Quanterix Corporation Releases Operating Results for Third Quarter 2018
85% revenue growth
Reclaimed unrestricted IVD rights
“This third quarter has been an incredibly productive one for our
company, as we continue to achieve strong momentum and hit important
milestones, including gaining back unrestricted rights to our Simoa
technology for the in vitro diagnostics (IVD) markets,” said
Third Quarter 2018 Financial Highlights
Key financial
results for the third quarter are shown below:
-
Q3 revenue of
$10.6M versus prior year Q3 of$5.7M , an increase of 85%. -
Q3 product revenue was
$6.0M versus prior year Q3 of$3.3M , an increase of 82%. -
Q3 Service and Other revenue totaled
$3.0M versus prior year Q3 of$2.2M , an increase of 36%.
Q3 2018 revenue includes a one-time item of
YTD 2018 Financial Highlights
Key financial results for 2018
YTD are shown below:
-
YTD revenue of
$26.8M versus prior year$16.3M , an increase of 64%. -
YTD product revenue of
$15.9M versus prior year$10.1M , an increase of 57%. -
YTD Service and Other revenue of
$8.7M versus prior year$5.4M , an increase of 61%.
Excluding the
Third Quarter 2018 Business Highlights
- Gained unrestricted rights back for its Simoa technology in IVD markets with the termination of a license agreement with bioMérieux.
- Cadence of publications continued to increase with more than 40 new publications featuring Simoa technology in Q3 alone, bringing the total to approximately 300.
-
Major presence at the European Committee for
Treatment and Research in Multiple Sclerosis (ECTRIMS) Congress with a record number of posters/presentations mentioning the use of Quanterix’ serum neurofilament light (NfL) assay for a wide range of clinical studies in multiple sclerosis (MS) disease progression and monitoring. -
Led webinar alongside world-renowned researchers on how Simoa
technology is enabling advances in drug development through the use of
digital biomarkers; presented at MedCity CONVERGE describing the power
of predictive biomarkers for the diagnosis of cancer; delivered
presentations at several leading investor conferences and garnered
additional analyst coverage; featured in leading publications,
including
Forbes ,Bloomberg and Digital Biotech.
Conference Call
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)
|
Quanterix Statement of Operations |
||||||||||||||||||||
| Q3 2018 | Q3 2017 | YTD 2018 | YTD 2017 | |||||||||||||||||
| Product revenue | $ | 5,962 | $ | 3,293 | $ | 15,907 | $ | 10,055 | ||||||||||||
| Service and other revenue | 3,017 | 2,172 | 8,699 | 5,424 | ||||||||||||||||
| Collaboration revenue | 1,612 | 269 | 2,149 | 806 | ||||||||||||||||
| Total revenue | $ | 10,591 | $ | 5,734 | $ | 26,755 | $ | 16,285 | ||||||||||||
| Cost of product revenue | $ | 3,277 | $ | 1,905 | $ | 8,995 | $ | 5,573 | ||||||||||||
|
Cost of service revenue |
1,719 | 1,264 | 5,021 | 3,606 | ||||||||||||||||
|
Gross profit |
$ | 5,595 | $ | 2,565 | $ | 12,739 | $ | 7,106 | ||||||||||||
|
Research and development |
$ | 4,259 | $ | 4,171 | $ | 11,399 | $ | 12,251 | ||||||||||||
|
Selling, general and administrative |
7,188 | 4,184 | 20,254 | 12,393 | ||||||||||||||||
|
Stock comp expense included in operating expenses |
1,810 | 598 | 3,223 | 1,375 | ||||||||||||||||
| Total operating expenses | $ | 13,257 | $ | 8,953 | $ | 34,876 | $ | 26,019 | ||||||||||||
| Interest income (expense), net | 30 | (240 | ) | 21 | (735 | ) | ||||||||||||||
| Other income (expense), net | (25 | ) | 13 | (86 | ) | 10 | ||||||||||||||
| Net loss | $ | (7,657 | ) | $ | (6,615 | ) | $ | (22,202 | ) | $ | (19,638 | ) | ||||||||
|
Quanterix Balance Sheet |
||||||||
| 9/30/18 | 12/31/17 | |||||||
| Cash (including restricted cash) | $ | 52,423 | $ | 79,682 | ||||
| AR | 4,648 | 5,599 | ||||||
| Inventory | 5,375 | 3,571 | ||||||
| Prepaid and other | 1,255 | 400 | ||||||
| Total current assets | 63,701 | 89,252 | ||||||
| Property and equipment, net | 2,836 | 1,874 | ||||||
| Intangible assets and goodwill | 3,820 | 0 | ||||||
| Other non-current assets | 836 | 653 | ||||||
| Total assets | $ | 71,193 | $ | 91,779 | ||||
| Accounts payable/accrued expenses | $ | 10,487 | $ | 9,736 | ||||
| Deferred revenue | 4,755 | 4,942 | ||||||
| Current portion of long term debt | 0 | 5,036 | ||||||
| Total current liabilities | 15,242 | 19,714 | ||||||
| Deferred revenue, net of current portion | 598 | 1,709 | ||||||
| Long term debt | 7,586 | 4,346 | ||||||
| Other non-current liabilities | 79 | 144 | ||||||
| Total liabilities | $ | 23,505 | $ | 25,913 | ||||
| Total stockholders equity | 47,688 | 65,866 | ||||||
| Total liabilities and stockholders equity | $ | 71,193 | $ | 91,779 | ||||
About
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.
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
Non-GAAP Financial Measures
To supplement the Company’s
financial statements presented on a GAAP basis, the Company discloses
below non-GAAP revenue, revenue growth, gross profit and gross margin
that excludes
|
Reconciliation of non-GAAP Financials (in thousands) (unaudited) |
||||||||||||||
| 2018 | 2017 | % Change | ||||||||||||
|
Three months ended |
||||||||||||||
| Total revenue | $ | 10,591 | $ | 5,734 | 85 | % | ||||||||
|
Subtract |
||||||||||||||
|
Non-recurring license revenue |
(1,342 | ) | — | |||||||||||
| Non-GAAP total revenue | $ | 9,249 | $ | 5,734 | 61 | % | ||||||||
| Gross profit | $ | 5,595 | $ | 2,565 | ||||||||||
|
Subtract |
||||||||||||||
|
Non-recurring license revenue |
(1,342 | ) | — | |||||||||||
| Non-GAAP gross profit | $ | 4,253 | $ | 2,565 | ||||||||||
| Gross margin | 53 | % | 45 | % | ||||||||||
| Non-GAAP gross margin | 46 | % | 45 | % | ||||||||||
| 2018 | 2017 | % Change | ||||||||||||
|
Nine months ended |
||||||||||||||
| Total revenue | $ | 26,755 | $ | 16,285 | 64 | % | ||||||||
|
Subtract |
||||||||||||||
|
Non-recurring license revenue |
(1,342 | ) | — | |||||||||||
| Non-GAAP total revenue | $ |
25,413 |
$ | 16,285 | 56 | % | ||||||||
| Gross profit | $ | 12,739 | $ | 7,106 | ||||||||||
|
Subtract |
||||||||||||||
|
Non-recurring license revenue |
(1,342 | ) | — | |||||||||||
| Non-GAAP gross profit | $ | 11,397 | $ | 7,106 | ||||||||||
| Gross margin | 48 | % | 44 | % | ||||||||||
| Non-GAAP gross margin | 45 | % | 44 | % | ||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101005946/en/
Source:
Quanterix, Inc.
Joseph Driscoll, CFO 617-301-9495
jdriscoll@quanterix.com
or
PAN
Communications
Lindsay Poole, 617-502-4300
quanterix@pancomm.com