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NanoString Technologies (NASDAQ:NSTG) announced plans for an underwritten public offering of $150 million in common stock, with a 30-day option for underwriters to purchase an additional $22.5 million. The proceeds will be utilized for working capital and general corporate purposes. Joint book-running managers include J.P. Morgan, UBS Investment Bank, and Cowen. This offering is part of a shelf registration statement effective since March 18, 2019. A preliminary prospectus will be filed with the SEC and available on their website.
NanoString Technologies (NASDAQ:NSTG) reported preliminary financial highlights for Q3 2020, showing a 14% increase in product and service revenue to $30.1 million. Instrument revenue surged 60% year-over-year, totaling $12.9 million, with significant contributions from GeoMx Digital Spatial Profiler sales. However, consumables revenue fell 11% to $13.7 million. The company has $230 million in cash and equivalents. Operationally, NanoString secured over 25 new GeoMx DSP orders, expanding its installed base significantly. Despite growth, the company anticipates an operating and net loss for the quarter.
NanoString Technologies (NASDAQ:NSTG) will release its third quarter 2020 operating results post-market on November 9, 2020. A conference call will follow at 4:30 PM ET for management to discuss results and provide business updates. Interested parties can register for this call in advance. A replay will be available starting November 9, 2020, at 7:30 PM ET until November 16, 2020. The company specializes in life science tools, notably the nCounter Analysis System and GeoMx Digital Spatial Profiler, both essential for research and biomarker applications.