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NanoString Preliminary Q4 Revenues Grow 22 Percent

NEW YORK – NanoString Technologies said on Sunday that its preliminary revenues for the fourth quarter of 2019 grew to $36.6 million.

The figure would represent a 22 percent increase from the year-ago figure of $30.0 million and would beat the consensus Wall Street estimate of $34.0 million.

Product and service revenues are expected to be about $33.6 million, which would be a 42 percent increase from Q4 2018 and exceed the upper end of the firm's guidance range of $30 million to $32 million.

This includes nCounter revenues of $25.2 million and GeoMx DSP revenues of $8.4 million. Prior revenue guidance for nCounter was between $24 million and $26 million. Prior guidance for GeoMx DSP revenues was $6 million.

During the recently completed quarter, 20 orders for the GeoMx DSP systems were generated, and the company shipped 34 of the systems, of which 25 installations were completed.  

For full-year 2019, preliminary revenues are expected to be $125.7 million, including $22 million of collaboration revenues, and above the prior guidance of $121 million to $123 million. It's also above analysts' average estimate of $121.4 million.

Product and service revenues for the full year is anticipated to be $103.7 million, up 24 percent year over year, and beating the prior guidance of $100 million to $102 million in revenues, the Seattle-based firm said.

NanoString sold about 125 nCounter Analysis Systems during the year and increased its installed base to about 855 such platforms, an increase of 17 percent year over year.

It ended 2019 with $157.3 million in cash and short-term investments.