On January 9, 2022, NanoString Technologies issued a preliminary report showing 50% YoY revenue growth. NSTG stock is currently trading at the lower end of a downtrend channel.
NanoString Provides Preliminary Financial and Operational Highlights for Fourth Quarter and FY 2021
On January 9, 2022, NanoString Technologies, Inc. (NASDAQ:NSTG), a leading provider of life science tools for discovery and translational research, reported preliminary financial and operational highlights for the fourth quarter and fiscal year ended December 31, 2021.
“NanoString exited 2021 on a high note, securing more than 50 new orders for our GeoMx DSP system during the fourth quarter. Our commercial momentum and leadership in spatial biology resulted in GeoMx revenue growth of almost 50% year-on-year, for both the fourth quarter and the full year,” said Brad Gray, President and CEO of NanoString. “Our expanding portfolio of spatial biology solutions covers the full spectrum of applications across discovery and translational research, putting us in position for continued growth in the rapidly expanding spatial biology market. We’re already seeing strong early demand for our new CosMx Spatial Molecular Imager, as eager customers have pre-ordered a total of 20 systems ahead of the planned commercial launch later this year.”
- Generated record orders for more than 50 GeoMx Digital Spatial Profiler (DSP) systems in the fourth quarter, representing approximately 80% growth as compared to the fourth quarter of 2020
- Achieved record GeoMx consumable revenue of $6 million in Q4, representing annualized consumable pull-through of approximately $110,000 per installed system
- Installed approximately 30 GeoMx systems in Q4, increasing the GeoMx installed base to approximately 255 systems as of December 31, 2021
- Secured customer orders for 20 CosMx Spatial Molecular Imager (SMI) systems through a limited program open to existing and new GeoMx customers
- Released the first high-resolution, single cell spatial dataset generated from formalin-fixed paraffin-embedded (FFPE) tissue using CosMx SMI
- Published a manuscript in the online journal BioRxiv describing the CosMx SMI technology and performance
- Concluded 2021 with an nCounter installed base of approximately 1,050 systems, an increase of approximately 11% as compared to 2020
- Recorded continued research momentum for the nCounter platform, with total scientific publications now exceeding 5,200, representing an increase of approximately 1,200 publications in the last 12 months
Total Product and Service Revenue
- For the fourth quarter of 2021, product and service revenue is expected to be approximately $42 million, at the upper end of the company’s guidance range of $38 to $42 million and representing 18% growth as compared to the fourth quarter of 2020
- For the full year 2021, product and service revenue is expected to be approximately $144 million, at the upper end of the company’s updated annual guidance range of $140 to $144 million and representing 29% growth as compared to the prior year
GeoMx DSP Revenue
- For the fourth quarter, GeoMx DSP revenue is expected to be approximately $18 million, above the upper end of the company’s GeoMx revenue guidance range of $15 to $16 million and representing 48% growth as compared to the fourth quarter of 2020
- For the full year, GeoMx DSP revenue is expected to be approximately $52 million, above the upper end of the company’s updated GeoMx revenue guidance range of $49 to $50 million and representing 49% growth as compared to the prior year
nCounter Revenue, Inclusive of all Service Revenue
- For the fourth quarter, nCounter revenue, inclusive of all service revenue, is expected to be approximately $24 million, near the middle of the company’s nCounter revenue, inclusive of all service revenue guidance range of $23 to $26 million and representing 2% growth as compared to the fourth quarter of 2020
- For the full year, nCounter revenue, inclusive of all service revenue, is expected to be approximately $92 million, near the middle of the company’s updated annual nCounter revenue, inclusive of all service revenue guidance range of $91 to $94 million and representing 20% growth as compared to the prior year
As of December 31, 2021, cash, cash equivalents and short-term investments totaled approximately $350 million
NanoString Technologies is a leading provider of life science tools for discovery and translational research. The company provides platforms that allow researchers to map the universe of biology. The nCounter® Analysis System, cited in more than 5,200 peer-reviewed publications, offers a way to easily profile the expression of hundreds of genes, proteins, miRNAs, or copy number variations, simultaneously with high sensitivity and precision. NanoString’s GeoMx® Digital Spatial Profiler enables highly multiplexed spatial profiling of RNA and protein targets in various sample types, including FFPE tissue sections, and has been cited in approximately 90 peer-reviewed publications. The CosMx Spatial Molecular Imager, with commercial availability expected in the second half of 2022, enables highly sensitive, high-resolution imaging of hundreds to thousands of RNAs or proteins directly from single cells within morphologically intact whole tissue sections. For more information, visit https://www.nanostring.com.
📺 Nanostring Technologies
📈 NSTG Stock Technical Analysis
The short-term trend is negative, as is the long-term trend. It is very risky to go long NSTG stock at this time. Prices have been falling strongly lately, it is better to avoid new long positions here. NSTG is an average performer in the Life Sciences Tools & Services industry, it outperforms 50% of 63 stocks in the same industry. NSTG is currently making a new 52 week low. This is a very bad signal. The S&P500 Index is trading in the upper part of its 52-week range, so NSTG is lagging the market.
There is resistance at 41.46 from a trend line in the daily time frame.
The technical rating of NSTG is bad and it also does not present a quality setup at the moment. Prices have been extended to the downside lately. For a nice entry it is better to wait for a consolidation. Click here to sign up for email alerts on when NSTG stock consolidates and is a good entry.