NanoString Technologies (NSTG) Falls After Lower Q3 Outlook

NanoString Technologies, Inc. (NASDAQ: NSTG) is falling 9% after-hours Wednesday after the company announced preliminary total revenue of approximately $25.9 million to $26.9 million for the third quarter, including product and service revenue of approximately $16.9 million and collaboration revenue of $9.0 million to $10.0 million. This unaudited estimate, based on management's preliminary financial analysis, is lower than the company’s previous guidance for product and service revenue of $19.5 million to $21.5 million for the third quarter of 2017.

"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," said Brad Gray, president and chief executive officer of NanoString Technologies. "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.”

The Company will release detailed operating results for third quarter of 2017 after the close of trading on Thursday, November 2, 2017. Company management will host a conference call beginning at 4:30pm ET to discuss those results, and provide updated 2017 financial guidance and a business update.

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