Quanterix Corporation Releases Operating Results for First Quarter 2019
64% Q1 revenue growth and 650 bps gross margin improvement
“We’ve made strong progress over the past quarter, which now marks our
sixth consecutive quarter since the IPO of accelerated growth. In
addition, we are achieving important goals in neurology and now oncology
with the launch of our new SP-X™ Imaging and Detection System,” said
First Quarter 2019 Financial Highlights
Key financial results for the first quarter are shown below:
Q1 revenue of
$12.3Mversus prior year Q1 of $7.5M, an increase of 64%.
Q1 instrument revenue of
$3.4Mversus prior year Q1 of $2.0M, an increase of 70%.
Q1 consumables revenue was
$6.1Mversus prior year Q1 of $2.7M, an increase of 124%.
Q1 Service and Other revenue totaled
$2.8Mversus prior year Q1 of $2.5M, an increase of 11%.
- Q1 gross margin was 48.7%, a 650 basis point improvement over the 42.2% in Q1 2018.
First Quarter 2019 Business Highlights
Extended its footprint in oncology with the accelerated launch of its Simoa
SP-X™ Imaging and Detection System, 10-
Plex Simoa CorPlex Cytokine Panel, and broad menu of additional multiplex panels to further revolutionize cancer research, immunotherapy monitoring, and drug development.
Expanded its leadership team with the
Amol Chaubalas Chief Financial Officer (CFO), formerly the CFO of Global Operations at Smith & Nephewand North America CFO - Novartis Vaccines & Diagnostics, bringing with him more than 20 years of experience in diagnostics, pharmaceutical services and medical devices.
Increased citations in peer-reviewed publications of scientific
research further validating Simoa’s capabilities in oncology and
neurology with several groundbreaking studies, including a seminal
study in Nature,
which used Simoa to show that the biomarker LIF can be a reliable
marker to help monitor the progression of pancreatic cancer. This was
widely covered for its potential to help diagnose the disease more
quickly and efficiently, and was proposed as a promising new target to
assist in drug development. Another
study using Simoa was published in Nature showing that elevated
Nf-L levels were present in blood 16 years before the diagnosis of
Alzheimer’s disease, demonstrating promise as part of an earlier
diagnostic work-up. In total,
Quanterixincreased its number of third-party, peer-reviewed publications by 61, its strongest quarter ever, to a total of more than 500.
Presented at the 37th Annual
J.P. Morgan Healthcare Conferencefor the third year in a row, detailing Quanterix’ significant growth in its first year since becoming a public company.
Presented and sponsored exhibits at critical industry conferences on
the vital role of biomarkers to advance disease detection and
therapeutics, including the 14th Annual
Biomarkers Congress, Type 2 Immunity in Homeostasis and Disease, Molecular Med Tri-Con, 8th Global Reverse Phase Protein Array Workshop, the 14th International Conferenceon Alzheimer’s and Parkinson’s Diseasesand American Associationfor Cancer Research Conference.
Invited to speak at leading healthcare investor conferences including
Needham Growth Conference, the 8th Annual Leerink Partners Global Healthcare Conference, and the 39th Annual Cowen and Company Health Care Conference.
Served as lead sponsor of the
Boston, Mass.screening of “VINCIBLE The Documentary” – an inspiring true story that profiles the lives of several young adult cancer survivors who have lost their youth to the devastating disease.
In conjunction with this announcement,
A live webcast will be accessible on the Investors section of Quanterix’ website: http://www.quanterix.com. The webcast will be available on the Company’s website for one year following completion of the call.
Financial Highlights (in thousands)
Quarterly Statement of Operations
|Q1 2019||Q1 2018|
|Service and other revenue||2,790||2,507|
|Cost of product revenue||$4,248||$2,773|
|Cost of service revenue||2,082||1,576|
|Research and development||$3,684||$3,573|
|Selling, general and administrative||10,381||6,055|
|Stock comp expenses included in operating expenses||1,299||707|
Total operating expenses
|Interest income (expense), net||$21||($24||)|
|Other income (expense), net||(47||)||(15||)|
Loss before income tax
|Other income (expense), net||22||0|
Quanterix Balance Sheet
|Cash and cash equivalents||$33,972||$44,429|
|Prepaid and other||2,502||2,330|
|Total current assets||$51,519||$59,496|
|Property and equipment, net||8,582||2,923|
|Intangible assets and goodwill||3,506||3,656|
|Other non-current assets||550||536|
|Accounts payable / accrued expenses||$11,039||$12,688|
|Current portion of long term debt||75||0|
|Lease incentive obligation||461||0|
|Total current liabilities||$17,059||$18,125|
|Deferred revenue, net of current portion||$431||$520|
|Long term debt||7,572||7,623|
|Lease incentive obligation, net of current portion||4,804||0|
|Other non-current liabilities||1,095||278|
|Total stockholder equity||$34,215||$41,065|
|Total liabilities and shareholders equity||$65,176||$67,611|
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. 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 are discussed in Quanterix’ filings with the
Amol Chaubal, CFO, 617-301-9495
Lindsay Poole, 617-502-4300