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NanoString Technologies Q2 Preliminary Revenues Beat Guidance

NEW YORK – NanoString Technologies said on Monday that it expects second-quarter 2023 revenues to grow approximately 37 percent year over year, surpassing previous estimates.

For the three months ended June 30, the Seattle-based spatial biology firm reported over $44.0 million in preliminary revenues, compared to $32.2 million a year ago. This exceeds the company's revenue guidance of $40.0 million to $42.0 million and the Wall Street consensus estimate of $41.4 million.

NanoString's spatial biology revenue is expected to be over $23.0 million, in line with estimates, and new orders for its CosMx Spatial Molecular Imager platform grew sequentially as well as year over year during the quarter, the company noted.

"During Q2, a competitor launched a campaign using a ruling in the Munich regional court to try to frighten customers to cancel orders for our CosMx Spatial Molecular Imager, even though the preliminary ruling was limited to Germany," NanoString President and CEO Brad Gray said in a statement, alluding to the firm's ongoing patent litigation with 10x Genomics.

Still, the company fulfilled or retained approximately 97 percent of its cumulative CosMx instrument orders and captured orders for new CosMx instruments at a faster pace than in Q1, Gray said.

Spatial biology consumables revenue grew approximately 44 percent in Q2 year over year, "driven by a steady GeoMx consumable pull-through over a larger installed base supplemented by growing shipments of CosMx consumables," according to the company.

For nCounter, NanoString recorded consumables revenue growth of approximately 8 percent year over year and approximately $46,000 of annualized pull-through.

For full-year 2023, NanoString reiterated its revenue guidance of $175.0 million to $185.0 million, representing annual revenue growth of 41 percent at the midpoint.

In morning trading on the Nasdaq, NanoString's shares were up 28 percent at $4.71.