NanoString Technologies $NSTG stock did a downtrend channel breakout on January 9, 2023, a day after the company reported a 50% increase in orders.
NanoString Provides Preliminary Financial and Operational Highlights for Fourth Quarter and FY 2022
NanoString Technologies, a top supplier of tools for discovery and translational research in the life sciences, released its preliminary financial and operational highlights for the fourth quarter and fiscal year ended December 31, 2022, on January 8, 2023.
Q4 and 2022 Highlights
- Secured customer orders for more than 105 spatial biology systems in Q4, including approximately 80 for CosMx™ Spatial Molecular Imagers (SMI) and over 25 for GeoMx Digital Spatial Profilers (DSP), an increase of 50% as compared to 2021 for both the fourth quarter and full year 2022
- CosMx SMI highlighted on the cover of the December 2022 issue of Nature Biotechnology, demonstrating high-resolution, single cell imaging of RNA and protein
- CosMx SMI featured in the January 2023 issue of National Geographic. Researchers at Wake Forest used CosMx to perform high-resolution imaging of brain tissue in their ongoing Alzheimer’s research. They were able to discover rare senescence cells that contribute to neurodegeneration
- Total peer-reviewed publications featuring our spatial biology platforms were approximately 195 as of December 2022, representing an increase of approximately 105 publications in the last 12 months
- NanoString was named the Gold Sponsor for 2023 Advances in Genome Biology and Technology (AGBT) meeting, where we will host a workshop on February 7, 2023 highlighting advances in our spatial biology platforms and showcasing research conducted by our collaborators and customers
- Concluded 2022 with an nCounter installed base of approximately 1,120 systems, an increase of approximately 7% as compared to 2021
- Total peer-reviewed publications featuring nCounter were approximately 6,520 as of December 2022, representing an increase of approximately 1,320 publications in the last 12 months
Preliminary Financial Results
- For the fourth quarter of 2022, product and service revenue is expected to be over $34 million, within our guidance range of $33 to $35 million
- For the full year 2022, product and service revenue is expected to be approximately $127 million, within our guidance range of $125 to $127 million
- As of December 31, 2022, cash, cash equivalents and short-term investments is expected to total more than $195 million
These preliminary results are based on management’s initial analysis of operations for the quarter and year ended December 31, 2022 and are subject to further internal review and audit by the company’s external auditors.
“NanoString continued to build on our strong spatial biology franchise in 2022, capturing a record 105+ new system orders in the fourth quarter, bringing growth in spatial biology system orders to 50% for the full year,” said Brad Gray, President and CEO of NanoString. “We shipped our first CosMx systems to customers in December, and our CosMx order backlog of approximately $40 million at year end provides the foundation for revenue growth in 2023.”
National Geographic Highlights Use of the CosMx Spatial Molecular Imager in Alzheimer’s Disease Research
The CosMxTM Spatial Molecular Imager (SMI) from NanoString Technologies, a top supplier of life science tools for discovery and translational research, was featured in the January issue of National Geographic Magazine, the company announced on January 3, 2023. The research from Wake Forest University, which used the CosMx SMI to examine human brain tissue from patients with Alzheimer’s disease in order to reveal the nuances of human aging, was highlighted in an article titled “Living Longer and Better.”
NanoString’s spatial biology platforms have been used by Miranda Orr, PhD, Assistant Professor of Gerontology and Geriatric Medicine at Wake Forest University, to comprehend cellular senescence, one of the characteristics of biological aging. Senescent cells are still active and capable of releasing chemicals that could harm nearby healthy cells and cause inflammation even though they have stopped dividing. Previous studies have shown that Alzheimer’s patients have more senescent cells in their brains than do healthy individuals.
Finding senescent cells in a tissue has proven to be a difficult task in Alzheimer’s research because they make up only about 2% of all cells and have a unique molecular signature in each tissue. The brain tissue from a deceased Alzheimer’s disease patient was examined by the Wake Forest team using CosMx SMI to find and identify senescent cells.
“The CosMx SMI is the only instrument that has provided us with the opportunity to simultaneously visualize more than one thousand genes, at subcellular resolution, and across all cells in a tissue,” said Dr. Orr. “We are able to develop maps of the brain at an unprecedented resolution.”
More than 1,000 RNA and over 64 protein analytes can be imaged in high resolution using CosMx SMI in morphologically sound whole tissue sections. Using fresh frozen and formalin-fixed paraffin-embedded (FFPE) tissue samples, researchers can see and measure gene and protein expression at single cell and subcellular resolutions using the CosMx instrument. CosMx SMI provides best-in-class cell segmentation through a multi-modal approach that includes protein imaging. To create high-resolution cell atlases, researchers can use high-plex in situ analysis to carry out cell typing, cell state, functional, and cell-cell interaction analyses in a single experiment.
The GeoMx® Digital Spatial Profiler (DSP) and the CosMx SMI are the newest additions to the company’s portfolio of industry-leading spatial analysis tools. For both human and mouse applications, the GeoMx DSP is a fully automated spatial profiler that enables multi-cellular transcriptome analysis. Both platforms can accommodate different species.