This Innovative Growth Stock Could Double or More in 2023
Making specialized scientific instruments requires a lot of time spent on research and development (R&D). Still, businesses that succeed in creating killer laboratory hardware can sometimes rake in billions by enabling researchers to approach inquiries that they couldn't otherwise. Enter Bionano Genomics (NASDAQ: BNGO), a genomics hardware company whose product, the Saphyr optical genome mapping device, is the only technology that can analyze the structural variations of chromosomes at both high efficiency and low cost.
If you don't understand what most of those words mean, don't worry -- it isn't necessary to appreciate this stock's potential. For now, you can think of the Saphyr as a self-contained laboratory apparatus that can cheaply and reliably identify certain features of genomes that researchers and drug developers find interesting. Let's investigate if that might push Bionano's stock to explode in 2023 and beyond so that you can judge whether it might be a favorable investment for your needs.
Bionano's advantage is that using its machine is a lot easier than using alternatives to accomplish the same goal. Traditionally, without the Saphyr, identifying structural variations of chromosomes requires using multiple pieces of hardware and a lot of hands-on time spent toiling in the lab. Think of it as a device that compresses an entire laboratory workflow into a couple of steps, thereby saving time and money. Plus, without the Saphyr, there is also a substantial chance of failing to detect a sample's features of interest altogether. In short, Bionano's machine is innovative because it streamlines a research process and decreases the risks of that process coming up short. And both of those factors are likely to drive the adoption of its product.
Source Fool.com
