NanoString Technologies' Q3 Fall Short Street View; Cuts FY21 Guidance

NanoString Technologies Inc NSTG reported Q3 sales of $37.15 million, +17% Y/Y, mainly driven by instrument sales, demand for consumables, and services.
Q3 sales fell slightly short of analysts' consensus estimate of $37.79 million.
NanoString's Q3 product and service revenues grew 23% to $36.9 million.
Instrument revenue rose 13% to $14.5 million driven by GeoMx Digital Spatial Profiler (DSP) and nCounter Analysis System sales, which grew 14% and 11% Y/Y, respectively.
Consumables revenues grew 32% to $18 million, with GeoMX DSP consumables more than quadrupling and nCounter consumables increasing by 10%.
In a conference call with investors, Doug Farrell, vice president of investor relations, attributed the slower-than-expected nCounter consumables sales to the lingering effects of the pandemic.
NanoString expects these sales to remain below average before recovering in 2022.
Overall, the Company said that GeoMx instrument orders grew by 40%, with the installed base rising to approximately 225 systems.
Total nCounter installed base rose to approximately 1,030 systems, compared to 915 systems in Q3 FY20 and 1,015 systems at the end of Q2 FY21.
NanoString's Q3 EPS loss of $(0.69) was wider than expected of $(0.54).
Guidance: The Company lowered its full-year product and service revenue guidance to $140 million - $144 million from a previous range of $143 million - $147 million.
"We now expect FY21 GeoMx revenue will be $49 million - $50 million, driven by instrument order growth of possibly 50% for the full year at the upper end of our annual guidance range," NanoString CFO Tom Bailey said during the call.
The Company estimates nCounter revenue of approximately $91 - $94 million compared to previous guidance of $143 million - $147 million.
Price Action: NSTG shares closed at $46.67 on Tuesday.

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NanoString Technologies' Q3 Fall Short Street View; Cuts FY21 Guidance