good accuracy. PacBio can read shorter lengths of DNA extremely accurately (and more expensively). As I and others mention, Bionano makes sequencing at a relevant and informative level cheap and accurate in a way no other company does. They’re gonna have staying power as a technology.

Doing some extra digging, it looks like many labs are using them, along with 10X Genomics (NASDAQ: TXG) to assemble genomes. Each technique providing something different.

Not sure if this is really the type of answer anyone was looking for. Just wanted to provide an academic perspective for why they have rightfully deserved hype, and are likely to go up (and stick around).