NanoString Technologies (NSTG) Misses Q1 EPS by 8c, Revenues Beat

NanoString Technologies (NASDAQ: NSTG) reported Q1 EPS of ($0.62), $0.08 worse than the analyst estimate of ($0.54). Revenue for the quarter came in at $31.62 million versus the consensus estimate of $30.51 million.

First Quarter Financial Highlights

• Product and service revenue of $31.4 million, 28% year-over-year growth
• Instrument revenue of $11.7 million, 19% year-over-year growth. Instrument revenue includes $7.0 million of GeoMx® Digital Spatial Profiler (DSP) instrument revenue
• Consumables revenue of $16.0 million, 39% year-over-year growth. Consumables revenue includes $2.7 million GeoMx® DSP consumables revenue
• Service revenue of $3.7 million, 17% year-over-year growth
• Cash, cash equivalents and short-term investments balance of $409.9 million

“Spatial Biology is in a period of tremendous growth, revolutionizing research in fields from oncology to COVID-19. During Q1, NanoString extended its lead in this exciting market, with strong demand for our GeoMx DSP, a record number of new peer-reviewed publications, and growing excitement generated by our Spatial Molecular Imager,” said Brad Gray, president and CEO of NanoString. “The launch of our GeoMx Whole Transcriptome Atlas is off to a great start, and is now driving more than 60% of new projects in our GeoMx Technology Access Program. Meanwhile, our nCounter business showed continued durability, with steady demand for new instruments continuing more than a decade after the platform’s introduction.”

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

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