NanoString Technologies (NSTG) Prelim. Q4, FY14 Revs Top Views

NanoString Technologies (NASDAQ: NSTG) provided an update on operational and preliminary financial results for the year ended December 31, 2014.

Financial Highlights include:

• Total revenue for 2014 is expected to be in the range of $47.0 to $48.0 million, representing an increase of 50% to 53% over 2013, versus prior guidance of $46.0 to $48.0 million
• Total revenue for the fourth quarter of 2014 is expected to be in the range of $15.0 to $16.0 million, representing an increase of 48% to 58% over the fourth quarter of 2013
• Received $1.0 million incremental milestone payment from Celgene during the fourth quarter, bringing total cash payments received under the collaboration to $11.8 million in 2014
• Cash, cash equivalents and short-term investments totaled approximately $72.0 million at December 31, 2014

** The Street sees Q4 revs of $15 million and FY14 revs of $46.9 million.

Other Business Highlights include:

• Installed base of 264 nCounter® Analysis Systems at December 31, 2014, representing an increase of 44% over December 31, 2013
• More than 600 cumulative peer-reviewed publications of studies based on nCounter technology
• Entered into agreements with two major biopharma companies to provide existing NanoString clinical assays for analysis and evaluation of clinical trial results

"We delivered a strong finish to 2014, with record fourth quarter revenue and robust year-over-year growth," said President and Chief Executive Officer, Brad Gray. "Our nCounter technology has emerged as a leading platform for tumor profiling, with broad and growing acceptance in both research and clinical markets. We intend to dramatically expand our accessible market in 2015 with the introduction of our next generation system and proteomics applications. Furthermore, by efficiently executing under our Celgene collaboration, we have demonstrated a distinctive capability to support rapid development of complex companion diagnostics, opening the door to more collaboration opportunities with additional biopharmaceutical companies in the future."

The company provided updated 2014 revenue guidance in advance of the J.P. Morgan Healthcare Conference, where President and Chief Executive Officer, Brad Gray, will present at 4:00 p.m. PST on Wednesday, January 14, 2015. A live webcast of the presentation will be available online from the investor relations page of the company's corporate website at www.nanostring.com. After the live webcast, the presentation will remain available on the website for approximately 30 days.

These preliminary financial results are based on management's initial analysis of operations for the quarter and year ended December 31, 2014 and are subject to further internal review and audit by the company's external auditors. The company expects to issue full 2014 financial results and 2015 guidance during its quarterly conference call in late February 2015.

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