Seattle, WA 10/11/17—NanoString Technologies, which provides translational research and molecular diagnostic products, has announced preliminary revenues for the third quarter. Total revenues are now forecast to be $25.9–$26.9 million. The company expects $16.9 million in product and service revenue, compared to its previous guidance of $19.5–$21.5 million. “We are in the process of transforming our business, by strengthening our commercial channel to drive growth on an increasing scale, while setting the stage for the launch of multiple innovative products currently in development,” commented NanoString President and CEO Brad Gray. “While we are disappointed that softness in our instrument and consumable sales drove a shortfall in our product and service revenue in the third quarter, we believe that initiatives underway will strengthen the value proposition of our products and enhance the growth of the business over time.” Final quarterly results will be released on November 2.

Based on third quarter figures from a year ago, the new guidance would indicate an 8.4%–12.6% increase in total revenues. Compared to product and service sales of $19.2 million in the same period a year ago, the revised guidance would indicate a decline in such sales, suggesting strength in collaboration revenue.