Nanostring (NSTG)

Doug Farrell VP, IR
Brad Gray President & CEO
Jim Johnson CFO
Catherine Schulte Baird
Call transcript
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Good day, ladies and gentlemen, and welcome to the NanoString Technologies Third Quarter 2017 Financial Results Conference Call. At this time, all lines are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be provided at that time. [Operator Instructions] And as a reminder, this conference is being recorded. I’d now like to introduce your host for today's conference call, Doug Farrell, Vice President of Corporate Communications and Investor Relations. begin. may you Sir,

Doug Farrell

good operator, afternoon, you, everyone. Thank

quarter call President and the today, press released the release with of found a our page me our Gray, we at third for results our Brad can is financial XXXX CEO; the Earlier and copy today CFO. On of on and home be Johnson, Jim nanostring.com.

and markets, our trends interactions with make outcome and financial as and third-party of that are future and plans focus statements in related payers, about projections, development During and expanding products. and the our statements business factors, and decisions and success as this forward-looking, addressable of well related of growth timing call, prospects anticipated reimbursement for a number objectives, we status any collaborations, existing may strategic recent future penetrating launches including

and filings. to uncertainties risks of Forward-looking SEC our time risks are are from the described uncertainties, statements including our and beyond many in control, time subject which to

from there. remind Our to Brad. we week forward like these many want results I Conference may differ Cannacord attending forward-looking turn statements. Healthcare over I you to to those projected no call the look obligation undertake of to next today’s we’ll update With be and everybody that, and call on to seeing materially the

Brad Gray

and thank afternoon Good you for today. joining us

expected in digital differentiated launch while single existing pipeline a with promotional spatial transition scale beginning investors with our as highly company the our well in advancing platforms. small This execute as company profiling to employees. fully results our currently quarter requires to both third we is growth transforming on to opportunity our technology Our or XXXX. from platform disappointing drive were continue to programs multiple late which were NanoString of parallel that income scaled platform a

to am prepared growth near call for and our pipeline and our platform to close to and predictability recent driving over return my growth that over the factors Jim of first understand our believe factors stabilize on to of XXXX. objectives resolve nCounter volatility excited progress in the focus detailed results going operating While business the strategic remarks the nCounter these with have we of our plans I to returning business. assessment support course to both our third term in brief opportunities, to We our before a on action are quarter. them. our and our we by review our most turning for key taken and is priority the the I’ll today performance

Let me recapping briefly by our performance. start QX

and Our year-on-year. $XX.X was XX% million product down service revenue

source the instruments Our academic and of was business consumables. for primary both weakness

Panel consumables. decreased into Prosigna sciences year-over-year single would down playing role was million down Our year-on-year. revenue XX% and by orders with growth have a of Custom an in instrument reduced approximately million split flat approximately for bio-pharma consumable business and revenue $X that $X.X decline double-digit but CodeSet strong rate $XX.X was approximately from to customer. while Instrument grown revenue offset a academic customers in revenue weakness consumable at slipped QX. was was X% XX% revenue relatively a was sales important Total million, multiple as Life

customers customers. weeks, features nCounter. distinctive to few including quarter, last the the of our thorough trends dozens Over speak of they third When we in three we highlight a situational with analysis completed business interviews of

days ability speed, sample is first of insight publishable weeks. the instead The to go from to in

system their can run they simplicity; own data on bioinformaticians. the is second and an army The without their analyze of

made our companies, research publishing papers large X,XXX narrows many most. it of with such date. targets demand QX does are embraced that gene a technology. platform strength leader, where for to immuno-oncology our over believe our of technology not customers researchers Academic peer-reviewed the we performance or particularly however, areas is have clear for base expression nCounter third profiling, have biology pace of content; and they as their we our at reflect love Biopharma in The are choice the pre-design healthy satisfaction and our that small panels the

challenges impact identified what two, So taken circumstances, our they our factors evolving business commercial steps performance. these analysis, some we during on all factors a Based Through we happening? is we believe are execution, key our have spreads issue. dynamics. manageable each address three substantially already These of on to impact performance We believe the QX. have combine market factors of of that three impacted our are and confluence one; to in that and

Let our in commercial me challenges start with execution. the

marketing happen the have from reps marketing, during to we increase Senior a our and quarter and and leadership Vice wave to retrospect, new these of we leader we challenges change operations, this quarter. need become always in an in vast pace been have in substantial under of XX increased actions dedicated may challenging our earlier and the the President the commercial estimated address steps year decisive these commercial transition were This the As of our a sales activity reps appointment in consumables, to we time took taken including will former hired the last improve the execution XXXX of In July Brown. and the with field of tends take academic Veteran issues, early sector commercial and QX. quarter. new the Simultaneously, effective. execution based down organization year absorbing commercial inside of training identified second days to Chad a July, sales hiring August, in majority our reminder, lead In the slow our commercial Industry our is to new who substantial QX began activities. as the of to meaning and fully needs to risk to

that long are challenges in individuals us. these largely with leaders with positions run, consumable and or commercial leadership roles the QX. alumina effectiveness actions results from have changes like execution We while filled transitional the should behind these created may reduced dynamic QIAGEN. new Chad sales temporarily industry Our sales indicate and these believe has recruited inside improve during

generation lead entered with QX funnel are Our company and instrument efforts largest history. a in we accelerating

based reps our dedicated investment results. is showing addition, and consumable fuel In

We support indicators increasing. of of expect territories growth to are third commercial leading that by issued Other such the during encouraged are fact substantially consumable the field in North consumable help also the in in with sales reps sales those XXXX. size improve Overall, consumable number consumable and to quotes QX reps quarter. base growth and territories in American we outperformed without execution as

the sold. SPRINT cost and first our to attacks researchers which had privy as in in has is the factor growth impact of and accounts to encounter institutions penetrate of second not instruments them. where our quickly launched to low the installed XX% base accelerated XX% It The grew many of Profiler, XXXX July helped

has our each potential on are slipped forecasted beyond the our consumable By researches sound, with SPRINT believe were which QX. strategy relative While of we pulse less has new systems This number more visibility revenue the SPRINT core quarter that installed instrument happened individual on increased lower than they lengthened timing cycle increases system decreased. average SPRINT targeting certain compensated. to historical and instrument our the of for and outside By reduced has the MAX within our order visibility sales base, the as has instruments. oncology customers our and risk in business, the FLEX funding that of

forward. on recent strongest October the apply initiatives SPRINT its are increase October increase relative previous expectations. last appeal sales closed This our were size our developing We record for outside said, growth. of should of being to to That near revenue insights term in going to these revitalize funnel many our month and reduces forecast term, making we that accuracy encouraged the instrument the by panels Longer our during instrument orders. SPRINT oncology orders need to outlook broaden

Finally, let our consumable some that address impacting market evolving trends. me dynamics are

than purchased it’s The consumable XXX life Science Custom that customers that [Ph] sold Panel, and and revenue accept of have experiments are the and into access CodeSet selling are PanCancer premium has Since more our our from revenue expression reminder, that prices researches. priced at co-existed primary at majority to other our two worldwide. a Profiling science balance catalog curated platforms comes A number designed The products are – to by relative is in specifications other one customer of XXXX consumables formats. sell segment our panels. from Life a including of appeal launched example product which alongside large their genes broad been our As profiling is for genes sample intensive expression gene diagnostic that want to alternative experiments researchers test. these from identify nCounter times. on focussed known trying cover of complex a In to our RNA-Seq think important complimentary turnaround which all cases, which for an customers RNA-Seq transcriptome. when or slow more of to they on use bioinformatics, sequencing translate can and the when to Virtually importance. in Most in nCounter and all labor customers willing it Many biology gene attractive and a approaches. RNA-Seq a speed are panels to are good nCounter to consumable along approach in the insights prefer workflow, they to as technology insight of comes biological Immune carefully we runs

In our identified built a were that using custom of to Recently, RNA-Seq. has dynamic profile gene were emerged. designed many fact, a first market signatures diagnostic such and CodeSet new

which similar priced cost nCounter. there for cost RNA-Seq a on are of has using As whole for a is volume come to it some Custom lower CodeSet ordering applications transcriptome premium

experiments appears nCounter been our order our to an of existing CodeSet portion This of shifted Some RNA-Seq. by market primarily be Custom have of that dynamic performed would business. our have to impacting customers

cost immuno-oncology prepared sequencing products our business. use repeat with popular a panel research significant for Our panels something we’ve and for. and The following anticipated remained oncology including is of in endeavour PanCancer

We’re pursuing initiatives address this dynamics. three that will

related these should CodeSet allow our to First, we making to that projects. of are win policies our reps adjustments tactical Custom to some discounting more

channel and leveraging expanding win sales consumable are that Most back our yielding important the results. turnkey workflow business, are most most base increasing Second, volume these we and promising high strategy competitive our carefully on where introducing a our bioinformatics. importantly, pronounced. The our consumable advantages and are panels protect already to our of that’s strengthened on applications focus we simple curated research capitalize are

number targeting which and PCR have are that Separately, we low have expanded technologies. experiments our of plan our panels strong are products disciplines panel we over as next quarters. of panels start and a and the off spanning two practical such IOXXX numbers on traditionally not PlexSet to New with samples sequencing neurology quantitative lined applications large our genes of offering and to variety been launch multiple and for a

overtime, the clear expect the maintain and our trends consumable represented the In through our in of we business. summary, pull We understanding panels PlexSet share of that have nCounter revenues. will lion’s believe our of vitality a consumable we

the reflects performance business confluence stronger than QX fundamentals of we circumstances indicates. Our underlying believe and are our QX performance the

product to pipeline our update stabilize on XXXX. and of We I’ll to believe business strengthen close programs commercial have our longer the technologies. our us offerings, over and taken action on term focussing which return and we strategic an course improve QX decisive execution advancing in will growth diagnostic priorities the with

are the national During and the to driven sites to U.S. of by Most Prosigna and outside the increasing labs with XX% engagement we active year Prosigna adoption to QX, increased by continues payers. through Prosigna of XX Prosigna where be increased prior patient revenue access revenue regional our worldwide. steadily over number

Centers the updated Prosigna unexpected CMS Medicaid the late services from CMS. Medicare lab a along In with from September, an other or reschedule clinical of providers and multi we Within test face [ph] the preliminary challenge the U.S. crosswalk from published analytic the reimbursement if for advisory to reviewing reduce the a was recommendation XXXX. implemented which under contrary the Prosigna CPT for This would the decision panel the in of determination decision. [Indiscernible] of substantially code of reimbursement

and comment proposed meet staff to comment the period have to with advantage We on CMS of taken the formally policy. the

our issue. in regaining our resolution I’d collaborations. our some are developments and to ongoing also successful by like share encouraged to look biopharma We to discussions this forward

Celgene analysis. completed and trial in First, following has those is primary now patients enrolment toward event driven robust the an

Large studies growing subtyping We lymphoma different Lymphoma in for be the the the for will a continue is the to Meanwhile research. collaboration Annual being test in XX Diffuse Celgene be basis biomarker of will American Meeting follow XXXX. of Haematology expect for algorithm at use an which demonstrating in in presented subject base the December, in position to Society assay’s encounter REVLIMID test that B-Cell since PMA

we as for data October, our longer commercialization not late or for In of obviously is development Tumor collaboration. to patients our the was impact do decision of notified team, this The Merck TIS the our is for Signature, a no Inflammation were required by end no select companion their our longer to to these disappointing We understand Turning Phase Keytruda its diagnostic to or its in This that tumor our diagnostic. we believe of Merck on TIS, complimentary to a development yield TIS that interim as but current filing Merck our Merck and collaboration based X the of Merck’s that with indications. this support represents those of expect we TIS decision trial types. was for work PMA that not or basket the diagnose and keynote Keytruda. from but XXX from conclusion analysis decision basket

in relationship up collaboration various to Our our coordinating few related determine Merck to types. parallel cancer research of in look remained next to future gene our in TIS interest over Merck potential on existing signatures months; forward collaboration immune potential utility strong ongoing shared lap discussions with to expression the with activities we the and

shipping to XX diagnostic While have future and field the more remains information Merck any on The the companies. new last expansion continuing different biopharma to call, Panel positively our quarter. number immuno-oncology agreement are XX in a degree collaborations. QX provides in panel, other XX% approach and immune Immune with related we response. collaboration, become dialogue XX% IO program researchers described September the of open In year-to-date. extend the engagement biopharma our and have a responded that has non-pilot in a already up with pilot constructive have we to in That were Meanwhile, of biopharma the helping through studies studies fastest tumor in we the and Profiling researchers tumor, single potential and academic the researchers tool number pilot our reached powerful with in with our any of dynamic. companies. studies began XXX and of expand our environment potential Sales new Under leadership of not the parallel, launch that view to micro our we of focus of signature our are PanCancer late XXX up executed

the field continuing panel. will organization our Institute, we with an who the will NSABP. partner a the Cancer combinations. will which Society where abstracts be is will colorectal collaboration including IO an XXX order immunotherapies IO abstracts that collaboration an current NSABP next we This panel the than industry analyze instance, conference identifying to from a in week which leadership of to XXX last bank the future on announced week patients For panel NSABP's part five we in for use with our and more And foundation, to display cancer highlighting phenotypes important honoured characterise and presented record academic research to by being at of our supported of bio XXXX cancer This is tumor have of Immuno-therapy In step immuno National benefit is cancer. of immuno-oncology samples. are

Finally, quarter, advancing made our of new during third we in the technology portfolio platforms. progress

our We meetings. technology profiling presenting date. launch the in market presented we on At customers abstracts of are by [Indiscernible] building the the spatial we’ll data three continuing access now platform, are abstracts, plan meeting DSP by next at year engaging just to our XX away one to program major develop present week, from digital the

academic XX now XX Our companies including includes biopharma with than with researchers. XX government and program and expanded more technology access projects

technical announced have demand a the cancer which believe made into to accelerate $XX up our million centers in on that On entered off partnership equity and follow royalty to valuable this that and Currently, quarter. will interest projects and disruptive I’m one advanced We strategic track. Under Hyb Lam collaboration Lam Xth to and strong have full rights partner. Lam synergies we Research agreement Lam quickly with the that do this option Hyb in on researchers Hyb in an on return during of a pharma our a is clear invaluable this back DSP clinical the development well sign their August leaving terms has indicator and retains commercial you a of chemistry a for with & Seq own been a to nanoscale NanoString. is the in We’ve had believe expectations. speed & Research be us exceeded Seq great leading also Hyb expertise of team & sales the to on is development have collaboration on NanoString have the engineering great nation’s fantastic leading development the come great It's to and Seq expanding sequencer will premier which commercialize provide technology. powerful differentiated third going companies progress start. to find tell the for The that teams technology. pleased data the of to of manufacturing program we with or be optimizing & we to we The identified what fund progress Seq. will and remains

The promising cell-free sample of blood clinical addressable about competitive for in expected $XX by durable the platforms pipeline biopsy report and rapidly results the that a advantage. Scottsdale is Precision Health for principal streams progress The In XXXX we next significantly work become in February. AGBT in of in an XXXX. report from new These this simple will workflow presented total revenue Our the annual major financial biopsy a DNA of launch is September, like and Meeting these and at drivers has planned the also to sequencing hour. tool revenue instrument circulating opportunity sequencing over growing call Seq in Jim expand cell-free estimated to programs Hyb that, non-invasive provide & DNA our XXXX With to oncology exciting potential major liquid to in market Arizona. I’d to proof market be liquid have in initiate to guidance. AGBT beyond. billion are hand is of update

Jim Johnson

lower for million, million, third Thanks XXXX. Brad. of $XX was and Total versus year-over-year. quarter quarter the was revenue XX% the up Total product revenue service XX% $XX.X

and XXXX. annualized service the consumable the million, the percentage revenue down to exchange product the an all declined the third lower was on below versus quarter anticipated related basis. X% The than quarter approximately most fluctuations government Foreign impacting and was of system of $XXX,XXX was million pull-through Instrument down Total our that $XX.X $X lower XXXX, quarter Life component decline in XX% historical largest positively benchmark million, third rate was relatively biopharma segment. revenue is $X.X XX% approximately revenue year. except for softness however purchases point. by customer one market the and academic of system consumable per major which was pull-through one by at year-over-year million of to of compared by than prior the strong sciences $X customer segments, across the for and

$X.X an resulted of esophageal resulted increase percentage in of the XXXX. the Prosigna up The million September of other revenue in reduction quarter Merck completion year-over-year, For collaboration majority in revenue the from change third This activities recorded as next is collaboration. million the of sales. project kit to for it the indication our in to We’ve XX. IVD $X.X regulatory the in a the increase of of million future pull-through cancer for scope largely quarter generate component the continuing XX% compared $XX.X for quarter, markets the U.S. was and

primarily in XXXX quarter, up the R&D inventory. staffing with development Research. year. consumable for Additionally, the Hyb and XX% was slightly in particular Gross Seq. the our the product was collaboration product XXXX. our Hyb The and which reflects Digital up third Gross SG&A and revenue year-over-year sales of & we was $XX.X the million million generate largely by compared to compensation mix Lam to increase began XX% margin increase for million support million in marketing driven reserve XXXX. was added for third prior slow-moving to quarter quarter to quarter technology company's third XX% from due new revenue quarter for increased & in Profiling, new expense margin and changes compared on was expense investment the effort. expense lower growth quarter $XX.X XX% was over to went primarily most the the up product the of programs the of and in Spatial Stock-based service $X.X to Seq and toward $X.X for scale

per the Our quarter net per year. share of million $XX.X of or million share last the million approximately $X.XX to or and loss quarter $XX.X cash third increased We with investments. from for $XX $X.XX ended

comparable I’ll now quarter Prosigna revenues financial implied and million XXXX of the results was current service range range high $XX an turn of Previously So, XXXX and $XX million to together Based to and our to with below guidance expect is $X our The be quarter our outlook low on our for end we’re guidance. now We guidance million. previously to at update $X reducing slightly comparable the the million. to last it QX, to revenue provided end. to product for at to service product our or million. fourth total for quarter the $XX of revenue $XX million of lower-than-expected QX low-end third at

XX% our million lowering total which of We’re XX% for to growth year XXXX. range versus corresponds the of to million to a $XXX revenue $XXX guidance revenue to

reduction in to in updated the approximately Lam outlook previous of to increase This Celgene our future increase related due Our costs partially with acceleration was million approximately as reflects reflects our an lower collaboration to forecasting the and collaborations revenue $XX offset Research. to for in million Merck and under recognition product revenue. regulatory million activities, by million. well as revenue collaboration guidance total revenue XXX from for service the decrease XXX And $XX

approximately revenue margin guidance gross had XX% we margin service our product for XX% reducing and to XX%. revenue range Previously, on light in of the revised of We’re year in to guidance. the our for expected gross

We measures. for operating impact million reflect million guided Previously, to $XXX year. the to cost guidance $XXX we are the the to reducing for to of million to million our expense $XXX year control $XXX

the stock-based compensation of expense expect near guidance million. high of approximately previous end to We our range million $XX $XX

As changes a both and we $XX expense to now of revenue our lower $XX operating range to loss million. the GAAP result for be year in to the guidance million the to million $XX operating expect from of previous $XX million

expense $XX We approximately continue million million is also to our to in we’re for $X.XX million $X share at net be the loss capital per expecting to $XX compared share $X the per expected basis, for expenditures expect at $XX year for interest million no million to expected to be year. a other now share. And $X to $XX loss $X.XX million net to previous GAAP $X.XX lower change to to is On to million compared a the previously. year. to per of $X.XX There

So, with wrap Brad back to to I’ll that up. over turn

Brad Gray

summary, several we’re as volatility Jim. the multiple business of understand to a the to a business core the pains that experienced have scale our transform and factors growing quarters Thanks platform on returning single we’ve platforms. focused last from We on enterprise company laser large In we over grow. our increased

portfolio the time expanded us XXXX. should channel to platforms capabilities; our continued our look in mean progress. technology year. believe return new be an to our you next and unique continue of we we Our that nCounter and on Novel grow to I proposition beginning advance important forward catalyst growth will and investment panels that In a updating platform has commercial value offers consumable strong

Doug Farrell

any are ready we questions. for Operator,


Our Instructions] from comes first [Operator Schenkel with Cowen. question Doug

is line open. Your

Unidentified Analyst

is on guys. Hi, Adam my Thanks This for taking for Doug. question.

instrument even pre-material products of relative in number in for a to in Thank and QX, maybe improvement cut pull-through what on you. last provide QX you terms an your or quarter the mess many color guidance your more year to last service could considering the guidance embed QX of had placements You year? of or any

Brad Gray

challenges that you describe can pull-through business. and add around and our we in business major blanks. experienced take our the low instrument three custom cost emerging the color in I’ll we both Obviously in impact execution, on Jim revenue So, of the profile sprint Around fill in that occur and code some to and QX. consumable dynamic set

quarter. and of that ahead slow in last the top to things experiencing resolve compared basically resolve are over the QX the guidance, – looking what in weeks recovery so our effectively stabilize. that, in this year-on-year And some flat at we the end year’s we’re current range look sort quarter you’re current guidance to QX, that flat trends trains, The in seeing range end is is of stabilize many of from the really to of assuming we’re guidance make is business QX, indicating the the the same but the you time that the quarter. take sequentially If bottom

begun on that is and experience capping part four our and described, instrument instruments our MAX then methodology in our observation experience that close we’ve guidance. I FLEX of Sprint slower that are things into side our type to apply to As the an of QX given embedded with instruments,

In with are what par benchmark including pull-through experience of think we’d assume one. this consumable our range. $XX,XXX year to the per addition, per $XX,XXX we Again, $XXX,XXX system I on continuing which a Prosigna per so system historical to to in is compared far totality more

to over being QX stabilization to guide course able So back I XXXX. we’re our think and to growth viewing of on the of way period a as managing

Unidentified Analyst

And related great. question first. my to Okay, perhaps second the

compared the the instruments. you instruments these of uncertainty Acknowledging, convert the strategy, instruments to provide spread and as you could steps specifics Thank just sales lengthened be noted mentioned, been, in funnel You to cycles outline the that have comprehensive actually revenue you’re you talking instrument revenue? a ever funnel ensure that than bigger you. it’s sales an increased any your is other but pretty on

Brad Gray


a indeed So, of good the QX, of month on the really team recapturing I done way we starts we’re as a slip has the in systems sign instrument from we that we’re and in think making competitive. job than the the some way revenue with thing dynamic QX a and Sprint a the that growth, in that execution consequence instrument deceleration saw take which was October, revitalizing progress of rather of promising experience

thing of really taken our increased we’ve through to course sales execution, that is The the over we need this course already improve second – steps year. do

when time to closing able of benefits step sales of thought that focusing as these the in fraction be dedicated included that’s we season expand spend more instrument that risk to to their to risks, our larger opportunities. reps to effective on one and we – channel continue You’ll be allow would sales new remember took will closing that consumer And cultivating incumbent a more become our lows. a become their instrument going of

that customer application like neurology it been third oncology and FLEX of just of platform to In non-oncology an Sprint. targeting set launch develop that doing compelling in thing some the Sprint panels that IO really specifically these customer. the applications, oncology has type new as other panel that in to that like a panels, broaden we we it with the the is continuing cases appeal to to The we’re and they’re cases panels customers are new non-oncology appeal we’re as the the launch the make that and XXX

those are tactics. So the main

panels. execution going of those introduction of than rather time are Some soon will later others like in terms -- improvement, sooner non-oncology of to take the commercial happen

Unidentified Analyst

Thank Very you. helpful.


Thank Instructions]. you. [Operator

with Our Catherine question Schulte next from comes Baird.

is open. line Your

Catherine Schulte

instrument Thanks quantify dollar questions. you think you just fourth Can just that the slipping impact the for the Hey, quarter? in to was from guys.

Brad Gray


When over that August, which our revenue to the portion our think, about half $X.X when we we had guided in at total preannounce as to – consumables. we for our is our mid and miss the of back instruments that visibility characterize is $X point I we time. million instrument instrument revenue half are million about

and entirely would into So the October. slip has million. some that that Really, instrument in recaptured, that portion almost of a now about been niche that would slip, $X.X quarter recaptured suggest the has was will be characterize we fourth

slip those could go subsequent Some quarters. believe of into we

funnel. out to So fell competition -- it but none lost virtually the or of was of

capture characterize miss $X.X being the a would approximately, October, in I all want characterize that is month captured portion that is slip portion the out the for sense to that remains And in in the time uncertainty guess today that QX. I gave be was we’ll that really million a itself we but when So, I of how and embedded line there captured. guidance of as to not really a of slip and

Catherine Schulte

Thank one just lung referring on sarcoma a then, cancer And for of corporate signature you. that’s you helpful. workshops talks and blood test. elaborate using That’s your to? app base Can about what Okay.

Brad Gray

purpose general really kind is even clinical going to is customers the I test that and audience are academic lab more described some of Yes. reagent a element our indications feature occupies nCounter [ph], lab, commercial traditionally using an platform, to. that by that’s develop workshop our -- of few it nCounter aren’t who a elements and labs, meeting develop and company is developing use speaks who being a you test believe the they for develop

Catherine Schulte

you. Thank Great.


I’m you. queue. showing Thank further questions no in

to closing the like turn I’d over call back remarks. for So

Doug Farrell

Thanks very much operator.

did miss hours. be next up you any of portion reply couple within call of the a there will If

by XXX-XXX-XXXX. You that us with thank Please dialing you And use the can pass access today. XXXX-XXXX. joining for that, code,


today that you Ladies conference. you. participation. gentlemen, Thank and conclude for does Thank your

You may a have disconnect and wonderful all day.