Benzinga | Jan 10, 2022 06:15AM EST

NanoString Expects Q4 Product And Service Revenue Growth Of 18%

NanoString Technologies Inc (NASDAQ:NSTG) expects Q4 FY21 product and service revenue of approximately $42 million, +18% Y/Y and at the upper end of the company's guidance of $38 million - $42 million.

* For FY21, the company expects product and service revenue to be approximately $144 million, +29% YY and at the upper end of the company's prior guidance of $140 million - $144 million.

* The company generated record orders for more than 50 GeoMx Digital Spatial Profiler (DSP) systems in Q4, +80% Y/Y.

* Installed approximately 30 GeoMx systems in Q4, increasing the GeoMx installed base to around 255 systems.

* NanoString has secured customer orders for 20 CosMx Spatial Molecular Imager systems. The company concluded 2021 with a nCounter installed base of approximately 1,050 systems, +11% Y/Y.

* For Q4, GeoMx DSP revenue is expected to be approximately $18 million + 48% Y/Y and above the upper end of the company's guidance of $15 million - $16 million.

* FY21 GeoMx DSP revenue is expected to be approximately $52 million, +49% Y/Y, and ahead of revenue guidance of $49 million - $50 million.

* For Q4, nCounter revenue is expected to reach $24 million, +2% Y/Y and in line with the expected $23 million - $26 million.

* For the full year, nCounter revenue is expected to be approximately $92 million, +20% Y/Y, and compared to guidance of $91 million - $94 million.

* NanoString held cash and equivalents of $350 million as of December 31, 2021.

* Price Action: NSTG shares closed lower by 3.61% at $34.18 on Friday.