Full Press Release Details
Quanterix Corporation Releases Operating
Results for Fourth Quarter and Full Year 2019
46% Q4 revenue growth; 51% full year growth
Mass. - March 9, 2020 - Quanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis
to advance the science of precision health, today announced financial results for the fourth quarter and 12 months ended December
"We're pleased to close out another year of
compelling growth, product launches, productive capital raises, key hires and technology adoption, marking our ninth
consecutive quarter of strong performance since going public two years ago," said Kevin Hrusovsky, Chief Executive
Officer, President and Chairman Quanterix. "2019 validated the vast utility for our Simoa technology to measure novel
biomarkers with rich clinical potential such as neurofilament light chain (Nf-L), as well as other neuro biomarkers used in
the fight against neurodegenerative diseases, such as Alzheimer's Disease, Multiple Sclerosis (MS), Parkinson's
Disease, ALS and traumatic brain injury. Our mid-year acquisition of UmanDiagnostics also secured our long-term supply
integrity of the fast growing and highly differentiated Uman Nf-L antibodies, which provide unmatched sensitivity and
specificity for Nf-L neuro-degeneration measurements in blood. Now that we have harnessed most of the value chain of this
highly attractive Nf-L franchise, we are working to fully realize its value creation potential through investments and
strategic collaborations with marquee partners. This has catalyzed many growth vectors with wide-ranging potential across the
research, drug development and clinical spectrum for neuro, oncology and inflammation biomarkers. We
enter 2020 with a solid lineup of new differentiated instruments, serum-based biomarker assays, specialty pharma services and
compelling validation stemming from over 650 Simoa-specific inclusions in publications. These advances,
plus adoption momentum in drug development, are increasing the longer-term promise for our technologies in the larger,
potentially more attractive, clinical landscape."
Fourth Quarter 2019 Financial Highlights
Key financial results for the fourth quarter of 2019 are shown
Full Year 2019 Financial Highlights
Key financial results for FY 2019 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
Fourth Quarter and Full Year 2019 Business Highlights
In conjunction with this announcement, Quanterix Corporation
will host a conference call on March 9 at 4:30 p.m., EDT. 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: 8171579. A live webcast will also be available at: https://edge.media-server.com/mmc/p/2wnc5veo. The webcast will
be available on the Company's website, https://www.quanterix.com/, for one year following completion of the
Financial Highlights (in thousands)
| Quanterix Income Statement | ||||||||||||||||
| in '000 USD | Q4 2019 | Q4 2018 | YTD 2019 | YTD 2018 | ||||||||||||
| Product Revenue | 11,431 | 7,458 | 40,491 | 23,365 | ||||||||||||
| Service Revenue | 4,302 | 3,419 | 16,059 | 12,117 | ||||||||||||
| Collaboration Revenue | 184 | 0 | 184 | 2,150 | ||||||||||||
| Total Revenue | 15,917 | 10,877 | 56,734 | 37,632 | ||||||||||||
| Cost of Product Revenue | 6,684 | 3,734 | 20,900 | 12,729 | ||||||||||||
| Cost of Services Revenue | 2,368 | 1,935 | 8,998 | 6,955 | ||||||||||||
| Gross Profit | 6,865 | 5,208 | 26,836 | 17,948 | ||||||||||||
| Gross Margin % | 43.1 | % | 47.9 | % | 47.3 | % | 47.7 | % | ||||||||
| Research and Development | 4,398 | 4,045 | 16,190 | 15,805 | ||||||||||||
| Selling, General and Administrative | 13,953 | 10,577 | 52,246 | 33,693 | ||||||||||||
| Total Operating Expenses | 18,351 | 14,622 | 68,436 | 49,498 | ||||||||||||
| Loss From Operations | -11,486 | -9,414 | -41,600 | -31,550 | ||||||||||||
| Interest income (expense), net | 282 | 24 | 627 | 46 | ||||||||||||
| Other income (expense), net | 139 | 81 | -10 | -7 | ||||||||||||
| Tax | -107 | 25 | -187 | 25 | ||||||||||||
| Net Loss | -10,958 | -9,334 | -40,796 | -31,536 |
| Quanterix Balance Sheet | ||||||||
| in '000 USD | At 12/31/19 | At 12/31/2018 | ||||||
| Cash and Cash Equivalents | 109,155 | 44,429 | ||||||
| Accounts Receivable | 10,906 | 6,792 | ||||||
| Inventory | 10,463 | 5,945 | ||||||
| Prepaid Expenses and Other | 2,137 | 2,330 | ||||||
| Total Current Assets | 132,661 | 59,496 | ||||||
| Restricted Cash | 1,026 | 1,000 | ||||||
| Property and Equipment, Net | 12,047 | 2,923 | ||||||
| Intangible Assets, Net | 14,307 | 2,348 | ||||||
| Goodwill | 9,353 | 1,308 | ||||||
| Other Non-Current Assets | 557 | 536 | ||||||
| Total Assets | 169,951 | 67,611 | ||||||
| Accounts Payable & Accrued Expenses | 14,845 | 12,688 | ||||||
| Deferred Revenue | 4,697 | 5,437 | ||||||
| Current Portion of Long Term Debt | 75 | 0 | ||||||
| Other Current Liabilities | 216 | 0 | ||||||
| Total Current Liabilities | 19,833 | 18,125 | ||||||
| Deferred Revenue, Net of Current Portion | 466 | 520 | ||||||
| Long Term Debt, Net of Current Portion | 7,587 | 7,623 | ||||||
| Other Non-Current Liabilities | 13,407 | 278 | ||||||
| Total Liabilities | 41,293 | 26,546 | ||||||
| Total Stockholders' Equity | 128,658 | 41,065 | ||||||
| Total Liabilities and Stockholders' Equity | 169,951 | 67,611 |
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 revenue,
non-GAAP gross profit 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.
of Non-GAAP Financials
| 2019 | 2018 | 2019 | 2018 | |||||||||||||
| Three months ended | Year ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| Total revenue | $ | 15,917 | $ | 10,877 | $ | 56,734 | $ | 37,632 | ||||||||
| Revenue from termination of license agreement (Note 1) | - | - | - | $ | (1,342 | ) | ||||||||||
| Non-GAAP total revenue | $ | 15,917 | $ | 10,877 | $ | 56,734 | $ | 36,290 | ||||||||
| Gross profit | $ | 6,865 | $ | 5,208 | $ | 26,836 | $ | 17,948 | ||||||||
| Revenue from termination of license agreement (Note 1) | - | - | - | $ | (1,342 | ) | ||||||||||
| Acquisition-related purchase accounting charges (Note 2) | $ | 667 | $ | 5 | $ | 1,378 | $ | 49 | ||||||||
| Non-GAAP gross profit | $ | 7,532 | $ | 5,213 | $ | 28,214 | $ | 16,655 | ||||||||
| GAAP gross margin % | 43.1 | % | 47.9 | % | 47.3 | % | 47.7 | % | ||||||||
| Non-GAAP gross margin % | 47.3 | % | 47.9 | % | 49.7 | % | 45.9 | % |
Note 1: During Q3 of the year ended December 31, 2018, we recognized
$1.3 million in collaboration and license revenue in connection with the termination of our license agreement with bioMerieux SA.
Note 2: During the three and twelve months ended December 31, 2019, we incurred $284 thousand and $612 thousand, respectively,
of acquisition-related amortization of inventory valuation in connection with our acquisition of UmanDiagnostics. Also during the
three and twelve months ended December 31, 2019, we incurred $383 thousand and $766 thousand, respectively, of acquisition-related
amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During the three and twelve
months ended December 31, 2018, we incurred $5 thousand and $49 thousand, respectively, of acquisition-related amortization of
inventory valuation adjustments in connection with our acquisition of Aushon Biosystems.
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
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