Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Quanterix Releases Operating Results for Fourth Quarter and Full Year 2023 By: Quanterix Corporation via Business Wire February 29, 2024 at 16:00 PM EST Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive biomarker detection, today announced financial results for the fourth quarter and twelve months ended December 31, 2023. “The fourth quarter marked the successful completion of our corporate transformation. We now have a strong, scalable foundation for growth and innovation,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “Our research business is in a solid position, and we see continued high demand among our research customers. Additionally, we are making progress on our diagnostics efforts, with a dedicated commercial team now in place for our LucentAD p-Tau 217 LDT. We believe we are well positioned to meet the demand for blood-based biomarker testing to support the rollout of new Alzheimer’s therapies and to aid providers in the diagnosis of the disease.” Fourth Quarter Financial Highlights Revenue was $31.5 million, a 22% increase from $25.8 million for the corresponding prior year period. GAAP gross margin was 53.2% as compared to 48.8% for the corresponding prior year period. Non-GAAP gross margin was 46.5% as compared to 41.3% for the corresponding prior year period. Net loss was $12.4 million as compared to $18.6 million for the corresponding prior year period. Net cash usage in the quarter was $6.4 million as compared to $5.0 million for the corresponding prior year period. Full Year Financial Highlights Revenue was $122.4 million, a 16% increase from $105.5 million for the prior year. GAAP gross margin was 57.7% as compared to 44.4% for the prior year. Non-GAAP gross margin was 51.1% as compared to 37.5% for the corresponding prior year. Net loss was $32.3 million as compared to $96.7 million for the prior year. Net cash usage for the year was $17.4 million as compared to $57.7 million for the corresponding prior year period. Cash, cash equivalents, marketable securities, and restricted cash were $323.9 million as of December 31, 2023, as compared to $341.3 million as of December 31, 2022. Operational and Business Highlights Quanterix’s six quarter corporate transformation program is now complete. Newly developed assays are now in production and available to customers. Quanterix announced first collaborations with five health networks to aid the diagnosis and clinical management of individuals with Alzheimer’s Disease. AdventHealth, Mass General Brigham, Mayo Clinic, MUSC, and UPMC will leverage Quanterix technology and assays to streamline care for Alzheimer’s patients. Eli Lilly announced the launch of their p-Tau 217 blood-based diagnostics test, which runs on the Quanterix platform. Continued progress on two important studies for multi-marker test development and validation. Phase 1 is now complete for both the CANTATE and BioHermes trials, with readouts expected in 2024. Quanterix also advanced several US-based prospective clinical studies supporting leading academic research centers, the University of Pennsylvania Health System and UPMC, to evaluate Simoa® blood-based biomarkers as part of Alzheimer’s Disease clinical care workflows. 2024 Full Year Business Outlook Management expects full-year 2024 revenue to be in the range of $139 to $144 million. This guide is for our research-only business and does not include revenues from Diagnostics testing, which to date have not been material. GAAP gross margin percentage is expected to be in the range of 57-61%, and non-GAAP gross margin percentage is expected to be in the range of 51-55%. Additionally, the Company anticipates 2024 cash usage in the range of $25 to $30 million. 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 February 29, 2024 at 4:30 p.m. E.T. Click here to pre-register for the conference call and obtain your dial-in number and passcode. Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at http://www.quanterix.com. An archived webcast replay will be available on the Company’s website for one year. Financial Highlights Quanterix Corporation Consolidated Statements of Operations (Unaudited and in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues: Product revenue $ 20,821 $ 16,674 $ 79,460 $ 69,808 Service and other revenue 10,230 8,767 40,299 34,495 Collaboration and license revenue 146 170 1,380 649 Grant revenue 352 213 1,229 570 Total revenues 31,549 25,824 122,368 105,522 Costs of goods sold and services: Cost of product revenue 10,025 9,631 32,636 40,809 Cost of service and other revenue 4,725 3,601 19,086 17,907 Total costs of goods sold and services 14,750 13,232 51,722 58,716 Gross profit 16,799 12,592 70,646 46,806 Operating expenses: Research and development 6,991 5,600 24,857 25,890 Selling, general, and administrative 24,172 19,272 90,241 91,995 Other lease costs 1,016 669 3,712 1,278 Impairment and restructuring 1,570 9,006 1,537 29,347 Total operating expenses 33,749 34,547 120,347 148,510 Loss from operations (16,950 ) (21,955 ) (49,701 ) (101,704 ) Interest income (expense), net 4,319 2,815 15,839 5,131 Other income (expense), net 363 614 2,247 (62 ) Loss before income taxes (12,268 ) (18,526 ) (31,615 ) (96,635 ) Income tax (expense) benefit (141 ) (75 ) (719 ) (65 ) Net loss $ (12,409 ) $ (18,601 ) $ (32,334 ) $ (96,700 ) Net loss per common share, basic and diluted $ (0.33 ) $ (0.50 ) $ (0.86 ) $ (2.61 ) Weighted-average common shares outstanding, basic and diluted 37,890 37,160 37,594 36,991 Quanterix Corporation Consolidated Balance Sheets (Unaudited and in thousands) December 31, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 174,422 $ 338,740 Marketable securities 146,902 — Accounts receivable 25,414 19,017 Inventory 22,365 16,786 Prepaid expenses and other current assets 9,291 6,860 Total current assets 378,394 381,403 Restricted cash 2,604 2,597 Property and equipment, net 17,926 20,162 Intangible assets, net 6,034 7,516 Operating lease right-of-use assets 18,251 21,223 Other non-current assets 1,802 1,298 Total assets $ 425,011 $ 434,199 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,048 $ 3,836 Accrued compensation and benefits 13,659 10,658 Accrued expenses and other current liabilities 6,041 5,133 Deferred revenue 9,468 8,644 Operating lease liabilities 4,241 2,687 Total current liabilities 38,457 30,958 Deferred revenue, net of current portion 1,227 1,415 Operating lease liabilities, net of current portion 37,223 41,417 Other non-current liabilities 1,177 1,469 Total liabilities 78,084 75,259 Total stockholders’ equity 346,927 358,940 Total liabilities and stockholders’ equity $ 425,011 $ 434,199 Quanterix Corporation Consolidated Statements of Cash Flows (Unaudited and in thousands) Year Ended December 31, 2023 2022 Cash flows from operating activities: Net loss $ (32,334 ) $ (96,700 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 6,364 5,349 Credit losses (gains) on accounts receivable 336 (301 ) Accretion of marketable securities (1,964 ) — Operating lease right-of-use asset amortization 2,015 715 Stock-based compensation expense 16,764 15,442 Impairment 1,570 25,592 Other operating activity 150 (439 ) Changes in assets and liabilities: Accounts receivable (6,695 ) 5,156 Inventory (5,364 ) 5,386 Prepaid expenses and other current assets (2,371 ) (568 ) Other non-current assets (775 ) (909 ) Accounts payable 1,189 (5,362 ) Accrued compensation and benefits, accrued expenses, and other current liabilities 4,276 (3,976 ) Deferred revenue 635 2,599 Operating lease liabilities (2,645 ) (266 ) Other non-current liabilities (53 ) 10 Net cash used in operating activities (18,902 ) (48,272 ) Cash flows from investing activities: Purchases of marketable debt securities (175,613 ) — Proceeds from marketable debt securities 31,000 — Purchases of property and equipment (3,788 ) (11,726 ) Proceeds from RADx grant on assets purchased — 520 Net cash used in investing activities (148,401 ) (11,206 ) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,889 2,311 Payments for employee taxes withheld on stock-based compensation awards (198 ) — Sale of common stock in underwritten public offering, net — — Payments on notes payable — — Net cash provided by financing activities 2,691 2,311 Net increase (decrease) in cash, cash equivalents, and restricted cash (164,612 ) (57,167 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 301 (538 ) Cash, cash equivalents, and restricted cash at beginning of period 341,337 399,042 Cash, cash equivalents, and restricted cash at end of period $ 177,026 $ 341,337 Use of Non-GAAP Financial Measures To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations, which are calculated by including shipping and handling costs for product sales within cost of goods sold instead of within selling, general, and administrative expenses. Management uses these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. 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 U.S. GAAP. 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 Quanterix Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited and in thousands, except percentages) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 GAAP gross profit $ 16,799 $ 12,592 $ 70,646 $ 46,806 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP gross profit $ 14,658 $ 10,669 $ 62,500 $ 39,595 GAAP revenue $ 31,549 $ 25,824 $ 122,368 $ 105,522 GAAP gross margin (gross profit as % of revenue) 53.2 % 48.8 % 57.7 % 44.4 % Non-GAAP gross margin (non-GAAP gross profit as % of revenue) 46.5 % 41.3 % 51.1 % 37.5 % GAAP total operating expenses $ 33,749 $ 34,547 $ 120,347 $ 148,510 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP total operating expenses $ 31,608 $ 32,624 $ 112,201 $ 141,299 GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) Non-GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) (1) Shipping and handling costs, which include freight and other activities costs associated with product shipments, are captured within operating expenses in our consolidated statements of operations. During the three months ended December 31, 2023 and 2022, we incurred $2.1 million and $1.9 million, respectively, of shipping and handling costs recorded within operating expenses. During the year ended December 31, 2023 and 2022, we incurred $8.1 million and $7.2 million, respectively, of shipping and handling costs within operating expenses. About Quanterix 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 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. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,700 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn. Forward-Looking Statements Quanterix’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’s 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’s 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’s 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 our periodic reports filed 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240229223646/en/Contacts Media: PAN Communications Maya Nimnicht 510-334-6273 quanterix@pancomm.com Investor Relations: ir@quanterix.com Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Quanterix Releases Operating Results for Fourth Quarter and Full Year 2023 By: Quanterix Corporation via Business Wire February 29, 2024 at 16:00 PM EST Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive biomarker detection, today announced financial results for the fourth quarter and twelve months ended December 31, 2023. “The fourth quarter marked the successful completion of our corporate transformation. We now have a strong, scalable foundation for growth and innovation,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “Our research business is in a solid position, and we see continued high demand among our research customers. Additionally, we are making progress on our diagnostics efforts, with a dedicated commercial team now in place for our LucentAD p-Tau 217 LDT. We believe we are well positioned to meet the demand for blood-based biomarker testing to support the rollout of new Alzheimer’s therapies and to aid providers in the diagnosis of the disease.” Fourth Quarter Financial Highlights Revenue was $31.5 million, a 22% increase from $25.8 million for the corresponding prior year period. GAAP gross margin was 53.2% as compared to 48.8% for the corresponding prior year period. Non-GAAP gross margin was 46.5% as compared to 41.3% for the corresponding prior year period. Net loss was $12.4 million as compared to $18.6 million for the corresponding prior year period. Net cash usage in the quarter was $6.4 million as compared to $5.0 million for the corresponding prior year period. Full Year Financial Highlights Revenue was $122.4 million, a 16% increase from $105.5 million for the prior year. GAAP gross margin was 57.7% as compared to 44.4% for the prior year. Non-GAAP gross margin was 51.1% as compared to 37.5% for the corresponding prior year. Net loss was $32.3 million as compared to $96.7 million for the prior year. Net cash usage for the year was $17.4 million as compared to $57.7 million for the corresponding prior year period. Cash, cash equivalents, marketable securities, and restricted cash were $323.9 million as of December 31, 2023, as compared to $341.3 million as of December 31, 2022. Operational and Business Highlights Quanterix’s six quarter corporate transformation program is now complete. Newly developed assays are now in production and available to customers. Quanterix announced first collaborations with five health networks to aid the diagnosis and clinical management of individuals with Alzheimer’s Disease. AdventHealth, Mass General Brigham, Mayo Clinic, MUSC, and UPMC will leverage Quanterix technology and assays to streamline care for Alzheimer’s patients. Eli Lilly announced the launch of their p-Tau 217 blood-based diagnostics test, which runs on the Quanterix platform. Continued progress on two important studies for multi-marker test development and validation. Phase 1 is now complete for both the CANTATE and BioHermes trials, with readouts expected in 2024. Quanterix also advanced several US-based prospective clinical studies supporting leading academic research centers, the University of Pennsylvania Health System and UPMC, to evaluate Simoa® blood-based biomarkers as part of Alzheimer’s Disease clinical care workflows. 2024 Full Year Business Outlook Management expects full-year 2024 revenue to be in the range of $139 to $144 million. This guide is for our research-only business and does not include revenues from Diagnostics testing, which to date have not been material. GAAP gross margin percentage is expected to be in the range of 57-61%, and non-GAAP gross margin percentage is expected to be in the range of 51-55%. Additionally, the Company anticipates 2024 cash usage in the range of $25 to $30 million. 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 February 29, 2024 at 4:30 p.m. E.T. Click here to pre-register for the conference call and obtain your dial-in number and passcode. Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at http://www.quanterix.com. An archived webcast replay will be available on the Company’s website for one year. Financial Highlights Quanterix Corporation Consolidated Statements of Operations (Unaudited and in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues: Product revenue $ 20,821 $ 16,674 $ 79,460 $ 69,808 Service and other revenue 10,230 8,767 40,299 34,495 Collaboration and license revenue 146 170 1,380 649 Grant revenue 352 213 1,229 570 Total revenues 31,549 25,824 122,368 105,522 Costs of goods sold and services: Cost of product revenue 10,025 9,631 32,636 40,809 Cost of service and other revenue 4,725 3,601 19,086 17,907 Total costs of goods sold and services 14,750 13,232 51,722 58,716 Gross profit 16,799 12,592 70,646 46,806 Operating expenses: Research and development 6,991 5,600 24,857 25,890 Selling, general, and administrative 24,172 19,272 90,241 91,995 Other lease costs 1,016 669 3,712 1,278 Impairment and restructuring 1,570 9,006 1,537 29,347 Total operating expenses 33,749 34,547 120,347 148,510 Loss from operations (16,950 ) (21,955 ) (49,701 ) (101,704 ) Interest income (expense), net 4,319 2,815 15,839 5,131 Other income (expense), net 363 614 2,247 (62 ) Loss before income taxes (12,268 ) (18,526 ) (31,615 ) (96,635 ) Income tax (expense) benefit (141 ) (75 ) (719 ) (65 ) Net loss $ (12,409 ) $ (18,601 ) $ (32,334 ) $ (96,700 ) Net loss per common share, basic and diluted $ (0.33 ) $ (0.50 ) $ (0.86 ) $ (2.61 ) Weighted-average common shares outstanding, basic and diluted 37,890 37,160 37,594 36,991 Quanterix Corporation Consolidated Balance Sheets (Unaudited and in thousands) December 31, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 174,422 $ 338,740 Marketable securities 146,902 — Accounts receivable 25,414 19,017 Inventory 22,365 16,786 Prepaid expenses and other current assets 9,291 6,860 Total current assets 378,394 381,403 Restricted cash 2,604 2,597 Property and equipment, net 17,926 20,162 Intangible assets, net 6,034 7,516 Operating lease right-of-use assets 18,251 21,223 Other non-current assets 1,802 1,298 Total assets $ 425,011 $ 434,199 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,048 $ 3,836 Accrued compensation and benefits 13,659 10,658 Accrued expenses and other current liabilities 6,041 5,133 Deferred revenue 9,468 8,644 Operating lease liabilities 4,241 2,687 Total current liabilities 38,457 30,958 Deferred revenue, net of current portion 1,227 1,415 Operating lease liabilities, net of current portion 37,223 41,417 Other non-current liabilities 1,177 1,469 Total liabilities 78,084 75,259 Total stockholders’ equity 346,927 358,940 Total liabilities and stockholders’ equity $ 425,011 $ 434,199 Quanterix Corporation Consolidated Statements of Cash Flows (Unaudited and in thousands) Year Ended December 31, 2023 2022 Cash flows from operating activities: Net loss $ (32,334 ) $ (96,700 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 6,364 5,349 Credit losses (gains) on accounts receivable 336 (301 ) Accretion of marketable securities (1,964 ) — Operating lease right-of-use asset amortization 2,015 715 Stock-based compensation expense 16,764 15,442 Impairment 1,570 25,592 Other operating activity 150 (439 ) Changes in assets and liabilities: Accounts receivable (6,695 ) 5,156 Inventory (5,364 ) 5,386 Prepaid expenses and other current assets (2,371 ) (568 ) Other non-current assets (775 ) (909 ) Accounts payable 1,189 (5,362 ) Accrued compensation and benefits, accrued expenses, and other current liabilities 4,276 (3,976 ) Deferred revenue 635 2,599 Operating lease liabilities (2,645 ) (266 ) Other non-current liabilities (53 ) 10 Net cash used in operating activities (18,902 ) (48,272 ) Cash flows from investing activities: Purchases of marketable debt securities (175,613 ) — Proceeds from marketable debt securities 31,000 — Purchases of property and equipment (3,788 ) (11,726 ) Proceeds from RADx grant on assets purchased — 520 Net cash used in investing activities (148,401 ) (11,206 ) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,889 2,311 Payments for employee taxes withheld on stock-based compensation awards (198 ) — Sale of common stock in underwritten public offering, net — — Payments on notes payable — — Net cash provided by financing activities 2,691 2,311 Net increase (decrease) in cash, cash equivalents, and restricted cash (164,612 ) (57,167 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 301 (538 ) Cash, cash equivalents, and restricted cash at beginning of period 341,337 399,042 Cash, cash equivalents, and restricted cash at end of period $ 177,026 $ 341,337 Use of Non-GAAP Financial Measures To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations, which are calculated by including shipping and handling costs for product sales within cost of goods sold instead of within selling, general, and administrative expenses. Management uses these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. 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 U.S. GAAP. 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 Quanterix Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited and in thousands, except percentages) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 GAAP gross profit $ 16,799 $ 12,592 $ 70,646 $ 46,806 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP gross profit $ 14,658 $ 10,669 $ 62,500 $ 39,595 GAAP revenue $ 31,549 $ 25,824 $ 122,368 $ 105,522 GAAP gross margin (gross profit as % of revenue) 53.2 % 48.8 % 57.7 % 44.4 % Non-GAAP gross margin (non-GAAP gross profit as % of revenue) 46.5 % 41.3 % 51.1 % 37.5 % GAAP total operating expenses $ 33,749 $ 34,547 $ 120,347 $ 148,510 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP total operating expenses $ 31,608 $ 32,624 $ 112,201 $ 141,299 GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) Non-GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) (1) Shipping and handling costs, which include freight and other activities costs associated with product shipments, are captured within operating expenses in our consolidated statements of operations. During the three months ended December 31, 2023 and 2022, we incurred $2.1 million and $1.9 million, respectively, of shipping and handling costs recorded within operating expenses. During the year ended December 31, 2023 and 2022, we incurred $8.1 million and $7.2 million, respectively, of shipping and handling costs within operating expenses. About Quanterix 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 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. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,700 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn. Forward-Looking Statements Quanterix’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’s 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’s 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’s 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 our periodic reports filed 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240229223646/en/Contacts Media: PAN Communications Maya Nimnicht 510-334-6273 quanterix@pancomm.com Investor Relations: ir@quanterix.com
Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive biomarker detection, today announced financial results for the fourth quarter and twelve months ended December 31, 2023. “The fourth quarter marked the successful completion of our corporate transformation. We now have a strong, scalable foundation for growth and innovation,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “Our research business is in a solid position, and we see continued high demand among our research customers. Additionally, we are making progress on our diagnostics efforts, with a dedicated commercial team now in place for our LucentAD p-Tau 217 LDT. We believe we are well positioned to meet the demand for blood-based biomarker testing to support the rollout of new Alzheimer’s therapies and to aid providers in the diagnosis of the disease.” Fourth Quarter Financial Highlights Revenue was $31.5 million, a 22% increase from $25.8 million for the corresponding prior year period. GAAP gross margin was 53.2% as compared to 48.8% for the corresponding prior year period. Non-GAAP gross margin was 46.5% as compared to 41.3% for the corresponding prior year period. Net loss was $12.4 million as compared to $18.6 million for the corresponding prior year period. Net cash usage in the quarter was $6.4 million as compared to $5.0 million for the corresponding prior year period. Full Year Financial Highlights Revenue was $122.4 million, a 16% increase from $105.5 million for the prior year. GAAP gross margin was 57.7% as compared to 44.4% for the prior year. Non-GAAP gross margin was 51.1% as compared to 37.5% for the corresponding prior year. Net loss was $32.3 million as compared to $96.7 million for the prior year. Net cash usage for the year was $17.4 million as compared to $57.7 million for the corresponding prior year period. Cash, cash equivalents, marketable securities, and restricted cash were $323.9 million as of December 31, 2023, as compared to $341.3 million as of December 31, 2022. Operational and Business Highlights Quanterix’s six quarter corporate transformation program is now complete. Newly developed assays are now in production and available to customers. Quanterix announced first collaborations with five health networks to aid the diagnosis and clinical management of individuals with Alzheimer’s Disease. AdventHealth, Mass General Brigham, Mayo Clinic, MUSC, and UPMC will leverage Quanterix technology and assays to streamline care for Alzheimer’s patients. Eli Lilly announced the launch of their p-Tau 217 blood-based diagnostics test, which runs on the Quanterix platform. Continued progress on two important studies for multi-marker test development and validation. Phase 1 is now complete for both the CANTATE and BioHermes trials, with readouts expected in 2024. Quanterix also advanced several US-based prospective clinical studies supporting leading academic research centers, the University of Pennsylvania Health System and UPMC, to evaluate Simoa® blood-based biomarkers as part of Alzheimer’s Disease clinical care workflows. 2024 Full Year Business Outlook Management expects full-year 2024 revenue to be in the range of $139 to $144 million. This guide is for our research-only business and does not include revenues from Diagnostics testing, which to date have not been material. GAAP gross margin percentage is expected to be in the range of 57-61%, and non-GAAP gross margin percentage is expected to be in the range of 51-55%. Additionally, the Company anticipates 2024 cash usage in the range of $25 to $30 million. 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 February 29, 2024 at 4:30 p.m. E.T. Click here to pre-register for the conference call and obtain your dial-in number and passcode. Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at http://www.quanterix.com. An archived webcast replay will be available on the Company’s website for one year. Financial Highlights Quanterix Corporation Consolidated Statements of Operations (Unaudited and in thousands, except per share data) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 Revenues: Product revenue $ 20,821 $ 16,674 $ 79,460 $ 69,808 Service and other revenue 10,230 8,767 40,299 34,495 Collaboration and license revenue 146 170 1,380 649 Grant revenue 352 213 1,229 570 Total revenues 31,549 25,824 122,368 105,522 Costs of goods sold and services: Cost of product revenue 10,025 9,631 32,636 40,809 Cost of service and other revenue 4,725 3,601 19,086 17,907 Total costs of goods sold and services 14,750 13,232 51,722 58,716 Gross profit 16,799 12,592 70,646 46,806 Operating expenses: Research and development 6,991 5,600 24,857 25,890 Selling, general, and administrative 24,172 19,272 90,241 91,995 Other lease costs 1,016 669 3,712 1,278 Impairment and restructuring 1,570 9,006 1,537 29,347 Total operating expenses 33,749 34,547 120,347 148,510 Loss from operations (16,950 ) (21,955 ) (49,701 ) (101,704 ) Interest income (expense), net 4,319 2,815 15,839 5,131 Other income (expense), net 363 614 2,247 (62 ) Loss before income taxes (12,268 ) (18,526 ) (31,615 ) (96,635 ) Income tax (expense) benefit (141 ) (75 ) (719 ) (65 ) Net loss $ (12,409 ) $ (18,601 ) $ (32,334 ) $ (96,700 ) Net loss per common share, basic and diluted $ (0.33 ) $ (0.50 ) $ (0.86 ) $ (2.61 ) Weighted-average common shares outstanding, basic and diluted 37,890 37,160 37,594 36,991 Quanterix Corporation Consolidated Balance Sheets (Unaudited and in thousands) December 31, 2023 December 31, 2022 ASSETS Current assets: Cash and cash equivalents $ 174,422 $ 338,740 Marketable securities 146,902 — Accounts receivable 25,414 19,017 Inventory 22,365 16,786 Prepaid expenses and other current assets 9,291 6,860 Total current assets 378,394 381,403 Restricted cash 2,604 2,597 Property and equipment, net 17,926 20,162 Intangible assets, net 6,034 7,516 Operating lease right-of-use assets 18,251 21,223 Other non-current assets 1,802 1,298 Total assets $ 425,011 $ 434,199 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 5,048 $ 3,836 Accrued compensation and benefits 13,659 10,658 Accrued expenses and other current liabilities 6,041 5,133 Deferred revenue 9,468 8,644 Operating lease liabilities 4,241 2,687 Total current liabilities 38,457 30,958 Deferred revenue, net of current portion 1,227 1,415 Operating lease liabilities, net of current portion 37,223 41,417 Other non-current liabilities 1,177 1,469 Total liabilities 78,084 75,259 Total stockholders’ equity 346,927 358,940 Total liabilities and stockholders’ equity $ 425,011 $ 434,199 Quanterix Corporation Consolidated Statements of Cash Flows (Unaudited and in thousands) Year Ended December 31, 2023 2022 Cash flows from operating activities: Net loss $ (32,334 ) $ (96,700 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization expense 6,364 5,349 Credit losses (gains) on accounts receivable 336 (301 ) Accretion of marketable securities (1,964 ) — Operating lease right-of-use asset amortization 2,015 715 Stock-based compensation expense 16,764 15,442 Impairment 1,570 25,592 Other operating activity 150 (439 ) Changes in assets and liabilities: Accounts receivable (6,695 ) 5,156 Inventory (5,364 ) 5,386 Prepaid expenses and other current assets (2,371 ) (568 ) Other non-current assets (775 ) (909 ) Accounts payable 1,189 (5,362 ) Accrued compensation and benefits, accrued expenses, and other current liabilities 4,276 (3,976 ) Deferred revenue 635 2,599 Operating lease liabilities (2,645 ) (266 ) Other non-current liabilities (53 ) 10 Net cash used in operating activities (18,902 ) (48,272 ) Cash flows from investing activities: Purchases of marketable debt securities (175,613 ) — Proceeds from marketable debt securities 31,000 — Purchases of property and equipment (3,788 ) (11,726 ) Proceeds from RADx grant on assets purchased — 520 Net cash used in investing activities (148,401 ) (11,206 ) Cash flows from financing activities: Proceeds from common stock issued under stock plans 2,889 2,311 Payments for employee taxes withheld on stock-based compensation awards (198 ) — Sale of common stock in underwritten public offering, net — — Payments on notes payable — — Net cash provided by financing activities 2,691 2,311 Net increase (decrease) in cash, cash equivalents, and restricted cash (164,612 ) (57,167 ) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 301 (538 ) Cash, cash equivalents, and restricted cash at beginning of period 341,337 399,042 Cash, cash equivalents, and restricted cash at end of period $ 177,026 $ 341,337 Use of Non-GAAP Financial Measures To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations, which are calculated by including shipping and handling costs for product sales within cost of goods sold instead of within selling, general, and administrative expenses. Management uses these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. 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 U.S. GAAP. 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 Quanterix Corporation Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited and in thousands, except percentages) Three Months Ended December 31, Year Ended December 31, 2023 2022 2023 2022 GAAP gross profit $ 16,799 $ 12,592 $ 70,646 $ 46,806 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP gross profit $ 14,658 $ 10,669 $ 62,500 $ 39,595 GAAP revenue $ 31,549 $ 25,824 $ 122,368 $ 105,522 GAAP gross margin (gross profit as % of revenue) 53.2 % 48.8 % 57.7 % 44.4 % Non-GAAP gross margin (non-GAAP gross profit as % of revenue) 46.5 % 41.3 % 51.1 % 37.5 % GAAP total operating expenses $ 33,749 $ 34,547 $ 120,347 $ 148,510 Shipping and handling costs (1) (2,141 ) (1,923 ) (8,146 ) (7,211 ) Non-GAAP total operating expenses $ 31,608 $ 32,624 $ 112,201 $ 141,299 GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) Non-GAAP loss from operations $ (16,950 ) $ (21,955 ) $ (49,701 ) $ (101,704 ) (1) Shipping and handling costs, which include freight and other activities costs associated with product shipments, are captured within operating expenses in our consolidated statements of operations. During the three months ended December 31, 2023 and 2022, we incurred $2.1 million and $1.9 million, respectively, of shipping and handling costs recorded within operating expenses. During the year ended December 31, 2023 and 2022, we incurred $8.1 million and $7.2 million, respectively, of shipping and handling costs within operating expenses. About Quanterix 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 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. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,700 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn. Forward-Looking Statements Quanterix’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’s 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’s 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’s 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 our periodic reports filed 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20240229223646/en/
Media: PAN Communications Maya Nimnicht 510-334-6273 quanterix@pancomm.com Investor Relations: ir@quanterix.com