NanoString Technologies Inc (NASDAQ:NSTG) recently announced that it plans to release its third-quarter 2020 operating data on November 9, 2020, which is the date for its next investor conference.
The past few months have been particularly interesting for NanoString especially since it provides life science tools designed for translational research and discovery. The need for such services has become more apparent during the COVID-19 pandemic. NanoString has experienced an uptick in the demand for its products, and this is expected to push growth.
What investors should expect from the upcoming conference call
NanoString recently released its operational and financial highlights which paint a decent picture of what to expect during the upcoming investor call. The company revealed that it has so far generated about $30.1 million from its products and services, which represents a 14% increase compared to the product and service revenue it reported in Q3 2019.
NanoString also reported $12.9 million in instrument revenue which represents 60% growth YOY. The instrument revenue includes the $7.5 million that the company earned from selling its GeoMx® Digital Spatial Profiler (DSP). NanoStrings also revealed that it managed to generate $13.7 million in consumables revenue, which represents an 11% decline YOY. It also earned $1.4 million in consumables revenue from selling its GeoMx DSP consumables.
Service revenue in Q3 2020 amounted to $3.5 million which is up 16% compared to the service revenue that the company reported in Q3 of 2019. As far as the operational highlights are concerned, NanoString revealed that it had more than 25 orders for its 25 GeoMx® DSP instruments in Q3. NanoString has so far received over 150 orders for since it launched the instruments.
“I’m extremely pleased with our third-quarter performance, which included double-digit growth in product and service revenue and more than 25 new orders for our GeoMx DSP platform,” stated NanoString CEO, Brad Gray.
The Q3 2020 highlights indicate that the GeoMx DSP instrument sales have continued to demonstrate strong momentum. The data is expected to be accretive to the company’s earnings data for the quarter as will likely be revealed during the upcoming earnings call.