NEW YORK - NanoString Technologies on Tuesday announced preliminary revenues of approximately $31 million for the first quarter of 2022, falling short of the company's previous guidance of revenues between $34 million and $38 million.
"Our first quarter revenue fell short of our expectations," NanoString President and CEO Brad Gray said in a statement. For one, he said, the company's "uneven sales execution" resulted in an imbalance between capturing fourth-quarter revenue and developing revenue opportunities for the first quarter. Second, he said, the revenue decline was "compounded by the impact of changes made to realign our expanded commercial team early in the year."
Revenue from the company's GeoMx Digital Spatial Profiler (DSP) is expected to be $10 million in Q1. This includes instrument revenue of $5 million, representing a 31 percent year-over-year decline, and $5 million in consumables revenue, which increased 78 percent compared to the same quarter a year ago.
NanoString's preliminary nCounter revenue, inclusive of all service revenue, is expected to be $21 million. This includes instrument revenue of $4 million, an 11 percent year-over-year decline; $13 million in consumables revenue, which dipped 5 percent compared with Q1 2021; and service revenue of $4 million, which grew 16 percent year over year.
The company's CosMx Spatial Molecular Imager generated more than 15 orders, bringing total orders to date to more than 35 systems, NanoString said.
According to Gray, NanoString is currently evaluating its financial outlook for the full year and plans to provide an update on its earnings call on May 10.
In after-hours trading on the Nasdaq, NanoString's stock dropped almost 30 percent to $23.45.