NanoString Announces Preliminary Revenue for Third Quarter of Fiscal Year 2017
October 11 2017 - 4:01PM
NanoString Technologies, Inc. (NASDAQ:NSTG), a provider of life
science tools for translational research and molecular diagnostic
products, today announced preliminary total revenue of
approximately $25.9 million to $26.9 million for the third quarter,
including product and service revenue of approximately $16.9
million and collaboration revenue of $9.0 million to $10.0 million.
This unaudited estimate, based on management's preliminary
financial analysis, is lower than the company’s previous guidance
for product and service revenue of $19.5 million to $21.5 million
for the third quarter of 2017.
"We are in the process of transforming our
business, by strengthening our commercial channel to drive growth
on an increasing scale, while setting the stage for the launch of
multiple innovative products currently in development," said Brad
Gray, president and chief executive officer of NanoString
Technologies. "While we are disappointed that softness in our
instrument and consumable sales drove a shortfall in our product
and service revenue in the third quarter, we believe that
initiatives underway will strengthen the value proposition of our
products and enhance the growth of the business over time.”
The Company will release detailed operating
results for third quarter of 2017 after the close of trading on
Thursday, November 2, 2017. Company management will host a
conference call beginning at 4:30pm ET to discuss those results,
and provide updated 2017 financial guidance and a business
update.
Individuals interested in listening to the
conference call may do so by dialing (888) 793-9492 for domestic
callers, or (734) 385-2643 for international callers. Please
reference Conference ID: 88331168. To listen to a live webcast,
please visit the investor relations section of the company’s
website at: www.nanostring.com.
A replay of the call will be available beginning
November 2, 2017 at 7:30pm ET through midnight on November 9, 2017.
To access the replay, dial (855) 859-2056 or (404) 537-3406 and
reference Conference ID: 88331168. The webcast will also be
available on the Company’s website for one year following the
completion of the call.
About NanoString Technologies,
Inc.NanoString Technologies provides life science tools
for translational research and molecular diagnostic products. The
company's nCounter Analysis System has been employed in life
sciences research since it was first introduced in 2008 and has
been cited in more than 1,600 peer-reviewed publications. The
nCounter Analysis System offers a cost-effective way to easily
profile the expression of hundreds of genes, proteins, miRNAs, or
copy number variations, simultaneously with high sensitivity and
precision, facilitating a wide variety of basic research and
translational medicine applications, including biomarker discovery
and validation. The company's technology is also being used in
diagnostics. The Prosigna® Breast Cancer Prognostic Gene Signature
Assay together with the nCounter Dx Analysis System is FDA 510(k)
cleared for use as a prognostic indicator for distant recurrence of
breast cancer. In addition, the company is collaborating with
multiple biopharmaceutical companies in the development of
companion diagnostic tests for various cancer therapies, helping to
realize the promise of precision oncology. For more information,
please visit www.nanostring.com.
Cautionary StatementThis news
release contains forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934 and the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements regarding the impact of changes in the company's
commercial organization and the launch of future products currently
in development on the company’s future financial performance. Such
statements are based on current assumptions that involve risks and
uncertainties that could cause actual outcomes and results to
differ materially. These risks and uncertainties, many of which are
beyond our control, include market acceptance of our products; the
impact of competition; the impact of expanded sales and marketing
on operating expenses; delays or other unforeseen problems with
respect to manufacturing, product development or clinical studies;
adverse conditions in the general domestic and global economic
markets; as well as the other risks set forth in the company's
filings with the Securities and Exchange Commission. These
forward-looking statements speak only as of the date hereof.
NanoString Technologies disclaims any obligation to update these
forward-looking statements except as required by law.
The amounts set forth above are preliminary
estimates. We are in the process of finalizing our results of
operations for the three months ended September 30, 2017 and
therefore final results are not yet available. These preliminary
estimates are based solely upon information available to management
as of the date of this press release. Our actual results may differ
from these estimates due to the completion of our quarter-end
closing procedures, final adjustments and developments that may
arise between now and the time our financial results for the three
months ended September 30, 2017 are finalized. You should
read our unaudited consolidated financial statements for the three
and nine months ended September 30, 2017 once they become
available.
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Contact:
Doug FarrellVice President, Investor Relations
& Corporate
Communicationsdfarrell@nanostring.comPhone:
206-602-1768
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