Quanterix Provides Operational and Preliminary Financial Highlights
Expects Q4 2020 GAAP revenue of
"While last year brought extraordinary challenges for the world, it also amplified the critical potential of our precision health strategy to address acute issues associated with the spread of COVID-19 virus and longer-term health concerns resulting from the infection," said
$18.2Mcontract with the NIHthrough its RADx initiative to accelerate the continued development and scale-up of a novel SARS-CoV-2 antigen test.
- Received FDA Emergency Use Authorizations for novel SARS-COV-2 antigen test (after year-end) and for semi-quantitative antibody test, underscoring our longstanding science-first mentality and deep dedication to the highest standards of quality and scientific rigor across our business.
Leveraging the unparalleled ultra-sensitivity of Simoa, enabled several leading researchers globally, including at the
NIH, to begin tackling leading-edge COVID challenges, such as establishing potential for blood based anti-viral endpoints for new drug therapies and understanding the long-term complications of COVID-19.
- Expanded our differentiated Neurology menu to include tau phosphorylated at threonine 181 (pTau-181), a highly specific biomarker for the study of Alzheimer’s disease pathology, in cerebral spinal fluid (CSF), serum and plasma as well as launched Neuro Multiplex assays associated with many neurodegenerative diseases yielding high growth potential. Our biomarker portfolio is now supporting leading Alzheimer’s programs globally.
- Novartis’ multiple sclerosis (MS) drug KESIMPTA® (ofatumumab), which utilized Nf-L as secondary endpoint, was approved by the FDA.
Quanterix’ Simoa technology was highlighted in a record 443 new publications in 2020, bringing total Simoa-specific inclusions to over 1,120. Also, was invited to present at several marquis symposiums showcasing our
Precision Healthvision and potential to catalyze asymptomatic medicine.
- Instrument installed base increased by 34% to 535, despite access challenges posed by COVID-19. This includes 93 HD-X placements with over 50% new installations and 84 new SR-X and SP-X placements.
- Solidified Simoa’s technological leadership by achieving a 100x sensitivity improvement in a pilot of the digital enzyme-linked immunosorbent assay (ELISA) that powers the Company’s HD-X™ and SR-X™ Ultra-Sensitive Biomarker Detection Systems.
Entered into a non-exclusive royalty-bearing license agreement with Abbott Laboratories, to grant
Abbottaccess to Quanterix’ portfolio of bead-based technology patents for use in in-vitro diagnostic (IVD) applications.
- Realized multi-category revenue partnership with one of the largest multi-national, healthcare payor groups, with execution of multiple population surveillance studies, creating beachhead for our vision for the future of precision medicine, where early and non-invasive disease detection has the potential to transform life and healthcare costs.
$97.6 millionin gross proceeds through our follow-on offering, further strengthening our balance sheet with growth capital.
William Geistjoined Quanterixas Chief Operating Officer to help us sustain and grown our strong momentum across numerous digital biomarker platforms.
Preliminary Non-Audited Financial Highlights:
Expects GAAP revenue of
$24-26 million; Non-GAAP revenue of $20-22 million.(1)
- Non-GAAP revenue, which excludes revenue from the RADx contract, represents an increase of approximately 32% over prior Q4, driven by growth in Consumables and Accelerator Services revenue.
Full Year 2020
Expects GAAP revenue of
$84-86 million; Non-GAAP revenue of $67-69 million.(2)
Non-GAAP revenue, which excludes revenue from the RADx contract and the
Abbottlicense agreement, represents an increase of approximately 20% over prior year, despite COVID customer activity and access challenges, driven by growth in Accelerator Services revenue.
(1) Non-GAAP revenue for Q4 excludes approximately
(2) Non-GAAP revenue for full year excludes the approximate
The estimated unaudited financial results as of and for the fourth quarter and full fiscal year ended
As previously announced,
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Non-GAAP Financial Measures
To supplement the Company’s financial revenue presented on a GAAP basis, the Company has provided information on non-GAAP revenue. Management uses this non-GAAP measure to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that this 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. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures.
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
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