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Nanostring (NSTG)

NanoString Technologies is a leading provider of life science tools for discovery and translational research. The company’s nCounter® Analysis System is used in life sciences research and has been cited in more than 4,000 peer-reviewed publications. The nCounter Analysis System offers a cost-effective way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision, facilitating a wide variety of basic research and translational medicine applications, including biomarker discovery and validation. The company’s GeoMx® Digital Spatial Profiler enables highly-multiplexed spatial profiling of RNA and protein targets in a variety of sample types, including FFPE tissue sections.

Company profile

Ticker
NSTG
Exchange
CEO
R. Bradley Gray
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
NanoString Technologies Europe Limited • NanoString Technologies SAS • NanoString Technologies International, Inc. • NanoString Technologies Germany GmbH • NanoString Technologies Asia Pacific Limited • NanoString Technologies Singapore Pte Limited • NanoString Technologies (Beijing) Co. Ltd. • NanoString Technologies Spain, S.L. • NanoString Technologies Netherlands B.V. ...
IRS number
200094687

NSTG stock data

Analyst ratings and price targets

Last 3 months

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 126.03M 126.03M 126.03M 126.03M 126.03M 126.03M
Cash burn (monthly) (no burn) 2.86M 13.02M 11.58M 10.82M 9.09M
Cash used (since last report) n/a 8.45M 38.43M 34.18M 31.95M 26.84M
Cash remaining n/a 117.58M 87.6M 91.84M 94.08M 99.19M
Runway (months of cash) n/a 41.1 6.7 7.9 8.7 10.9

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Sep 22 R Bradley Gray Common Stock Grant Acquire A No No 11.526 39 449.51 202,337
1 Sep 22 Joseph M Beechem Common Stock Grant Acquire A No No 11.526 82 945.13 85,454
17 Jun 22 Teresa M. Foy RSU Common Stock Grant Acquire A No No 0 2,434 0 2,434
17 Jun 22 Finney Elisha W Common Stock Sell Dispose S No Yes 12.41 1,945 24.14K 6,595
17 Jun 22 Finney Elisha W RSU Common Stock Grant Acquire A No No 0 14,851 0 14,851
16 Jun 22 Finney Elisha W Common Stock Option exercise Acquire M No No 0 3,890 0 8,540
16 Jun 22 Finney Elisha W RSU Common Stock Option exercise Dispose M No No 0 3,890 0 0
57.5% owned by funds/institutions
13F holders Current Prev Q Change
Total holders 164 179 -8.4%
Opened positions 26 26
Closed positions 41 29 +41.4%
Increased positions 61 62 -1.6%
Reduced positions 51 62 -17.7%
13F shares Current Prev Q Change
Total value 666.73M 1.76B -62.2%
Total shares 55.73M 56.54M -1.4%
Total puts 580.3K 6.6K +8692.4%
Total calls 65.3K 45.8K +42.6%
Total put/call ratio 8.9 0.1 +6066.8%
Largest owners Shares Value Change
Wellington Management 6.23M $79.12M +17.4%
FMR 6.16M $78.18M -10.3%
BLK Blackrock 4.28M $54.3M -1.1%
Clarus Lifesciences II 4.12M $50.33M 0.0%
Ra Capital Management 3.58M $45.52M NEW
Vanguard 3.46M $43.91M +1.8%
Alger Associates 3.08M $0 0.0%
Fred Alger Management 2.51M $31.89M -19.2%
Polar Capital 2.03M $25.73M +25.2%
Pictet Asset Management 1.6M $20.29M -2.2%
Largest transactions Shares Bought/sold Change
Ra Capital Management 3.58M +3.58M NEW
IVZ Invesco 33.71K -1.62M -98.0%
Marshall Wace 306.51K -1.36M -81.6%
Orbimed Advisors 0 -1.16M EXIT
Wellington Management 6.23M +925.49K +17.4%
Camber Capital Management 850K +850K NEW
TimesSquare Capital Management 0 -762.9K EXIT
Iron Triangle Partners 0 -722.4K EXIT
FMR 6.16M -708.52K -10.3%
Fred Alger Management 2.51M -595.97K -19.2%

Financial report summary

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Risks
  • We have incurred losses since we were formed and expect to incur losses in the future. We cannot be certain that we will achieve or sustain profitability.
  • Our financial results may vary significantly from quarter to quarter which may adversely affect our stock price.
  • If we do not achieve, sustain or successfully manage our anticipated growth, our business and growth prospects will be harmed.
  • Our future success is dependent upon our ability to expand our customer base and introduce new applications and products.
  • The life sciences research market is highly competitive. If we fail to compete effectively, our business and operating results will suffer.
  • New product development involves a lengthy and complex process, and we may be unable to commercialize on a timely basis, or at all, any of the products we develop.
  • New market opportunities may not develop as quickly as we expect, limiting our ability to successfully market and sell our products.
  • We face risks related to health epidemics and other outbreaks, such as COVID-19, which could significantly disrupt our operations and could have a material adverse impact on us.
  • Our sales cycle is lengthy and variable, which makes it difficult for us to forecast revenue and other operating results.
  • Our reliance on distributors for sales of our products outside of the United States could limit or prevent us from selling our products and impact our revenue.
  • Our future capital needs are uncertain and we may need to raise additional funds in the future.
  • We may not be able to develop new products, enhance the capabilities of our systems to keep pace with rapidly changing technology and customer requirements or successfully manage the transition to new product offerings, any of which could have a material adverse effect on our business and operating results.
  • We are dependent on third-party manufacturers and single source suppliers for some of the components and materials used in our products, and the loss of any of these suppliers, or difficulties or delays in securing these components or materials, could harm our business.
  • We may experience manufacturing problems or delays that could limit our growth or adversely affect our operating results.
  • If our greater Seattle area facilities become unavailable or inoperable, we will be unable to continue our research and development, manufacturing our consumables or processing sales orders, and our business will be harmed.
  • We expect to generate a substantial portion of our product and service revenue internationally and are subject to various risks relating to our international activities, which could adversely affect our operating results.
  • We could be subject to additional income tax liabilities.
  • Changes in tax laws or regulations that are applied adversely to us or our customers may have a material adverse effect on our business, cash flow, financial condition or results of operations.
  • Our ability to use net operating losses to offset future taxable income may be subject to certain limitations.
  • Provisions of debt instruments we may enter into may restrict our ability to pursue our business strategies.
  • Acquisitions or joint ventures could disrupt our business, cause dilution to our stockholders and otherwise harm our business.
  • If we are unable to recruit, train and retain key personnel, we may not achieve our goals.
  • Undetected errors or defects in our products could harm our reputation, decrease market acceptance of our products or expose us to product liability claims.
  • We face risks related to handling of hazardous materials and other regulations governing environmental safety.
  • If we experience a significant disruption in our information technology systems or breaches of data security, our business could be adversely affected.
  • Significant United Kingdom or European developments stemming from the United Kingdom’s withdrawal from the European Union could have a material adverse effect on us.
  • We intend to seek strategic collaborations and partnerships and other transactions, which may result in the use of a significant amount of our management resources or significant costs, and we may not be able to fully realize the potential benefit of such transactions.
  • Our “Research Use Only” products for the research, life sciences market could become subject to more stringent regulatory requirements as medical devices by the FDA or other regulatory agencies in the future which could increase our costs and delay our commercialization efforts, thereby materially and adversely affecting our business and results of operations.
  • For medical devices that we develop and commercialize, we are subject to ongoing and extensive regulatory requirements, and our failure to comply with these requirements could substantially harm our business.
  • We may be subject, directly or indirectly, to healthcare fraud and abuse laws and other laws applicable to our marketing and promotional practices. If we or our agents and contractors are unable to comply, or have not complied, with such laws, we could face substantial penalties.
  • Healthcare policy changes, including legislation reforming the United States healthcare system, may have a material adverse effect on our financial condition and results of operations.
  • If we are unable to protect our intellectual property effectively, our business would be harmed.
  • We depend on certain technologies that are licensed to us. We do not control these technologies and any loss of our rights to them could prevent us from selling our products.
  • Involvement in lawsuits to protect or enforce our patents and proprietary rights, to determine the scope, coverage and validity of others’ proprietary rights, or to defend against third-party claims of intellectual property infringement, could be time-intensive and costly and may adversely impact our business or stock price.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our employees’ former employers.
  • Our products contain third-party open source software components, and failure to comply with the terms of the underlying open source software licenses could restrict our ability to sell our products.
  • We use third-party software that may be difficult to replace or cause errors or failures of our products that could lead to lost customers or harm to our reputation.
  • The price of our common stock may be volatile, and you could lose all or part of your investment.
  • If securities or industry analysts do not publish research reports about our business, or if they issue an adverse opinion about our business, our stock price and trading volume could decline.
  • Future sales of our common stock in the public market could cause our stock price to fall.
  • We have broad discretion over the use of the proceeds to us from our March 2020 convertible notes offering and October 2020 underwritten public offering and may apply the proceeds to uses that do not improve our operating results or the value of your securities.
  • Servicing our convertible notes may require a significant amount of cash, and we may not have sufficient cash flow or the ability to raise the funds necessary to satisfy our obligations under the notes, and our current and future indebtedness may limit our operating flexibility or otherwise affect our business.
  • Transactions relating to our notes may dilute the ownership interest of existing stockholders, or may otherwise depress the price of our common stock.
  • Anti-takeover provisions in our charter documents and under Delaware or Washington law could make an acquisition of us difficult, limit attempts by our stockholders to replace or remove our current management and limit our stock price.
  • Complying with the laws and regulations affecting public companies increases our costs and the demands on management and could harm our operating results.
Management Discussion
  • Our product revenue consists of sales of GeoMx DSP and nCounter, including instruments and related consumables. Service revenue consists of fees associated with service contracts and conducting various forms of data analysis studies, such as providing services under our Technology Access Programs, or TAP, and programs in which we offer customers early access to technologies under development for which we generate data and perform analysis services on their behalf. Our customer base is primarily comprised of academic institutions, government laboratories, biopharmaceutical companies and clinical laboratories that perform analyses or testing using nCounter or GeoMx DSP.
  • Instrument revenue during the three and six month periods ended June 30, 2022 decreased as compared to the same periods in 2021, primarily as a result of fewer commercial shipments of our GeoMx DSP system. We believe the lower revenue, and particularly the lower number of GeoMx systems shipped, was primarily due to sales execution issues that arose in the first quarter, and which persisted into the second quarter, as well as spatial biology market development trends that impacted our mix of system orders. The primary issues and trends include slower development and progression of GeoMx DSP system opportunities in our sales funnel as compared to opportunities associated with our new CosMx SMI system, and a realignment of our commercial team early in the year that led to lower than typical instrument sale close rates as compared to previous quarterly periods.
  • Consumables revenue includes sales of consumables for both GeoMx DSP and nCounter, and also includes sales of Prosigna in vitro diagnostic kits to our partner Veracyte. Consumables revenue was approximately flat for the three month periods ended June 30, 2022 as compared to the same periods in 2021, and increased for the six month periods ended June 30, 2022 as compared to the same periods in 2021. The increase for the six month period in our consumables revenue was due primarily to our increased installed base of GeoMx DSP systems as compared to the same period of 2021, and also to the introduction of new consumables content for GeoMx DSP such as our Cancer Transcriptome and Whole Transcriptome Atlas products. These increases were partially offset by lower revenue from our nCounter consumables for the three and six month periods ended June 30, 2022, sales of which were impacted by the first quarter sales execution issues, as well as by the continued impact of pandemic related lab closures and clinical trial delays.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. sophomore Good
New words: answer, AtoMx, British, Chemical, Diego, ecosystem, entirety, EP, feet, German, hearing, intermediate, IVDD, IVDR, nullity, persisted, portal, pound, progression, realignment, recession, remeasurement, San, SIP, slower, square, sterling, streamlined, unopposed, Visium
Removed: fourth, grace, MDD, MDR, untitled

Patents

Utility
Chemical Compositions and Uses Thereof
8 Sep 22
The present disclosure relates to chemical compositions, kits, and apparatuses and methods for using these compositions, kits and apparatuses in various assays.
Utility
Biomolecular Probes and Methods of Detecting Gene and Protein Expression
14 Jul 22
The present invention relates to, among other things, probes, compositions, methods, and kits for simultaneous, multiplexed detection and quantification of protein and/or nucleic acid expression in a user-defined region of a tissue, user-defined cell, and/or user-defined subcellular structure within a cell that are adaptable for use with existing sequencing technologies.
Utility
Chemical compositions and uses thereof
5 Jul 22
The present invention relates to, among other things, probes, compositions, methods, and kits for simultaneous, multiplexed detection and quantification of protein and/or nucleic acid expression in a user-defined region of a tissue, user-defined cell, and/or user-defined subcellular structure within a cell that are adaptable for use with existing sequencing technologies.
Utility
Chemical compositions and methods of using same
22 Mar 22
The present disclosure relates to chemical compositions, kits, and apparatuses and methods for using these compositions, kits and apparatuses in various assays.
Utility
Methods, Apparatuses, Systems and Devices for Mobile Digital Spatial Profiling of Pathological Specimens
10 Mar 22
Embodiments of the present disclosure are directed to a compact, mobile, digital spatial profiling (DSP) system, and associated apparatuses, devices and methods, which are configured to image one or more regions-of-interest (ROIs), and then using UV light to cleave, for example, oligos off antibodies in one or more ROIs (“photocleaving”), and collect the photocleaved oligos for later hybridization and counting.