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.
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