Full Press Release Details
Quanterix Corporation Releases Operating
Results for First Quarter 2020
$15.7M revenues, 27% Q1 YOY
Mass. - May 5, 2019 - 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, 2020.
"Q1 2020 was yet another strong quarter for
Quanterix underscored by strong execution and revenue growth, particularly given the COVID-19 pandemic," said Kevin
Hrusovsky, President, Chairman and Chief Executive Officer, Quanterix. "We are making continuous advances in many
neurology, immunity and COVID-19 applications. We are also utilizing our Accelerator Laboratory to run trials and studies for
customers experiencing disruptions in their laboratories. Despite the present near-term challenges, we remain positive and
committed to the unprecedented market opportunity."
First Quarter 2020 Financial Highlights
Key financial results for the first quarter of 2020 are shown
For additional information on the non-GAAP financial measures
included in this press release, please see "Use of Non-GAAP Financial Measures" and "Reconciliation of Non-GAAP
First Quarter 2020 Business Highlights
In conjunction with this announcement, Quanterix Corporation
will host a conference call on May 5, 2020, 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: 4994882.
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 following
completion of the call.
Financial Highlights (in thousands)
| Quanterix Income Statement | ||||||||
| in '000 USD | Q1 2020 | Q1 2019 | ||||||
| Product Revenue | 9,833 | 9,547 | ||||||
| Service and Other Revenue | 5,762 | 2,790 | ||||||
| Collaboration Revenue | 132 | 0 | ||||||
| Total Revenue | 15,727 | 12,337 | ||||||
| Cost of Product Revenue | 6,186 | 4,248 | ||||||
| Cost of Services Revenue | 2,728 | 2,082 | ||||||
| Gross Profit | 6,813 | 6,007 | ||||||
| Gross Margin % | 43.3 | % | 48.7 | % | ||||
| Research and Development | 4,268 | 3,852 | ||||||
| Selling, General and Administrative | 14,273 | 11,512 | ||||||
| Total Operating Expenses | 18,541 | 15,364 | ||||||
| Loss from Operations | -11,728 | -9,357 | ||||||
| Interest Income (Expense), net | 161 | 21 | ||||||
| Other Income (Expense), net | -167 | -47 | ||||||
| Tax | 124 | -22 | ||||||
| Net Loss | -11,610 | -9,405 |
Weighted average shares outstanding was 28.2 million for Q1
| Quanterix Balance Sheet | ||||||||
| in '000 USD | At 3/31/20 | At 12/31/19 | ||||||
| Cash and Cash Equivalents | 96,359 | 109,155 | ||||||
| Accounts Receivable | 12,065 | 10,906 | ||||||
| Inventory | 11,392 | 10,463 | ||||||
| Prepaid Expenses and Other | 2,722 | 2,137 | ||||||
| Total Current Assets | 122,538 | 132,661 | ||||||
| Restricted Cash | 1,000 | 1,026 | ||||||
| Property and Equipment, Net | 11,992 | 12,047 | ||||||
| Intangible Assets, Net | 13,115 | 14,307 | ||||||
| Goodwill | 8,914 | 9,353 | ||||||
| Right-of-Use Assets | 12,221 | 0 | ||||||
| Other Non-Current Assets | 525 | 557 | ||||||
| Total Assets | 170,305 | 169,951 | ||||||
| Accounts Payable & Accrued Expenses | 12,083 | 14,845 | ||||||
| Deferred Revenue | 5,438 | 4,697 | ||||||
| Current Portion of Long Term Debt | 0 | 75 | ||||||
| Lease Liabilities | 305 | 0 | ||||||
| Other Current Liabilities | 184 | 216 | ||||||
| Total Current Liabilities | 18,010 | 19,833 | ||||||
| Deferred Revenue, Net of Current Portion | 396 | 466 | ||||||
| Long Term Debt, Net of Current Portion | 7,608 | 7,587 | ||||||
| Lease Liabilities, Net of Current Portion | 22,741 | 0 | ||||||
| Other Non-Current Liabilities | 2,504 | 13,407 | ||||||
| Total Liabilities | 51,259 | 41,293 | ||||||
| Total Stockholders' Equity | 119,046 | 128,658 | ||||||
| Total Liabilities and Stockholders' Equity | 170,305 | 169,951 |
Use of Non-GAAP Financial Measures
To supplement the Company's financial
statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures, including non-GAAP gross margin.
Management uses these non-GAAP measures to evaluate the Company's operating performance in
a manner that allows for meaningful period-to-period comparison and analysis of trends in its business. Management
believes that such measures are important in comparing current results with prior period results, and are useful to investors and
financial analysts in assessing the Company's operating performance. The non-GAAP financial information presented here should
be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors
are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures
of Non-GAAP Financials
| 2020 | 2019 | |||||||
| Three months ended | ||||||||
| March 31 | ||||||||
| Total revenue | $ | 15,727 | $ | 12,337 | ||||
| Gross profit | $ | 6,813 | $ | 6,007 | ||||
| Acquisition-related purchase accounting charges (Note 1) | $ | 820 | $ | - | ||||
| Non-GAAP gross profit | $ | 7,633 | $ | 6,007 | ||||
| GAAP gross margin % | 43.3 | % | 48.7 | % | ||||
| Non-GAAP gross margin % | 48.5 | % | 48.7 | % |
During the three months ended March 31, 2020, we incurred $438 thousand of acquisition-related amortization of inventory valuation
in connection with our acquisition of UmanDiagnostics. Also during the three months ended March 31, 2020, we incurred $382 thousand
of acquisition-related amortization of intangible assets in connection with our acquisition of UmanDiagnostics.
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
Amol Chaubal, CFO, 617-301-9495
Staci Didner, 617-502-4300