NanoString Technologies, Inc. (NSTG) saw its loss widen to $18.85 million, or $0.87 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $14.60 million, or $0.74 a share.
Revenue during the quarter grew 22.90 percent to $18.06 million from $14.70 million in the previous year period. Gross margin for the quarter expanded 28 basis points over the previous year period to 60.34 percent. Operating margin for the quarter stood at negative 96.69 percent as compared to a negative 90.39 percent for the previous year period.
Operating loss for the quarter was $17.47 million, compared with an operating loss of $13.28 million in the previous year period.
"We had a successful first quarter of 2017, with 30% growth in product and service revenues and solid execution on our strategic objectives for the year," stated Brad Gray, NanoString president and chief executive officer. "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."
For financial year 2017, NanoString Technologies, Inc. forecasts revenue to be in the range of $100 million to $105 million. The company forecasts operating loss to be in the range of $49 million to $53 million. It expects diluted loss per share to be in the range of $2.51 to $2.69.
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