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NanoString Reports Boost in Preliminary FY2017 Revenues

NEW YORK (GenomeWeb) – NanoString Technologies provided preliminary operational and financial results today for both the fourth quarter and fiscal year ended Dec. 31, 2017.

The company said that it expects total revenue for fiscal year 2017 to be in the range of $113 million to $115 million, including up to $43 million of collaboration revenue. In prior guidance for the year, the company had said it anticipated total revenue in the range of $109 million to $112 million. Analysts, on average, are expecting full-year reveneus of $112.5 million.

NanoString also said that it believes its full-year product and service revenue will exceed prior guidance, reaching about $72 million.

For the fourth quarter of 2017, the company said product and service revenue is expected to total approximately $21 million, but did not provide an estimate of total revenues for the quarter.

NanoString estimated that it sold about 125 nCounter systems in 2017, including 54 nCounter Sprint profilers. As a result, the firm's installed base is now approximately 605 as of Dec. 31 — an increase of about 25 percent year over year.

During the fourth quarter of 2017, NanoString made some significant shifts to its business, including concentrating resources in its newer platform development programs and eliminating approximately 30 positions in lower-priority areas of the business.

Over the last week, the firm said it has also increased its access to capital by entering into a $15 million revolving credit facility and a $40 million "at-the-market" facility agreement for potential future equity financing.

"While 2017 was a challenging year, we believe that actions we have taken helped to stabilize the business in the fourth quarter and put us on the path to improved growth over the course of 2018," NanoString president and CEO Brad Gray said in a statement.  

The company ended the year with cash, cash equivalents, and short-term investments of approximately $82 million.

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