NanoString Technologies, Inc. (NASDAQ:NSTG) Q4 2018 Earnings Conference Call Transcript
Mar 07, 2019 • 04:30 pm ET
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the NanoString 2018 Fourth Quarter Financial Results Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference call is being recorded.
I would now like to introduce your host for today's presentation, Mr. Doug Farrell. Sir, please begin.
Thank you, operator. On the call with me today is Brad Grey, our President and CEO; as well as Tom Bailey, our CFO.
Earlier today, we released our financial results for the fourth quarter and fiscal year 2018.
During this call, we will make a number of statements that are forward-looking, including statements about financial projections; existing and future collaborations; future business growth trends and related factors; prospects for expanding and penetrating our addressable markets; our strategic focus and objectives; and the development status and anticipated success of recent and planned product offerings. Forward-looking statements are subject to risks and uncertainties, many of which are beyond our control. Those risks and uncertainties are described from time to time in our SEC filings. Our results may differ materially from those projected on the call today, and we undertake no obligation to update those statements publicly.
Now I'd like to return the call to Brad.
Thanks, Doug. Good afternoon and thank you for joining us today. We've entered an extremely dynamic period for the Company. Following a strong 2018 performance, we began the new year with a renewed sense of confidence in energy. We have returned our core business to double-digit growth and generated substantial interest in our GeoMx Digital Spatial Profiler. We are currently defining a new open-ended market in the field of Spatial Genomics that shares many characteristics and customers with the rapidly growing field of single-cell genomics. When we commercially launch our GeoMx DSP less than a month from today, we will kick-off a product cycle that we expect to both accelerate our revenue growth and transition us into a multi-platform company. 2019 is set up to be a very exciting year.
During my prepared marks, I'll provide some highlights on our overall performance in 2018, before outlining our strategic objectives and key milestones for the current year. I'll then turn the call over to Tom to review our operating results for the fourth quarter and our financial outlook for 2019. During 2018, our team did a fantastic job of accelerating the growth of our core nCounter business, and I am extremely proud of their performance. We generated growth of 16% in our product and service revenue, a roughly fourfold improvement over our growth in 2017. The commercial team's focused and execution ensured that the investments we made in our sales channel really paid off, and we intend to sustain this momentum in 2019. During 2018, we grew our installed base of nCounter Systems to about 730 systems at an increase of more than 20% year-on-year.