Wed. 10 Nov 2021, 7:05am ETBenzinga
In: Earnings, News, Guidance, Health Care, General
- NanoString Technologies Inc (NASDAQ:NSTG) reported Q3 sales of $37.15 million, +17% Y/Y, mainly driven by instrument sales, demand for consumables, and services.
- Q3 sales fell slightly short of analysts' consensus estimate of $37.79 million.
- NanoString's Q3 product and service revenues grew 23% to $36.9 million.
- Instrument revenue rose 13% to $14.5 million driven by GeoMx Digital Spatial Profiler (DSP) and nCounter Analysis System sales, which grew 14% and 11% Y/Y, respectively.
- Consumables revenues grew 32% to $18 million, with GeoMX DSP consumables more than quadrupling and nCounter consumables increasing by 10%.
- In a conference call with investors, Doug Farrell, vice president of investor relations, attributed the slower-than-expected nCounter consumables sales to the lingering effects of the pandemic.
- NanoString expects these sales to remain below average before recovering in 2022.
- Overall, the Company said that GeoMx instrument orders grew by 40%, with the installed base rising to approximately 225 systems.
- Total nCounter installed base rose to approximately 1,030 systems, compared to 915 systems in Q3 FY20 and 1,015 systems at the end of Q2 FY21.
- NanoString's Q3 EPS loss of $(0.69) was wider than expected of $(0.54).
- Guidance: The Company lowered its full-year product and service revenue guidance to $140 million - $144 million from a previous range of $143 million - $147 million.
- "We now expect FY21 GeoMx revenue will be $49 million - $50 million, driven by instrument order growth of possibly 50% for the full year at the upper end of our annual guidance range," NanoString CFO Tom Bailey said during the call.
- The Company estimates nCounter revenue of approximately $91 - $94 million compared to previous guidance of $143 million - $147 million.
- Price Action: NSTG shares closed at $46.67 on Tuesday.