64% Q1 revenue growth and 650 bps gross margin improvement
Quanterix Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis to advance the science of precision health, today announced financial results for the three months ended March 31, 2019.
“We’ve made strong progress over the past quarter, which now marks our sixth consecutive quarter since the IPO of accelerated growth. In addition, we are achieving important goals in neurology and now oncology with the launch of our new SP-X™ Imaging and Detection System,” said Kevin Hrusovsky, Chief Executive Officer, President and Chairman, Quanterix. “There is mounting evidence supporting our Simoa technology’s potential to transform virtually every category of medicine. The extreme precision and sensitivity of our expanding portfolio of instruments and platforms is fueling new insights on drug targets, disease progression biomarkers and new opportunities for patient stratification for clinical trials, transforming traditional approaches to drug development and precision medicine.”
First Quarter 2019 Financial Highlights
Key financial results for the first quarter are shown below:
First Quarter 2019 Business Highlights
Conference Call
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 9, 2019, at 4:30 p.m., EDT to discuss the Company’s financial results and business outlook. To access this call, dial (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following conference ID: 8955828.
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 for one year following completion of the call.
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Financial Highlights (in thousands) |
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Quarterly Statement of Operations |
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| Q1 2019 | Q1 2018 | |||||||||
| Product Revenue | $9,547 | $4,745 | ||||||||
| Service and other revenue | 2,790 | 2,507 | ||||||||
| Collaboration revenue | 0 | 269 | ||||||||
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Total revenue |
$12,337 | $7,521 | ||||||||
| Cost of product revenue | $4,248 | $2,773 | ||||||||
| Cost of service revenue | 2,082 | 1,576 | ||||||||
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Gross profit |
$6,007 | $3,172 | ||||||||
| Research and development | $3,684 | $3,573 | ||||||||
| Selling, general and administrative | 10,381 | 6,055 | ||||||||
| Stock comp expenses included in operating expenses | 1,299 | 707 | ||||||||
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Total operating expenses |
$15,364 | $10,335 | ||||||||
| Interest income (expense), net | $21 | ($24 | ) | |||||||
| Other income (expense), net | (47 | ) | (15 | ) | ||||||
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Loss before income tax |
($9,383 | ) | ($7,202 | ) | ||||||
| Other income (expense), net | 22 | 0 | ||||||||
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Net loss |
($9,405 | ) | ($7,202 | ) |
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Quanterix Balance Sheet |
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03/31/2019 |
12/31/2018 |
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| Cash and cash equivalents | $33,972 | $44,429 | |||||||
| AR | 7,303 | 6,792 | |||||||
| Inventory | 7,742 | 5,945 | |||||||
| Prepaid and other | 2,502 | 2,330 | |||||||
| Total current assets | $51,519 | $59,496 | |||||||
| Restricted Cash | $1,019 | $1,000 | |||||||
| Property and equipment, net | 8,582 | 2,923 | |||||||
| Intangible assets and goodwill | 3,506 | 3,656 | |||||||
| Other non-current assets | 550 | 536 | |||||||
| Total assets | $65,176 | $67,611 | |||||||
| Accounts payable / accrued expenses | $11,039 | $12,688 | |||||||
| Deferred revenue | 5,484 | 5,437 | |||||||
| Current portion of long term debt | 75 | 0 | |||||||
| Lease incentive obligation | 461 | 0 | |||||||
| Total current liabilities | $17,059 | $18,125 | |||||||
| Deferred revenue, net of current portion | $431 | $520 | |||||||
| Long term debt | 7,572 | 7,623 | |||||||
| Lease incentive obligation, net of current portion | 4,804 | 0 | |||||||
| Other non-current liabilities | 1,095 | 278 | |||||||
| Total Liabilities | $30,961 | $26,546 | |||||||
| Total stockholder equity | $34,215 | $41,065 | |||||||
| Total liabilities and shareholders equity | $65,176 | $67,611 | |||||||
About Quanterix
Quanterix is a company that’s 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 in which healthcare is provided today by giving
researchers the ability to closely examine the continuum from health to
disease. Quanterix’ technology is designed to enable much earlier
disease detection, better prognoses and enhanced treatment methods to
improve the quality of life and longevity of the population 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 Lexington, Massachusetts. For
additional 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. 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 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/20190509005869/en/
Quanterix, Inc.
Amol Chaubal, CFO, 617-301-9495
achaubal@quanterix.com
PAN Communications
Lindsay Poole, 617-502-4300
quanterix@pancomm.com