Quanterix Corporation Reports First Quarter 2022 Operating Results | national company

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.

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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

http://www.businesswire.com/news/home/20220510005736/en

Copyright BusinessWire 2022.

Luisa D. Fuller