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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from            to           .

Commission File Number: 001-38319

QUANTERIX CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

20-8957988

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

900 Middlesex Turnpike

Billerica, MA

01821

(Address of principal executive offices)

(Zip Code)

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

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class:

    

Trading Symbol(s)

    

Name of each exchange on which registered:

Common Stock, $0.001 par value per share

QTRX

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).   Yes   No

As of July 29, 2021, the registrant had 36,522,840 shares of common stock, $0.001 par value per share, outstanding.

Table of Contents

TTABLE OF CONTENTS

Page

Special Note Regarding Forward-Looking Statements

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

4

Unaudited Condensed Consolidated Balance Sheets at June 30, 2021 and December 31, 2020

4

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2021 and 2020

5

Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2021 and 2020

6

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2021 and 2020

7

Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2021 and 2020

8

Notes to Condensed Consolidated Financial Statements

9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

Item 3. Quantitative and Qualitative Disclosures About Market Risk

36

Item 4. Controls and Procedures

36

PART II — OTHER INFORMATION

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

36

Item 3. Defaults Upon Senior Securities

37

Item 4. Mine Safety Disclosures

37

Item 5. Other Information

37

Item 6. Exhibits

38

Signatures

39

2

Table of Contents

Special Note Regarding Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, you can identify forward-looking statements by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words or other comparable terminology. These forward-looking statements include, but are not limited to, statements about our financial performance, and are subject to a number of risks, uncertainties and assumptions, including those described in this Quarterly Report on Form 10-Q and in “Part I, Item 1A, Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020 or other filings that we make with the Securities and Exchange Commission, or SEC. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.

You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, events or circumstances reflected in the forward-looking statements will be achieved or occur. You should read this Quarterly Report on Form 10-Q, and the documents that we reference herein and have filed with the SEC, with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to new information, actual results or to changes in our expectations, except as required by law.

Unless the context otherwise requires, the terms “Quanterix,” the “Company,” “we,” “us” and “our” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its subsidiaries. “Quanterix,” “Simoa,” “Simoa HD-X,” “Simoa HD-1,” “SR-X,” “SP-X,” “HD-X Analyzer,” “HD-1 Analyzer” and our logo are our trademarks. All other service marks, trademarks and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. We do not intend our use or display of other companies’ trade names, trademarks or service marks to imply a relationship with, or endorsement or sponsorship of us by, these other companies.

3

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Quanterix Corporation

Condensed Consolidated Balance Sheets

(amounts in thousands, except share and per share data)

    

(Unaudited)

    

    

June 30, 2021

    

December 31, 2020

Assets

Current assets:

 

 

  

Cash and cash equivalents

$

430,780

$

181,584

Accounts receivable (less allowance for credit losses of $377 and $370 as of June 30, 2021 and December 31, 2020, respectively; including $134 and $172 due from related parties as of June 30, 2021 and December 31, 2020, respectively)

 

15,430

 

17,184

Inventory

 

21,225

 

14,856

Prepaid expenses and other current assets

 

9,005

 

5,981

Total current assets

476,440

 

219,605

Restricted cash

 

1,400

 

1,000

Property and equipment, net

 

15,778

 

13,912

Intangible assets, net

 

12,174

 

13,716

Goodwill

 

10,121

 

10,460

Right-of-use assets

11,754

11,995

Other non-current assets

 

377

 

357

Total assets

$

528,044

$

271,045

Liabilities and stockholders’ equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable (including $10 and $14 to related parties as of June 30, 2021 and December 31, 2020, respectively)

$

6,862

$

6,799

Accrued compensation and benefits

 

8,919

 

10,777

Other accrued expenses (including $8 and $1,377 to related parties as of June 30, 2021 and December 31, 2020, respectively)

 

5,083

 

4,845

Deferred revenue (including $45 and $90 with related parties as of June 30, 2021 and December 31, 2020, respectively)

 

6,149

 

5,421

Current portion of long term debt

 

7,716

 

7,673

Short term lease liabilities

1,322

1,234

Other current liabilities

1,624

3,054

Total current liabilities

 

37,675

 

39,803

Deferred revenue, net of current portion

 

740

 

577

Long term lease liabilities

21,210

21,891

Deferred tax liabilities

 

2,409

 

2,649

Total liabilities

 

62,034

 

64,920

Stockholders’ equity:

 

  

 

  

Common stock, $0.001 par value:

 

 

Authorized—120,000,000 shares as of June 30, 2021 and December 31, 2020; issued and outstanding — 36,454,369 and 31,796,544 shares as of June 30, 2021 and December 31, 2020, respectively

 

37

 

32

Additional paid-in capital

 

734,170

 

451,433

Accumulated other comprehensive income

1,578

2,434

Accumulated deficit

 

(269,775)

 

(247,774)

Total stockholders’ equity

 

466,010

 

206,125

Total liabilities and stockholders’ equity

$

528,044

$

271,045

See accompanying notes

4

Table of Contents

Quanterix Corporation

Condensed Consolidated Statements of Operations

(amounts in thousands, except share and per share data)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

    

2021

    

2020

    

2021

    

2020

Product revenue (including related party activity of $151 and $186 for the three months ended June 30, 2021 and 2020, respectively, and $243 and $220 for the six months ended June 30, 2021 and 2020, respectively)

$

18,676

$

6,790

$

36,924

$

16,623

Service and other revenue (including related party activity of $5 and $21 for the three months ended June 30, 2021 and 2020, respectively, and $29 and $45 for the six months ended June 30, 2021 and 2020, respectively)

 

5,648

 

6,317

 

12,057

 

12,079

Collaboration and license revenue

 

105

 

23

 

366

 

155

Grant revenue

942

3,233

Total revenue

 

25,371

 

13,130

 

52,580

 

28,857

Costs of goods sold:

 

 

  

Cost of product revenue (including related party activity of $486 and $30 for the three months ended June 30, 2021 and 2020, respectively, and $1,056 and $57 for the six months ended June 30, 2021 and 2020, respectively)

 

8,114

 

5,416

 

15,594

 

11,602

Cost of service and other revenue (including related party activity of $34 and $0 for the three months ended June 30, 2021 and 2020, respectively, and $51 and $0 for the six months ended June 30, 2021 and 2020, respectively)

 

3,383

 

2,501

 

6,763

 

5,229

Total costs of goods sold and services

 

11,497

 

7,917

 

22,357

 

16,831

Gross profit

13,874

5,213

30,223

12,026

Operating expenses:

 

 

  

Research and development (including related party activity of $43 and $23 for the three months ended June 30, 2021 and 2020, respectively, and $51 and $59 for the six months ended June 30, 2021 and 2020, respectively)

 

6,754

 

4,312

 

13,437

 

8,580

Selling, general and administrative (including related party activity of $9 and $15 for the three months ended June 30, 2021 and 2020, respectively, and $23 and $23 for the six months ended June 30, 2021 and 2020, respectively)

 

20,788

 

13,102

 

40,243

 

27,375

Total operating expenses

 

27,542

 

17,414

 

53,680

 

35,955

Loss from operations

 

(13,668)

 

(12,201)

 

(23,457)

 

(23,929)

Interest (expense) income, net

 

(165)

 

(108)

 

(328)

 

53

Other income (expense), net

 

1,977

 

(11)

 

1,783

 

(178)

Loss before income taxes

(11,856)

(12,320)

(22,002)

(24,054)

Income tax (provision) benefit

(41)

18

1

142

Net loss

$

(11,897)

$

(12,302)

$

(22,001)

$

(23,912)

Net loss per share, basic and diluted

$

(0.33)

$

(0.43)

$

(0.62)

$

(0.85)

Weighted-average common shares outstanding, basic and diluted

 

36,347,365

 

28,312,925

 

35,396,431

 

28,246,028

See accompanying notes

5

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Quanterix Corporation

Condensed Consolidated Statements of Comprehensive Loss

(amounts in thousands)

(Unaudited)

Three Months Ended June 30, 

Six Months Ended June 30, 

2021

    

2020

2021

    

2020

Net loss

$

(11,897)

$

(12,302)

$

(22,001)

$

(23,912)

Other comprehensive loss:

Cumulative translation adjustment

395

1,174

(856)

127

Total other comprehensive loss

395

1,174

(856)

127

Comprehensive loss

$

(11,502)

$

(11,128)

$

(22,857)

$

(23,785)

See accompanying notes

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Quanterix Corporation

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)

(Unaudited)

Six Months Ended June 30, 

2021

    

2020

Operating activities

 

  

 

  

Net loss

$

(22,001)

$

(23,912)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

  

Depreciation and amortization expense

 

2,344

 

2,079

Inventory step-up amortization

275

194

Credit loss expense on accounts receivable

20

Reduction in the carrying amounts of right-of-use assets

246

108

Stock-based compensation expense

 

7,036

 

4,610

Non-cash interest expense

 

43

 

43

Loss on disposal of fixed assets

 

 

69

Changes in operating assets and liabilities:

 

 

Accounts receivable

 

1,740

 

1,445

Prepaid expenses and other assets

 

(2,952)

 

116

Inventory

 

(6,793)

 

(3,504)

Other non-current assets

 

(20)

 

27

Accounts payable

 

40

 

(959)

Accrued compensation and benefits, other accrued expenses and other current liabilities

 

(3,925)

 

(1,008)

Contract acquisition costs

(72)

(99)

Operating lease liabilities

(590)

387

Deferred tax liabilities

(120)

(437)

Deferred revenue

 

891

 

241

Net cash used in operating activities

(23,838)

(20,600)

Investing activities

 

  

 

  

Purchases of property and equipment

 

(7,339)

 

(1,361)

Proceeds from RADx grant on assets purchased

5,210

Net cash used in investing activities

(2,129)

(1,361)

Financing activities

 

  

 

  

Proceeds from stock options exercised

 

5,469

 

1,111

Sale of common stock in underwritten public offering, net

269,718

Proceeds from ESPP purchase

 

519

 

440

Payments on notes payable

 

 

(75)

Net cash provided by financing activities

275,706

1,476

Net increase (decrease) in cash and cash equivalents

 

249,739

 

(20,485)

Effect of foreign currency exchange rate on cash

(143)

110

Cash, restricted cash, and cash equivalents at beginning of period

 

182,584

 

110,181

Cash, restricted cash, and cash equivalents at end of period

$

432,180

$

89,806

Supplemental cash flow information

 

  

 

  

Cash paid for interest

$

309

$

155

Purchases of property and equipment included in accounts payable

$

889

$

35

Reconciliation of cash, cash equivalents, and restricted cash:

Cash and cash equivalents

$

430,780

$

88,806

Restricted cash

$

1,400

$

1,000

Total cash, cash equivalents, and restricted cash

$

432,180

$

89,806

See accompanying notes

7

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Quanterix Corporation

Condensed Consolidated Statements of Stockholders’ Equity

(amounts in thousands, except share data)

(Unaudited)

Accumulated

Additional

other

Total

Common

Common

paid-in

comprehensive

Accumulated

stockholders’

    

stock shares

    

stock value

    

capital

    

income (loss)

    

deficit

    

equity

Balance at March 31, 2021

 

36,294,928

$

36

$

728,128

$

1,183

$

(257,878)

 

$

471,469

Exercise of common stock options and vesting of restricted stock

 

159,441

1

2,392

 

2,393

Stock-based compensation expense

3,650

3,650

Cumulative translation adjustment

395

395

Net loss

(11,897)

(11,897)

Balance at June 30, 2021

 

36,454,369

 

$

37

 

$

734,170

 

$

1,578

$

(269,775)

 

$

466,010

Accumulated

Additional

other

Total

Common

Common

paid-in

comprehensive

Accumulated

stockholders’

    

stock shares

    

stock value

    

capital

    

income (loss)

    

deficit

    

equity

Balance at March 31, 2020

 

28,243,442

$

28

$

348,072

$

(1,200)

$

(227,854)

 

$

119,046

Exercise of common stock options and vesting of restricted stock

 

137,838

615

 

615

Stock-based compensation expense

2,501

2,501

Cumulative translation adjustment

1,174

1,174

Net loss

(12,302)

(12,302)

Balance at June 30, 2020

 

28,381,280

 

$

28

 

$

351,188

 

$

(26)

$

(240,156)

 

$

111,034

Accumulated

Additional

other

Total

Common

Common

paid-in

comprehensive

Accumulated

stockholders’

    

stock shares

    

stock value

    

capital

    

income (loss)

    

deficit

    

equity

Balance at December 31, 2020

 

31,796,544

$

32

$

451,433

$

2,434

$

(247,774)

 

$

206,125

Exercise of common stock options, warrants, and vesting of restricted stock

 

533,458

1

5,468

 

5,469

Sale of common stock in underwritten public offering, net

4,107,142

4

269,714

269,718

ESPP stock purchase

17,225

519

 

519

Stock-based compensation expense

7,036

7,036

Cumulative translation adjustment

(856)

(856)

Net loss

(22,001)

(22,001)

Balance at June 30, 2021

 

36,454,369

 

$

37

 

$

734,170

 

$

1,578

$

(269,775)

 

$

466,010

Accumulated

Additional

other

Total

Common

Common

paid-in

comprehensive

Accumulated

stockholders’

    

stock shares

    

stock value

    

capital

    

income (loss)

    

deficit

    

equity

Balance at December 31, 2019

 

28,112,201

$

28

$

345,027

$

(153)

$

(216,244)

 

$

128,658

Exercise of common stock options and vesting of restricted stock

 

246,386

1,111

 

1,111

ESPP stock purchase

22,693

440

 

440

Stock-based compensation expense

4,610

4,610

Cumulative translation adjustment

127

127

Net loss

(23,912)

(23,912)

Balance at June 30, 2020

 

28,381,280

 

$

28

 

$

351,188

 

$

(26)

$

(240,156)

 

$

111,034

See accompanying notes

8

Table of Contents

Quanterix Corporation

Notes to condensed consolidated financial statements

(Unaudited)

1. Organization and operations

Quanterix Corporation (Nasdaq: QTRX) (the Company) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance precision health for life sciences research and diagnostics. The Company's platforms are based on its proprietary digital "Simoa" detection technology. The Company's Simoa bead-based and planar array platforms enable customers to reliably detect protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies, and also allow researchers to define and validate the function of novel protein biomarkers that are only present in very low concentrations and have been discovered using technologies such as mass spectrometry. These capabilities provide the Company's customers with insight into the role of protein biomarkers in human health that has not been possible with other existing technologies and enable researchers to unlock unique insights into the continuum between health and disease. The Company is currently focusing on protein detection, which it believes is an area of significant unmet need and where it has significant competitive advantages. However, in addition to enabling new applications and insights in protein analysis, the Company’s Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules.

The Company launched its first immunoassay platform, the Simoa HD-1, in 2014. The HD-1 is a fully automated immunoassay bead-based platform with multiplexing and custom assay capability, and related assay test kits and consumable materials. The Company launched a second bead-based immunoassay platform (SR-X) in the fourth quarter of 2017 with a more compact footprint than the Simoa HD-1 and less automation designed for lower volume requirements while still allowing multiplexing and custom assay capability. The Company initiated an early-access program for its third instrument (SP-X) on the new Simoa planar array platform in January 2019, with the full commercial launch commencing in April 2019. In July 2019, the Company launched the Simoa HD-X, an upgraded version of the Simoa HD-1 which replaces the HD-1. The HD-X has been designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The Company began shipping and installing HD-X instruments at customer locations in the third quarter of 2019. The Company also performs research services on behalf of customers to apply the Simoa technology to specific customer needs. The Company's customers are primarily in the research use only market, which includes academic and governmental research institutions, the research and development laboratories of pharmaceutical manufacturers, contract research organizations, and specialty research laboratories.

The Company acquired Aushon Biosystems, Inc. (Aushon) in January 2018. With the acquisition of Aushon, the Company acquired a CLIA certified laboratory, as well as Aushon's proprietary sensitive planar array detection technology. Leveraging its proprietary sophisticated Simoa image analysis and data analysis algorithms, the Company further refined this planar array technology to develop the SP-X instrument to provide the same Simoa sensitivity found in its bead-based platform.

The Company completed the acquisition of UmanDiagnostics AB (Uman), a Swedish company located in Umea, Sweden, in August 2019. Uman supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology.

Underwritten public offerings

On August 6, 2020, the Company entered into an underwriting agreement with SVB Leerink LLC (Leerink) and Cowen and Company, LLC (Cowen), as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million.

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On February 3, 2021, the Company entered into an underwriting agreement with Goldman Sachs & Co. LLC, Leerink, and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 4.1 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $287.5 million. The Company incurred $17.8 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $269.7 million.

Basis of presentation

The interim condensed consolidated financial statements are unaudited. The unaudited condensed consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, comprehensive loss and cash flows for each period presented in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on March 5, 2021 (the 2020 Annual Report on Form 10-K). The consolidated financial information as of December 31, 2020 has been derived from the audited 2020 consolidated financial statements included in the 2020 Annual Report on Form 10-K.

2. Significant accounting policies

Principles of consolidation

The condensed consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of Quanterix Corporation and its wholly-owned subsidiaries. All material intercompany transactions and balances have been eliminated in consolidation.

Use of estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. In making those estimates and assumptions, the Company bases its estimates on historical experience and on various other assumptions believed to be reasonable. The Company’s significant estimates included in the preparation of the consolidated financial statements are related to revenue recognition, fair value of assets acquired and liabilities assumed in acquisitions, valuation allowances recorded against deferred tax assets, and valuation of inventory. Actual results could differ from those estimates.

Foreign currency

The Company translates assets and liabilities of its foreign subsidiaries at rates in effect at the end of the reporting period. Revenues and expenses are translated at average rates in effect during the reporting period. Translation adjustments are included in accumulated other comprehensive income.

Income taxes

The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on differences between the consolidated financial statement carrying amounts and the tax bases of the assets and liabilities using the enacted tax rates in effect in the years in which the differences are expected to reverse. A valuation allowance against deferred tax assets is recorded if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.

 

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The Company accounts for uncertain tax positions in accordance with the provisions of Accounting Standards Codification (ASC) 740, Income Taxes (ASC 740). When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely than not be realized. The determination as to whether the tax benefit will more likely than not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. As of June 30, 2021, the Company did not have any significant uncertain tax positions.

Business combinations

Under the acquisition method of accounting, the Company generally recognizes the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The fair values assigned, defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants, are based on estimates and assumptions determined by management. The excess consideration over the aggregate value of tangible and intangible assets, net of liabilities assumed, is recorded as goodwill. These valuations require significant estimates and assumptions, especially with respect to intangible assets.

The Company typically uses the discounted cash flow method to value acquired intangible assets. This method requires significant management judgment to forecast future operating results and establish residual growth rates and discount factors. The estimates used to value and amortize intangible assets are consistent with the plans and estimates that are used to manage the business and are based on available historical information and industry estimates and averages. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could experience impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation and amortization expense. If estimates of the economic lives change, depreciation or amortization expenses could be accelerated or slowed.

Restricted cash

Restricted cash primarily represents collateral for a letter of credit issued as security for the lease for the Company’s headquarters in Billerica, Massachusetts, and to secure the Company’s corporate credit card program. The restricted cash is long term in nature as the Company will not have access to the funds until more than one year from June 30, 2021.

Recent accounting pronouncements

The Company is considered to be an “emerging growth company” (EGC) as defined in the Jumpstart Our Business Startups Act of 2012, as amended (JOBS Act). The JOBS Act provides that an EGC can take advantage of an extended transition period for complying with new or revised accounting standards. Thus, an EGC can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. Because the market value of the Company’s common stock that was held by non-affiliates exceeded $700 million as of June 30, 2021, the Company will cease to be an EGC as of December 31, 2021. As a result, starting in 2022, the Company will be required to adopt new or revised accounting standards on the relevant dates on which adoption of such standards is required for other public companies.

Recently Adopted

In June 2016, the Financial Accounting Standards Board (FASB) established Topic 326, Financial Instruments — Credit Losses: Measurement of Credit Losses on Financial Instruments (ASC 326) by issuing Accounting Standards Update (ASU) No. 2016-13 (ASU 2016-13), which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables and available-for-sale debt securities. The Company early adopted ASU 2016-13 on January 1, 2021 using the modified retrospective approach. The Company’s consolidated financial statements for prior-year periods have

11

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not been revised and are reflective of the credit loss requirements which were in effect for that period. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements.

In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). This ASU addresses the accounting for implementation, setup and other upfront costs paid by a customer in a cloud computing or hosting arrangement. The guidance aligns the accounting treatment of these costs incurred in a hosting arrangement treated as a service contract with the requirements for capitalization and amortization costs to develop or obtain internal-use software. The Company adopted ASU 2018-15 on January 1, 2021 using the prospective method. The adoption of ASU 2018-15 did not have a material impact on the Company’s consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (ASU 2019-12), which is intended to simplify various areas related to ASC 740, Income Taxes (ASC 740). ASU 2019-12 removes certain exceptions for performing intra period tax allocations and calculating income taxes in interim periods. The guidance also simplifies the accounting for transactions that result in a step-up in the tax basis of goodwill and the effect of enacted changes in tax laws or rates in interim periods. The Company early adopted ASU 2019-12 on January 1, 2021. The adoption of ASU 2019-12 did not have a material impact on the Company’s consolidated financial statements.

There have been no other material changes to the significant accounting policies and recent accounting pronouncements previously disclosed in the 2020 Annual Report on Form 10-K.

3. Revenue recognition

The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services, incentives and taxes collected from customers that are subsequently remitted to governmental authorities.

Customers

The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets.

Product revenue

The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is upon installation for instruments sold to direct customers, and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery).

Service and other revenue

Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research

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services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. Revenues from other services are immaterial.

Collaboration and license revenue

The Company may enter into agreements to license the intellectual property and know-how associated with its instruments and certain antibodies in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property.

Payment terms

The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation. The Company does not provide financing arrangements to its customers.

Disaggregated revenue

When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company's revenue from contracts with customers by revenue type (in thousands):

Three Months Ended

Six Months Ended

June 30, 2021

June 30, 2021

 NA

    

 EMEA

    

 Asia Pacific

    

 Total

    

 NA

    

 EMEA

    

 Asia Pacific

    

 Total

Product revenues

Instruments

$

2,122

$

1,630

$

2,086

 

$

5,838

 

$

5,878

$

4,463

$

2,458

$

12,799

Consumable and other products

8,812

3,251

775

 

12,838

 

15,723

6,744

1,658

24,125

Totals

$

10,934

 

$

4,881

 

$

2,861

 

$

18,676

 

$

21,601

 

$

11,207

 

$

4,116

 

$

36,924

Service and other revenues

Service-type warranties

$

1,098

$

458

$

51

$

1,607

 

$

2,069

$

896

$

113

$

3,078

Research services

2,728

763

27

3,518

 

6,286

1,491

39

 

7,816

Other services

351

172

523

 

807

356

1,163

Totals

$

4,177

$

1,393

$

78

$

5,648

$

9,162

$

2,743

$

152

$

12,057

Collaboration and license revenue

Collaboration and license revenue

$

41

$

64

$

$

105

$

228

$

138

$

$

366

Totals

$

41

 

$

64

 

$

 

$

105

 

$

228

 

$

138

 

$

 

$

366