By Stephen Nakrosis
Shares of NanoString Technologies Inc. touched a 52-week low on the Nasdaq Tuesday, a day after the company released its third-quarter financial results and lowered some full-year guidance.
At 3:05 pm ET, shares of NanoString, which provides life science tools for discovery and translational research, were trading 39.2% lower at $5.61. Volume at the time topped 10.4 million shares, above the stock’s 65-day average volume of 772,507 shares.
Earlier in the session, the stock touched a 52-week low of $4.37.
After the bell Monday, the company reported a loss per share of 79 cents on revenue of $29.5 million. In the year-ago period, the company reported a loss per share of 69 cents on revenue of $37.2 million.
“During the third quarter we delivered on our top priority, which is growing our spatial biology customer base. We generated orders for approximately 60 spatial instruments, representing growth of about 70% over the previous year,” said Brad Gray, president and chief executive .
NanoString said it is expecting full-year 2022 total product and service revenue of $125 million to $127 million, below previous guidance for $140 million to $150 million. NanoString said this reflects “an order mix that is weighted more heavily to CosMx, with material CosMx revenue recognition expected to begin in 2023.”
Write to Stephen Nakrosis at [email protected]
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