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Preliminary Earnings Roundup: NanoString Technologies, SomaLogic, Pacific Biosciences, More

NEW YORK – NanoString Technologies said on Sunday that it expects to report fourth quarter product and service revenue of over $34.0 million, in line with its guidance range of $33.0 to $35.0 million, but down roughly 19 percent from $42.0 million in Q4 2021. Analysts, on average, expect the firm to report total Q4 revenues of $33.5 million.

For the three-month period ended Dec. 31, the Seattle-based spatial biology firm said it secured more than 105 instrument orders, including around 80 CosMx Spatial Molecular Imagers (SMI) and over 25 GeoMx Digital Spatial Profilers (DSP), representing 50 percent year-over-year growth for both Q4 and full-year 2021. 

For nCounter, NanoString concluded 2022 with an installed base of approximately 1,120 systems, up about 7 percent compared to 2021.

For full-year 2022, the firm’s product and service revenue is expected to be approximately $127.0 million, within its guidance range of $125.0 to $127.0 million and approximately a 12 percent decrease from $144.0 million in 2021. 

NanoString delivered three consecutive underwhelming quarters in 2022, but President and CEO Brad Gray noted in a statement that the firm had just shipped its first CosMx systems to customers in the final month of 2022, and "our CosMx order backlog of approximately $40 million at year end provides the foundation for revenue growth in 2023." 

As of Dec. 31, NanoString said its cash, cash equivalents, and short-term investments were more than $195.0 million. 

Akoya Biosciences, NanoString's competitor, said on Sunday that it is expecting up to 31 percent growth year over year in Q4 revenues.

The Marlborough, Massachusetts-based company projected total Q4 revenues of between $20.7 million and $21.2 million, a roughly 27 percent to 31 percent increase compared to $16.2 million in Q4 2021. The average estimated revenues from analysts were approximately $20.1 million for the quarter.

For full-year 2022, Akoya’s total revenues are expected to be between $74.3 million and $74.8 million, about a 35 percent to 36 percent increase from 2021 revenues of $54.9 million. The Wall Street consensus estimate for FY 2022 is $73.7 million. 

"The fourth quarter of 2022 was another record quarter for Akoya, demonstrating our continued business momentum and commercial execution," Akoya CEO Brian McKelligon said in a statement.

Standard BioTools said on Monday that its Q4 core product and service revenues — genomics and proteomics excluding discontinued and COVID-19-related products — are expected to be in the range of $26.0 million to $27.0 million. The company estimated its full-year core product and service revenues to be in the range of approximately $94.0 million to $95.0 million.

During the fourth quarter, the South San Francisco, California-based life science research tools provider said it has reduced its overall headcount by 15 percent, decreased its real estate footprint in South San Francisco by 25 percent, and “right-sized” its microfluidics business to reduce operating expenses.

Olink said on Monday that it is expecting 32 percent year-over-year growth for its Q4 2022 revenues.

For the three-month period ended Dec. 31, Olink reported preliminary revenues between $57.5 million and $57.9 million, compared to $43.7 million in Q4 2021. Analysts, on average, had expected the company to report approximately $56.4 million in revenues for the quarter. For full-year 2022, the Uppsala, Sweden-based proteomics firm said it expects revenues between $139.4 million and $139.8 million, up 47 percent from $95.0 million in 2021.

Olink said it estimates a total of 52 external installations of its Explore proteomics platform and 91 Signature Q100 system placements by the end of 2022. It said the Explore installations averaged $800,000 in consumables pull-through in 2022.

The company projected 2023 full-year revenue to be in the range of $192 million to $200 million, representing growth of approximately 37 percent to 43 percent.

SomaLogic said on Monday that its preliminary revenue for the full-year 2022 is estimated to be "at the high end” of its guidance range of $93.0 to $98.0 million, reflecting approximately 20 percent year-over-year revenue growth. Analysts' average estimate for full-year 2022 for the company is $95.0 million.

Pacific Biosciences said on Monday that its preliminary fourth quarter revenue is approximately $27.3 million, representing a decrease of approximately 24 percent compared to $36.0 million for Q4 2021. This projection fell short of Wall Street’s consensus estimate for the quarter, which is $27.9 million.

For full-year 2022, PacBio reported preliminary revenue of approximately $128.2 million, representing a 2 percent dip from $130.5 million in 2021. On average, analysts are expecting the company to deliver full-year revenue of $129.0 million.

Annual and quarterly consumable revenues are expected to be approximately $59.9 million and $16.6 million, respectively.

PacBio said it received 96 instrument orders during Q4, including 76 for the recently launched Revio systems for delivery in 2023, “making it the most successful product announcement in PacBio's history.”

"The strong initial demand for Revio exceeded our expectations and is evidence of the significant demand for long-read sequencing at scale,” PacBio President and CEO Christian Henry said in a statement.

The company’s total preliminary cash, cash equivalents, and investments balance as of Dec. 31 are approximately $772.3 million.

Singular Genomics said on Monday that it recognized approximately $700,000 in preliminary revenue during Q4 2022. The San Diego-based sequencer maker said it shipped five G4 instruments by the end of Dec. 31.