Press Releases
Fourth Quarter Financial Highlights
- Total revenue of
$22.3 million , 43% year-over-year growth - Total product and service revenue of
$19.4 million , 36% year-over-year growth - Instrument revenue of
$7.9 million , 25% year-over-year growth - Consumables revenue of
$10.7 million , including$0.8 million of Prosigna® IVD kits, 46% year-over-year growth
Full Year 2015 Financial Highlights
- Total revenue of
$62.7 million , 32% year-over-year growth - Total product and service revenue of
$56.6 million , 27% year-over-year growth - Instrument revenue of
$21.0 million , 16% year-over-year growth - Consumables revenue of
$33.1 million , including$2.5 million of Prosigna IVD kits, 35% year-over-year growth
"We had a successful year in 2015 achieving virtually all of our strategic objectives, and closing the year with an expanded product line-up, substantially larger addressable markets, increased momentum in diagnostic commercialization, and multiple biopharma collaborations. Simultaneously, our business model delivered another year of strong and consistent revenue growth," said President and Chief Executive Officer,
Recent Business Highlights
- Grew installed base to over 350
nCounter® Analysis Systems at
December 31, 2015 , with approximately 100 systems sold during the year - Sold 14 nCounter SPRINT™ Profiler systems in the fourth quarter, bringing total systems sold by year end to 20
- Surpassed 1,000 cumulative peer-reviewed publications of studies based on nCounter technology
- Expanded collaboration with Merck to develop and commercialize a novel diagnostic test to predict response to KEYTRUDA in multiple tumor types
- Entered into collaboration with Medivation and Astellas Pharma to adapt Prosigna for development as a companion diagnostic for XTANDI (enzalutamide) in triple negative breast cancer
- Presented the first proof-of-concept data for Hyb & Seq™, a highly accurate DNA sequencing chemistry based on the company's optical barcoding technology, which requires no enzymes,
amplification or library prep
Fourth Quarter Financial Results
Revenue for the three months ended
Research and development expense rose 30% to
Net loss for the three months ended
Full Year 2015 Financial Results
Revenue for 2015 rose 32% to
Research and development expense was
Net loss for
2015 was
The company ended 2015 with approximately
Outlook for 2016
- 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 an investment community 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 lead the development of new cancer therapeutics and aid in the treatment of cancer patients 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 | Year Ended | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Revenue: | |||||||||||||||
Instruments | $ | 7,948 | $ | 6,337 | $ | 20,974 | $ | 18,078 | |||||||
Consumables | 9,898 | 7,198 | 30,597 | 23,819 | |||||||||||
In vitro diagnostic kits | 822 | 156 | 2,457 | 668 | |||||||||||
Services | 731 | 528 | 2,611 | 1,932 | |||||||||||
Total products and services revenue | 19,399 | 14,219 | 56,639 | 44,497 | |||||||||||
Collaboration | 2,916 | 1,399 | 6,028 | 3,096 | |||||||||||
Total revenue | 22,315 | 15,618 | 62,667 | 47,593 | |||||||||||
Costs and expenses: | |||||||||||||||
Cost of product and service revenue | 8,626 | 6,693 | 26,126 | 21,149 | |||||||||||
Research and development | 7,071 | 5,437 | 24,597 | 21,404 | |||||||||||
Selling, general and administrative | 14,202 | 14,994 | 53,186 | 51,063 | |||||||||||
Total costs and expenses (a) (b) | 29,899 | 27,124 | 103,909 | 93,616 | |||||||||||
Loss from operations | (7,584 | ) | (11,506 | ) | (41,242 | ) | (46,023 | ) | |||||||
Other income (expense): | |||||||||||||||
Interest income | 52 | 68 | 233 | 272 | |||||||||||
Interest expense | (1,010 | ) | (892 | ) | (4,017 | ) | (4,140 | ) | |||||||
Other expense | (108 | ) | (50 | ) | (389 | ) | (147 | ) | |||||||
Total other expense | (1,066 | ) | (874 | ) | (4,173 | ) | (4,015 | ) | |||||||
Net loss before provision for income taxes | (8,650 | ) | (12,380 | ) | (45,415 | ) | (50,038 | ) | |||||||
Provision for income taxes | (166 | ) | ─ | (166 | ) | ─ | |||||||||
Net loss | $ | (8,816 | ) | $ | (12,380 | ) | $ | (45,581 | ) | $ | (50,038 | ) | |||
Net loss per share, basic and diluted | $ | (0.44 | ) | $ | (0.68 | ) | $ | (2.40 | ) | $ | (2.80 | ) | |||
Shares used in calculating basic and diluted net loss per share | 19,519 | 18,219 | 19,027 | 17,839 |
(a) Includes
(b) Include
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
(unaudited) | |||||||
2015 | 2014 | ||||||
ASSETS | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 21,856 | $ | 17,223 | |||
Short-term investments | 27,188 | 55,002 | |||||
Accounts receivable, net | 19,725 | 12,436 | |||||
Inventory | 10,138 | 5,444 | |||||
Prepaid expenses and other | 3,886 | 5,114 | |||||
Total current assets | 82,793 | 95,219 | |||||
Property and equipment, net | 9,414 | 6,366 | |||||
Other assets | 662 | 483 | |||||
Total assets | $ | 92,869 | $ | 102,068 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 3,243 | $ | 3,380 | |||
Accrued liabilities | 12,181 | 10,403 | |||||
Deferred revenue, current portion | 5,261 | 4,627 | |||||
Lease financing obligations, current portion | 226 | 251 | |||||
Other | ─ | 147 | |||||
Total current liabilities | 20,911 | 18,808 | |||||
Long-term debt and lease financing obligations, net of current portion | 41,000 | 29,995 | |||||
Deferred revenue, net of current portion | 6,486 | 7,135 | |||||
Other non-current liabilities | 4,257 | 1,317 | |||||
Total liabilities | 72,654 | 57,255 | |||||
Total stockholders' equity | 20,215 | 44,813 | |||||
Total liabilities and stockholders' equity | $ | 92,869 | $ | 102,068 |
Contact:Source:Leigh Salvo ofWestwicke Partners ForNanoString Technologies leigh.salvo@westwicke.com 415-513-1281
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