Press Releases
First Quarter Financial Highlights
- Total revenue of
$14.7 million , 27% year-over-year growth - Total product and service revenue of
$12.1 million , 12% year-over-year growth - Consumables revenue of
$8.0 million , including$0.8 million of Prosigna® IVD kits, 35% year-over-year growth - Instrument revenue of
$3.4 million , 22% year-over-year decline - Collaboration revenue of
$2.6 million
"We continue to strengthen our leadership in precision oncology on all fronts, while our new biopharma partnerships helped deliver positive operating cash flow during the first quarter," said president and chief executive officer,
Recent Business Highlights
- Grew installed base to over 370 nCounter® Analysis Systems at
March 31, 2016 - Introduced the nCounter Vantage™ portfolio of assays that power 3D Biology experiments in cancer research, including immuno-oncology
- Presented first proof-of-concept data for digital immunohistochemistry (IHC), a novel technology to simultaneously count multiple protein targets in the spatial context of tumor tissue biopsies
- Entered into a collaboration with HalioDx SAS to develop gene expression assays for assessing response to cancer immunotherapies using the nCounter system
- Received favorable final
Medicare local coverage determination for Prosigna® byNoridian Healthcare Solutions andNovitas Solutions, Inc. covering 22 states - Entered into two collaborations with Merck and with Medivation and Astellas to develop and commercialize novel diagnostic tests to predict drug response
First Quarter Financial Results
Revenue for the three months ended
Research and development expense increased by 22% to
Net loss for the three months ended
Outlook for 2016
The company's financial outlook for 2016 is unchanged, and includes:
- Total revenue in the range of
$86 million to$90 million - Gross margin on product and service revenues in the range of 54% to 55%
-
Operating expenses in the range of
$94 million to$99 million - Operating loss in the range of
$40 million to$43 million - Net loss per share in the range of
$2.30 to$2.45 - Cash from collaborations in 2016 in the range of
$40 million to$45 million
Conference Call
Management will host a conference call today beginning at
About
For more information, please visit www.nanostring.com.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. These forward-looking statements include statements regarding the expected growth of the company's business, the capabilities of its current and future products, its ability to develop new cancer diagnostics to aid in the treatment of cancer
patients, including ts ability to develop, maintain or expand collaborative relationships, and its estimated 2016 operating results. Such statements are based on current assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties, many of which are beyond our control, include market acceptance of our products; delays or denials of regulatory approvals or clearances for products or applications; delays or denials of reimbursement for diagnostic products; the impact of competition; the impact of expanded sales, marketing, product development and clinical activities on operating expenses; delays or other unforeseen problems with respect to manufacturing, product development or clinical studies; adverse conditions in the general domestic and global economic markets; as well as the other risks set forth in
the company's filings with the
The
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(In thousands, except per share amounts) | |||||||
(Unaudited) | |||||||
Three Months Ended | |||||||
2016 | 2015 | ||||||
Revenue: | |||||||
Instruments | $ | 3,402 | $ | 4,369 | |||
Consumables | 7,208 | 5,503 | |||||
In vitro diagnostic kits | 754 | 381 | |||||
Services | 772 | 579 | |||||
Total product and service revenue | 12,136 | 10,832 | |||||
Collaboration | 2,561 | 761 | |||||
Total revenue | 14,697 | 11,593 | |||||
Costs and expenses: | |||||||
Cost of product and service revenue | 5,870 | 5,340 | |||||
Research and development | 7,208 | 5,916 | |||||
Selling, general and administrative | 14,904 | 14,125 | |||||
Total costs and expenses (a) (b) | 27,982 | 25,381 | |||||
Loss from operations | (13,285 | ) | (13,788 | ) | |||
Other income (expense): | |||||||
Interest income | 68 | 67 | |||||
Interest expense | (1,315 | ) | (984 | ) | |||
Other expense | (71 | ) | (189 | ) | |||
Total other income (expense), net | (1,318 | ) | (1,106 | ) | |||
Net loss before provision for income taxes | (14,603 | ) | (14,894 | ) | |||
Provision for income taxes | — | — | |||||
Net loss | $ | (14,603 | ) | $ | (14,894 | ) | |
Net loss per share, basic and diluted | $ | (0.74 | ) | $ | (0.81 | ) | |
Shares used in calculating basic and diluted net loss per share | 19,669 | 18,310 | |||||
(a) Includes | |||||||
and 2015, respectively. | |||||||
(b) Includes | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(In thousands) | |||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 29,587 | $ | 21,856 | |||
Short-term investments | 27,151 | 27,188 | |||||
Accounts receivable, net | 15,528 | 19,725 | |||||
Inventory | 11,836 | 10,138 | |||||
Prepaid expenses and other | 3,130 | 3,886 | |||||
Total current assets | 87,232 | 82,793 | |||||
Property and equipment, net | 10,841 | 9,414 | |||||
Other assets | 659 | 662 | |||||
Total assets | $ | 98,732 | $ | 92,869 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,546 | $ | 3,243 | |||
Accrued liabilities | 7,629 | 12,181 | |||||
Deferred revenue, current portion | 11,749 | 5,261 | |||||
Lease financing obligations, current portion | 190 | 226 | |||||
Total current liabilities | 23,114 | 20,911 | |||||
Deferred revenue, net of current portion | 20,000 | 6,486 | |||||
Deferred rent and other liabilities, net of current portion | 5,725 | 4,257 | |||||
Long-term debt and lease financing obligations, net of current portion and debt issuance costs | 41,285 | 41,000 | |||||
Total liabilities | 90,124 | 72,654 | |||||
Total stockholders' equity | 8,608 | 20,215 | |||||
Total liabilities and stockholders' equity | $ | 98,732 | $ | 92,869 |
ContactSource:Mark Klausner ofWestwicke Partners mark.klausner@westwicke.com (443) 213-0501
News Provided by Acquire Media