Full Press Release Details
Quanterix Corporation Releases Operating Results
for First Quarter 2021
Q1 GAAP revenue including grant revenue $27.2M;
Q1 non-GAAP revenue $24.9M, an increase of 58% versus prior year
Mass. - May 5, 2021 - Quanterix Corporation (NASDAQ: QTRX),
a company helping to transform healthcare with digital protein biomarker technology enabling precision health, today announced financial
results for the three months ending March 31, 2021.
"We made productive advances on our strategic and operational
priorities during the first quarter 2021," said Chairman, Chief Executive Officer and President, Quanterix, Kevin Hrusovsky. "The
precision health ecosystem continues to catalyze interest and adoption from healthcare payors, government agencies, academia, and pharmaceutical
companies as they make tangible advances in developing drug therapies for Alzheimer's, Parkinson's, Multiple Sclerosis, traumatic
brain injury, COVID-19, infectious diseases and cancers. We are rapidly innovating our technology and expanding our assay menu with a
priority focus on early detection plasma biomarkers for Alzheimer's and neuro-degeneration to keep pace with today's research
demands and deliver on the promise of non-invasive biomarkers to fuel breakthroughs in diagnostics and drug development."
First Quarter 2021 Financial Highlights
Key financial results for the first quarter of 2021 are shown below:
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 Financials" below.
First Quarter Business Highlights
In conjunction with this announcement, Quanterix Corporation will
host a conference call on May 5 at 4:30 p.m., EDT. Individuals interested in listening to the conference call may do so by dialing (800)
697-5978 for domestic callers, or (630) 691-2750 for international callers. Please reference the following conference ID: 9220
612#. A live webcast will also be available at: https://edge.media-server.com/mmc/p/ta24ja4s
The webcast will be available on the Company's website, https://www.quanterix.com/,
for one year following completion of the call.
Financial Highlights
Quanterix Income Statement
| in '000 USD | Q1 2021 | Q1 2020 | ||||||
| Product Revenue | 18,248 | 9,833 | ||||||
| Service and Other Revenue | 6,409 | 5,762 | ||||||
| Collaboration and License Revenue | 261 | 132 | ||||||
| Development Revenue | 2,291 | 0 | ||||||
| Total Revenue | 27,209 | 15,727 | ||||||
| Cost of Product Revenue | 7,480 | 6,186 | ||||||
| Cost of Services Revenue | 3,380 | 2,728 | ||||||
| Gross Profit | 16,349 | 6,813 | ||||||
| Gross Margin % | 60.1 | % | 43.3 | % | ||||
| Research and Development | 6,683 | 4,268 | ||||||
| Selling, General and Administrative | 19,455 | 14,273 | ||||||
| Total Operating Expenses | 26,138 | 18,541 | ||||||
| Loss From Operations | -9,789 | -11,728 | ||||||
| Interest (Expense) Income, net | -163 | 161 | ||||||
| Other Expense, net | -194 | -167 | ||||||
| Tax | 42 | 124 | ||||||
| Net Loss | -10,104 | -11,610 |
Weighted average shares outstanding was 34.4 million for Q1 2021 and
28.2 million for Q1 2020.
Quanterix Balance Sheet
| in '000 USD | At 3/31/21 | At 12/31/20 | ||||||
| Cash and Cash Equivalents | 442,672 | 181,584 | ||||||
| Accounts Receivable | 14,936 | 17,184 | ||||||
| Inventory | 17,044 | 14,856 | ||||||
| Prepaid Expenses and Other | 7,791 | 5,981 | ||||||
| Total Current Assets | 482,443 | 219,605 | ||||||
| Restricted Cash | 1,400 | 1,000 | ||||||
| Property and Equipment, Net | 14,183 | 13,912 | ||||||
| Intangible Assets, Net | 12,464 | 13,716 | ||||||
| Goodwill | 9,933 | 10,460 | ||||||
| Right-of-Use Assets | 11,870 | 11,995 | ||||||
| Other Non-Current Assets | 373 | 357 | ||||||
| Total Assets | 532,666 | 271,045 | ||||||
| Accounts Payable & Accrued Expenses | 19,121 | 22,421 | ||||||
| Deferred Revenue | 6,420 | 5,421 | ||||||
| Current Portion of Long Term Debt | 7,694 | 7,673 | ||||||
| Lease Liabilities | 1,271 | 1,234 | ||||||
| Other Current Liabilities | 1,985 | 3,054 | ||||||
| Total Current Liabilities | 36,491 | 39,803 | ||||||
| Deferred Revenue, Net of Current Portion | 776 | 577 | ||||||
| Lease Liabilities, Net of Current Portion | 21,552 | 21,891 | ||||||
| Other Non-Current Liabilities | 2,378 | 2,649 | ||||||
| Total Liabilities | 61,197 | 64,920 | ||||||
| Total Stockholders' Equity | 471,469 | 206,125 | ||||||
| Total Liabilities and Stockholders' Equity | 532,666 | 271,045 |
Use of Non-GAAP Financial Measures
supplement the Company's financial statements presented on a GAAP basis, the Company has provided certain non-GAAP financial measures,
including non-GAAP revenue and 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 set forth below.
Reconciliation of non-GAAP Financials
| 2021 | 2020 | |||||||
| Three months ended | ||||||||
| March 31 | ||||||||
| Total revenue | $ | 27,209 | $ | 15,727 | ||||
| Grant revenue (Note 1) | $ | (2,291 | ) | - | ||||
| Non-GAAP revenue | $ | 24,918 | $ | 15,727 | ||||
| Gross profit | $ | 16,349 | $ | 6,813 | ||||
| Grant revenue (Note 1) | $ | (2,291 | ) | - | ||||
| Acquisition-related purchase accounting charges (Note 2) | $ | 520 | $ | 820 | ||||
| Non-GAAP gross profit | $ | 14,578 | $ | 7,633 | ||||
| GAAP gross margin % | 60.1 | % | 43.3 | % | ||||
| Non-GAAP gross margin % | 58.5 | % | 48.5 | % | ||||
| GAAP total operating expenses | $ | 26,138 | $ | 18,541 | ||||
| Grant research and development expenses (Note 3) | $ | (1,763 | ) | - | ||||
| Acquisition-related purchase accounting charges (Note 4) | $ | (20 | ) | $ | (20 | ) | ||
| Non-GAAP total operating expenses | $ | 24,355 | $ | 18,521 | ||||
| GAAP loss from operations | $ | (9,789 | ) | $ | (11,728 | ) | ||
| Non-GAAP loss from operations | $ | (9,777 | ) | $ | (10,888 | ) |
Note 1: During the three months ended March 31, 2021, we recognized
$2.3 million in revenue in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics
Note 2: During the three months ended March 31, 2021, we incurred $138 thousand of acquisition-related amortization of inventory
valuation and $382 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of
UmanDiagnostics. During the three months ended March 31, 2020, we incurred $438 thousand of acquisition-related amortization of inventory
valuation and $382 thousand of acquisition-related amortization of intangible assets in connection with our acquisition of UmanDiagnostics.
Note 3: During the three months ended March 31, 2021, we incurred $1.8 million in research and development expenses in connection with
our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program.
Note 4: During each of the the
three months ended March 31, 2021 and 2020, we incurred $20 thousand of acquisition-related amortization of intangible assets adjustments
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
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.
Staci Didner, (407) 734-7325
Investor Relations Contact: