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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.12 | -0.70% | 17.10 | 17.11 | 17.16 | 17.1799 | 17.00 | 17.10 | 39,173 | 16:19:17 |
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
“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:
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, net3,886
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 diluted37,494
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 receivable24,423
19,017
Inventory18,156
16,786
Prepaid expenses and other current assets6,954
6,860
Total current assets379,058
381,403
Restricted cash2,686
2,597
Property and equipment, net18,328
20,162
Intangible assets, net6,476
7,516
Operating lease right-of-use assets20,380
21,223
Other non-current assets2,282
1,298
Total assets $429,210
$434,199
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $3,238
$3,836
Accrued compensation and benefits7,525
10,658
Accrued expenses and other current liabilities6,777
5,133
Deferred revenue10,421
8,644
Operating lease liabilities3,986
2,687
Total current liabilities31,947
30,958
Deferred revenue, net of current portion1,304
1,415
Lease liabilities, net of current portion39,378
41,417
Other non-current liabilities1,225
1,469
Total liabilities73,854
75,259
Total stockholders’ equity355,356
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 CorporationReconciliation 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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