NEW YORK (GenomeWeb) – NanoString Technologies said today that it has calculated preliminary total revenue of approximately $25.9 million to $26.9 million for the third quarter of 2017, which includes product and service revenue of approximately $16.9 million — a significant shortfall from the firm's previous guidance of $19.5 million to $21.5 million from products and services.
NanoString President and CEO Brad Gray attributed the discrepancy to softness in the company's instrument and consumable sales over the quarter.
"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," Gray said in a statement. "We believe that initiatives underway will strengthen the value proposition of our products and enhance the growth of the business over time."
In addition to its preliminary product and service revenue, Nanostring estimated $9.0 million to $10.0 million in revenue from collaborations in Q3.
The company said it plans to release detailed operating results for the quarter on Nov. 2.Â