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): November 1, 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 November 1, 2018, Quanterix Corporation issued a press release announcing its financial results for the third quarter of 2018.  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 November 1, 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: November 1, 2018

 

3


Exhibit 99.1

 

 

Quanterix Corporation Releases Operating Results for Third Quarter 2018

85% revenue growth

Reclaimed unrestricted IVD rights

 

Lexington, Mass. — November 1, 2018 —Quanterix Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis to advance the science of precision health, today announced financial results for the three months and nine months ended September 30, 2018.

 

“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 Kevin Hrusovsky, Chief Executive Officer, President and Chairman. “Our Simoa technology is at the bleeding edge of the biomarker revolution, which has gained considerable traction recently as biomarkers are increasingly being recognized for their abilities to transform treatment options by accelerating development of more effective and safer drugs for all disease categories, and then longer-term, enabling and empowering individuals to take control of their lives and prevent disease.”

 

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 $1.3M related to termination of a licensing agreement with bioMérieux for the Simoa technology. Revenue growth would have been 61% excluding this item.

 

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 $1.3M one-time item, total YTD revenue growth would have been 56%.

 

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, Quanterix Corporation will host a conference call on November 1, 2018, at 4:30 p.m. 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 conference ID: 2573579.

 

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 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.

 

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 $1.3M in non-recurring revenue recognized in Q3 2018 in connection with the termination of a license agreement. Management uses these non-GAAP measures to evaluate the Company’s operating performance. Management believes that such measures are 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 Financials

(in thousands)

(unaudited)

 

 

 

2018

 

2017

 

 

 

 

 

Three months ended
September 30,

 

% Change

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

Nine months ended
September 30,

 

% Change

 

 

 

 

 

 

 

 

 

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

%

 

 

 

# # #

 

Contacts:

 

Quanterix, Inc.

Joseph Driscoll, CFO 617-301-9495

jdriscoll@quanterix.com

 

PAN Communications

Lindsay Poole, 617-502-4300

quanterix@pancomm.com