NanoString Technologies (NSTG) Tops Q4 EPS by $1.19

NanoString Technologies (NASDAQ: NSTG) reported Q4 EPS of $0.61, $1.19 better than the analyst estimate of ($0.58). Revenue for the quarter came in at $33.6 million versus the consensus estimate of $34.46 million.

Fourth Quarter Financial Highlights

• Product and service revenue of $33.6 million, 42% year-over-year growth. Pro forma growth1 was 48% and reflects the impact of the Veracyte transaction on revenue recorded for Prosigna® IVD kits
• Instrument revenue of $13.8 million, including $7.8 million of GeoMx™ Digital Spatial Profiler (DSP) instrument revenue, 136% year-over-year growth
• Life Science consumable revenue of $14.9 million, 14% year-over-year growth
• Total consumable revenue of $16.9 million, including $2.0 million of Prosigna, 11% year-over-year growth. Pro forma growth was 16%
• Service revenue of $3.0 million, 18% year-over-year growth

“Our record product and service revenue in 2019 was driven by the successful launch of GeoMx DSP and the continued momentum of our core nCounter business,” said Brad Gray, president and CEO of NanoString. “Customer interest in GeoMx has exceeded our expectations and we expect to see an acceleration in systems orders when we begin selling GeoMx into the basic discovery market in mid-2020.”

2020 Outlook

The company, based on its plans and initiatives for 2020, expects to record results approximately as follows.

• Total product and service revenue of $124 to $131 million, representing growth of 20% to 26% as compared to 2019 and pro forma growth of 26% to 34% compared to 2019
• GeoMx DSP revenue of $30 to $35 million, with $25 to $30 million derived from instrument sales and approximately $5 million from sales of consumables
• Adjusted gross margin on product and service revenue of 54% to 55%
• Adjusted research and development expenses of $46 to $48 million, representing a reduction of 24% to 27% as compared to 2019
• Adjusted selling, general and administrative expenses of $76 to $78 million, representing a reduction of 6% to 8% as compared to 2019
• Adjusted EBITDA loss of $46 to $51 million, an improvement of 37% to 43% as compared to 2019

For earnings history and earnings-related data on NanoString Technologies (NSTG) click here.

You May Also Be Interested In

• Citi agrees to acquire rewards platform Kard Financial
• KULR Technology Group (KULR) Misses Q2 EPS by 39c
• Eledon Pharmaceuticals, Inc. (ELDN) Misses Q2 EPS by 12c