Brief: Nanostring Provides Preliminary Financial And Operational Highlights For Third Quarter Of 2023

NS Wind Down Co

10/10/2023 11:20

Oct 10 (Reuters) - NanoString Technologies Inc  NSTG.O :
    * NANOSTRING PROVIDES PRELIMINARY FINANCIAL AND OPERATIONAL
HIGHLIGHTS FOR THIRD QUARTER OF 2023
    * NANOSTRING TECHNOLOGIES INC - SEES REVENUE IS EXPECTED TO
BE
OVER $48 MILLION FOR Q3
    * NANOSTRING TECHNOLOGIES INC - HAVE DECIDED TO REORGANIZE
OUR
RESEARCH AND DEVELOPMENT AND MANUFACTURING OPERATIONS
    * NANOSTRING TECHNOLOGIES INC - AS PART OF THIS
REORGANIZATION,
EXPECT TO REDUCE EXPENSES BY MORE THAN $15 MILLION ON AN
ANNUALIZED BASIS
    * NANOSTRING TECHNOLOGIES INC - EXPECT REORGANIZATION WILL
FURTHER
REDUCE EXPENSES AND NET OPERATING LOSS IN Q4 AND 2024
    * NANOSTRING - COMMENCED IMPLEMENTING REORGANIZATION WHICH
IS
EXPECTED TO ELIMINATE ABOUT 110 POSITIONS FROM CO
    * NANOSTRING - CHARGE OF ABOUT $5 MILLION IS TO BE INCURRED
IN Q4
OF 2023 PRIMARILY AS RESULT OF SEVERANCE & SUPPORT PROVIDED TO
TRANSITIONING EMPLOYEES

Source text for Eikon:  ID:nBwbxqN5ra 
Further company coverage:  NSTG.O 

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