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NanoString Technologies Expects Q4 Product and Service Revenues to Climb 6 Percent

NEW YORK – NanoString Technologies on Sunday reported preliminary fourth quarter product and service revenue growth of 6 percent.

For the quarter ended Dec. 31, 2020, NanoString estimated product and service revenues of $35.7 million, including nCounter revenues of $23.5 million and $12.2 million in GeoMx digital spatial profiler revenues.

The nCounter instrument installed base grew to approximately 950 systems by the end of the quarter, while the GeoMx installed base grew to approximately 130 systems.

"2020 was a transformative year for NanoString, with researchers embracing spatial biology as a key modality, and NanoString as the leader in the field with over 180 GeoMx instruments ordered by customers to date. We had a strong finish to the year with revenue exceeding expectations in every category, including a sequential doubling in demand for GeoMx DSP consumables," NanoString President and CEO Brad Gray said in a statement. "With the expected 2021 launches of our Whole Transcriptome Atlas for GeoMx and a technology access program for our new spatial molecular imager, we believe we have a compelling portfolio of spatial biology solutions to offer researchers in this growing total addressable market."

The Seattle-based firm expects product and service revenue for Fiscal Year 2020 to be $111.4 million, including $76.5 million of nCounter revenue and $34.9 million of GeoMx revenue.

As of Dec. 31, 2020, NanoString had cash, cash equivalents and short-term investments totaling approximately $440 million.

In morning trading on the Nasdaq, NanoString shares were up about 2 percent at $67.08.