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NanoString Q3 top line could reach $27M, but product/service revenue below guidance; shares down 10% after hours

Published 10/11/2017, 04:37 PM
© Reuters.  NanoString Q3 top line could reach $27M, but product/service revenue below guidance; shares down 10% after hours
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  • On a preliminary basis, NanoString Technologies (NASDAQ:NSTG) expects Q3 revenues of $25.9M - 26.9M, including ~$16.9M in product and service revenue, short of its guidance of $19.5M - 21.5M.
  • CEO Brad Gray says, "We are in the process of transforming our business, by strengthening our commercial channel to drive growth on an increasing scale, while setting the stage for the launch of multiple innovative products currently in development. While we are disappointed that softness in our instrument and consumable sales drove a shortfall in our product and service revenue in the third quarter, we believe that initiatives underway will strengthen the value proposition of our products and enhance the growth of the business over time.”
  • Detailed Q3 results will be released on November 2 after the close.
  • 2017 revenue guidance was $114M - 118M in July.
  • Shares are down 10% after hours on light volume.
  • Now read: Trading Arbutus Ahead Of Hepatitis B Data


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