NanoString Technologies (NSTG.US) is one of the best performing US stocks today. Share price is up over 20% after US biotech company reported preliminary Q3 2023 earnings. NanoString said that it expects Q3 revenue to be over $48 million, more than 60% YoY higher and above the company's own guidance range of $45-47 million (exp. $46 million). Full results will be released on Monday, November 6.
Revenue from spatial biology unit is seen at around $29 million, above the $27-28 million guidance range (exp. $27 million), while revenue from nCounter segment is seen at around $19 million, at the upper limit of the $18-19 million guidance (exp. $19 million). NanoString said that revenue in spatial biology segment increased around 348% YoY, thanks to accelerated shipments of CosMx during the quarter. Company said that strong revenue growth and improved working capital allowed it to reduce cash burn by around 50% compared to the previous quarter (from -$37 million to around -$20 million).
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Open account Try demo Download mobile app Download mobile appTaking a look at NanoString chart at H1 interval, we can see that even although today's gains are big in percentage terms, they are barely noticeable compared to recent declines the stock has suffered. Share price managed to climb above the 50-hour moving average (green line) but there is still a long way to go until the $1.75 area, where the upper limit of a local market geometry can be found.
Source: xStation5
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