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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, 2022

☐	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 August 1, 2022, the registrant had 36,987,560 shares of common stock, $0.001 par value per share, outstanding.

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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, 2022 and December 31, 2021	4
Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2022 and 2021	5
Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021	6
Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021	7
Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the Three and Six Months Ended June 30, 2022 and 2021	8
Notes to Condensed Consolidated Financial Statements	9

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	21

Item 3. Quantitative and Qualitative Disclosures About Market Risk	31

Item 4. Controls and Procedures	31

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	33

Item 1A. Risk Factors	33

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	33

Item 3. Defaults Upon Senior Securities	33

Item 4. Mine Safety Disclosures	34

Item 5. Other Information	34

Item 6. Exhibits	35

Signatures	36

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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, including anticipated benefits and costs associated with our plan of restructuring announced in August 2022, and are subject to a number of risks, uncertainties and assumptions, including those described in Part II, Item 1A , “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and in Part I, Item 1A, “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2021 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.

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PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Quanterix Corporation

Condensed Consolidated Balance Sheets

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


	June 30, 2022		December 31, 2021
Assets
Current assets:
Cash and cash equivalents	$	361,293	$	396,465
Accounts receivable (less allowance for credit losses of $1,000 and $419 as of June 30, 2022 and December 31, 2021, respectively)		19,683		23,786
Inventory		21,985		22,190
Prepaid expenses and other current assets		10,237		6,514
Total current assets		413,198		448,955
Restricted cash		2,594		2,577
Property and equipment, net		22,295		17,960
Intangible assets, net		8,527		10,534
Goodwill		8,675		9,632
Right-of-use assets		32,935		11,491
Other non-current assets		377		378
Total assets	$	488,601	$	501,527
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,983	$	9,209
Accrued compensation and benefits		10,638		13,252
Other accrued expenses		4,799		6,486
Deferred revenue		12,157		6,361
Short term lease liabilities		2,696		1,428
Other current liabilities		396		241
Total current liabilities		36,669		36,977
Deferred revenue, net of current portion		1,531		1,099
Long term lease liabilities		43,135		20,464
Other non-current liabilities		1,810		2,035
Commitments and contingencies (Note 11)
Stockholders’ equity:
Common stock, $0.001 par value:
Authorized—120,000,000 shares as of June 30, 2022 and December 31, 2021; issued and outstanding — 36,974,827 and 36,768,035 shares as of June 30, 2022 and December 31, 2021, respectively		37		37
Additional paid-in capital		756,139		745,936
Accumulated other comprehensive (loss) income		(2,203)		441
Accumulated deficit		(348,517)		(305,462)
Total stockholders’ equity		405,456		440,952
Total liabilities and stockholders’ equity	$	488,601	$	501,527

See accompanying notes

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Quanterix Corporation

Condensed Consolidated Statements of Operations

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Product revenue	$	14,785	$	18,676	$	35,441	$	36,924
Service and other revenue		8,548		5,648		17,358		12,057
Collaboration revenue		92		105		178		366
Grant revenue		75		942		75		3,233
Total revenue		23,500		25,371		53,052		52,580
Costs of goods sold:
Cost of product revenue		9,921		8,114		20,667		15,594
Cost of service and other revenue		4,868		3,383		9,115		6,763
Total costs of goods sold and services		14,789		11,497		29,782		22,357
Gross profit		8,711		13,874		23,270		30,223
Operating expenses:
Research and development		6,625		6,754		13,659		13,437
Selling, general and administrative		27,045		20,788		52,757		40,243
Total operating expenses		33,670		27,542		66,416		53,680
Loss from operations		(24,959)		(13,668)		(43,146)		(23,457)
Interest income (expense), net		552		(165)		604		(328)
Other (expense) income, net		(358)		1,977		(575)		1,783
Loss before income taxes		(24,765)		(11,856)		(43,117)		(22,002)
Income tax provision (benefit)		137		41		(62)		(1)
Net loss	$	(24,902)	$	(11,897)	$	(43,055)	$	(22,001)
Net loss per share, basic and diluted	$	(0.67)	$	(0.33)	$	(1.17)	$	(0.62)
Weighted-average common shares outstanding, basic and diluted		36,922,468		36,347,365		36,886,879		35,396,431

See accompanying notes

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Quanterix Corporation

Condensed Consolidated Statements of Comprehensive Loss

(amounts in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net loss	$	(24,902)	$	(11,897)	$	(43,055)	$	(22,001)
Other comprehensive loss:
Cumulative translation adjustment		(1,447)		395		(2,644)		(856)
Total other comprehensive (loss) income		(1,447)		395		(2,644)		(856)
Comprehensive loss	$	(26,349)	$	(11,502)	$	(45,699)	$	(22,857)

See accompanying notes

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Quanterix Corporation

Condensed Consolidated Statements of Cash Flows

(amounts in thousands)


	Six Months Ended June 30,
	2022		2021
Operating activities
Net loss	$	(43,055)	$	(22,001)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense		2,790		2,344
Inventory step-up amortization		—		275
Credit loss expense on accounts receivable		581		20
Reduction in the carrying amount of right-of-use assets		925		246
Stock-based compensation expense		9,013		7,036
Non-cash interest expense		—		43
Loss on disposal of fixed assets		6		—
Changes in operating assets and liabilities:
Accounts receivable		3,479		1,740
Prepaid expenses and other assets		930		(2,952)
Inventory		180		(6,793)
Other non-current assets		2		(20)
Accounts payable		(3,220)		40
Accrued compensation and benefits, other accrued expenses and other current liabilities		(4,387)		(3,925)
Contract acquisition costs		30		(72)
Operating lease liabilities		(3,128)		(590)
Other non-current liabilities		(9)		(120)
Deferred revenue		6,228		891
Net cash used in operating activities		(29,635)		(23,838)
Investing activities
Purchases of property and equipment		(6,454)		(7,339)
Proceeds from RADx grant on assets purchased		520		5,210
Net cash used in investing activities		(5,934)		(2,129)
Financing activities
Proceeds from stock options exercised		596		5,469
Sale of common stock in underwritten public offering, net		—		269,718
Proceeds from ESPP purchase		594		519
Net cash provided by financing activities		1,190		275,706
Net (decrease) increase in cash, cash equivalents and restricted cash		(34,379)		249,739
Effect of foreign currency exchange rate on cash		(776)		(143)
Cash, restricted cash, and cash equivalents at beginning of period		399,042		182,584
Cash, restricted cash, and cash equivalents at end of period	$	363,887	$	432,180
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	$	361,293	$	430,780
Restricted cash		2,594		1,400
Total cash, cash equivalents, and restricted cash	$	363,887	$	432,180

See accompanying notes

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Quanterix Corporation

Condensed Consolidated Statements of Stockholders’ Equity

(amounts in thousands, except share data)


	Common stock
	Shares	Value			Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at March 31, 2022	36,899,156	$	37	$	750,742	$	(756)	$	(323,615)	$	426,408
Issuance of capital shares:
−Exercised stock options	24,410		—		211						211
−Restricted units converted	49,826		—		—						—
−Issuance of common stock	1,435		—		—						—
Stock-based compensation expense					5,186						5,186
Cumulative translation adjustment							(1,447)				(1,447)
Net loss									(24,902)		(24,902)
Balance at June 30, 2022	36,974,827	$	37	$	756,139	$	(2,203)	$	(348,517)	$	405,456

	Common stock
	Shares	Value			Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at March 31, 2021	36,294,928	$	36	$	728,128	$	1,183	$	(257,878)	$	471,469
Issuance of capital shares:
−Exercised stock options	111,055		1		2,392						2,393
−Restricted units converted	48,386		—		—						—
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

	Common stock
	Shares	Value			Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2021	36,768,035	$	37	$	745,936	$	441	$	(305,462)	$	440,952
Issuance of capital shares:
−Exercised stock options	84,536		—		596						596
−Restricted units converted	99,034		—		—						—
−Issuance of common stock	2,773		—		—						—
−ESPP stock purchase	20,449		—		594						594
Stock-based compensation expense					9,013						9,013
Cumulative translation adjustment							(2,644)				(2,644)
Net loss									(43,055)		(43,055)
Balance at June 30, 2022	36,974,827	$	37	$	756,139	$	(2,203)	$	(348,517)	$	405,456

	Common stock
	Shares	Value			Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2020	31,796,544	$	32	$	451,433	$	2,434	$	(247,774)	$	206,125
Issuance of capital shares:
−Exercised warrants	7,347		—		—						—
−Exercised stock options	392,379		1		5,468						5,469
−Restricted units converted	133,732		—		—						—
−ESPP stock purchase	17,225		—		519						519
Sale of common stock in underwritten public offering, net	4,107,142		4		269,714						269,718
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

See accompanying notes

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Quanterix Corporation

Notes to condensed consolidated financial statements

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. 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 (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. In the fourth quarter of 2017, the Company launched a second bead-based immunoassay platform (SR-X) with a more compact footprint than the 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 HD-1 and phased out 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.

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 and have been prepared 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, 2021 filed with the SEC on March 1, 2022.

Reclassifications

Certain amounts in the prior years’ consolidated financial statements have been reclassified to conform to the current year’s presentation.

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2. Significant accounting policies

The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022. There have been no material changes in the Company’s significant accounting policies during the six months ended June 30, 2022. For a discussion of recently issued accounting standards updates, refer to Note 2 in the Company’s Annual Report on Form 10-K filed with the SEC on March 1, 2022.

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 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. For contract research services recognized over time, the Company uses the output method to measure the progress toward the complete satisfaction of the performance obligations. Revenues from other services are immaterial.

During the first quarter of 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (Lilly) establishing a framework for future projects focused on the development of Simoa immunoassays (the Lilly Collaboration Agreement). The Company also entered into a Statement of Work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. In connection with the Lilly Collaboration Agreement, the Company received a non-refundable up-front payment of $5.0 million

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during the first quarter of 2022, and under the Statement of Work receives $1.5 million per calendar quarter during 2022, beginning with the first quarter of 2022. The revenue will be recognized over a one-year period.

Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the Lilly License) under which Lilly granted to the Company a non-exclusive license to Lilly’s proprietary P-tau217 antibody technology for potential near-term use in research use only products and services and future in vitro diagnostics applications within the field of Alzheimer’s disease. In consideration of the license, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay a royalty on net sales of licensed products.

The Company concluded that the Lilly Collaboration Agreement (including the Statement of Work) and the Lilly License represented a single contract with a customer and is accounting for the agreements as service revenue recognized over time as the services are delivered. The transaction price for the Lilly Collaboration Agreement is $10.9 million. Contingent amounts due to Lilly represent variable consideration payable to a customer and will be recognized as reductions to service revenue up to the amount of the transaction price recognized, when probable. The Company is utilizing an input method to measure the delivery of services by calculating costs incurred at each period end relative to total costs expected to be incurred.

During the three and six months ended June 30, 2022, the Company recognized approximately $2.7 million and $5.4 million, respectively, of revenue from the Lilly Collaboration Agreement as service revenue.

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.

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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 June 30, 2022								Six Months Ended June 30, 2022
	NA		EMEA		Asia Pacific		Total		NA		EMEA		Asia Pacific		Total
Product revenues
Instruments	$	2,473		2,127		1,004	$	5,604	$	4,638	$	4,173	$	3,015	$	11,826
Consumable and other products		4,719		3,588		874		9,181		13,552		8,014		2,049		23,615
Total	$	7,192		5,715		1,878	$	14,785	$	18,190	$	12,187	$	5,064	$	35,441

Service and other revenues
Service-type warranties	$	1,320	$	688	$	124	$	2,132	$	2,603	$	1,347	$	216	$	4,166
Research services		5,511		316		8		5,835		11,607		447		21		12,075
Other services		317		237		27		581		601		448		68		1,117
Total	$	7,148	$	1,241	$	159	$	8,548	$	14,811	$	2,242	$	305	$	17,358

Collaboration and license revenue
Collaboration and license revenue	$	43	$	49	$	—	$	92	$	43	$	83	$	52	$	178


	Three Months Ended June 30, 2021								Six Months Ended 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
Total	$	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
Total	$	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

For each of the three and six months ended June 30, 2022, there was one customer that accounted for 18% of the Company’s total revenue.

The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions and uses a range of amounts to estimate standalone selling prices for each performance obligation. The

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Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes.

Variable consideration in the Company’s contracts primarily relates to (i) sales- and usag