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Quanterix Corporation Releases Operating Results for First Quarter 2022

Quanterix reports continued revenue growth as it scales to support transformational advances in neurology research

Quanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis with the goal of advancing the science of precision health, today announced financial results for the three months ended March 31, 2022.

“This is a pivotal time for growth in neurology and therapeutics, marked by breakthroughs in some of the world’s biggest health threats, including Alzheimer’s disease and multiple sclerosis (MS),” said Masoud Toloue, Chief Executive Officer, Quanterix. “I’m excited for the opportunity to lead Quanterix through this next chapter, and looking ahead, we’ll focus on several transformational changes around scaling with quality, innovation, and our ability to translate ultra-sensitive biomarker detection to help researchers and pharmaceutical companies drive earlier disease detection, better prognoses, and enhanced treatment methods.”

Toloue continued, “Q1 revenue was in line with our expectations and full-year goals; however, gross margin fell well short of our expectations. As part of our larger goal of scaling with quality, we are implementing specific changes to our inventory management and quality processes, which we expect will improve our gross margins going forward.”

First Quarter 2022 Financial Highlights

Key financial results for the first quarter of 2022 are shown below:

  • Q1 total revenue was $29.6M versus prior year Q1 of $27.2M(1), an increase of 9%;
  • Q1 product revenue was $20.7M versus prior year Q1 of $18.2M, an increase of 13%;
  • Q1 service and other revenue was $8.8M versus prior year Q1 of $6.4M, an increase of 37%; and
  • Q1 gross margin was 49.3% versus prior year Q1 gross margin of 60.1%.

    ____________________

    (1) Q1 2021 total revenue includes $2.3M in RADx-related grant revenue.

First Quarter Business Highlights

  • Quanterix announced new agreements with Lilly to advance Alzheimer’s disease diagnosis and treatment; the agreements provide Quanterix access to Lilly’s P-tau217 antibody technology to create pathways for plasma-based biomarkers for use in Alzheimer’s disease and establishes framework for future collaboration and supports development of Quanterix tests to advance diagnosing and treating life-threatening diseases. Quanterix recognized $2.7M in service revenue during the first quarter of 2022 under these agreements.
  • Quanterix received funding from the Alzheimer’s Drug Discovery Foundation (ADDF) to accelerate Alzheimer’s disease diagnostic plasma test development; the funding will power a series of prospective clinical trials to validate Quanterix’ multi-analyte test in collaboration with Amsterdam University Medical Centers (Amsterdam UMC).
  • Quanterix’ Simoa® technology powered a major breakthrough in Epstein-Barr Virus and MS, which was featured in the Journal of Science.
  • Academic publication pull-through performance continued to be strong; Quanterix’ Simoa technology was highlighted in a record 151 new publications in the first quarter 2022, bringing total 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. Individuals interested in listening to the conference call may do so by dialing (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following Conference ID: 4589034.

A live webcast will also be available at: https://edge.media-server.com/mmc/p/vt3rqy39. 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 (in thousands)

Quanterix Income Statement

 

 

 

 

 

in '000 USD

Q1 2022

Q1 2021

Product Revenue

20,656

18,248

Service and Other Revenue

8,810

6,409

Collaboration and License Revenue

86

261

Development Revenue

0

2,291

Total Revenue

29,552

27,209

 

 

Cost of Product Revenue

10,746

7,480

Cost of Services Revenue

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

25,712

19,455

Total Operating Expenses

32,746

26,138

 

 

Loss From Operations

-18,187

-9,789

Interest Income (Expense), net

52

-163

Other Expense, net

-217

-194

Tax

199

42

Net Loss

 

-18,153

-10,104

 

Quanterix Balance Sheet

 

in '000 USD

At 3/31/22

At 12/31/21

Cash and Cash Equivalents

374,317

396,465

Accounts Receivable

22,616

23,786

Inventory

22,669

22,190

Prepaid Expenses and Other

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

Goodwill

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 & Accrued Expenses

20,425

28,947

Deferred Revenue

9,194

6,361

Current Portion of Long Term Debt

0

0

Lease Liabilities

1,886

1,428

Other Current Liabilities

268

241

Total Current Liabilities

31,773

36,977

Deferred Revenue, 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 Liabilities

78,249

60,575

 

Total Stockholders’ Equity

426,408

440,952

 

 

 

Total Liabilities and Stockholders’ Equity

504,657

501,527

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 Billerica, 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.

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