NS Wind Down Co., Inc.: restructuring charge — NanoString Q3 revenue $29.5M, down 21% YoY; cuts 2022 guidance, lays off 10% of workforce

NS Wind Down Co., Inc.

2022-Q3 EPS reported -$2.49 revenue$92,840,000

Product and service revenue of $29.5M in Q3, down 21% YoY from $36.9M; total revenue $29.5M vs $37.2M.
GAAP net loss $36.7M ($27.8M adjusted); adjusted EBITDA loss $26.1M vs $19.7M prior year.
Reduced 2022 revenue guidance to $125-127M (prior $140-150M); adj. EBITDA loss now ~$100M vs prior $75-85M.
Secured orders for ~60 spatial systems (40 CosMx, 20 GeoMx); CosMx cumulative orders exceed 100.
Committed to 10% global workforce reduction; expects $3-4M severance costs in Q4, completion by Dec 31.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.7

NS Wind Down Co., Inc. reported 2022 results: revenue $125 to $127 million. Guidance lowered.

Period: 2022
Revenue: $125 to $127 million
Guidance: lowered
Result: guidance update

Exact text from the filing

Total product and service revenue of $125 to $127 million, as compared to previous guidance of $140 to $150 million

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Earnings Releases SEC 8-K Item 2.02 confidence 0.4

NS Wind Down Co., Inc. reported financial results for third quarter ended September 30, 2022.

Period: third quarter ended September 30, 2022
Result: reported results

Exact text from the filing

On November 7, 2022, NanoString Technologies, Inc. (the “Company”) issued a press release reporting its financial results for the fiscal quarter ended September 30, 2022. A copy of the press release is furnished herewith as Exhibit 99.1.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

NS Wind Down Co., Inc. announced a restructuring with charges of between approximately $3.0 million and $4.0 million affecting global workforce (approximately 10% of the Company's global workforce).

Type: restructuring
Charge: between approximately $3.0 million and $4.0 million
Affected area: global workforce
Headcount: approximately 10% of the Company's global workforce

Exact text from the filing

create a more streamlined organization to support its business. In connection with the reduction in force, the Company currently estimates it will incur between approximately $3.0 million and $4.0 million of costs, consisting primarily of cash severance costs, which the Company expects to recognize in the fourth quarter of 2022. The Company expects to

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Source: SEC EDGAR

accession 0001401708-22-000152

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