Create the tools enabling discovery and better health O U R M I S S I O N 1 1. Preliminary unaudited full year results for 2023.​ 2. The Company is guiding full year 2023 GAAP gross margin percentage to be in the
Thursday, January 11, 2024 BiopharmaWatch Research 1 min read
Key Takeaway: QTRX has released preliminary unaudited full-year results for 2023, projecting a GAAP gross margin percentage in the high 50s and a non-GAAP gross margin of around 50%. Significant operational improvements have been noted, including a reduction in cash burn by over three times and an increase in manufacturing capacity to over 4 million tests annually. The company also reported a strong balance sheet with more than $300 million in net cash, indicating financial stability and growth potential.
Price reaction · baseline $26.36 (2024-01-10 close) · hit after-hours · clean, no other QTRX news in the window
day 0 close
-9.1%
day 1
-13.1%
day 3 · peak
-15.5%
Market Sentiment Analysis
POSITIVE FACTORS
Guidance for high 50's GAAP gross margin indicates strong profitability potential.
Non-GAAP gross margin improving to approximately 50% shows operational efficiency.
Cash burn reduced by more than 3x signifies improved financial health.
Annual capacity improvement to >4M tests per year showcases growth potential.
Full Press Release Details
Preliminary unaudited full year results for 2023. 2. The Company is guiding full year 2023 GAAP gross margin percentage to be in the high 50's, and non-GAAP gross margin percentage to be approximately 50%. GAAP gross margin does not include shipping and handling costs, which include freight and other activities costs associated with product shipments.
Non-GAAP gross margin includes these shipping and handling costs. GAAP Gross Margin2 Biomarkers Publications Revenue1 Cash burn1 : QTRX Unmatched Technology >950 Instruments installed Early penetration in multi-billion diagnostics CLIA lab running validated neuro LDTs Non-GAAP Gross Margin2 Built to lead neuro decade 2 Strong Results Operational Leverage Clear Strategy Research Power the neuro decade with unique biomarkers Diagnostics Establish and grow the AD diagnostics business Lab Services capability >0.75M tests per year (improvement of 50%) Manufacturing capacity >4M tests per year (improvement of 300%) Innovation rate >20 assays per year (development times reduced from >18 months to <6 months) Double digit top-line growth1 Non-GAAP GM2 of appr. 50% Improvement of 1200 bps Strong Balance Sheet >$300M1 in net cash Annual cash burn1 down by >3x 1.
Non-GAAP gross margin includes these shipping and handling costs.
Frequently Asked Questions
What is the projected GAAP gross margin for 2023?
The projected GAAP gross margin for 2023 is in the high 50's.
How does non-GAAP gross margin differ from GAAP?
Non-GAAP gross margin includes shipping and handling costs, while GAAP does not.
What is the improvement in annual cash burn?
Annual cash burn has decreased by over 3 times.
How many tests can the manufacturing capacity handle?
The manufacturing capacity can handle over 4 million tests per year.