Full Press Release Details
Quanterix Corporation Releases Operating
Results for Fourth Quarter and Full Year 2020
Q4 GAAP revenue including Grant Revenue
$26.1M; Q4 non-GAAP revenue $21.6M, an increase of 36% versus prior year
Mass. - March 2, 2021 - 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 31, 2020.
to the pandemic crisis as well as advances in therapies to treat Alzheimer's has accelerated our leadership of
precision health and the proteomics revolution," said Chairman, Chief Executive Officer and President, Quanterix, Kevin
Hrusovsky. "There is a strong demand for ultra-sensitive protein analytical tools to support disease studies, diagnostics
and drug development as the COVID focus shifts from battling the acute virus to the long-hauler impact of the virus on organ and
overall human health (CNS, Cardiac, Respiratory, Immunology, etc). We enter 2021 on strong footing as we scale Quanterix
to support this unprecedented opportunity."
Fourth Quarter 2020 Financial Highlights
Key financial results for the four quarter of 2020 are shown below:
| Q4 GAAP total revenue, which includes Grant Revenue, was $26.1M versus prior year Q4 of $15.9M; | ||
| Q4 non-GAAP total revenue was $21.6M versus prior year Q4 of $15.9M, an increase of 36%; | ||
| Q4 GAAP product revenue was $15.7M versus prior year Q4 of $11.4M, an increase of 38%; | ||
| Q4 GAAP service and other revenue was $5.5M versus prior year Q4 of $4.3M, an increase of 28% |
Full Year 2020 Financial Highlights
Key financial results for FY 2020 are shown below:
| FY GAAP total revenue, which includes one-time License Revenue and Grant Revenue, was $86.4M versus prior year FY of $56.7M; | ||
| FY non-GAAP total revenue was $68.8M versus prior year FY of $56.7M, an increase of 21%; | ||
| FY GAAP product revenue was $44.0M versus prior year FY of $40.5M, an increase of 9%; | ||
| FY GAAP service and other revenue was $24.1M versus prior year FY of $16.1M, an increase of 50% |
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.
Fourth Quarter and Full Year Business Highlights
In conjunction with this announcement, Quanterix Corporation
will host a conference call on March 2 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: 4438067. A live webcast will also be available at: https://edge.media-server.com/mmc/p/tbpi32nd.
The webcast will be available on the Company's website, https://www.quanterix.com, for one year following completion of
Financial Highlights
| Quanterix Income Statement | ||||||||||||||||
| in '000 USD | Q4 2020 | Q4 2019 | YTD 2020 | YTD 2019 | ||||||||||||
| Product Revenue | 15,732 | 11,431 | 44,017 | 40,491 | ||||||||||||
| Service and Other Revenue | 5,498 | 4,302 | 24,129 | 16,059 | ||||||||||||
| Collaboration and License Revenue | 408 | 184 | 11,809 | 184 | ||||||||||||
| Development Revenue | 4,493 | 0 | 6,422 | 0 | ||||||||||||
| Total Revenue | 26,131 | 15,917 | 86,377 | 56,734 | ||||||||||||
| Cost of Product Revenue | 7,961 | 6,684 | 25,950 | 20,900 | ||||||||||||
| Cost of Services Revenue | 3,120 | 2,368 | 11,245 | 8,998 | ||||||||||||
| Cost of License Revenue | 0 | 0 | 1,000 | 0 | ||||||||||||
| Gross Profit | 15,050 | 6,865 | 48,182 | 26,836 | ||||||||||||
| Gross Margin % | 57.6 | % | 43.1 | % | 55.8 | % | 47.3 | % | ||||||||
| Research and Development | 6,217 | 4,398 | 20,174 | 16,190 | ||||||||||||
| Selling, General and Administrative | 18,766 | 13,953 | 59,592 | 52,246 | ||||||||||||
| Total Operating Expenses | 24,983 | 18,351 | 79,766 | 68,436 | ||||||||||||
| Loss From Operations | -9,933 | -11,486 | -31,584 | -41,600 | ||||||||||||
| Interest Income (Expense), net | -166 | 282 | -273 | 627 | ||||||||||||
| Other Income (Expense), net | 155 | 139 | -49 | -10 | ||||||||||||
| Tax | 123 | 107 | 376 | 187 | ||||||||||||
| Net Loss | -9,821 | -10,958 | -31,530 | -40,796 |
Weighted average shares outstanding was 31.7 million for Q4
2020 and 28.6 million for YTD 2020
| Quanterix Balance Sheet | ||||||||
| in '000 USD | At 12/31/20 | At 12/31/19 | ||||||
| Cash and Cash Equivalents | 181,584 | 109,155 | ||||||
| Accounts Receivable | 17,184 | 10,906 | ||||||
| Inventory | 14,856 | 10,463 | ||||||
| Prepaid Expenses and Other | 5,981 | 2,137 | ||||||
| Total Current Assets | 219,605 | 132,661 | ||||||
| Restricted Cash | 1,000 | 1,026 | ||||||
| Property and Equipment, Net | 13,912 | 12,047 | ||||||
| Intangible Assets, Net | 13,716 | 14,307 | ||||||
| Goodwill | 10,460 | 9,353 | ||||||
| Right-of-Use Assets | 11,995 | 0 | ||||||
| Other Non-Current Assets | 357 | 557 | ||||||
| Total Assets | 271,045 | 169,951 | ||||||
| Accounts Payable & Accrued Expenses | 22,421 | 14,845 | ||||||
| Deferred Revenue | 5,421 | 4,697 | ||||||
| Current Portion of Long Term Debt | 7,673 | 75 | ||||||
| Lease Liabilities | 1,234 | 0 | ||||||
| Other Current Liabilities | 3,054 | 216 | ||||||
| Total Current Liabilities | 39,803 | 19,833 | ||||||
| Deferred Revenue, Net of Current Portion | 577 | 466 | ||||||
| Long Term Debt, Net of Current Portion | 0 | 7,587 | ||||||
| Lease Liabilities, Net of Current Portion | 21,891 | 0 | ||||||
| Other Non-Current Liabilities | 2,649 | 13,407 | ||||||
| Total Liabilities | 64,920 | 41,293 | ||||||
| Total Stockholders' Equity | 206,125 | 128,658 | ||||||
| Total Liabilities and Stockholders' Equity | 271,045 | 169,951 |
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. 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.
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
Staci Didner, (407) 734-7325
Investor Relations Contact: