NEW YORK (GenomeWeb) – Coming out of a disappointing quarter, NanoString is grappling with what the firm called growing pains this week, but what investors say they view as a deterioration.
In a call discussing the company’s financial results yesterday, CEO Brad Gray outlined in detail what he and NanoString see as the main factors in the firm’s lagging sales in Q3, as well as their ideas for strategies to carry the firm through this period and toward stronger growth.
As the company moves forward with these plans, Gray highlighted the ongoing strength of the firm’s biopharma business as a caveat to struggles elsewhere.
“Our academic business was the primary source of weakness for both instruments and consumables … [while] biopharma companies, large and small, have embraced our technology and many have made it their platform of choice for gene expression profiling, particularly in areas such as immuno-oncology where we believe we are a clear leader,” he said speaking to investors yesterday afternoon.
However, in the same call Gray also said that one of NanoString’s major immuno-oncology biopharma customers, Merck, has now aborted its companion diagnostic development effort with the company.
NanoString and Merck had joined up in 2015 to