NEW YORK (GenomeWeb) – NanoString Technologies reported after the close of the market Thursday that its Q1 revenues rose 23 percent year over year.
For the three months ended March 31, total revenues were $18.1 million compared to $14.7 million in the prior year period, beating the average Wall Street analyst estimate of $17.1 million.
“We had a successful first quarter of 2017, with … solid execution on our strategic objectives for the year,” NanoString President and CEO Brad Gray said in a statement. “In particular, we made important progress in building out our commercial channel, launching multiple new products, and advancing our portfolio of new technologies, all of which give us confidence about the trajectory of our business,” he added.
The firm’s instrument revenues ballooned 31 percent year over year to $4.5 million from $3.4 million, as the firm it grew its installed base to approximately 510 nCounter Analysis Systems as of March 31, 2017.
About half of its instrument sales during the quarter were nCounter SPRINT systems, the company said.
Consumables revenue rose 26 percent to $10.0 million from $7.2 million. NanoString’s Prosigna breast cancer IVD tests brought in $1.4 million in Q1, nearly double the prior year’s