NanoString Technologies Stock Plunges Afterhours On Q1 Preliminary Results

NanoString Technologies Inc NSTG reported its first-quarter FY22 preliminary total product and service revenue of ~$31 million, lower than its guidance of $34 million-$38 million.
GeoMx® Digital Spatial Profiler revenue was $10 million, including Instrument revenue of $5 million (-31% year-over-year) and Consumables revenue of $5 million (+78% Y/Y).
nCounter revenue were $21 million which included, Instrument revenue of $4 million (-11% Y/Y) and Consumables revenue of $13 million (-5% Y/Y).
Service revenue was $4 million, a 16% increase from the prior year.
"Our first-quarter revenue fell short of our expectations. After reviewing the preliminary results with the benefit of hindsight, we believe our Q1 revenue was impacted primarily by two factors. First, uneven sales execution resulted in an imbalance between capturing fourth-quarter revenue and developing our Q1 2022 funnel of opportunities. Second, we believe this was compounded by the impact of changes made to re-align our expanded commercial team early in the year," said Brad Gray, President and CEO of NanoString."
Price Action: NSTG shares are trading lower by 28.4% at $23.60 during the post-market session on Tuesday.