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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quanterix Corporation | NASDAQ:QTRX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.35 | -2.14% | 15.97 | 15.40 | 16.68 | 16.50 | 15.95 | 16.50 | 375,349 | 00:58:48 |
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
Operational and Business Highlights
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, net3,948
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 diluted38,126
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 securities256,640
146,902
Accounts receivable29,276
25,414
Inventory26,015
22,365
Prepaid expenses and other current assets9,551
9,291
Total current assets366,763
378,394
Restricted cash2,605
2,604
Property and equipment, net17,492
17,926
Intangible assets, net5,339
6,034
Operating lease right-of-use assets17,748
18,251
Other non-current assets1,802
1,802
Total assets $411,749
$425,011
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,914
$5,048
Accrued compensation and benefits6,706
13,659
Accrued expenses and other current liabilities7,021
6,041
Deferred revenue10,234
9,468
Operating lease liabilities4,366
4,241
Total current liabilities32,241
38,457
Deferred revenue, net of current portion933
1,227
Operating lease liabilities, net of current portion36,084
37,223
Other non-current liabilities1,053
1,177
Total liabilities70,311
78,084
Total stockholders’ equity341,438
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 expense1,523
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 revenue472
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 plans2,037
564
Payments for employee taxes withheld on stock-based compensation awards
(1,438
)
(13
)
Net cash provided by financing activities599
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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