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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________
FORM 10-Q
____________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ____ to ____
Commission File: Number 001-35980
NANOSTRING TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 20-0094687
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
530 Fairview Avenue North
Seattle, Washington 98109
(Address of principal executive offices)
(206) 378-6266
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.0001 par value per shareNSTGThe Nasdaq Stock Market LLC
(The NASDAQ Global Market)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ý    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ý    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large accelerated filerýAccelerated filer
Non-accelerated filer¨Smaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act).   ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  ý
As of August 5, 2020 there were 37,986,039 shares of registrant’s common stock outstanding.


Table of Contents
NANOSTRING TECHNOLOGIES, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED June 30, 2020
TABLE OF CONTENTS
  PAGE
Condensed Consolidated Balance Sheets at June 30, 2020 and December 31, 2019
Condensed Consolidated Statements of Operations — Three and Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Comprehensive Loss — Three and Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Changes in Stockholders’ Equity — Three and Six Months Ended June 30, 2020 and 2019
Condensed Consolidated Statements of Cash Flows — Six Months Ended June 30, 2020 and 2019
1

Table of Contents

PART 1. FINANCIAL INFORMATION
 
Item 1. Condensed Consolidated Financial Statements
NanoString Technologies, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(Unaudited)
June 30, 2020December 31, 2019
Assets
Current assets:
Cash and cash equivalents$168,443  $29,033  
Short-term investments80,266  127,822  
Accounts receivable, net22,016  27,153  
Inventory, net25,988  19,781  
Prepaid expenses and other3,198  8,818  
Total current assets299,911  212,607  
Property and equipment, net20,837  20,184  
Operating lease right-of-use assets23,511  24,648  
Other assets2,243  2,315  
Total assets$346,502  $259,754  
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable$5,205  $10,282  
Accrued liabilities5,012  4,973  
Accrued compensation and other employee benefits12,546  15,579  
Customer deposits3,289  6,389  
Deferred revenue, current portion5,008  3,997  
Operating lease liabilities, current portion4,319  3,766  
Total current liabilities35,379  44,986  
Deferred revenue, net of current portion1,040  976  
Other long-term liabilities  322  
Long-term debt, net167,308  79,951  
Operating lease liabilities, net of current portion28,087  29,368  
Total liabilities231,814  155,603  
Commitment and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.0001 par value, 15,000 shares authorized; none issued
    
Common stock, $0.0001 par value, 150,000 shares authorized; 37,937 and 36,298 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively
4  4  
Additional paid-in capital611,955  535,954  
Accumulated other comprehensive income438  145  
Accumulated deficit(497,709) (431,952) 
Total stockholders’ equity114,688  104,151  
Total liabilities and stockholders’ equity$346,502  $259,754  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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NanoString Technologies, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Revenue:
Product and service$21,144  $22,370  $45,640  $43,720  
Collaboration1,460  7,975  3,569  14,313  
Total revenue22,604  30,345  49,209  58,033  
Costs and expenses:
Cost of product and service revenue10,712  9,605  21,729  18,314  
Research and development15,739  17,029  33,241  33,056  
Selling, general and administrative19,912  22,499  45,633  45,935  
Total costs and expenses46,363  49,133  100,603  97,305  
Loss from operations(23,759) (18,788) (51,394) (39,272) 
Other income (expense):
Interest income479  828  1,183  1,351  
Interest expense(4,116) (1,889) (6,999) (3,637) 
Other income (expense), net332  (120) (1,275) (230) 
Loss on extinguishment of debt and termination of revolving loan facility    (7,143)   
Total other expense, net(3,305) (1,181) (14,234) (2,516) 
Net loss before provision for income tax(27,064) (19,969) (65,628) (41,788) 
Provision for income tax(69) (68) (129) (147) 
Net loss$(27,133) $(20,037) $(65,757) $(41,935) 
Net loss per share - basic and diluted$(0.72) $(0.57) $(1.76) $(1.26) 
Weighted average shares used in computing basic and diluted net loss per share37,785  35,174  37,392  33,382  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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NanoString Technologies, Inc.
Condensed Consolidated Statements of Comprehensive Loss
(in thousands)
(Unaudited)
 
 Three Months Ended
June 30,
Six Months Ended
June 30,
 2020201920202019
Net loss$(27,133) $(20,037) $(65,757) $(41,935) 
Change in unrealized gain on available-for-sale debt securities353  183  292  244  
Comprehensive loss$(26,780) $(19,854) $(65,465) $(41,691) 
The accompanying notes are an integral part of these condensed consolidated financial statements.
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NanoString Technologies, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity
(in thousands)
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Other
Comprehensive Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity
 SharesAmount
Balance at January 1, 201930,913  $3  $428,162  $(40) $(391,256) $36,869  
Common stock issued in public offering, net of $4.7 million of issuance costs
3,175    68,273  —  —  68,273  
Warrants issued for common stock—  —  698  —  —  698  
Common stock issued for stock options and restricted stock units805  —  8,075  —  —  8,075  
Common stock issued for employee stock purchase plan151  —  939  —  —  939  
Tax payments from shares withheld for equity awards  —  (1,299) —  —  (1,299) 
Stock-based compensation—  —  2,882  —  —  2,882  
Net loss—  —  —  —  (21,898) (21,898) 
Other comprehensive income—  —  —  61  —  61  
Balance at March 31, 201935,044  3  507,730  21  (413,154) 94,600  
Warrants issued for common stock—  —  1,575  —  —  1,575  
Common stock issued for stock options and restricted stock units323  1  4,590  —  —  4,591  
Stock-based compensation—  —  5,076  —  —  5,076  
Net loss—  —  —  —  (20,037) (20,037) 
Other comprehensive income—  —  —  183  —  183  
Balance at June 30, 201935,367  $4  $518,971  $204  $(433,191) $85,988  
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NanoString Technologies, Inc.
Condensed Consolidated Statements of Changes in Stockholders’ Equity (continued)
(in thousands)
(Unaudited)
 Common StockAdditional
Paid-in
Capital
Other
Comprehensive Income (Loss)
Accumulated
Deficit
Total
Stockholders’
Equity
 SharesAmount
Balance at January 1, 202036,298  $4  $535,954  $145  $(431,952) $104,151  
Equity component of convertible notes, net—  —  58,543  —  —  58,543  
Warrants issued for common stock—  —  737  —  —  737  
Common stock issued for stock options and restricted stock units948  —  6,969  —  —  6,969  
Common stock issued for employee stock purchase plan50  —  1,122  —  —  1,122  
Exercise of common stock warrants, net407  —    —  —    
Tax payments from shares withheld for equity awards  —  (2,006) —  —  (2,006) 
Stock-based compensation—  —  4,303  —  —  4,303  
Net loss—  —  —  —  (38,624) (38,624) 
Other comprehensive income—  —  —  (61) —  (61) 
Balance at March 31, 202037,703  4  605,622  84  (470,576) 135,134  
Common stock issued for stock options and restricted stock units234  —  2,673  —  —  2,673  
Stock-based compensation—  —  3,660  —  —  3,660  
Net loss—  —  —  —  (27,133) (27,133) 
Other comprehensive income—  —  —  354  —  354  
Balance at June 30, 202037,937  $4  $611,955  $438  $(497,709) $114,688  

The accompanying notes are an integral part of these condensed consolidated financial statements.
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NanoString Technologies, Inc.
Condensed Consolidated Statements of Cash Flows (in thousands)
(Unaudited)
Six Months Ended June 30,
 20202019
Operating activities
Net loss$(65,757) $(41,935) 
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense8,094  7,958  
Depreciation and amortization2,814  2,377  
Payment of accrued interest of long-term debt(2,593)   
Loss on extinguishment of long-term debt7,143    
Amortization of debt discount and deferred financing costs3,454  343  
Loss on equity securities300    
Amortization of premium (discount) on short-term investments(150) 236  
Non-cash operating lease expense1,596  1,332  
Conversion of accrued interest to long-term debt  941  
Provision for inventory obsolescence and bad debts14  592  
Changes in operating assets and liabilities:
Accounts receivable5,129  (1,752) 
Inventory(6,559) (4,361) 
Prepaid expenses and other assets5,493  (3,488) 
Accounts payable(2,835) (2,551) 
Accrued liabilities47  (200) 
Accrued compensation and other employee benefits(3,117) (2,306) 
Customer deposits(3,100) (798) 
Deferred revenue1,075  (4,624) 
Operating lease liabilities(1,187) (920) 
Net cash used in operating activities(50,139) (49,156) 
Investing activities
Purchases of property and equipment(5,365) (1,147) 
Proceeds from sale of short-term investments17,218    
Proceeds from maturity of short-term investments69,284  60,120  
Purchases of short-term investments(38,804) (102,579) 
Net cash provided by (used in) investing activities42,333  (43,606) 
Financing activities
Proceeds from issuance of 2025 convertible senior notes230,000  20,000  
Fees paid for issuance of 2025 convertible senior notes(7,403) (100) 
Repayment of long-term debt(80,000)   
Fees paid upon extinguishment of debt(4,845)   
Proceeds from sale of common stock, net  68,273  
Proceeds from issuance of common stock warrants737  1,306  
Tax withholdings related to net share settlements of restricted stock units(2,006) (1,299) 
Proceeds from issuance of common stock for employee stock purchase plan1,122  939  
Proceeds from exercise of stock options9,641  12,665  
Net cash provided by financing activities147,246  101,784  
Net increase in cash and cash equivalents139,440  9,022  
Effect of exchange rate changes on cash and cash equivalents(30) (7) 
Cash and cash equivalents
Beginning of period29,033  24,356  
End of period$168,443  $33,371  
Supplemental disclosures
Operating lease right-of-use assets obtained in exchange for lease obligations$449  $27,880  
The accompanying notes are an integral part of these condensed consolidated financial statements.
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NanoString Technologies, Inc.
Notes to Condensed Consolidated Financial Statements
(Unaudited) 
1. Description of the Business
        NanoString Technologies, Inc. (the “Company”) was incorporated in the state of Delaware on June 20, 2003. The Company’s headquarters is located in Seattle, Washington. The Company’s proprietary optical barcoding chemistry enables direct detection, identification, and quantification of individual target molecules in a biological sample by attaching a unique color coded fluorescent reporter to each target molecule of interest. The Company currently markets and sells two platforms based on its proprietary technology, its nCounter Analysis System, and its GeoMx Digital Spatial Profiler, or GeoMx DSP system, both consisting of instruments and consumables, to academic, government, biopharmaceutical, and clinical laboratory customers.
        The Company has incurred losses to date and expects to incur additional losses for the foreseeable future. The Company continues to invest the majority of its resources in the development and growth of its business, including significant investments in new product development and sales and marketing efforts. The Company’s activities have been financed to date primarily through the sale of equity securities, the incurrence of indebtedness and through cash received by the Company pursuant to certain product development collaborations.
        In March 2020, the Company issued $230.0 million in aggregate principal amount of 2.625% Convertible Senior Notes due 2025 (“Convertible Notes”) in a private offering. The Convertible Notes are governed by an indenture dated March 9, 2020 between the Company and U.S. Bank, National Association, as trustee. The Company received net proceeds from the offering of $222.6 million. The Company used $88.6 million to repay in full all outstanding amounts borrowed and fees owed with the termination of the Company’s amended and restated term loan agreement (“2018 Term Loan”) with Capital Royalty Group, and the fees owed in connection with the termination of the Company’s revolving credit facility with Silicon Valley Bank. The Company intends to use the remainder of the net proceeds for general corporate purposes, including the continued development and commercialization of its GeoMx DSP system, the continued commercialization of its portfolio of nCounter-based products and for working capital needs. See Note 9. Long-term Debt, Net for more information.
        In March 2019, the Company completed an underwritten public offering of 3,175,000 shares of its common stock, including the exercise in full by the underwriters of their option to purchase 675,000 additional shares of common stock. An additional 2,000,000 shares were sold by a related party stockholder. The Company’s total gross proceeds were $73.0 million. The Company did not receive any proceeds from the sale of shares of common stock by the related party stockholder. After underwriter’s commissions and other expenses of the offering, the Company’s aggregate net proceeds were approximately $68.3 million.
2. Summary of Significant Accounting Policies
Basis of Presentation
        The accompanying unaudited condensed consolidated financial statements reflect the accounts of the Company and its wholly-owned subsidiaries. The unaudited condensed consolidated balance sheet at December 31, 2019 has been derived from the audited consolidated financial statements at that date but does not include all information and disclosures required by generally accepted accounting principles in the United States of America (“U.S. GAAP”) for annual financial statements. These unaudited condensed consolidated financial statements and notes should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and U.S. GAAP for unaudited condensed consolidated financial information. Accordingly, they do not include all information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements reflect all adjustments consisting of normal recurring adjustments which, in the opinion of management, are necessary for a fair statement of the Company’s financial position and results of its operations as of and for the periods presented.
        Unless indicated otherwise, all amounts presented in financial tables are presented in thousands, except for per share and par value amounts.
        The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Given the global economic climate and additional or unforeseen effects from the COVID-19 pandemic, certain estimates are becoming more challenging, and actual results could differ materially from
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those estimates. The results of the Company’s operations for the three and six month periods ended June 30, 2020 are not necessarily indicative of the results to be expected for the full year or for any other period.
Revenue Recognition
        The Company recognizes revenue when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration expected to be received in exchange for those products and services. This process involves identifying the contract with a customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. Performance obligations are considered satisfied once the Company has transferred control of a product or service to the customer, meaning the customer has the ability to use and obtain the benefit of the product or service. The Company recognizes revenue for satisfied performance obligations only when there are no uncertainties regarding payment terms or transfer of control.
        The Company generates the majority of its revenue from the sale of its proprietary nCounter Analysis System and GeoMx DSP System, and related consumables. Services consist of instrument service contracts and service fees for assay processing.
        The Company at times may enter into collaboration agreements that may generate upfront fees, and in some cases subsequent milestone payments that may be earned upon completion of certain product development milestones or other designated activities. For collaboration agreements of this type, the Company estimates the expected total cost of product development and other services under these arrangements and recognizes collaboration revenue using a contingency-adjusted proportional performance model. The Company may also recognize revenue from collaboration agreements that do not include upfront or milestone-based payments and generally recognizes revenue on these types of agreements based on the timing and amount of development activities. Expenses incurred in relation to research activities conducted in conjunction with our collaboration partners are recognized when the related activities have occurred and are classified in the statement of operations, generally as research and development expense. From period to period, collaboration revenue can fluctuate substantially based on the level of product development activities devoted to these collaborations, based on achievement or probable achievement of product development or other milestones, or as estimates of total expected collaboration product development or other costs are changed or updated.
Convertible Senior Notes
        In accordance with accounting guidance for debt with conversion and other options, the Company separately accounted for the liability and equity components of the 2.625% Convertible Senior Notes due 2025 (“Convertible Notes”) by allocating the proceeds between the liability component and the embedded conversion feature, or the equity component, due to the Company’s ability to settle the Convertible Notes in cash, common stock or a combination of cash and common stock, at its option. The Company’s current intent is to settle the principal amount of the Convertible Notes in cash upon conversion, with any remaining conversion value being delivered in shares of its common stock. The carrying amount of the liability component was calculated by measuring the fair value of a similar liability that does not have an associated convertible feature. The allocation was performed in a manner that reflected the Company’s non-convertible debt borrowing rate for similar debt. The equity component of the Convertible Notes was recognized as a debt discount and represents the difference between the proceeds from the issuance of the Convertible Notes and the fair value of the liability of the Convertible Notes on their respective dates of issuance. The excess of the principal amount of the liability component over its carrying amount is the debt discount and is amortized to interest expense using the effective interest method over five years. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. In connection with the issuance of the Convertible Notes, the Company also incurred certain financing costs associated directly with the issuance of the Convertible Notes. These issuance costs will be deferred, and a portion of the deferred issuance costs have been deemed attributable to the equity component and have been allocated to additional paid-in capital. The remaining deferred issuance costs will also be amortized to interest expense over five years using the effective interest method. See Note 9. Long-term Debt, Net for additional information regarding the Convertible Notes.
Leases
        The Company determines if an arrangement is a lease at inception of a contract. The Company’s leasing portfolio is comprised of operating leases primarily for general office, manufacturing, and research and development purposes. Operating lease liabilities and the corresponding right-of-use assets are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The operating lease right-of-use asset is reduced by lease incentives included in the agreement. As the existing leases do not contain an implicit interest rate, the Company estimates its incremental borrowing rate based on information available at commencement date in determining the present value of future payments. The
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Company includes options to extend the lease in the lease liability and right-of-use asset when it is reasonably certain that the option will be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. For our short-term leases, we recognize lease payments as an expense on a straight-line basis over the lease term.
Recently Adopted Accounting Pronouncements
        In June 2016, the FASB issued “ASU 2016-13, Financial Instruments: Credit Losses.” The standard requires disclosure regarding expected credit losses on financial instruments at each reporting date, and changes how other than temporary impairments on investment securities are recorded. The Company adopted the ASU on January 1, 2020 using the modified retrospective transition approach and the adoption did not have a material impact on its condensed consolidated results of operations, financial condition, cash flows and financial statement disclosures for the three or six month periods ended June 30, 2020.
        In August 2018, the FASB issued “ASU 2018-15, Intangibles — Goodwill and other — Internal-use software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” The standard aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The Company adopted the standard, on a prospective basis, on January 1, 2020. Historically, the Company has had a practice of expensing the implementation costs related to cloud computing arrangements. Upon adoption of the standard, the Company may capitalize certain implementation costs for new cloud computing arrangements in other assets, and amortize the costs over the related service contract period for the hosted arrangement. The amortization of the implementation costs and the related service contract costs will be presented in its results of operations. The adoption did not have a material impact to the condensed consolidated results of operations, financial condition, cash flows, and financial statement disclosures for the three or six month periods ended June 30, 2020.
        In November 2018, the FASB issued “ASU 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606.” The new guidance clarifies when certain transactions between collaborative arrangement participants which should be accounted for as revenue under Topic 606. The Company adopted the standard on January 1, 2020. The Company has assessed its collaborative arrangements and concluded no adjustment is necessary, based on guidance in the standard.
        In December 2019, the FASB issued “ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes.” The new guidance simplifies the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes, and clarifies certain aspects of the current guidance to promote consistency among reporting entities. ASU 2019-12 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted. Most amendments within the standard are required to be applied on a prospective basis, while certain amendments must be applied on a retrospective or modified retrospective basis. The Company adopted this ASU effective January 1, 2020 and, as a result, was able to determine the effect of income or loss from continuing operations using a computation that does not consider the tax effects of items that are not included in continuing operations. As such, for the three and six month periods ended June 30, 2020, the Company did not record a tax expense or benefit in its net loss from operations related to deferred tax assets and liabilities associated with its Convertible Notes. See to Note 9. Long-term Debt, Net for additional information.
Recent Accounting Pronouncements
        In August 2020, the FASB issued “ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40) Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging — Contracts in Entity’s Own Equity (Subtopic 815-40).” The new guidance simplifies the number of accounting models for convertible instruments; and as a result, under the remaining available models, removes the requirement to separately account for conversion features between liability and equity components. The ASU will become effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020, with adoption as of the beginning of the annual fiscal year. The Company is currently assessing the impact of the standard to its condensed consolidated results of operations, financial condition, cash flows, and financial statement disclosures.

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3. Revenue from Contracts with Customers
        The Company operates as a single reportable segment. The Company has one sales force that sells the Company’s nCounter and GeoMx DSP instruments, consumables and related services.
Disaggregated Revenues
        The following table of total revenue is based on the geographic location of end users or distributors who purchase products and services, and of our collaborators. For sales to distributors, their geographic location may be different from the geographic location of the ultimate end user. For collaboration agreements, revenues are derived from partners located primarily in the United States. Americas consists of the United States, Canada, Mexico, and South America; and Asia Pacific includes Japan, China, South Korea, Singapore, Malaysia, India, and Australia.
        The following table provides information about disaggregated revenue by major product line and primary geographic market (in thousands):
Three Months Ended June 30, 2020Six Months Ended June 30, 2020
AmericasEurope and Middle EastAsia PacificTotalAmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$6,577  $2,475  $748  $9,800  $13,658  $4,263  $1,713  $19,634  
Consumables5,375  2,406  588  8,369  13,747  4,909  1,213  19,869  
Total product revenue11,952  4,881  1,336  18,169  27,405  9,172  2,926  39,503  
Service revenue1,922  878  175  2,975  3,960  1,752  425  6,137  
Total product and service revenue13,874  5,759  1,511  21,144  31,365  10,924  3,351  45,640  
Collaboration revenue1,460      1,460  3,569      3,569  
Total revenues$15,334  $5,759  $1,511  $22,604  $34,934  $10,924  $3,351  $49,209  
Three Months Ended June 30, 2019Six Months Ended June 30, 2019
AmericasEurope and Middle EastAsia PacificTotalAmericasEurope and Middle EastAsia PacificTotal
Product revenue:
Instruments$3,596  $960  $384  $4,940  $5,786  $2,490  $982  $9,258  
Consumables8,840  4,666  882  14,388  17,444  9,723  1,681  28,848  
Total product revenue12,436  5,626  1,266  19,328  23,230  12,213  2,663  38,106  
Service revenue2,167  682  193  3,042  3,962  1,295  357  5,614  
Total product and service revenue14,603  6,308  1,459  22,370  27,192  13,508  3,020  43,720  
Collaboration revenue7,975      7,975  14,313      14,313  
Total revenues$22,578  $6,308  $1,459  $30,345  $41,505  $13,508  $3,020  $