UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): March 14, 2018

 

QUANTERIX CORPORATION

(Exact name of registrant as specified in its charter)

 

Delaware

 

001-38319

 

20-8957988

(State or other jurisdiction
of incorporation)

 

(Commission File Number)

 

(IRS Employer
Identification No.)

 

113 Hartwell Avenue
Lexington, MA

 

02421

(Address of principal executive offices)

 

(zip code)

 

Registrant’s telephone number, including area code: (617) 301-9400

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

 

Emerging Growth Company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 



 

Item 2.02              Results of Operations and Financial Condition.

 

On March 14, 2018, Quanterix Corporation issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2017. A copy of the press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

 

The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Item 9.01              Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.

 

Description

99.1

 

Press Release dated March 14, 2018.

 

2



 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

QUANTERIX CORPORATION

 

 

 

 

By:

/s/ Joseph Driscoll

 

 

Joseph Driscoll

 

 

Chief Financial Officer

 

Date: March 14, 2018

 

3


Exhibit 99.1

 

 

Quanterix Corporation Releases Operating Results for Fourth Quarter and Fiscal Year 2017

 

·     Revenue at high-end of range previously provided

·     Successful IPO completed in December 2017

·     Launch of SR-X in Q4, earlier than planned

 

 

Lexington, Mass. — March 14, 2018 —Quanterix Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis to advance the science of precision health, reported financial results for the fourth quarter and full year of 2017. Revenues for full year 2017 of $22.9M were at the high end of the range of $22.5-$22.9M, which was previously announced in January 2018.

 

“2017 was an important year for Quanterix, and I am pleased to report progress on a number of pivotal focus areas,”said Chief Executive Officer, President and Chairman, Kevin Hrusovsky. “In our first quarter as a public company, we continued to grow revenues, scale the company for future success and make inroads launching digital biomarker technologies into neurology, oncology and infectious disease application areas.”

 

Fourth Quarter Financial Highlights

 

Key financial results for the fourth quarter are shown below:

·                  Q4 revenue of $6.6M versus prior year Q4 of $6.7M, a decrease of 1%. Q4 2016 includes $1.8M in non-recurring revenue recognized in connection with a license; excluding that the revenue growth was 35%.

·                  Q4 product revenue totaled $4.1M versus prior year of $3.2M; Consumables drove this performance.  Product revenue included the sale of five of the newly launched SR-X benchtop reader. This launch was more than a quarter ahead of schedule.

·                  Q4 Service and Other Revenue totaled $2.3M versus prior year of $1.7M, an increase of 34%.

·                  Strong liquidity position at year-end with $79.7M of cash and $9.4M of debt.

·                  Successfully closed its initial public offering of 4,916,480 shares of common stock at a public offering price of $15.00 per share, and received $73.7M in gross proceeds from the offering, prior to deducting underwriting discounts and commissions, and offering expenses payable by the company. The shares began trading on The NASDAQ Global Market on December 7, 2017 under the ticker symbol “QTRX.”

·                  Expanded market opportunity through the launch of the new SR-X Ultra-Sensitive Biomarker Detection System™, opening the door for researchers to access ultra-sensitive protein and nucleic acid detection capabilities in a more compact and affordable system. The SR-X was made commercially available in December 2017 and Quanterix received 16 orders for the new system in Q4, with limited marketing support behind the new launch.

 

2017 and Recent Business Highlights

 

·                  Full year 2017 revenue of $22.9M, the high end of the previously provided guidance of $22.5-22.9M, versus full year 2016 revenue of $17.6M, an increase of 30% year-over-year; excluding the 2016 non-recurring revenue recognized in connection with a license, revenue growth was 45%.

·                  Impressive full year revenue performance in consumables (70% increase) and Accelerator (57% increase); Accelerator also carried forward significant backlog into 2018.

·                  Reinforced leadership position in the market through presentations from Kevin Hrusovsky,  Chief Executive Officer, President and Chairman, at The Leerink Partners 7th Annual Global Healthcare Conference, The 36th Annual J.P. Morgan Healthcare Conference, Innovate

 



 

Conference 2017, World Medical Innovation Forum, Second Annual Brain Trust: Pathways to Innovation, 2nd Annual Powering Precision Health Summit, and participating in the Fourth and Fifth Annual Super Bowl Brain Health Summits.

·                  Expanded the Second Annual Powering Precision Health Summit across Neurology, Oncology and Infectious Disease application areas.  The summit was impactful with over 50 presentations from speakers credited with over 6000 peer reviewed publications. The conference attracted over 500 attendees from around the world, and helped to underscore the importance of Quanterix’ technologies toward enabling personalized medicine and precision health.

·                  Expanded multiplexing immunoassay menu and accelerated entry into pharmaceutical services with a Clinical Laboratory Improvement Amendments (CLIA) certified laboratory through the January 2018 acquisition of Aushon BioSystems, an innovator in protein detection solutions. The Company now has access to the services of the Laboratory Director of Aushon’s CLIA certified laboratory.

·                  Strengthened its management team with the recent appointments of Dr. Dawn Mattoon as SVP of Strategic Marketing and Assay Technologies, who will lead marketing efforts for Quanterix and oversee assay development and kit manufacturing, two areas of critical importance to Quanterix’ rapidly growing customer base; and Yvan Sergeant as VP of European Commercial Operations, who will be responsible for expanding Quanterix’ business operations in Europe, and help in the establishment of a European-based Accelerator lab. The Company also expanded its relationship with neurology industry leader, Dr. Andreas Jeromin, who will serve as Scientific and Medical Advisor.

 

Conference Call

 

In conjunction with this announcement, Quanterix Corporation will host a conference call on March 14, 2018, at 4:30pm EDT to discuss the Company’s financial results and business outlook. To access this call, dial (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following password:  5079049.

 

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

 

 

 

Q4 2017

 

Q4 2016

 

Fiscal 2017

 

Fiscal 2016

 

 

 

 

 

 

 

 

 

 

 

Product revenue

 

4,068

 

3,166

 

14,124

 

10,601

 

Service and other revenue

 

2,252

 

1,682

 

7,676

 

5,012

 

Collaboration revenue

 

269

 

1,831

 

1,074

 

1,972

 

Total revenue

 

6,589

 

6,679

 

22,874

 

17,585

 

 

 

 

 

 

 

 

 

 

 

Cost of product revenue

 

2,169

 

1,798

 

7,742

 

6,299

 

Cost of service revenue

 

1,539

 

918

 

5,145

 

3,163

 

Cost of collaboration revenue

 

 

375

 

 

375

 

Research and development

 

3,927

 

6,801

 

16,304

 

16,993

 

Selling, General and administrative

 

6,046

 

3,600

 

19,688

 

12,466

 

Total operating expenses

 

13,682

 

13,493

 

48,879

 

39,297

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(217

)

(286

)

(952

)

(1,298

)

Other income (expense), net

 

(73

)

(215

)

(62

)

(164

)

Net loss

 

(7,382

)

(7,315

)

(27,019

)

(23,173

)

 

Quanterix balance sheet

 

 

 

12/31/17

 

12/31/16

 

Cash

 

79,682

 

29,671

 

AR

 

5,599

 

3,917

 

Inventory

 

3,571

 

1,528

 

Prepaid and other

 

400

 

127

 

Total current assets

 

89,252

 

35,243

 

Property and equipment, net

 

1,874

 

1,223

 

Other non-current assets

 

652

 

651

 

Total assets

 

91,779

 

37,117

 

 

 

 

 

 

 

Accounts payable/accrued expenses

 

9,736

 

6,628

 

Deferred revenue

 

4,942

 

3,428

 

Current portion of long term debt

 

5,036

 

899

 

Total current liabilities

 

19,714

 

10,955

 

Preferred stock warrant liability

 

0

 

2,802

 

Deferred revenue, net of current

 

1,709

 

328

 

Long term debt

 

4,346

 

9,344

 

Other non-current liabilities

 

143

 

212

 

Total liabilities

 

25,913

 

23,641

 

Redeemable convertible preferred stock

 

 

 

128,585

 

Total stockholders equity (deficit)

 

65,866

 

(115,109

)

Total liabilities and Stockholders Equity

 

91,779

 

37,117

 

 



 

About Quanterix

 

Quanterix is a company that’s digitizing biomarker analysis with the goal of advancing the science of precision health. The company’s digital health solution, Simoa, has the potential to change the way in which healthcare is provided today by giving researchers the ability to closely examine the continuum from health to disease. Quanterix’ technology is designed to enable much earlier disease detection, better prognoses and enhanced treatment methods to improve the quality of life and longevity of the population for generations to come. The technology is currently being used for research applications in several therapeutic areas, including oncology, neurology, cardiology, inflammation and infectious disease. The company was established in 2007 and is located in Lexington, Massachusetts. For additional Information, please visit https://www.quanterix.com.

 

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 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.

 

Statement on Use of Non-GAAP Financial Measures

 

To supplement the Company’s financial statements presented on a GAAP basis, the Company discloses non-GAAP revenue growth that excludes $1.8M in non-recurring revenue recognized in 2016 in connection with a license. Management uses this non-GAAP measure to evaluating the Company’s operating performance. Management believes that such measure is important in comparing current results with prior period results, and is useful to investors and financial analysts in assessing the Company’s operating performance. 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.

 

Reconciliation of non-GAAP Revenue Growth

(in thousands)

(unaudited)

 

 

 

2017

 

2016

 

% Change

 

 

 

Year ended December 31,

 

 

 

 

 

 

 

 

 

Total revenue

 

$

22,874

 

$

17,585

 

30

%

Subtract

 

 

 

 

 

 

 

Non-recurring license revenue

 

 

1,800

 

 

 

Non-GAAP total revenue

 

$

22,874

 

$

15,785

 

45

%

 



 

 

 

2017

 

2016

 

% Change

 

 

 

Three months ended 
December 31,

 

 

 

 

 

 

 

 

 

Total revenue

 

$

6,589

 

$

6,679

 

(1

)%

Subtract

 

 

 

 

 

 

 

Non-recurring license revenue

 

 

1,800

 

 

 

Non-GAAP total revenue

 

$

6,589

 

$

4,879

 

35

%

 

# # #

 

Contacts:

 

Quanterix, Inc.

Joseph Driscoll, CFO 617-301-9495

jdriscoll@quanterix.com

 

PAN Communications

Lauren Kaufman, 617-502-4300

quanterix@pancomm.com