Quanterix Corporation (NASDAQ: QTRX), a company fueling
scientific discovery through ultrasensitive biomarker detection,
today announced financial results for the three months ended March
31, 2023.
“Our corporate transformation initiated in August 2022 to
maximize Quanterix’s full potential is on track. We remain
confident that we have taken the right steps to build a strong
foundation in preparation for future growth,” said Masoud Toloue,
President and Chief Executive Officer of Quanterix. “This progress
takes on added importance with the FDA’s recent decision to approve
tofersen for the treatment of superoxide dismutase 1 amyotrophic
lateral sclerosis, in large part based on strong surrogate
neurofilament light chain biomarker data. This decision adds
significant momentum to the use of biomarkers for predicting
disease severity and clinical benefit in neurodegenerative
diseases, and we believe Quanterix will continue to be at the
forefront of these developments.”
First Quarter 2023 Financial Highlights
- Q1 total revenue was $28.5 million versus prior year Q1 of
$29.6 million, a decrease of 4% driven by a decline in instrument
revenue. Q1 total revenue increased 10% from Q4 2022 driven by
increased consumable revenue.
- Gross margin, a key success indicator of the strategic
realignment, saw strong quarter over quarter improvement. Q1 2023
GAAP gross margin was 59.5% versus Q1 2022 GAAP gross margin of
49.3% and Q4 2022 GAAP gross margin of 48.8%. Q1 2023 non-GAAP
gross margin was 53.1% versus Q1 2022 non-GAAP gross margin of
43.2% and Q4 2022 non-GAAP gross margin of 41.3%.
- Q1 net loss was $6.1 million versus prior year Q1 of $18.2
million, a decrease of 66%.
- Cash burn for Q1 was $9.1 million, leaving us with $329.4
million of unrestricted cash as of March 31, 2023.
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.
2023 Business Highlights
- In January 2023, the Company expanded its lab developed test
(LDT) menu with the launch of an NfL LDT, which can be used as an
aid in the evaluation of individuals for possible neurodegenerative
conditions or other causes of neuronal or central nervous system
damage. Quanterix’s Simoa NfL is the most widely published NfL test
with hundreds of research papers, demonstrating its validity for
assessing neuronal damage, and Simoa NfL has become widely adopted
in therapeutic clinical trial designs. We believe the recent FDA
approval of tofersen, which relied on neurofilament light chain
biomarker data, also validates the importance of this test.
- The Company participated in the 2023 Alzheimer’s
Disease/Parkinson’s Disease conference in Gothenburg, Sweden.
Simoa-based biomarkers were highlighted in more than 11 panel
discussions and over 30 poster presentations.
- Published discoveries enabled through Quanterix’s Simoa
technology continue to illustrate industry reliance on the
Company’s ultra-sensitive technology for breakthrough discovery in
research and clinical applications. The technology was highlighted
in more than 140 new publications in the first quarter 2023,
bringing total Simoa-specific inclusions to over 2,200 as of March
31, 2023.
Full Year Business Outlook
Quanterix has made a modest increase to its guidance for the
full year 2023. The Company expects revenues to be in the range of
$104 to $111 million. The Company expects GAAP gross margin
percentage to be in the high 40s and non-GAAP gross margin
percentage to be in the mid 40s. Expected cash burn for 2023 is
unchanged, and the Company expects an approximately 10% improvement
compared to 2022.
Conference Call
In conjunction with this announcement, Quanterix Corporation
will host a conference call on May 9, 2023, at 4:30 p.m. Eastern
Time. Individuals interested in listening to the conference call
may do so by pre-registering here and obtaining a dial-in number
and passcode.
A live webcast will also be available at:
https://edge.media-server.com/mmc/p/n9hbuqvf. You may also access
the live webcast by visiting the News & Events page within the
Investors section of the Quanterix website at www.quanterix.com.
The webcast will be available on the Company’s website for one year
following completion of the call.
Financial Highlights
Quanterix Corporation Condensed Consolidated Statements
of Operations (Unaudited and in thousands, except share and
per share data) Three Months Ended March 31,
2023
2022
Product revenue $
19,287
$
20,656
Service and other revenue
8,579
8,810
Collaboration revenue
368
86
Grant revenue
222
—
Total revenue
28,456
29,552
Costs of goods sold: Cost of product revenue
7,033
10,746
Cost of service and other revenue
4,497
4,247
Total costs of goods sold and services
11,530
14,993
Gross profit
16,926
14,559
Gross margin
59.5%
49.3%
Operating expenses: Research and development
4,720
7,034
Selling, general and administrative
20,883
25,712
Other lease costs
776
—
Restructuring
(33)
—
Total operating expenses
26,346
32,746
Loss from operations
(9,420)
(18,187)
Interest income (expense), net
3,449
52
Other income (expense), net
8
(217)
Loss before income taxes
(5,963)
(18,352)
Income tax (expense) benefit
(140)
199
Net loss $
(6,103)
$
(18,153)
Net loss per share, basic and diluted $
(0.16)
$
(0.49)
Weighted-average common shares outstanding, basic and diluted
37,326,559
36,850,894
Quanterix Corporation Condensed Consolidated
Balance Sheets (Unaudited and in thousands)
March 31, 2023 December 31, 2022 Assets Current
assets: Cash and cash equivalents $
329,354
$
338,740
Accounts receivable, net
22,546
19,017
Inventory
17,070
16,786
Prepaid expenses and other current assets
7,002
6,860
Total current assets
375,972
381,403
Restricted cash
2,920
2,597
Property and equipment, net
19,056
20,162
Intangible assets, net
7,129
7,516
Right-of-use assets
20,891
21,223
Other non-current assets
1,345
1,298
Total assets $
427,313
$
434,199
Liabilities and stockholders’ equity Current liabilities: Accounts
payable $
2,585
$
3,836
Accrued compensation and benefits
4,880
10,658
Other accrued expenses
4,624
4,747
Deferred revenue
10,682
8,644
Short-term lease liabilities
3,875
2,687
Other current liabilities
291
386
Total current liabilities
26,937
30,958
Deferred revenue, net of current portion
1,419
1,415
Long-term lease liabilities
40,409
41,417
Other non-current liabilities
1,216
1,469
Total liabilities
69,981
75,259
Total stockholders’ equity
357,332
358,940
Total liabilities and stockholders’ equity $
427,313
$
434,199
Use of Non-GAAP Financial Measures
To supplement its financial statements presented on a GAAP
basis, the Company presents non-GAAP gross profit and non-GAAP
gross margin, 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 the Company’s operating
performance in a manner that allows for meaningful period-to-period
comparison and analysis of trends between the Company’s business
and its competitors. Management believes that presentation of
non-GAAP gross margin provides useful information to investors in
assessing the Company’s operating performance within its industry
and in order to allow comparability to the presentation of other
companies in its industry where shipping and handling costs are
included in cost of goods sold for products. Management also uses
non-GAAP gross margin as a factor in assessing the Company’s
progress against the strategic business realignment plan. 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 pro-forma measures
to their most directly comparable GAAP financial measures set forth
below.
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, Three Months Ended, March 31, 2023
March 31, 2022 March 31, 2023 December 31,
2022 GAAP gross profit $
16,926
$
14,559
$
16,926
$
12,592
Shipping and handling costs (1)
(1,829)
(1,781)
(1,829)
(1,926)
Non-GAAP gross profit $
15,097
$
12,778
$
15,097
$
10,666
GAAP Revenue
28,456
29,552
28,456
25,824
GAAP Gross margin (GAAP gross profit as % of revenue)
59.5%
49.3%
59.5%
48.8%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)
53.1%
43.2%
53.1%
41.3%
GAAP total operating expenses $
26,346
$
32,746
$
26,346
$
34,547
Shipping and handling costs (1)
(1,829)
(1,781)
(1,829)
(1,926)
Non-GAAP total operating costs $
24,517
$
30,965
$
24,517
$
32,621
GAAP loss from operations $
(9,420)
$
(18,187)
$
(9,420)
$
(21,955)
Non-GAAP loss from operations $
(9,420)
$
(18,187)
$
(9,420)
$
(21,955)
(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 March 31, 2023 and 2022, we incurred $1.8 million and
$1.8 million, respectively, of shipping and handling costs recorded
within operating expenses. During the three months ended December
31, 2022, we incurred $1.9 million 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 (LoQ). 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 2,200 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
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
anticipated progress associated with Quanterix’ strategic business
alignment plan, and are subject to a number of risks, uncertainties
and assumptions. 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 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
December 31, 2022, filed with the SEC on March 6, 2023. 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/20230509005886/en/
Media: PAN Communications Maya Nimnicht 510-334-6273
quanterix@pancomm.com
Investor Relations: Amy Achorn (978) 488-1854
ir@quanterix.com
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