I have been doing my fully DD in the NGS space after the $PACB back to back disappointing quarters. I needed to know if this was a company specific problem or some softness in the space related to Covid.
First, I went back to $ILMN as they are the top dog in this space. There was no weakness in their numbers or any mention of weakness. That concerned me for $PACB, but $ILMN is a huge commercial business.
Then came the $TXG earnings. They did mention seeing some weakness in the space related to labs running at lower levels. That was the first sign of weakness in the space.
Then $TWST had earnings. Their earnings call seemed to show no issues with NGS, but on the Leerink call, they asked about the weakness in the NGS numbers for last quarter and full year 2022 guidance.
This means that the falling Covid numbers could signify an end is coming for NGS challenges and we could see a much better 2nd half 2022 for these companies.
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