Quanterix Releases Operating Results for Second Quarter 2023
Second Quarter Financial Highlights
-
Total revenue was
$31.0 million versus prior year second quarter total revenue of$23.5 million , an increase of 32%. Second quarter revenue also increased 9% sequentially driven by increasedAccelerator Lab and consumables revenue. Second quarter revenue includes a one-time benefit of approximately$1.5 million related to product and license agreements. - GAAP gross margin was 61.7% compared to prior year second quarter GAAP gross margin of 37.1%. Non-GAAP gross margin was 56.4% compared to prior year second quarter non-GAAP gross margin of 29.1%.
-
Net loss was
$6.1 million compared to prior year second quarter net loss of$24.9 million . -
Net cash flow in the quarter was approximately break-even. Cash and cash equivalents were
$329.5 million as ofJune 30, 2023 , as compared to$329.4 million as ofMarch 31, 2023 .
“Since launching our corporate transformation, we’re pleased with the accelerating progress as evidenced by both financial and business results,” said
Operational and Business Highlights
Accelerating our leadership position in blood-based biomarkers:
- In July, the Company launched LucentAD, a blood-based biomarker test to assist in the evaluation of patients experiencing cognitive symptoms consistent with the early signs of Alzheimer’s disease. This launch includes a new portal for patient and providers.
-
Positive readout on Quanterix’s Bio-Hermes clinical study with the Global Alzheimer’s
Platform Foundation confirmed high correlation between the LucentAD blood test and amyloid PET scans in early Alzheimer’s patients, a cohort most eligible for therapy. Results will be used to support Quanterix’s FDA filing. -
Quanterix’s
Accelerator Lab will now provide Simoa assay testing for tau phosphorylation at residues 217 and 212 (p217+ tau), through a new research use only agreement with Janssen for its proprietary p217+ tau assays. Published studies have shown that the presence of phosphorylated tau in plasma is predictive of central amyloid and tau status and has the potential for diagnosing and staging Alzheimer’s disease. - Robust reference dataset of serum NfL levels measured using Simoa technology across a wide spectrum of ages, from neonatal to 20-year-old adolescents, was published last week in Lancet Neurology, establishing a new standard with important implications on neuro-testing.
Full Year Business Outlook
With accelerating corporate transformation efforts, management has increased full-year revenue expectations to be in the range of
For additional information on the non-GAAP financial measures included in this press release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Conference Call
In conjunction with this announcement, the Company will host a conference call on
Interested investors can also access the live webcast from the News & Events page within the Investors section of the
Financial Highlights
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Consolidated Statements of Operations |
||||||||||||||||
|
(Unaudited and in thousands, except per share data) |
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|
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
2023 |
2022 |
2023 |
2022 |
|||||||||||||
| Revenues: | ||||||||||||||||
| Product revenue | $ |
19,692 |
|
$ |
14,785 |
|
$ |
38,979 |
|
$ |
35,441 |
|
||||
| Service revenue |
10,552 |
|
8,548 |
|
19,131 |
|
17,358 |
|
||||||||
| Collaboration and license revenue |
629 |
|
92 |
|
997 |
|
178 |
|
||||||||
| Grant revenue |
156 |
|
75 |
|
378 |
|
75 |
|
||||||||
| Total revenues |
31,029 |
|
23,500 |
|
59,485 |
|
53,052 |
|
||||||||
| Costs of goods sold and services: | ||||||||||||||||
| Cost of product revenue |
7,236 |
|
9,921 |
|
14,269 |
|
20,667 |
|
||||||||
| Cost of service and other revenue |
4,655 |
|
4,868 |
|
9,152 |
|
9,115 |
|
||||||||
| Total costs of goods sold and services |
11,891 |
|
14,789 |
|
23,421 |
|
29,782 |
|
||||||||
| Gross profit |
19,138 |
|
8,711 |
|
36,064 |
|
23,270 |
|
||||||||
| Operating expenses: | ||||||||||||||||
| Research and development |
5,946 |
|
6,625 |
|
10,666 |
|
13,659 |
|
||||||||
| Selling, general, and administrative |
21,591 |
|
27,045 |
|
42,474 |
|
52,757 |
|
||||||||
| Other lease costs |
1,162 |
|
— |
|
1,938 |
|
— |
|
||||||||
| Restructuring |
— |
|
— |
|
(33 |
) |
— |
|
||||||||
| Total operating expenses |
28,699 |
|
33,670 |
|
55,045 |
|
66,416 |
|
||||||||
| Loss from operations |
(9,561 |
) |
(24,959 |
) |
(18,981 |
) |
(43,146 |
) |
||||||||
| Interest income, net |
3,886 |
|
552 |
|
7,335 |
|
604 |
|
||||||||
| Other expense, net |
(154 |
) |
(358 |
) |
(146 |
) |
(575 |
) |
||||||||
| Loss before income taxes |
(5,829 |
) |
(24,765 |
) |
(11,792 |
) |
(43,117 |
) |
||||||||
| Income tax (expense) benefit |
(235 |
) |
(137 |
) |
(375 |
) |
62 |
|
||||||||
| Net loss | $ |
(6,064 |
) |
$ |
(24,902 |
) |
$ |
(12,167 |
) |
$ |
(43,055 |
) |
||||
| Net loss per common share, basic and diluted | $ |
(0.16 |
) |
$ |
(0.67 |
) |
$ |
(0.33 |
) |
$ |
(1.17 |
) |
||||
| Weighted-average common shares outstanding, basic and diluted |
37,494 |
|
36,922 |
|
37,411 |
|
36,887 |
|
||||||||
|
|
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Consolidated Balance Sheets |
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|
(Unaudited and in thousands) |
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|
|
|
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| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ |
329,525 |
$ |
338,740 |
||
| Accounts receivable |
24,423 |
19,017 |
||||
| Inventory |
18,156 |
16,786 |
||||
| Prepaid expenses and other current assets |
6,954 |
6,860 |
||||
| Total current assets |
379,058 |
381,403 |
||||
| Restricted cash |
2,686 |
2,597 |
||||
| Property and equipment, net |
18,328 |
20,162 |
||||
| Intangible assets, net |
6,476 |
7,516 |
||||
| Operating lease right-of-use assets |
20,380 |
21,223 |
||||
| Other non-current assets |
2,282 |
1,298 |
||||
| Total assets | $ |
429,210 |
$ |
434,199 |
||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ |
3,238 |
$ |
3,836 |
||
| Accrued compensation and benefits |
7,525 |
10,658 |
||||
| Accrued expenses and other current liabilities |
6,777 |
5,133 |
||||
| Deferred revenue |
10,421 |
8,644 |
||||
| Operating lease liabilities |
3,986 |
2,687 |
||||
| Total current liabilities |
31,947 |
30,958 |
||||
| Deferred revenue, net of current portion |
1,304 |
1,415 |
||||
| Lease liabilities, net of current portion |
39,378 |
41,417 |
||||
| Other non-current liabilities |
1,225 |
1,469 |
||||
| Total liabilities |
73,854 |
75,259 |
||||
| Total stockholders’ equity |
355,356 |
358,940 |
||||
| Total liabilities and stockholders’ equity | $ |
429,210 |
$ |
434,199 |
||
Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a
Set forth below is a reconciliation of non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations to their most directly comparable GAAP financial measures.
Reconciliation of GAAP to Non-GAAP Financial Measures
|
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures |
||||||||||||||||
|
(Unaudited and in thousands, except percentages) |
||||||||||||||||
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
2023 |
2022 |
2023 |
2022 |
|||||||||||||
| GAAP gross profit | $ |
19,138 |
|
$ |
8,711 |
|
$ |
36,064 |
|
$ |
23,270 |
|
||||
| Shipping and handling costs (1) |
(1,623 |
) |
(1,868 |
) |
(3,451 |
) |
(3,649 |
) |
||||||||
| Non-GAAP gross profit | $ |
17,515 |
|
$ |
6,843 |
|
$ |
32,613 |
|
$ |
19,621 |
|
||||
| GAAP revenue | $ |
31,029 |
|
$ |
23,500 |
|
$ |
59,485 |
|
$ |
53,052 |
|
||||
| GAAP gross margin (gross profit as % of revenue) |
61.7 |
% |
37.1 |
% |
60.6 |
% |
43.9 |
% |
||||||||
| Non-GAAP gross margin (non-GAAP gross profit as % of revenue) |
56.4 |
% |
29.1 |
% |
54.8 |
% |
37.0 |
% |
||||||||
| GAAP total operating expenses | $ |
28,699 |
|
$ |
33,670 |
|
$ |
55,045 |
|
$ |
66,416 |
|
||||
| Shipping and handling costs (1) |
(1,623 |
) |
(1,868 |
) |
(3,451 |
) |
(3,649 |
) |
||||||||
| Non-GAAP total operating expenses | $ |
27,076 |
|
$ |
31,802 |
|
$ |
51,594 |
|
$ |
62,767 |
|
||||
| GAAP loss from operations | $ |
(9,561 |
) |
$ |
(24,959 |
) |
$ |
(18,981 |
) |
$ |
(43,146 |
) |
||||
| Non-GAAP loss from operations | $ |
(9,561 |
) |
$ |
(24,959 |
) |
$ |
(18,981 |
) |
$ |
(43,146 |
) |
||||
|
(1) Shipping and handling costs, which include freight and other activities costs associated with product shipments, net of charges passed on to the customer, are captured within operating expenses in our consolidated statements of operations. During the three months ended |
About
From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is driving breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa ® technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ) of conventional analog methods. Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease.
Forward-Looking Statements
The Company's current financial results, as discussed in this press release, are preliminary and unaudited, and subject to adjustment. 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. These forward-looking statements include, but are not limited to, statements about Quanterix’ financial performance, including statements under the header “Full Year Business Outlook” set forth above, and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements in this press 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 include, but are not limited to, those described in “Part I, Item 1A, “Risk Factors” in Quanterix’ Annual Report on Form 10-K for the year ended
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Media:
510-334-6273
quanterix@pancomm.com
Investor Relations:
(610) 306-9917
ir@quanterix.com
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