NanoString Technologies (NSTG) Misses Q4 EPS by 4c, Revenues Beat; Offers FY21 Revenues Guidance Below Consensus

NanoString Technologies (NASDAQ: NSTG) reported Q4 EPS of ($0.53), $0.04 worse than the analyst estimate of ($0.49). Revenue for the quarter came in at $35.7 million versus the consensus estimate of $34.65 million.

Fourth Quarter Financial Highlights

• Product and service revenue of $35.7 million, 6% year-over-year growth. On a pro forma basis, reflecting the impact of the Veracyte transaction on revenue recorded for Prosigna® IVD kits, product and service revenue increased by 9%
• Instrument revenue of $15.3 million, 11% year-over-year growth. Instrument revenue includes $9.3 million of GeoMx® Digital Spatial Profiler (DSP) instrument revenue
• Consumables revenue of $16.6 million, 2% year-over-year decline. On a pro forma basis, reflecting the impact of the Veracyte transaction, consumables revenue increased by 3%. Consumables revenue includes $2.8 million of GeoMx DSP consumables revenue
• Service revenue of $3.8 million, 29% year-over-year growth

“During 2020, we successfully achieved all of our strategic objectives against the challenging operating backdrop of the COVID-19 pandemic. We extended our leadership in spatial biology, growing GeoMx DSP instrument orders by 50% and opening up a large market opportunity in basic discovery through the introduction of the first next generation sequencing panels for GeoMx,” said Brad Gray, president and CEO of NanoString. “We look forward to continuing our momentum in 2021, with key catalysts including the commercial launch of our GeoMx Whole Transcriptome Atlas and a Technology Access Program service for our recently unveiled Spatial Molecular Imager.”

GUIDANCE:

NanoString Technologies sees FY2021 revenue of $140-150 million, versus the consensus of $151.03 million.

The company, based on its plans and initiatives for 2021, expects to record results approximately as follows:

• Total product and service revenue of $140 to $150 million, representing growth of 26% to 35% as compared to 2020
• GeoMx DSP revenue of $45 to $50 million
• nCounter revenue, inclusive of all service revenue, of $95 to $100 million
• Adjusted gross margin on product and service revenue of 55% to 57%
• Adjusted operating expenses of $145 to $155 million
• Adjusted EBITDA loss of $65 to $70 million

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

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