NEW YORK (GenomeWeb) – NanoString today said that its preliminary financial results for the fourth quarter and fiscal year ended December 31, 2018 are expected to beat its previously stated guidance, as well as the consensus Wall Street estimates.
NanoString said that product and service revenue is expected to be approximately $23.5 million for the fourth quarter of 2018, which would exceed the firm's previous guidance range of $22 to $23 million.
The company expects total revenue for the fourth quarter of 2018 to be approximately $30 million, including $6 million of collaboration revenue, which would beat the previous guidance of a range of $28 million to $29 million and the consensus Wall Street estimate of $28.6 million.
NanoString's full year product and service revenues are also expected to be up — about 16 percent — at an estimated $83.5 million, which would exceed the firm's guidance of $82 to $83 million.
Total revenue for fiscal year 2018 should be in the range of $106 to $107 million, the company said including approximately $23 million of collaboration revenue. This lags the $114.9 million in total revenue the company saw in 2017 but beats the firm's prior guidance of $104 to $106 million for the year. The analysts' average estimate for full-year 2018 is $105.2 million.
During 2018, NanoString said it sold about 135 nCounter Analysis Systems, ending the year with an installed base of approximately 730 platforms, an increase of approximately 20 percent from the end of 2017.
During the fourth quarter, the company also shipped its first beta GeoMx Digital Spatial Profilers.
"2018 was a year of renewed commercial momentum and strong execution," NanoString President and CEO Brad Gray said in a statement. "Customer demand for our GeoMx Digital Spatial Profiler (DSP) is exceeding internal expectations, resulting in a strong pipeline of pre-orders ahead of the planned launch."
As of December 31, 2018, NanoString said it had more than $90 million in cash equivalents and short-term investments.