BILLERICA, Mass.–(BUSINESS WIRE)–May 10, 2022–
Quanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis with the goal of advancing the science of precision health, today announced its financial results for the three months ended March 31, 2022.
“This is a pivotal time for the growth of neurology and therapeutics, marked by breakthroughs in some of the world’s greatest health threats, including Alzheimer’s disease and multiple sclerosis (MS) said Masoud Toloue, president and CEO of Quanterix. “I am excited to have the opportunity to lead Quanterix through this next chapter, and moving forward, we will focus on several transformational changes around scaling with quality, innovation, and our ability to translate the detection of ultra-sensitive biomarkers to help researchers and pharmaceutical companies promote earlier disease detection, better prognoses and improved treatment methods.
Toloue continued: “First quarter revenue was in line with our expectations and objectives for the full year; however, the gross margin remained well below our expectations. As part of our broader goal to move with quality, we are implementing specific changes to our inventory and quality management processes, which we believe will improve our gross margins in the future.
First Quarter 2022 Financial Highlights
The main financial results for the first quarter of 2022 are presented below:
- Total first quarter revenue was $29.6 million compared to the prior year’s first quarter of $27.2 million(1), an increase of 9%;
- Product revenue in the first quarter was $20.7 million compared to the prior year’s first quarter of $18.2 million, an increase of 13%;
- First quarter service and other revenue was $8.8 million compared to the prior year’s first quarter of $6.4 million, an increase of 37%; and
- First quarter gross margin was 49.3% compared to the prior year first quarter gross margin of 60.1%.
____________________
(1) Total Q1 2021 revenue includes $2.3 million of RADx-related grant revenue.
First Quarter Business Highlights
- Quanterix announces new agreements with Lilly advancing the diagnosis and treatment of Alzheimer’s disease; these agreements allow Quanterix to access Lilly’s P-tau217 antibody technology to create pathways for plasma biomarkers for use in Alzheimer’s disease, establish a framework for future collaboration, and support the development of Quanterix tests to advance the diagnosis and treatment of life-threatening diseases. Quanterix recognized $2.7 million in services revenue during the first quarter of 2022 in connection with these agreements.
- Quanterix has received funding from the Alzheimer’s Drug Discovery Foundation (ADDF) to accelerate the development of plasma tests for the diagnosis of Alzheimer’s disease; the funding will fuel a series of prospective clinical trials to validate Quanterix’s multi-analyte test in collaboration with Amsterdam University Medical Centers (Amsterdam UMC).
- Quanterix’ Simoa ® technology has enabled a major breakthrough in Epstein-Barr Virus and MS, which was featured in the science review.
- The performance of academic publications remained solid; Quanterix’s Simoa technology was highlighted in a record 151 new releases in Q1 2022, bringing the total number of Simoa-specific inclusions to over 1,735.
Conference call
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 10, 2022 at 8:30 a.m. EST. Those interested in listening to the conference call can do so by dialing (833) 686-9351 for domestic callers or (612) 979-9890 for international callers. Please refer to the following conference ID: 4589034.
A live webcast will also be available on: https://edge.media-server.com/mmc/p/vt3rqy39. You can also access the live webcast by visiting the News and Events page of the Investors section of the Quanterix site at www.quanterix.com. The webcast will be available on the Company’s website for one year after the call ends.
Financial Highlights (in thousands)
|
Quanterix income statement |
||||
|
in ‘000 USD |
Q1 2022 |
Q1 2021 |
||
|
Product revenue |
20,656 |
18,248 |
||
|
Services and other income |
8,810 |
6,409 |
||
|
Collaboration and Licensing Revenue |
86 |
261 |
||
|
Development income |
0 |
2,291 |
||
|
Total revenue |
29,552 |
27,209 |
||
|
Product revenue cost |
10,746 |
7,480 |
||
|
Service revenue cost |
4,247 |
3,380 |
||
|
Gross profit |
14,559 |
16,349 |
||
|
Gross margin % |
49.3% |
60.1% |
||
|
Research and development |
7,034 |
6,683 |
||
|
Selling, general and administrative expenses |
25,712 |
19,455 |
||
|
Total operating expenses |
32,746 |
26,138 |
||
|
Operating loss |
-18,187 |
-9,789 |
||
|
Interest income (expense), net |
52 |
-163 |
||
|
Other expenses, net |
-217 |
-194 |
||
|
Tax |
199 |
42 |
||
|
Net loss |
-18,153 |
-10 104 |
|
Quanterix Review |
||||
|
in ‘000 USD |
As of 03/31/22 |
As of 12/31/21 |
||
|
Cash and cash equivalents |
374 317 |
396,465 |
||
|
Accounts Receivable |
22,616 |
23,786 |
||
|
Inventory |
22,669 |
22,190 |
||
|
Prepaid and other expenses |
14 104 |
6,514 |
||
|
Total current assets |
433,706 |
448,955 |
||
|
Restricted cash |
2,577 |
2,577 |
||
|
Property and equipment, net |
19,683 |
17,960 |
||
|
Intangible assets, net |
9,692 |
10,534 |
||
|
Good will |
9,323 |
9,632 |
||
|
Right-of-use assets |
29,298 |
11,491 |
||
|
Other non-current assets |
378 |
378 |
||
|
Total assets |
504 657 |
501 527 |
||
|
Accounts payable and accrued liabilities |
20,425 |
28,947 |
||
|
Deferred revenue |
9,194 |
6,361 |
||
|
Portion of long-term debt |
0 |
0 |
||
|
Rental debts |
1,886 |
1,428 |
||
|
Other current liabilities |
268 |
241 |
||
|
Total current liabilities |
31,773 |
36,977 |
||
|
Deferred income, net of current portion |
1,222 |
1,099 |
||
|
Lease liabilities, net of current portion |
43,563 |
20,464 |
||
|
Other non-current liabilities |
1,691 |
2,035 |
||
|
Total responsibilities |
78,249 |
60,575 |
||
|
Full shareholder equity |
426 408 |
440,952 |
||
|
Total Liabilities and Equity |
504 657 |
501 527 |
About Quanterix
Quanterix is a company digitizing biomarker analysis with the goal of advancing the science of precision health. The company’s digital health solution, Simoa, has the potential to change the way healthcare is delivered today by giving researchers the ability to look closely at the health-to-illness continuum. Quanterix’s technology is designed to enable much earlier disease detection, better prognoses, and improved treatment methods to improve people’s quality of life and longevity 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 Billerica, Massachusetts. For more 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.” and similar expressions (as well as other words or expressions that refer to future events, conditions or circumstances) are intended to identify the forward-looking statements. The forward-looking statements contained 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 could cause a difference between Quanterix’s actual results and those expressed or implied by the forward-looking statements in this press release are discussed in Quanterix’s filings with the United States Securities and Exchange Commission, including the “Factors in Risk” contained herein. Except as required by law, Quanterix assumes no obligation gation to update the forward-looking statements contained herein to reflect any changes in expectations, even when new information becomes available.
Show source version on businesswire.com:https://www.businesswire.com/news/home/20220510005736/en/
CONTACT: Media:
PAN Communications
Laurent Force
(610) 574-0565
pan.quanterix@pancomm.comInvestor Relations:
Etienne Hrusovsky
(774) 278-0496
ir@quanterix.com
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: HEALTH OTHER HEALTH OTHER SCIENTIFIC RESEARCH SCIENCE BIOTECHNOLOGY
SOURCE: Quanterix Corporation
Copyright BusinessWire 2022.
PUBLISHED: 05/10/2022 08:00 AM/DISC: 05/10/2022 08:02 AM
