UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2019
QUANTERIX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware |
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001-38319 |
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20-8957988 |
(State or other jurisdiction |
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(Commission File Number) |
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(IRS Employer |
113 Hartwell Avenue |
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02421 |
(Address of principal executive offices) |
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(zip code) |
Registrants telephone number, including area code: (617) 301-9400
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company x
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. o
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading symbol(s) |
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Name of each exchange on which registered |
Common Stock, $0.001 par value per share |
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QTRX |
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The Nasdaq Global Market |
Item 2.02 Results of Operations and Financial Condition.
On May 9, 2019, Quanterix Corporation issued a press release announcing its financial results for the three months ended March 31, 2019. A copy of the press 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. |
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Description |
99.1 |
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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.
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QUANTERIX CORPORATION | |
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By: |
/s/ Amol Chaubal |
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Amol Chaubal |
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Chief Financial Officer |
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Date: On May 9, 2019 |
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Quanterix Corporation Releases Operating Results for First Quarter 2019
64% Q1 revenue growth and 650 bps gross margin improvement
Lexington, Mass. May 9, 2019 Quanterix Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis to advance the science of precision health, today announced financial results for the three months ended March 31, 2019.
Weve made strong progress over the past quarter, which now marks our sixth consecutive quarter since the IPO of accelerated growth. In addition, we are achieving important goals in neurology and now oncology with the launch of our new SP-X Imaging and Detection System said Kevin Hrusovsky, Chief Executive Officer, President and Chairman, Quanterix. There is mounting evidence supporting our Simoa technologys potential to transform virtually every category of medicine. The extreme precision and sensitivity of our expanding portfolio of instruments and platforms is fueling new insights on drug targets, disease progression biomarkers and new opportunities for patient stratification for clinical trials, transforming traditional approaches to drug development and precision medicine.
First Quarter 2019 Financial Highlights
Key financial results for the first quarter are shown below:
· Q1 revenue of $12.3M versus prior year Q1 of $7.5M, an increase of 64%.
· Q1 instrument revenue of $3.4M versus prior year Q1 of $2.0M, an increase of 70%.
· Q1 consumables revenue was $6.1M versus prior year Q1 of $2.7M, an increase of 124%.
· Q1 Service and Other revenue totaled $2.8M versus prior year Q1 of $2.5M, an increase of 11%.
· Q1 gross margin was 48.7%, a 650 basis point improvement over the 42.2% in Q1 2018.
First Quarter 2019 Business Highlights
· Extended its footprint in oncology with the accelerated launch of its Simoa SP-X Imaging and Detection System, 10-Plex Simoa CorPlex Cytokine Panel, and broad menu of additional multiplex panels to further revolutionize cancer research, immunotherapy monitoring, and drug development.
· Expanded its leadership team with the hiring of Amol Chaubal as Chief Financial Officer (CFO), formerly the CFO of Global Operations at Smith & Nephew and North America CFO - Novartis Vaccines & Diagnostics, bringing with him more than 20 years of experience in diagnostics, pharmaceutical services and medical devices.
· Increased citations in peer-reviewed publications of scientific research further validating Simoas capabilities in oncology and neurology with several groundbreaking studies, including a seminal study in Nature, which used Simoa to show that the biomarker LIF can be a reliable marker to help monitor the progression of pancreatic cancer. This was widely covered for its potential to help diagnose the disease more quickly and efficiently, and was proposed as a promising new target to assist in drug development. Another study using Simoa was published in Nature showing that elevated Nf-L levels were present in blood 16 years before the diagnosis of Alzheimers disease, demonstrating promise as part of an earlier diagnostic work-up. In total, Quanterix increased its number of third-party, peer-reviewed publications by 61, its strongest quarter ever, to a total of more than 500.
· Presented at the 37th Annual J.P. Morgan Healthcare Conference for the third year in a row, detailing Quanterix significant growth in its first year since becoming a public company.
· Presented and sponsored exhibits at critical industry conferences on the vital role of biomarkers to advance disease detection and therapeutics, including the 14th Annual Biomarkers Congress, Type 2 Immunity in Homeostasis and Disease, Molecular Med Tri-Con, 8th Global Reverse Phase Protein Array Workshop, the 14th International Conference on Alzheimers and Parkinsons Diseases and American Association for Cancer Research Conference.
· Invited to speak at leading healthcare investor conferences including the 21st Annual Needham Growth Conference, the 8th Annual Leerink Partners Global Healthcare Conference, and the 39th Annual Cowen and Company Health Care Conference.
· Served as lead sponsor of the Boston, Mass. screening of VINCIBLE The Documentary an inspiring true story that profiles the lives of several young adult cancer survivors who have lost their youth to the devastating disease.
Conference Call
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 9, 2019, at 4:30 p.m., EDT to discuss the Companys financial results and business outlook. To access this call, dial (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following conference ID: 8955828.
A live webcast will be accessible on the Investors section of Quanterix website: http://www.quanterix.com. The webcast will be available on the Companys website for one year following completion of the call.
Financial Highlights (in thousands)
Quanterix Statement of Operations
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Q1 2019 |
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Q1 2018 |
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Product Revenue |
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$ |
9,547 |
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$ |
4,745 |
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Service and other revenue |
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2,790 |
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2,507 |
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Collaboration revenue |
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0 |
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269 |
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Total revenue |
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$ |
12,337 |
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$ |
7,521 |
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Cost of product revenue |
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$ |
4,248 |
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$ |
2,773 |
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Cost of service revenue |
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2,082 |
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1,576 |
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Gross profit |
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$ |
6,007 |
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$ |
3,172 |
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Research and development |
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$ |
3,684 |
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$ |
3,573 |
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Selling, general and administrative |
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10,381 |
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6,055 |
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Stock comp expenses included in operating expenses |
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1,299 |
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707 |
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Total operating expenses |
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$ |
15,364 |
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$ |
10,335 |
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Interest income (expense), net |
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$ |
21 |
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$ |
(24 |
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Other income (expense), net |
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(47 |
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(15 |
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Loss before income tax |
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$ |
(9,383 |
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$ |
(7,202 |
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Other income (expense), net |
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22 |
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0 |
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Net loss |
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$ |
(9,405 |
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$ |
(7,202 |
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Quanterix Balance Sheet
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03/31/2019 |
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12/31/2018 |
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Cash and cash equivalents |
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$ |
33,972 |
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$ |
44,429 |
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AR |
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7,303 |
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6,792 |
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Inventory |
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7,742 |
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5,945 |
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Prepaid and other |
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2,502 |
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2,330 |
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Total current assets |
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$ |
51,519 |
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$ |
59,496 |
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Restricted Cash |
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$ |
1,019 |
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$ |
1,000 |
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Property and equipment, net |
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8,582 |
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2,923 |
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Intangible assets and goodwill |
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3,506 |
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3,656 |
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Other non-current assets |
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550 |
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536 |
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Total assets |
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$ |
65,176 |
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$ |
67,611 |
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Accounts payable / accrued expenses |
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$ |
11,039 |
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$ |
12,688 |
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Deferred revenue |
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5,484 |
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5,437 |
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Current portion of long term debt |
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75 |
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0 |
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Lease incentive obligation |
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461 |
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0 |
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Total current liabilities |
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$ |
17,059 |
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$ |
18,125 |
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Deferred revenue, net of current portion |
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$ |
431 |
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$ |
520 |
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Long term debt |
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7,572 |
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7,623 |
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Lease incentive obligation, net of current portion |
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4,804 |
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0 |
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Other non-current liabilities |
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1,095 |
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278 |
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Total Liabilities |
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$ |
30,961 |
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$ |
26,546 |
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Total stockholder equity |
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$ |
34,215 |
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$ |
41,065 |
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Total liabilities and shareholders equity |
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$ |
65,176 |
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$ |
67,611 |
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About Quanterix
Quanterix is a company thats digitizing biomarker analysis with the goal of advancing the science of precision health. The companys 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 Lexington, 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:
Quanterix, Inc.
Amol Chaubal, CFO, 617-301-9495
achaubal@quanterix.com
PAN Communications
Lindsay Poole, 617-502-4300
quanterix@pancomm.com