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NanoString Technologies Q3 Preliminary Product, Service Revenues Grow 14 Percent

This story and its headline have been updated to more accurately reflect NanoString Technologies' preliminary Q3 revenues.

NEW YORK – NanoString Technologies on Tuesday reported preliminary third quarter product and service revenue growth of 14 percent and announced a $150 million stock offering.

For the quarter ended Sept. 30, 2020 NanoString estimated product and service revenue of $30.1 million. Instrument revenue was approximately $12.9 million during Q3, up 60 percent year over year, including $7.5 million in sales of the GeoMx digital spatial profiler. Consumables revenue was $13.7 million, down 11 percent year over year. Service revenue was $3.5 million, up 16 percent over the year-ago quarter.

The nCounter instrument installed base grew to approximately 915 systems by the end of the quarter while the GeoMx installed base grew to approximately 100 systems.

NanoString also plans to sell shares of common stock in a public offering. JP Morgan, UBS, and Cowen are acting as joint book-running managers for the offering. NanoString expects to grant the underwriters an option to purchase up to $22.5 million of additional shares.

"I'm extremely pleased with our third quarter performance, which included double-digit growth in product and service revenue and more than 25 new orders for our GeoMx DSP platform," NanoString President and CEO Brad Gray said in a statement. "We extended our leadership in the spatial genomics market with translational researchers, and we entered the discovery research market in Q3 with the launch of GeoMx DSP read-out capabilities using NGS. In the third quarter, we saw substantial demand from both translational and discovery markets and leading indicators suggest continued success."

The company said it expects to experience a net loss for Q3 and that the loss "may increase compared to the third quarter of 2019."

As of Sept 30, 2020, NanoString had cash, cash equivalents and short-term investments totaling approximately $230 million.

In morning trading on the Nasdaq, NanoString shares were up about 3 percent at $45.01.


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