NanoString sees Q3 revenue ‘over’ $48M, consensus $46.26M

“Our teams delivered strong revenue results for the third quarter, with preliminary results exceeding consensus estimates and the high end of our guidance range,” said Brad Gray, President and CEO of NanoString. “In addition, we began important steps to deliver on our commitment to improve our financial profile.” “As part of our company’s evolution and with a focus toward achieving profitability, we have decided to reorganize our research and development and manufacturing operations. As part of this reorganization, we expect to reduce expenses by more than $15 million on an annualized basis,” continued Gray. “While we are confident these changes focus our investments on the activities that are best for NanoString’s future success, we will have to part ways with many wonderful colleagues. I would like to thank our team for their commitment, innovation and hard work.” “With strong revenue growth and improved working capital, we were able to reduce our cash burn by about 50% over the prior quarter,” said Thomas Bailey, CFO of NanoString. “We expect our reorganization will further reduce our expenses and net operating loss in the fourth quarter and 2024.” “Revenue is expected to be over $48 million, representing year on year growth of more than 60%, above the upper end of our guidance range of $45 to $47 million and above the consensus revenue estimate of approximately $46 million Spatial biology revenue is expected to be approximately $29 million, above the upper end of our guidance range of $27 to $28 million and above the consensus revenue estimate of approximately $27 million. nCounter revenue, inclusive of all service and other revenue, is expected to be approximately $19 million, at the upper end of our guidance range of $18 to $19 million and in line with the consensus revenue estimate of approximately $19 million.”