All right, we'll get started. Good afternoon, everybody. Thanks for being here. Welcome to the Jefferies London Healthcare Conference on the last day, this afternoon. I'm Brandon Couillard. I cover the life science tools and diagnostics sector here at the firm. And we're very happy to have NanoString with us back at the conference this year, and here to share an update on the story, Chief Financial Officer Tom Bailey. Tom? Thank you. Thanks, Brandon, and thanks to the Jefferies folks for having us here today. I look forward to giving you all an overview of the company and entertaining your questions at the end. As per usual, we have forward-looking statements in this presentation, and we also have some non-GAAP or adjusted financial information in certain of the slides. You can refer to our website to see how those are calculated. NanoString is a life sciences tools company with multiple platforms commercially on the market, three in total. We have two platforms that are in this area known as spatial biology, and then we have our legacy nCounter system. We'll go through each of those here shortly. In Q3, we delivered record revenue of $48 million in the third quarter, which represented 60% growth year over year. Our spatial biology platforms are the main growth driver. Those generated over 200% revenue growth in Q3, so we tripled revenue in our spatial platforms in Q3, and our nCounter platform continues to be stable and durable, as well as generates profitability for the company that we use to fund our investments in the spatial business. Our total fiscal year 2023 revenue guidance right now is $175 million-$180 million, which would be 40% growth at the midpoint, and we exited the quarter with just around $100 million in cash and short-term securities. So here's a quick overview of our platforms. On the left, in 2008, you see our legacy nCounter system, which was the platform off of which the company was founded. Classic bulk gene expression technology, so it measures the activity of about 800 genes in a biological sample. That product, in 2008, as I mentioned, was launched, and then in more recent years, you can see in 2019 and in 2022, we launched our two platforms, the GeoMx product and the CosMx spatial imager, together with the AtoMx informatics platform in 2022, that are our spatial biology platforms. In total, those three platforms across all of them are 1,650 instruments in an installed base. Now, the company's got just around 600 total employees. So we'll get into a bit of what spatial biology is. This is the growth driver of the company and the focal point for most investors. So in 2020, spatial biology was named Nature's Method of the Year. This has been, along with next-gen sequencing and single-cell, kind of the launch point for the broadening of these markets and these different platforms and technologies. So spatial was named the Method of the Year in 2020, and it's become, as a result of that, very fundamental across all of life sciences research. You'll see there are two complementary approaches that we talk about in spatial biology, imaging and profiling, and having the capability to look at both RNA and protein, so both the expression of the gene and also what it makes, as an end product, are key capabilities across spatial biology, and we'll go into how our platforms do that. So that's been a big launch point for spatial biology, so we like to use something that I like to enjoy in my spare time, a bit, with Legos to illustrate exactly what spatial biology is and how it works. So back in the kind of previous biological revolutions, analysis of biological samples is done in what is known as bulk biology, and that's where you take a biological sample and grind it up, and you're looking at gene activity on average within a biological sample. So it's an average measurement, not an exact measurement. In 2012, Single-Cell Genomics was spatial's Method of the Year. In 2013, it was Method of the Year, introduced in 2012, and that allows you to dissociate these individual cells and look at activity in an individual cell without having to look at it on average throughout the sample. In 2019, we introduced the GeoMx Profiler, and in 2020, spatial transcriptomics was the Method of the Year, and that allows you to keep the biological sample intact in its natural state and look at activity in a region, but not have to debulk, to, to debulk the sample and look at it on average. You can look at it in a region, and then in imagers, which were introduced in 2022, you could zoom in and look at these individual cells or sections on a close-up basis. So spatial biology, the key innovation, is being able to look at what you look at in single cell, but without having to dissociate the sample. And when you see biology that way, you'll see that where the cells are located have impact on their activity. You could have two of the same types of colors of Legos, but they might be doing different things, depending upon where they are in the sample. So those are the types of insights that people have started to get out of spatial biology with some of these new technologies. We believe that these technologies represent about a $6 billion total addressable market. That's about 7,000 labs, and that's split about equally among the profilers and the imagers. We'll get into some more detail on what each of these types of technologies do. But the two axes that we look at these along are what you'll hear us call plex, which is how many data points do you get out of an individual experiment? So how many RNAs can you see? How many proteins can you see? The scientific term for that you typically hear is plex. And then resolution is how far does the technology zoom in? How small is the structure you can look at? Is it a region? Is it a single cell? So those are the two dimensions. Overall, we look at this as about a $6 billion market opportunity. So this is one of my favorite analogies to describe the differences between imagers and profilers and how they work. This is how I explain it to my friends and family when they ask me about this. So, If you think about a map of the U.K., for example, and you're looking at a map of the U.K., it might have a population estimate on that, and you could look at that and say, "Gee, based on that, the average population of a county in the U.K. is X." Well, when you go on to Google Earth, or you go on to the more detailed, maps that are now available to us at our fingertips, you can zoom in and see, well, most of that population is actually in London. So even though the average in a particular county might be a number, that's actually quite misleading when you look at it in bulk like that in a big map with one number. And so what profilers allow you to do is to, what Google Earth would do, zoom in on a city or a neighborhood, and gives you a sense for where the population actually is within that big region and where the concentration of it is. And then you can also further zoom in, like on something like Zillow, and look at an individual home or building even, and see that down to the individual home and what the power bill might be or what the gas bill might be to get some more information, even at a more detailed level. And that's kind of the resolution that you go through within, spatial biology as well. Spatial biology profilers allow you to look at a region of interest and see activity within a region, as opposed to just on average, to give you that spatial information. Then you can zoom in using imagers into a single cell, which you see down there in the lower right, and look at what's going on in an individual cell without having to pull it apart and dissociate it. That's kind of the essence of how these products work. It's very similar to the way you would look at a map and zoom in and zoom out and looking at biology at different resolutions and different scales, and that allows you to look at different plex or numbers of data points as well. We'll show you a bit about how our platforms do that. Here are our two platforms in spatial biology, GeoMx and CosMx. CosMx is our zoom lens or imager technology that allows you to go in and look at spatial data at a single cell or subcellular level on up to 1,000 RNAs at a time or 64+ proteins at a time, currently in the current product iteration. On GeoMx, it's a region view, wider angle lens. The upside of that is you can look at all 20,000 genes on an RNA basis, and now up to 570 proteins at a time. So you can look at a lot more data if you zoom out. So researchers might zoom out and look at activity in a region, become interested in a particular region, and then they can zoom in using CosMx to understand what's going on in that one particular cell or in a set of cells within a region. So it's a zoom out, zoom in, and that impacts the number of data points you can look at and how fast you can do an experiment. So you could see a researcher going back and forth between these two resolutions to understand different biology. We have a full suite of products across spatial biology. In addition to our two platforms, we have the AtoMx Informatics platform that allows you to easily upload your data to the cloud, analyze it, share it amongst your researchers. These are very, very large data sets, and so it needs the cloud and the compute power that offers to handle it. We've also got a number of partners that we work together with that make the overall research process easier for our platforms, including many brand name companies in the life sciences tool space, either that provide content or workflow ease or other features that make our systems easier for folks to use. So three strategic objectives for 2023: penetrating the spatial market, delivering steady, predictable growth, and demonstrating progress towards break even. So we'll hit on all three of these quickly. Penetrating the spatial market is driven by the differentiated features of our platform relative to the competitors. So we'll talk a bit about both about those for both CosMx and GeoMx, as well as for AtoMx. So CosMx stands apart from other imagers for the first and foremost on the first dimension, which is plex. So our imager currently offers the highest number of data points per assay, RNA data points at 1,000. The next closest competitor is at 400 currently, and we're marching towards higher plex with our CosMx imager, which we'll talk about here in the next slide in a moment. Our imager also is the only one that does both RNA and protein, and that's not only important in getting both of those elements of biology out of your sample, but it also helps with us to segment the cells that you're looking at. It helps you make sure that the data points you're looking at are in an actual cell by using protein to help mark the outer boundaries of the cell and identify those, and that's an important feature. We also are able to work in FFPE, which is what the most majority of biological samples are stored in, and it can be a hard material to work in. We also have a whole ecosystem of products that work together with this and leading partners, as we talked about. Under the Plex dimension, we are launching our 6,000-plex assay in the first quarter of this year, and Plex is we believe the most important dimension of these technologies. Scientists have a very significant fear of missing out, and if they can get more data, they'll take it, they'll store it for later. They might have a few genes they might be interested in, but ultimately, when you're a discovery scientist, there might be things that you're not sure are going to be important that become important later. And so it marching up in plex has been a hallmark of all technologies across life sciences, tools, and genomics, and so that is the march that we're going through with CosMx, and we've already been through with GeoMx. And we'll talk about our march on plex here in the next slide. We'll talk about where we went with GeoMx first. So with GeoMx, we started out with 84 genes when we launched in 2019. Over time, we developed content that got that product to all 22,000 genes per experiment, and now that's by far, in a way, our most popular assay. So we don't sell 84 or 1,800 plex panels anymore for GeoMx. It's all WTA. Scientists want all that data if they can get it. CosMx, we've started at 1,000 genes. We've announced 6,000 is coming in Q1 of 2024, and it's our current plan to march that along the plex path as far as we possibly can, similar to what we did with GeoMx. And there's underlying chemistry within our CosMx system that is the novelty that it will allow us, we believe, to get there and provide what scientists want the most, which is plex, more so than any of the other dimensions. Continuing on spatial biology, market penetration, our GeoMx Profiler, we launched in 2019, really officially, and we are already over 330 publications that have been published using the GeoMx technology, and you can see the significant momentum in the last year now that the product's been on the market for three years. And these have been, in many cases, the covers of major journals that we've seen GeoMx appear on. So this is generating adoption and great science among our customers. And in addition, we just launched this brand-new content this quarter, which is our GeoMx IO Proteome Atlas. So this, and now in addition to having whole transcriptome RNA, we now have 570-plex protein available on GeoMx. It is the highest-plex protein available in spatial biology. It's all of Abcam's... It's their entire library of IO cancer and immunology antibodies on one slide in one experiment. And so we're super excited about this launch, and we expect this to be a very energizing content launch for GeoMx as we head into 2024. The other key component on our spatial biology momentum is AtoMx. This is a cloud-based informatics platform that allows you to easily upload and store your data in the cloud, and to use the compute power of the cloud to analyze these data sets, which for CosMx can be up to 1 TB or larger, given the plexity involved. So these are not data sets you can easily email back and forth or store easily on-prem. The cloud computing environment that we work with AWS to provide to our customers is critical to doing this kind of science in the future, especially as you expand in plex and the data sets get bigger. You know, our analogy to this is the Apple ecosystem. AtoMx is what stitches together all of our platforms and creates stickiness among our customers to be able to seamlessly move across these different resolutions and plexities of scale and analyze the data easily and efficiently. AtoMx is also an open source platform, so if researchers want to use their own analytical tools together with AtoMx, we've provided the ability for them to do that. Switching over to predictable... Well, but before we do that, we'll talk about, I would think there's a lot of talk about the IP disputes we've had and are in the middle of with 10x Genomics. This has been an overhang on our equity story. When you look and step back from this, that's more, we believe, of a psychological than a definitive issue. We believe these lawsuits are absolutely without merit, and we're confident in the cases that we have. And we're happy to answer any questions that folks have about those. So our next strategic objective was to deliver predictable revenue, and the underpinning of that is our nCounter platform. This is the engine that could, within NanoString, it's been on the market since 2008, and it has generated consistent and steady and durable revenue since. It's about 70%-80% consumable revenue now, so recurring revenue on the systems that we have out there, and it's a robust platform, especially for oncology clinical trials, is a key use case and that continues to be within our customer base. So nCounter is a foundational and cash flow positive business for the company. Super simple, automated workflow, so it eliminates a lot of the cumbersome manual processes. So if you know the 800 genes you want to use, it's way easier to do than an RNA sequencing run or other methods that are similar to get this kind of data. You get rapid results, and it's got best-in-class reliability. This product has been on the market for a lengthy period of time, and has generated over 6,000 peer-reviewed papers now on nCounter. So we have over 1,000 systems installed, as I mentioned, over 6,000 peer-reviewed publications, and it's an installed base that's broad across both biopharma, pharma, and academic researchers. So stepping back and getting into the financial stability, combined with path to breakeven. So when you look at our business and pull our different product lines apart and look at the balance of growth and profitability in our business, and these are the Q3 results on the left and in the left-hand column on growth, you see our spatial business is delivering the growth for the business. The growth in the business overall is 63%, and spatial is a 212% growth product in the third quarter. nCounter is a flat to down-ish business, but generates 30% EBITDA margins. Our spatial business is currently losing money, but over the course of the coming quarters, we're starting that march to profitability. We started that in earnest in Q3. We'll talk about that on the next slide. So in the third quarter, we grew revenue sequentially from the second quarter of 2023, from $44 million- $48 million, while also during the quarter, reducing our expenses by $4 million and cutting our cash burn in half, from the second quarter to the third quarter. This is, a slide that I think you'll see a version of in subsequent quarters, headed into 2024. We've made a commitment to continue to cut our cash burn as we get through the major launch activities for CosMx, and to get to our first full profitable year in 2025, and to get to a break even on our existing cash resources. So you can see that we've started tangibly making that march here in the third quarter, and we expect this to be a view that we'll see continually through Q4 and into the quarters of 2024 as we continue our march to break even on the back of our last major launch. The other update that we had, that we announced on our November sixth quarterly call, was we did redo our convertible notes, which was a key question for investors. We had a maturity in March 2025, and so, in this last quarter, we did an exchange transaction with 94% of our note holders, representing $216 million, to extend that maturity and to restructure other elements of that particular security that were positive for the company. Our key objectives were to get the maturity of these notes beyond when we expected the company to be profitable and when we expected most of the material litigation events to be behind us, since it was our belief that being in that position would give us a much broader menu of options than to refinance into other structures that might be more attractive for the long term of the company. We had strong support from our largest noteholders throughout the course of this transaction, and evidenced by the fact that these noteholders are now significant shareholders through large warrant positions. So these noteholders are not just creditors, they want the company to succeed, and they want to see the shares work, and they're very supportive and excited about the business opportunity of the company. So we were able to conclude and achieve some of our key objectives with this, and we look forward to working with our noteholders to help us build the business going forward. So I'll wrap it up with the investment thesis. So we've got novel spatial biology programs that are the major growth engine for the company, that we believe are best-in-class technologies, especially on the features that matter most, which are Plex, and also offering capabilities across multiple resolutions and ease of use through AtoMx with cloud storage and analysis. Underneath that, we've got our nCounter platform that's stable and durable and provides cash that we are able to reinvest into that growth and in the business, and ultimately, to generate profit for the company as we head out into 2025. We're making progress and taking actions to achieve that profitability, as you saw in our results that, we showed from Q2 to Q3 and going forward. We extended the maturity of our convertible debt out until September 2026, beyond when we would expect these major events to have occurred and put us in a good position to refinance, and we expect to be profitable, as we said, for the full year of fiscal year 2025. So with the five minutes we have left, happy to take any questions folks have in the audience. [audio distortion] So we have a trial actually currently going on this week in one of the many litigations that we're involved in, in Delaware on our genomics products. So that should be a decision that will happen either this week or early next week, that we'll hear some news on that. We also have our appeal in one of our CosMx cases here in Europe, that will be heard in December. We're not certain as to when we would hear an outcome of that appeal. This is a new court, and it's the first appeal that they've heard, but we would expect it would be within a reasonable timeframe around when that appeal was heard in December. And then we have two trials, two major trials that happening in 2024. One here in Europe, in May around the German proceedings. The injunctions were around that the appeal is related to here in December. Then, we have a September trial in the U.S. for CosMx. So those are the major litigation events that we have. So mainly in right now and through the end of 2024, we should start to get some certainty on what those will look like. As one litigation is, you know, there's a lot of things out there. You said, you know, there's a lot of noise for commercial team and the team of customers. Is there a scenario where some type of settlement would make sense to kinda clear the air and, and move on to that and fight options? Because that's an area that's on the table, kind of clear, clear it up and move on. I would say that, you know, whether it's- it could be on the table or not, takes two parties to get there. We have a very pragmatic and rational thought process around that sort of question. I think that if there were a settlement that we thought made sense on balance for the shareholders, and for the company, and would allow us to focus on the business and reinvest these legal fees that we're spending back into the business and into R&D, then we would be open to having those conversations at any time. We're not, you know, looking at this through an emotional lens, we're looking at it through a very rational lens. I think that, you know, our defenses are clear on this. I think our products do not infringe. We don't, and we think there are other arguments that we have in these various litigations that are robust, but we're also not wedded to those arguments emotionally. We will do what's best for the business and for shareholders. Question? What your exposure is to the NIH, and then what's your outlook or current view on government academic markets globally? Sure. Yeah, we have exposure to the NIH through our... Yeah, our business is about 60%-65% academic, so that's where most of that exposure is. And I think I would say two things: One, I think NIH budgets, we think, will continue to be robust, especially for new technologies that are on the bleeding edge like ours are. So even if there were a bit of flux in the NIH budget or brinksmanship in Washington, we don't believe that would have a material impact on our business because we're in the middle of a secular sort of growth curve with spatial biology. So I think there will be dollars there for spatial under almost any NIH budget, and I think we feel really good about our platform's ability to capture our share of whatever that might be. The profitability target in 2025, can you talk about a [audio distortion]? We've said we haven't given specific long-range forecasts yet, but we have blessed where the street models are on revenue for 2024 and 2025. So I think those would be good numbers to look at and gauge what expenses might be off of that. And when we guide in February for 2024, we'll probably have more specifics around how we would expect that to look. Litigation. What would happen to the instrument availability for customers? Would it be [audio distortion]? We believe they will be, yes. I think that the typical outcome in litigations like this is usually some kind of royalty arrangement. I don't think there's a scenario where we'd see we wouldn't be able to provide our products to customers. We are under an injunction in Germany and in the UPC patent countries right now for CosMx, for RNA assays, so our platform can still be used for protein in those countries and is still available. We think over the long term, yeah, I think that there's scientific differentiation amongst these various products and the competitors that customers are paying a lot of money for. And so that scientific distinction, and particularly in the U.S., plays into thinking about whether or not products should be removed from the market. It It happens very rarely, if ever. So I think that our products, we expect to continue to have available for customers. It's just a question of what the economics under that will be once we've played through all the various litigations. I think we're at time, but thanks, everybody. Appreciate your time today and look forward to catching up with any of any other questions you have here at the conference. Thanks. Thanks, Brandon.