Quanterix Corporation (NASDAQ: QTRX), a company fueling
scientific discovery through ultrasensitive biomarker detection,
today announced financial results for the first quarter ended March
31, 2024.
“Building on the foundation our team developed last year,
Quanterix is entering a new innovation and product delivery phase,”
said Masoud Toloue, Chief Executive Officer of Quanterix. “We’ve
announced the first of several new assays that could re-define the
way Tau is measured from the brain versus peripheral sources. We
will continue to lead in bringing novel biomarker detection
solutions to market for the research community; developing tests to
study and enable the early detection of neuro-pathologies such as
Multiple Sclerosis, Parkinson’s, and Alzheimer’s disease.”
First Quarter Financial Highlights
- Revenue of $32.1 million, an increase of 12.7% compared to
$28.5 million in the prior year period.
- GAAP gross margin of 61.2%, an increase of approximately 170
basis points compared to the prior year period and non-GAAP gross
margin of 54.5%, an increase of approximately 140 basis points
compared to the prior year period.
- Net loss of $10.1 million, an increase of $4.0 million compared
to the corresponding prior year period.
- Net cash usage in the quarter was $19.4 million, and the
Company ended the period with $304.5 million of cash, cash
equivalents, marketable securities, and restricted cash.
Operational and Business Highlights
- The Company continues to execute against its transformation
initiatives, successfully commercializing five new assays in the
quarter.
- The Company announced its Simoa® phospho-Tau 217 (P-tau217)
blood test was granted Breakthrough Device designation by the U.S.
Food and Drug Administration (FDA) as an aid in diagnostic
evaluation of Alzheimer’s Disease. The FDA’s Breakthrough Device
designation is granted to products that have the potential to offer
more effective diagnosis of life-threatening diseases with an unmet
medical need.
- Eli Lilly Clinical Diagnostics Laboratory launched CertuitAD,
an in vitro immunoassay that measures plasma tau protein fragments
phosphorylated at threonine 217 (P-tau217), using the Quanterix
SP-X Imaging and Analysis System™. CertuitAD is intended to be used
in patients aged 60 years and older who present with cognitive
impairment and who are being evaluated for Alzheimer's disease (AD)
and other causes of cognitive decline. CertuitAD is a laboratory
developed test (LDT) and is not intended to be used as a screening
or stand-alone diagnostic test and is not intended for therapeutic
monitoring.
2024 Full Year Business Outlook
The Company’s 2024 financial guidance is unchanged. Management
continues to expect full-year 2024 revenue in the range of $139 to
$144 million. This guide is for the Company’s research-only
business, and does not include revenues from Diagnostics testing,
which to date have not been material. GAAP gross margin percentage
is expected to be in the range of 57-61%, and non-GAAP gross margin
percentage is expected to be in the range of 51-55%. Finally, the
Company continues to anticipate 2024 cash usage in the range of $25
to $30 million.
For additional information on the non-GAAP financial measures
included in this press release, please see “Use of Non-GAAP
Financial Measures” and “Reconciliation of GAAP to Non-GAAP
Financial Measures” below.
Conference Call
In conjunction with this announcement, the Company will host a
conference call on May 08, 2024 at 8:30 a.m. E.T. Click here to
pre-register for the conference call and obtain your dial-in number
and passcode.
Interested investors can also listen to the live webcast from
the Event Details page in the Investors section of the Quanterix
website at http://www.quanterix.com. An archived webcast replay
will be available on the Company’s website for one year.
Financial Highlights
Quanterix Corporation Consolidated Statements of
Operations (Unaudited and in thousands, except per share
data) Three Months Ended March 31,
2024
2023
Revenues: Product revenue $
19,670
$
19,287
Service and other revenue
11,967
8,579
Collaboration and license revenue
155
368
Grant revenue
274
222
Total revenues
32,066
28,456
Costs of goods sold and services: Cost of product revenue
7,145
7,033
Cost of service and other revenue
5,295
4,497
Total costs of goods sold and services
12,440
11,530
Gross profit
19,626
16,926
Operating expenses: Research and development
6,675
4,720
Selling, general, and administrative
25,993
20,850
Other lease costs
924
776
Total operating expenses
33,592
26,346
Loss from operations
(13,966
)
(9,420
)
Interest income, net
3,948
3,449
Other income, net
206
8
Loss before income taxes
(9,812
)
(5,963
)
Income tax expense
(260
)
(140
)
Net loss $
(10,072
)
$
(6,103
)
Net loss per common share, basic and diluted $
(0.26
)
$
(0.16
)
Weighted-average common shares outstanding, basic and
diluted
38,126
37,327
Quanterix Corporation Consolidated Balance Sheets
(Unaudited and in thousands) March 31, 2024
December 31, 2023 ASSETS Current assets: Cash and
cash equivalents $
45,281
$
174,422
Marketable securities
256,640
146,902
Accounts receivable
29,276
25,414
Inventory
26,015
22,365
Prepaid expenses and other current assets
9,551
9,291
Total current assets
366,763
378,394
Restricted cash
2,605
2,604
Property and equipment, net
17,492
17,926
Intangible assets, net
5,339
6,034
Operating lease right-of-use assets
17,748
18,251
Other non-current assets
1,802
1,802
Total assets $
411,749
$
425,011
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $
3,914
$
5,048
Accrued compensation and benefits
6,706
13,659
Accrued expenses and other current liabilities
7,021
6,041
Deferred revenue
10,234
9,468
Operating lease liabilities
4,366
4,241
Total current liabilities
32,241
38,457
Deferred revenue, net of current portion
933
1,227
Operating lease liabilities, net of current portion
36,084
37,223
Other non-current liabilities
1,053
1,177
Total liabilities
70,311
78,084
Total stockholders’ equity
341,438
346,927
Total liabilities and stockholders’ equity $
411,749
$
425,011
Quanterix Corporation Consolidated Statements of Cash
Flows (Unaudited and in thousands) Three
Months Ended March 31,
2024
2023
Cash flows from operating activities: Net loss $
(10,072
)
$
(6,103
)
Adjustments to reconcile net loss to net cash used in operating
activities: Depreciation and amortization expense
1,523
1,439
Credit losses on accounts receivable
176
178
Accretion of marketable securities
(1,657
)
—
Operating lease right-of-use asset amortization
478
334
Stock-based compensation expense
5,265
3,902
Other operating activity
55
270
Changes in assets and liabilities: Accounts receivable
(4,233
)
(3,741
)
Inventory
(3,670
)
(89
)
Prepaid expenses and other current assets
(254
)
(422
)
Other non-current assets
(21
)
(33
)
Accounts payable
(1,122
)
(1,271
)
Accrued compensation and benefits, accrued expenses, and other
current liabilities
(6,126
)
(5,983
)
Deferred revenue
472
2,041
Operating lease liabilities
(988
)
179
Other non-current liabilities
10
(203
)
Net cash used in operating activities
(20,164
)
(9,502
)
Cash flows from investing activities: Purchases of marketable
securities
(137,889
)
—
Proceeds from maturities of marketable securities
29,200
—
Purchases of property and equipment
(506
)
(136
)
Net cash used in investing activities
(109,195
)
(136
)
Cash flows from financing activities: Proceeds from common stock
issued under stock plans
2,037
564
Payments for employee taxes withheld on stock-based compensation
awards
(1,438
)
(13
)
Net cash provided by financing activities
599
551
Net decrease in cash, cash equivalents, and restricted cash
(128,760
)
(9,087
)
Effect of exchange rate changes on cash, cash equivalents, and
restricted cash
(380
)
24
Cash, cash equivalents, and restricted cash at beginning of period
177,026
341,337
Cash, cash equivalents, and restricted cash at end of period $
47,886
$
332,274
Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a U.S. GAAP
basis, we present non-GAAP gross profit, non-GAAP gross margin,
non-GAAP total operating expenses, and non-GAAP loss from
operations, which are calculated by including shipping and handling
costs for product sales within cost of goods sold instead of within
selling, general, and administrative expenses. Management uses
these non-GAAP measures to evaluate our operating performance in a
manner that allows for meaningful period-to-period comparison and
analysis of trends in our business and our competitors. Management
believes that presentation of these non-GAAP measures provides
useful information to investors in assessing our operating
performance within our industry and in order to allow comparability
to the presentation of other companies in our industry where
shipping and handling costs are included in cost of goods sold for
products. The non-GAAP financial information presented here should
be considered in conjunction with, and not as a substitute for, the
financial information presented in accordance with U.S. GAAP. Set
forth below is a reconciliation of non-GAAP gross profit, non-GAAP
gross margin, non-GAAP total operating expenses, and non-GAAP loss
from operations to their most directly comparable GAAP financial
measures.
Reconciliation of GAAP to Non-GAAP Financial Measures
Quanterix Corporation Reconciliation of GAAP Financial
Measures to Non-GAAP Financial Measures (Unaudited and in
thousands, except percentages) Three Months Ended
March 31,
2024
2023
GAAP gross profit $
19,626
$
16,926
Shipping and handling costs (1)
(2,142
)
(1,829
)
Non-GAAP gross profit $
17,484
$
15,097
GAAP revenue $
32,066
$
28,456
GAAP gross margin (gross profit as % of revenue)
61.2
%
59.5
%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)
54.5
%
53.1
%
GAAP total operating expenses $
33,592
$
26,346
Shipping and handling costs (1)
(2,142
)
(1,829
)
Non-GAAP total operating expenses $
31,450
$
24,517
GAAP loss from operations $
(13,966
)
$
(9,420
)
Non-GAAP loss from operations $
(13,966
)
$
(9,420
)
(1) Shipping and handling costs, which include freight and other
activities costs associated with product shipments, are captured
within operating expenses in our consolidated statements of
operations. During the three months ended March 31, 2024 and 2023,
we incurred $2.1 million and $1.8 million, respectively, of
shipping and handling costs recorded within operating expenses.
About Quanterix
From discovery to diagnostics, Quanterix’s ultrasensitive
biomarker detection is driving breakthroughs only made possible
through its unparalleled sensitivity and flexibility. The Company’s
Simoa technology has delivered the gold standard for earlier
biomarker detection in blood, serum or plasma, with the ability to
quantify proteins that are far lower than the Level of
Quantification of conventional analog methods. Its industry-leading
precision instruments, digital immunoassay technology and
CLIA-certified Accelerator laboratory have supported research that
advances disease understanding and management in neurology,
oncology, immunology, cardiology and infectious disease. Quanterix
has been a trusted partner of the scientific community for nearly
two decades, powering research published in more than 2,900
peer-reviewed journals. Find additional information about the
Billerica, Massachusetts-based company at https://www.quanterix.com
or follow us on Twitter and LinkedIn.
Forward-Looking Statements
Quanterix’s current financial results, as discussed in this
press release, are preliminary and unaudited, and subject to
adjustment. This press release contains forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Words such as "may," "will," "expect," "plan,"
"anticipate," "estimate," "intend" and similar expressions (as well
as other words or expressions referencing future events, conditions
or circumstances) are intended to identify forward-looking
statements. These forward-looking statements include, but are not
limited to, statements about Quanterix’s financial performance,
including statements under the header “2024 Full Year Business
Outlook” set forth above, and are subject to a number of risks,
uncertainties and assumptions. Forward-looking statements in this
press release are based on Quanterix’s expectations and assumptions
as of the date of this press release. Each of these forward-looking
statements involves risks and uncertainties. Factors that may cause
Quanterix’s actual results to differ from those expressed or
implied in the forward-looking statements in this press release
include, but are not limited to, those described in our periodic
reports filed with the U.S. Securities and Exchange Commission,
including the "Risk Factors" sections contained therein. Except as
required by law, Quanterix assumes no obligation to update any
forward-looking statements contained herein to reflect any change
in expectations, even as new information becomes available.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240507025881/en/
Media: PAN Communications Maya Nimnicht 510-334-6273
quanterix@pancomm.com
Investor Relations: Quanterix Francis Pruell
(508)-789-1725 ir@quanterix.com
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