UNITED STATES
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CURRENT REPORT
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| Item 2.02 | Results of Operations and Financial Condition. |
On May 10, 2022, Quanterix Corporation (“Quanterix”) issued a press release announcing its financial results for the first quarter ended March 31, 2022 (the “Earnings Release”). A copy of the Earnings 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 | Earnings Release dated May 10, 2022. | |
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) |
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/ John Fry | |
| John Fry | ||
| General Counsel and Secretary | ||
Date: May 10, 2022
Exhibit 99.1
Quanterix Corporation Releases Operating Results for First Quarter 2022
Quanterix reports continued revenue growth as it scales to support transformational advances in neurology research
Billerica, Mass. – May 10, 2022 — Quanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis with the goal of advancing the science of precision health, today announced financial results for the three months ended March 31, 2022.
“This is a pivotal time for growth in neurology and therapeutics, marked by breakthroughs in some of the world’s biggest health threats, including Alzheimer’s disease and multiple sclerosis (MS),” said Masoud Toloue, Chief Executive Officer, Quanterix. “I’m excited for the opportunity to lead Quanterix through this next chapter, and looking ahead, we’ll focus on several transformational changes around scaling with quality, innovation, and our ability to translate ultra-sensitive biomarker detection to help researchers and pharmaceutical companies drive earlier disease detection, better prognoses, and enhanced treatment methods.”
Toloue continued, “Q1 revenue was in line with our expectations and full-year goals; however, gross margin fell well short of our expectations. As part of our larger goal of scaling with quality, we are implementing specific changes to our inventory management and quality processes, which we expect will improve our gross margins going forward.”
First Quarter 2022 Financial Highlights
Key financial results for the first quarter of 2022 are shown below:
| • | Q1 total revenue was $29.6M versus prior year Q1 of $27.2M(1), an increase of 9%; | |
| • | Q1 product revenue was $20.7M versus prior year Q1 of $18.2M, an increase of 13%; | |
| • | Q1 service and other revenue was $8.8M versus prior year Q1 of $6.4M, an increase of 37%; and | |
| • | Q1 gross margin was 49.3% versus prior year Q1 gross margin of 60.1%. |
| (1) | Q1 2021 total revenue includes $2.3M in RADx-related grant revenue. |
First Quarter Business Highlights
| § | Quanterix announced new agreements with Lilly to advance Alzheimer’s disease diagnosis and treatment; the agreements provide Quanterix access to Lilly’s P-tau217 antibody technology to create pathways for plasma-based biomarkers for use in Alzheimer’s disease and establishes framework for future collaboration and supports development of Quanterix tests to advance diagnosing and treating life-threatening diseases. Quanterix recognized $2.7M in service revenue during the first quarter of 2022 under these agreements. | |
| § | Quanterix received funding from the Alzheimer’s Drug Discovery Foundation (ADDF) to accelerate Alzheimer’s disease diagnostic plasma test development; the funding will power a series of prospective clinical trials to validate Quanterix’ multi-analyte test in collaboration with Amsterdam University Medical Centers (Amsterdam UMC). | |
| § | Quanterix’ Simoa® technology powered a major breakthrough in Epstein-Barr Virus and MS, which was featured in the Journal of Science. |
| • | Academic publication pull-through performance continued to be strong; Quanterix’ Simoa technology was highlighted in a record 151 new publications in the first quarter 2022, bringing total Simoa-specific inclusions to over 1,735. |
Conference Call
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 10, 2022 at 8:30 a.m. EST. Individuals interested in listening to the conference call may do so by dialing (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following Conference ID: 4589034.
A live webcast will also be available at: https://edge.media-server.com/mmc/p/vt3rqy39. You may also access the live webcast by visiting the News & Events page within the Investors section of the Quanterix website at 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 Income Statement | ||||||||
| in '000 USD | Q1 2022 | Q1 2021 | ||||||
| Product Revenue | 20,656 | 18,248 | ||||||
| Service and Other Revenue | 8,810 | 6,409 | ||||||
| Collaboration and License Revenue | 86 | 261 | ||||||
| Development Revenue | 0 | 2,291 | ||||||
| Total Revenue | 29,552 | 27,209 | ||||||
| Cost of Product Revenue | 10,746 | 7,480 | ||||||
| Cost of Services Revenue | 4,247 | 3,380 | ||||||
| Gross Profit | 14,559 | 16,349 | ||||||
| Gross Margin % | 49.3 | % | 60.1 | % | ||||
| Research and Development | 7,034 | 6,683 | ||||||
| Selling, General and Administrative | 25,712 | 19,455 | ||||||
| Total Operating Expenses | 32,746 | 26,138 | ||||||
| Loss From Operations | -18,187 | -9,789 | ||||||
| Interest Income (Expense), net | 52 | -163 | ||||||
| Other Expense, net | -217 | -194 | ||||||
| Tax | 199 | 42 | ||||||
| Net Loss | -18,153 | -10,104 | ||||||
Quanterix Balance Sheet | ||||||||
| in '000 USD | At 3/31/22 | At 12/31/21 | ||||||
| Cash and Cash Equivalents | 374,317 | 396,465 | ||||||
| Accounts Receivable | 22,616 | 23,786 | ||||||
| Inventory | 22,669 | 22,190 | ||||||
| Prepaid Expenses and Other | 14,104 | 6,514 | ||||||
| Total Current Assets | 433,706 | 448,955 | ||||||
| Restricted Cash | 2,577 | 2,577 | ||||||
| Property and Equipment, Net | 19,683 | 17,960 | ||||||
| Intangible Assets, Net | 9,692 | 10,534 | ||||||
| Goodwill | 9,323 | 9,632 | ||||||
| Right-of-Use Assets | 29,298 | 11,491 | ||||||
| Other Non-Current Assets | 378 | 378 | ||||||
| Total Assets | 504,657 | 501,527 | ||||||
| Accounts Payable & Accrued Expenses | 20,425 | 28,947 | ||||||
| Deferred Revenue | 9,194 | 6,361 | ||||||
| Current Portion of Long Term Debt | 0 | 0 | ||||||
| Lease Liabilities | 1,886 | 1,428 | ||||||
| Other Current Liabilities | 268 | 241 | ||||||
| Total Current Liabilities | 31,773 | 36,977 | ||||||
| Deferred Revenue, Net of Current Portion | 1,222 | 1,099 | ||||||
| Lease Liabilities, Net of Current Portion | 43,563 | 20,464 | ||||||
| Other Non-Current Liabilities | 1,691 | 2,035 | ||||||
| Total Liabilities | 78,249 | 60,575 | ||||||
| Total Stockholders’ Equity | 426,408 | 440,952 | ||||||
| Total Liabilities and Stockholders’ Equity | 504,657 | 501,527 | ||||||
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 Billerica, 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.
Contacts
Media Contact:
PAN Communications
Lauren Force
(610) 574-0565
pan.quanterix@pancomm.com
Investor Relations Contact:
Stephen Hrusovsky
(774) 278-0496
ir@quanterix.com