NanoString Technologies Provides Preliminary Operational and Financial Results for Fourth Quarter and Fiscal Year 2018
January 06 2019 - 8:00PM
— FY18 Product and Service Revenue of $83.5
million, Exceeding High-End of Guidance —— Generated Pre-Orders for
More Than 30 GeoMx™ Digital Spatial Profilers —
NanoString Technologies, Inc. (NASDAQ:NSTG), a provider of life
science tools for translational research and molecular diagnostic
products, today provided preliminary operational and financial
results for the fourth quarter and fiscal year ended December 31,
2018.
“With 16% growth in our product and service revenue, 2018 was a
year of renewed commercial momentum and strong execution as the
investments we’ve made in our people and commercial processes began
to pay off,” said NanoString president and chief executive officer,
Brad Gray. “Customer demand for our GeoMx Digital Spatial Profiler
(DSP) is exceeding internal expectations, resulting in a strong
pipeline of pre-orders ahead of the planned launch. 2019 promises
to be an exciting year, with the GeoMx DSP launch expected to
accelerate our top-line growth in the second half of the year.”
Financial Highlights:
For the fourth quarter of 2018, product and service revenue is
expected to be approximately $23.5 million, exceeding the upper end
of the company’s guidance range of $22 to $23 million.
Product and service revenue for fiscal year 2018 is expected to
be approximately $83.5 million, exceeding the upper end of the
company’s guidance range of $82 to $83 million.
Total revenue for the fourth quarter of 2018 is expected to be
approximately $30 million, including approximately $6 million of
collaboration revenue, versus prior guidance of $28 to $29 million.
Total revenue for fiscal year 2018 is expected to be in the range
of $106 to $107 million, including approximately $23 million of
collaboration revenue, versus prior guidance of $104 to $106
million.
Cash, cash equivalents and short-term investments totaled more
than $90 million as of December 31, 2018.
Operational Highlights:
- Approximately 135 nCounter® Analysis Systems were sold in
2018.
- Installed base of approximately 730 nCounter Analysis Systems
at December 31, 2018, an increase of approximately 20% since
year-end 2017.
- Shipped first beta GeoMx Digital Spatial Profilers during the
fourth quarter.
- Announced that the GeoMx Priority Site program was
over-subscribed, yielding pre-orders for more than 30
instruments.
Brad Gray will give a corporate update at the JP Morgan
Healthcare conference at 3:30 p.m. PST on Wednesday January 9th,
2019. A live webcast of the presentation will be available online
from the investor relations page of the company's corporate website
at www.nanostring.com. After the live webcast, the presentation
will remain available on the website for approximately 30 days.
These preliminary results are based on management's initial
analysis of operations for the quarter and year ended December 31,
2018 and are subject to further internal review and audit by the
company's external auditors.
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 2,300 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.
For more information, please visit www.nanostring.com.
Forward-Looking StatementsThis 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 our preliminary estimates of fourth quarter and fiscal
year 2018 operating results and financial condition, expectations
for demand for our products and growth in our business and the
expected commercial launch of our GeoMx Digital Spatial Profiler.
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;
delays or denials of regulatory approvals or clearances for
products or applications; delays or denials of reimbursement for
diagnostic products; the impact of competition; the impact of
expanded sales, marketing, product development and clinical
activities 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
our filings with the Securities and Exchange Commission.
Furthermore, we are in the process of finalizing our financial
results for the fourth quarter and fiscal year 2018, and therefore
our finalized and audited results and final analysis of those
results are not yet available. The preliminary expectations
regarding 2018 revenue and year-end cash, cash equivalents and
short-term investment balances are the responsibility of
management, are subject to management’s review and actual results
could differ from management’s expectations. The actual results are
also subject to audit by our independent registered public
accounting firm and no assurance is given by our independent
registered public accounting firm on such preliminary expectations.
You should not draw any conclusions as to any other financial
results as of and for the year ended December 31, 2018 based on the
foregoing estimates. These forward-looking statements speak only as
of the date hereof. NanoString Technologies disclaims any
obligation to update these forward-looking statements.
NanoString, NanoString Technologies, the NanoString logo,
nCounter, GeoMx Digital Spatial Profilers and Prosigna are
trademarks or registered trademarks of NanoString Technologies,
Inc. in various jurisdictions.
Contact:Doug FarrellVice President, Investor
Relations & Corporate
Communicationsdfarrell@nanostring.comPhone: 206-602-1768
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