Quanterix Corporation Releases Operating Results for First Quarter 2020
“Q1 2020 was yet another strong quarter for
First Quarter 2020 Financial Highlights
Key financial results for the first quarter of 2020 are shown below:
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Q1 revenue was
$15.7M versus prior year Q1 of$12.3M , an increase of 27%; -
Q1 product revenue was
$9.8M versus prior year Q1 of$9.5M , an increase of 3%; -
Q1 service and other revenue was
$5.8M versus prior year Q1 of$2.8M , an increase of 107%; - Q1 GAAP gross margin was 43.3% versus prior year Q1 of 48.7%; Q1 non-GAAP gross margin was 48.5% versus prior year Q1 of 48.7%. Q1 2020 gross margin includes 200 bps of adverse impact from our successful HD-X trade-in program.
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 Non-GAAP Financials” below.
First Quarter 2020 Business Highlights
- Early in the progression of COVID-19, we took aggressive steps to protect our employees and their families, while rapidly implementing a resilience plan to maintain our operations and support our global customer base. As a result, we have successfully maintained our operations and have expanded our Accelerator capacity to support customer disruptions and sustain clinical trials.
- To support the global public health response, we are engaging closely with researchers and KOLs around the world. We have implemented a set of important and differentiated tools for COVID-19 investigators to immediately deploy to study disease progression, life-threatening cytokine release syndrome and patient-treatment response. Researchers are leveraging Simoa’s extreme sensitivity and specificity of cytokine panels to measure levels and profiles in non-critical and critical COVID-19 patients to identify ways to combat the virus and help prevent cytokine storm. We are also working toward developing a SARS-COV-2 quantitative IgG assay, developing an antigen early detection assay in blood and a high-definition SARS-COV-2 assay to enable research pursuits.
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Sponsored a webinar with
Powering Precision Health , “Highly Sensitive and Accurate Multiplex Test to Monitor the Immune Response to Viral Infection,” which featured insights from several researchers actively treating COVID-19 patients inEurope andChina . Specifically, the webinar discussed capabilities to conduct highly sensitive and accurate multiplexed tests for cytokines and chemokines in serum and plasma. -
Reinforced the growing utility of Simoa in neurology research, including results published in JAMA Network Open, demonstrating the promise of blood biomarkers to serve as clinical tools for objectively identifying and monitoring sports-related concussions (SRCs) and mild traumatic brain injuries (mTBIs), marking a notable advance in the pursuit of a concussion diagnostic test. Conducted as part of the
CARE Consortium , and funded by theUS Department of Defense (DOD) and theNational Collegiate Athletic Association (NCAA), the study used Simoa to evaluate a total of 504 collegiate athletes in what is considered the largest athletic cohort for a biomarker concussion study to date. - Quanterix’ Simoa technology was highlighted in 53 new publications, bringing total Simoa-specific inclusions to over 789 publications.
Conference Call
In conjunction with this announcement,
A live webcast will be accessible on the Investors section of Quanterix’ website: http://www.quanterix.com.The webcast will be available on the Company’s website following completion of the call.
Financial Highlights (in thousands)
Quanterix Income Statement |
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in ' |
Q1 2020 |
Q1 2019 |
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Product Revenue |
9,833 |
9,547 |
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Service and Other Revenue |
5,762 |
2,790 |
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Collaboration Revenue |
132 |
0 |
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Total Revenue |
15,727 |
12,337 |
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Cost of Product Revenue |
6,186 |
4,248 |
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Cost of Services Revenue |
2,728 |
2,082 |
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Gross Profit |
6,813 |
6,007 |
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Gross Margin % |
43.3% |
48.7% |
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Research and Development |
4,268 |
3,852 |
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Selling, General and Administrative |
14,273 |
11,512 |
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Total Operating Expenses |
18,541 |
15,364 |
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Loss from Operations |
-11,728 |
-9,357 |
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Interest Income (Expense), net |
161 |
21 |
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Other Income (Expense), net |
-167 |
-47 |
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Tax |
124 |
-22 |
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Net Loss |
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-11,610 |
-9,405 |
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Weighted average shares outstanding was 28.2 million for Q1 2020.
Quanterix Balance Sheet |
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in ' |
At |
At |
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Cash and Cash Equivalents |
96,359 |
109,155 |
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Accounts Receivable |
12,065 |
10,906 |
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Inventory |
11,392 |
10,463 |
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Prepaid Expenses and Other |
2,722 |
2,137 |
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Total Current Assets |
122,538 |
132,661 |
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Restricted Cash |
1,000 |
1,026 |
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Property and Equipment, Net |
11,992 |
12,047 |
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Intangible Assets, Net |
13,115 |
14,307 |
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8,914 |
9,353 |
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Right-of-Use Assets |
12,221 |
0 |
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Other Non-Current Assets |
525 |
557 |
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Total Assets |
170,305 |
169,951 |
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Accounts Payable & Accrued Expenses |
12,083 |
14,845 |
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Deferred Revenue |
5,438 |
4,697 |
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Current Portion of Long Term Debt |
0 |
75 |
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Lease Liabilities |
305 |
0 |
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Other Current Liabilities |
184 |
216 |
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Total Current Liabilities |
18,010 |
19,833 |
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Deferred Revenue, Net of Current Portion |
396 |
466 |
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Long Term Debt, Net of Current Portion |
7,608 |
7,587 |
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Lease Liabilities, Net of Current Portion |
22,741 |
0 |
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Other Non-Current Liabilities |
2,504 |
13,407 |
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Total Liabilities |
51,259 |
41,293 |
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Total Stockholders’ Equity |
119,046 |
128,658 |
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Total Liabilities and Stockholders’ Equity |
170,305 |
169,951 |
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Use of Non-GAAP Financial Measures
To supplement the Company’s financial statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures, including non-GAAP gross margin. Management uses these non-GAAP measures to evaluate the Company’s operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management believes that such measures are important in comparing current results with prior period results, and are useful to investors and financial analysts in assessing the Company’s operating performance. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth below.
Reconciliation of Non-GAAP Financials
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2020 |
2019 |
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Three months ended |
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Total revenue |
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Gross profit |
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Acquisition-related purchase accounting charges (Note 1) |
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$ – |
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Non-GAAP gross profit |
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GAAP gross margin % |
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43.3% |
48.7% |
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Non-GAAP gross margin % |
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48.5% |
48.7% |
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Note 1: During the three months ended |
amortization of inventory valuation in connection with our acquisition of UmanDiagnostics. Also during the |
three months ended |
intangible assets in connection with our acquisition of UmanDiagnostics. |
About
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
View source version on businesswire.com: https://www.businesswire.com/news/home/20200505005988/en/
achaubal@quanterix.com
quanterix@pancomm.com
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