Quanterix Corporation (NASDAQ: QTRX), a company fueling
scientific discovery through ultrasensitive biomarker detection,
today announced financial results for the three months ended June
30, 2023.
Second Quarter Financial Highlights
- Total revenue was $31.0 million versus prior year second
quarter total revenue of $23.5 million, an increase of 32%. Second
quarter revenue also increased 9% sequentially driven by increased
Accelerator Lab and consumables revenue. Second quarter revenue
includes a one-time benefit of approximately $1.5 million related
to product and license agreements.
- GAAP gross margin was 61.7% compared to prior year second
quarter GAAP gross margin of 37.1%. Non-GAAP gross margin was 56.4%
compared to prior year second quarter non-GAAP gross margin of
29.1%.
- Net loss was $6.1 million compared to prior year second quarter
net loss of $24.9 million.
- Net cash flow in the quarter was approximately break-even. Cash
and cash equivalents were $329.5 million as of June 30, 2023, as
compared to $329.4 million as of March 31, 2023.
“Since launching our corporate transformation, we’re pleased
with the accelerating progress as evidenced by both financial and
business results,” said Masoud Toloue, President and Chief
Executive Officer of Quanterix. “In under a year, our talented team
has implemented fundamental change to business operations, with
cash flow break-even being a key milestone, that said, we intend to
continue to invest in scaling and supporting the important work
performed on our Simoa® platform, that we believe will change the
way we understand, test, and treat neurological diseases.”
Operational and Business Highlights
Accelerating our leadership position in blood-based
biomarkers:
- In July, the Company launched LucentAD, a blood-based biomarker
test to assist in the evaluation of patients experiencing cognitive
symptoms consistent with the early signs of Alzheimer’s disease.
This launch includes a new portal for patient and providers.
- Positive readout on Quanterix’s Bio-Hermes clinical study with
the Global Alzheimer’s Platform Foundation confirmed high
correlation between the LucentAD blood test and amyloid PET scans
in early Alzheimer’s patients, a cohort most eligible for therapy.
Results will be used to support Quanterix’s FDA filing.
- Quanterix’s Accelerator Lab will now provide Simoa assay
testing for tau phosphorylation at residues 217 and 212 (p217+
tau), through a new research use only agreement with Janssen for
its proprietary p217+ tau assays. Published studies have shown that
the presence of phosphorylated tau in plasma is predictive of
central amyloid and tau status and has the potential for diagnosing
and staging Alzheimer’s disease.
- Robust reference dataset of serum NfL levels measured using
Simoa technology across a wide spectrum of ages, from neonatal to
20-year-old adolescents, was published last week in Lancet
Neurology, establishing a new standard with important implications
on neuro-testing.
Full Year Business Outlook
With accelerating corporate transformation efforts, management
has increased full-year revenue expectations to be in the range of
$110 to $116 million, GAAP gross margin percentage to be in the low
50s, and non-GAAP gross margin percentage to be in the high 40s.
The Company also anticipates a lower 2023 cash burn, in the range
of $30 to $35 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 August 8, 2023 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 access the live webcast from the
News & Events page within 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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
Revenues: Product revenue $
19,692
$
14,785
$
38,979
$
35,441
Service revenue
10,552
8,548
19,131
17,358
Collaboration and license revenue
629
92
997
178
Grant revenue
156
75
378
75
Total revenues
31,029
23,500
59,485
53,052
Costs of goods sold and services: Cost of product revenue
7,236
9,921
14,269
20,667
Cost of service and other revenue
4,655
4,868
9,152
9,115
Total costs of goods sold and services
11,891
14,789
23,421
29,782
Gross profit
19,138
8,711
36,064
23,270
Operating expenses: Research and development
5,946
6,625
10,666
13,659
Selling, general, and administrative
21,591
27,045
42,474
52,757
Other lease costs
1,162
—
1,938
—
Restructuring
—
—
(33
)
—
Total operating expenses
28,699
33,670
55,045
66,416
Loss from operations
(9,561
)
(24,959
)
(18,981
)
(43,146
)
Interest income, net
3,886
552
7,335
604
Other expense, net
(154
)
(358
)
(146
)
(575
)
Loss before income taxes
(5,829
)
(24,765
)
(11,792
)
(43,117
)
Income tax (expense) benefit
(235
)
(137
)
(375
)
62
Net loss $
(6,064
)
$
(24,902
)
$
(12,167
)
$
(43,055
)
Net loss per common share, basic and diluted $
(0.16
)
$
(0.67
)
$
(0.33
)
$
(1.17
)
Weighted-average common shares outstanding, basic and
diluted
37,494
36,922
37,411
36,887
Quanterix Corporation
Consolidated Balance
Sheets
(Unaudited and in
thousands)
June 30, 2023
December 31, 2022
ASSETS Current assets: Cash and cash equivalents $
329,525
$
338,740
Accounts receivable
24,423
19,017
Inventory
18,156
16,786
Prepaid expenses and other current assets
6,954
6,860
Total current assets
379,058
381,403
Restricted cash
2,686
2,597
Property and equipment, net
18,328
20,162
Intangible assets, net
6,476
7,516
Operating lease right-of-use assets
20,380
21,223
Other non-current assets
2,282
1,298
Total assets $
429,210
$
434,199
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities:
Accounts payable $
3,238
$
3,836
Accrued compensation and benefits
7,525
10,658
Accrued expenses and other current liabilities
6,777
5,133
Deferred revenue
10,421
8,644
Operating lease liabilities
3,986
2,687
Total current liabilities
31,947
30,958
Deferred revenue, net of current portion
1,304
1,415
Lease liabilities, net of current portion
39,378
41,417
Other non-current liabilities
1,225
1,469
Total liabilities
73,854
75,259
Total stockholders’ equity
355,356
358,940
Total liabilities and stockholders’ equity $
429,210
$
434,199
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. Management also uses these non-GAAP measures as a factor
in assessing our progress against the Restructuring Plan. 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 June
30,
Six Months Ended June
30,
2023
2022
2023
2022
GAAP gross profit $
19,138
$
8,711
$
36,064
$
23,270
Shipping and handling costs (1)
(1,623
)
(1,868
)
(3,451
)
(3,649
)
Non-GAAP gross profit $
17,515
$
6,843
$
32,613
$
19,621
GAAP revenue $
31,029
$
23,500
$
59,485
$
53,052
GAAP gross margin (gross profit as % of revenue)
61.7
%
37.1
%
60.6
%
43.9
%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)
56.4
%
29.1
%
54.8
%
37.0
%
GAAP total operating expenses $
28,699
$
33,670
$
55,045
$
66,416
Shipping and handling costs (1)
(1,623
)
(1,868
)
(3,451
)
(3,649
)
Non-GAAP total operating expenses $
27,076
$
31,802
$
51,594
$
62,767
GAAP loss from operations $
(9,561
)
$
(24,959
)
$
(18,981
)
$
(43,146
)
Non-GAAP loss from operations $
(9,561
)
$
(24,959
)
$
(18,981
)
$
(43,146
)
(1) Shipping and handling costs, which
include freight and other activities costs associated with product
shipments, net of charges passed on to the customer, are captured
within operating expenses in our consolidated statements of
operations. During the three months ended June 30, 2023 and 2022,
we incurred $1.6 million and $1.9 million, respectively, of
shipping and handling costs recorded within operating expenses.
During the six months ended June 30, 2023 and June 30, 2022, we
incurred $3.5 million and $3.6 million, respectively, of shipping
and handling costs 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 (LoQ) 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
2,200 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
The Company'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’ financial performance,
including statements under the header “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’ 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’ 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 “Part I, Item 1A, “Risk
Factors” in Quanterix’ Annual Report on Form 10-K for the year
ended December 31, 2022, filed with the SEC on March 6, 2023.
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/20230807154030/en/
Media: PAN Communications Maya Nimnicht 510-334-6273
quanterix@pancomm.com
Investor Relations: Ed Joyce (610) 306-9917
ir@quanterix.com
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