NanoString Technologies announces record third quarter revenue, showing significant growth according to Investing.com

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In the latest financial news, NanoString Technologies Inc (NASDAQ: NSTG ), a well-known company in discovery and translational research, reported record revenue for the third quarter of 2023. Reported revenue of $48.1 million was up 63% year over year and exceeded their guidance.

Revenues are primarily split between Space Biology ($28.9 million) and nCounter ($19.2 million). The latter includes all other services and income. The company’s cash balance reached $97.1 million following an exchange transaction with convertible noteholders representing 94% of the outstanding principal amount.

In addition to these financial achievements, NanoString also successfully defended its CosMx instrument order. This strategic move has retained approximately 95% of cumulative orders. The impact of this decision is reflected in the significant year-on-year growth of 350% in space biological equipment revenue and the 70% year-on-year growth in consumable revenue.

The company’s nCounter platform has also made significant progress, with annual sales of $37,000. In addition, the number of platforms increased by approximately 3%, bringing the total to approximately 1,140.

These numbers illustrate NanoString’s strong financial performance and strategic growth in the third quarter of 2023, demonstrating the company’s strong position in discovery and translational research.

More information about InvestingPro

While NanoString Technologies Inc (NASDAQ: NSTG ) reported record revenue for the third quarter of 2023, InvestingPro’s data and tips provide additional insights to consider. According to InvestingPro, the company is heavily indebted and burning through cash quickly, which may be a factor worth considering considering the company reports a healthy annual cash balance of $97.1 million.

InvestingPro data also shows that the company’s market capitalization is US$65.61 million, with a significant increase of 23.08% in the past week. Nonetheless, the company’s share price has been quite volatile, with its shares falling significantly over the past three months, six months and one year.

InvestingPro Tips also highlights that NanoString has not been profitable in the past 12 months, and analysts do not expect the company to be profitable this year. This is consistent with the reported P/E ratio of -0.41.

These insights provide a more complete understanding of NanoString’s financial health and performance. For more detailed tips and data, consider exploring InvestingPro’s offerings, which include a wealth of additional tips to guide your investment decisions.

This article was created and translated with the help of artificial intelligence and reviewed by an editor. For more information, please see our terms and conditions.

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