Seattle, WA 7/16/18—NanoString Technologies, a life science tools and molecular diagnostic company, announced preliminary second quarter revenues of $20.4 million. The company had forecast sales of $18.5–$19.5 million. “I’m pleased with our performance in the second quarter, which included 11% growth in our product and service revenue, bringing our growth through the first half of 2018 to approximately 13%,” commented NanoString President and CEO Brad Gray “Instrument installed base grew 22% year over year, with SPRINT accounting for approximately 50% of units sold during the quarter. Consumable pull-through was at the high end of our guided range, with panel sales growing just over 30% and record Prosigna revenue. In addition, customer interest in our Digital Spatial Profiling continued to grow, resulting in strong service revenue growth driven by our Technology Access Program.” Product and Service Revenue consisted of $10.3 million in consumable revenue, $5.5 million in instrument revenue, $2.5 million in Prosignia revenue and $2.1million in service revenue. The installed base of nCounter Analysis Systems totaled 670 at the end of the quarter.

Based on these figures, second quarter revenues for consumables, instruments and collaboration all decreased, down 6.4%, 8.3% and 72.4%, respectively. However, service revenue climbed 75% and Prosignia sales increased 38.9%. The company faces a tough year-over-year companies as total revenues climbed 52.9% in the second quarter of 2017.