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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.11 | -0.64% | 17.11 | 17.07 | 17.13 | 17.1799 | 17.00 | 17.10 | 34,889 | 15:45:42 |
Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive biomarker detection, today announced financial results for the three months ended March 31, 2023.
“Our corporate transformation initiated in August 2022 to maximize Quanterix’s full potential is on track. We remain confident that we have taken the right steps to build a strong foundation in preparation for future growth,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “This progress takes on added importance with the FDA’s recent decision to approve tofersen for the treatment of superoxide dismutase 1 amyotrophic lateral sclerosis, in large part based on strong surrogate neurofilament light chain biomarker data. This decision adds significant momentum to the use of biomarkers for predicting disease severity and clinical benefit in neurodegenerative diseases, and we believe Quanterix will continue to be at the forefront of these developments.”
First Quarter 2023 Financial Highlights
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.
2023 Business Highlights
Full Year Business Outlook
Quanterix has made a modest increase to its guidance for the full year 2023. The Company expects revenues to be in the range of $104 to $111 million. The Company expects GAAP gross margin percentage to be in the high 40s and non-GAAP gross margin percentage to be in the mid 40s. Expected cash burn for 2023 is unchanged, and the Company expects an approximately 10% improvement compared to 2022.
Conference Call
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 9, 2023, at 4:30 p.m. Eastern Time. Individuals interested in listening to the conference call may do so by pre-registering here and obtaining a dial-in number and passcode.
A live webcast will also be available at: https://edge.media-server.com/mmc/p/n9hbuqvf. You may also access the live webcast by visiting the News & Events page within the Investors section of the Quanterix website at www.quanterix.com. The webcast will be available on the Company’s website for one year following completion of the call.
Financial Highlights
Quanterix Corporation Condensed Consolidated Statements of Operations (Unaudited and in thousands, except share and per share data) Three Months Ended March 31,2023
2022
Product revenue $19,287
$20,656
Service and other revenue8,579
8,810
Collaboration revenue368
86
Grant revenue222
—
Total revenue28,456
29,552
Costs of goods sold: Cost of product revenue7,033
10,746
Cost of service and other revenue4,497
4,247
Total costs of goods sold and services11,530
14,993
Gross profit16,926
14,559
Gross margin59.5%
49.3%
Operating expenses: Research and development4,720
7,034
Selling, general and administrative20,883
25,712
Other lease costs776
—
Restructuring(33)
—
Total operating expenses26,346
32,746
Loss from operations(9,420)
(18,187)
Interest income (expense), net3,449
52
Other income (expense), net8
(217)
Loss before income taxes(5,963)
(18,352)
Income tax (expense) benefit(140)
199
Net loss $(6,103)
$(18,153)
Net loss per share, basic and diluted $(0.16)
$(0.49)
Weighted-average common shares outstanding, basic and diluted37,326,559
36,850,894
Quanterix Corporation Condensed Consolidated Balance Sheets (Unaudited and in thousands) March 31, 2023 December 31, 2022 Assets Current assets: Cash and cash equivalents $329,354
$338,740
Accounts receivable, net22,546
19,017
Inventory17,070
16,786
Prepaid expenses and other current assets7,002
6,860
Total current assets375,972
381,403
Restricted cash2,920
2,597
Property and equipment, net19,056
20,162
Intangible assets, net7,129
7,516
Right-of-use assets20,891
21,223
Other non-current assets1,345
1,298
Total assets $427,313
$434,199
Liabilities and stockholders’ equity Current liabilities: Accounts payable $2,585
$3,836
Accrued compensation and benefits4,880
10,658
Other accrued expenses4,624
4,747
Deferred revenue10,682
8,644
Short-term lease liabilities3,875
2,687
Other current liabilities291
386
Total current liabilities26,937
30,958
Deferred revenue, net of current portion1,419
1,415
Long-term lease liabilities40,409
41,417
Other non-current liabilities1,216
1,469
Total liabilities69,981
75,259
Total stockholders’ equity357,332
358,940
Total liabilities and stockholders’ equity $427,313
$434,199
Use of Non-GAAP Financial Measures
To supplement its financial statements presented on a GAAP basis, the Company presents non-GAAP gross profit and non-GAAP gross margin, 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 the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends between the Company’s business and its competitors. Management believes that presentation of non-GAAP gross margin provides useful information to investors in assessing the Company’s operating performance within its industry and in order to allow comparability to the presentation of other companies in its industry where shipping and handling costs are included in cost of goods sold for products. Management also uses non-GAAP gross margin as a factor in assessing the Company’s progress against the strategic business realignment 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 GAAP. Investors are encouraged to review the reconciliation of these pro-forma measures to their most directly comparable GAAP financial measures set forth below.
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, Three Months Ended, March 31, 2023 March 31, 2022 March 31, 2023 December 31, 2022 GAAP gross profit $16,926
$14,559
$16,926
$12,592
Shipping and handling costs (1)(1,829)
(1,781)
(1,829)
(1,926)
Non-GAAP gross profit $15,097
$12,778
$15,097
$10,666
GAAP Revenue28,456
29,552
28,456
25,824
GAAP Gross margin (GAAP gross profit as % of revenue)59.5%
49.3%
59.5%
48.8%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)53.1%
43.2%
53.1%
41.3%
GAAP total operating expenses $26,346
$32,746
$26,346
$34,547
Shipping and handling costs (1)(1,829)
(1,781)
(1,829)
(1,926)
Non-GAAP total operating costs $24,517
$30,965
$24,517
$32,621
GAAP loss from operations $(9,420)
$(18,187)
$(9,420)
$(21,955)
Non-GAAP loss from operations $(9,420)
$(18,187)
$(9,420)
$(21,955)
(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 March 31, 2023 and 2022, we incurred $1.8 million and $1.8 million, respectively, of shipping and handling costs recorded within operating expenses. During the three months ended December 31, 2022, we incurred $1.9 million 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). 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
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 anticipated progress associated with Quanterix’ strategic business alignment plan, and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements in this news 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/20230509005886/en/
Media: PAN Communications Maya Nimnicht 510-334-6273 quanterix@pancomm.com
Investor Relations: Amy Achorn (978) 488-1854 ir@quanterix.com
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