Full Press Release Details
Quanterix Corporation Releases Operating Results
for Fourth Quarter and Full Year 2021
Company strengthens balance sheet ending FY with
GAAP total revenue growth increase of 28% led by strong performance in neuro-related studies and applications
Executive leadership succession plan effective
April 25, 2022, to build on the Company's foundation for growth
Mass. - March 1, 2022 - Quanterix Corporation (NASDAQ: QTRX), a
company digitizing biomarker analysis with the goal of advancing the science of precision health, today announced financial results
for the fourth quarter and twelve months ending December 31, 2021.
reached an important inflection point with the achievement of several key milestones, namely, our license and collaboration agreements
with Eli Lilly, FDA Breakthrough Device Designation for plasma pTau-181 for Alzheimer's disease (AD), and ending a strong 2021 with
another record quarter. We have nearly $400 million on our balance sheet and the recruitment of several key executives that strengthen
both RUO and diagnostics potential," said Kevin Hrusovsky, Chairman and Chief Executive Officer, Quanterix. "With our new
agreements in place, we now have access to Lilly's marquis P-tau217 antibody technology for AD and a collaboration framework
for future projects across all disease categories. As we build our franchise in 2022, we look forward to partnering with other bio-pharmaceuticals,
payors, researchers, and investors to unlock the massive opportunity for asymptomatic medicine using precision health proteomics."
For more information on the new agreements with Lilly to advance diagnosis
and treatment of Alzheimer's disease, please see the press release issued today.
Quanterix also announced the Company's executive leadership succession
plan. Effective April 25, 2022, President Masoud Toloue will succeed Chairman & Chief Executive Officer Kevin Hrusovsky
as CEO and join Quanterix' Board of Directors. Hrusovsky will move into an active Executive Chairman role, continuing to serve on
the Board and support key strategic initiatives and important customer, partner and investor relationships. For more information on the
succession plan, please see the full release issued today.
Fourth Quarter 2021 Financial Highlights
Key financial results for the fourth quarter of 2021 are shown below:
Full Year 2021 Financial Highlights
Key financial results for FY 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"
Fourth Quarter and Full Year Business Highlights
conjunction with this announcement, Quanterix Corporation will host a conference call on March 1, 2022 at 8:30 a.m. EST.
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: 5230769.
live webcast will also be available at: https://edge.media-server.com/mmc/p/udpgv5ou. You may also access the live webcast
by visiting the News & Events page within the Investors section of the Quanterix website at www.quanterix.com.
The webcast will be available on the Company's website for one year following completion of the call.
Financial Highlights (in thousands)
| Quanterix Income Statement | ||||||||||||||||
| in '000 USD | Q4 2021 | Q4 2020 | YTD 2021 | YTD 2020 | ||||||||||||
| Product Revenue | 23,476 | 15,732 | 81,062 | 44,017 | ||||||||||||
| Service and Other Revenue | 5,674 | 5,498 | 23,629 | 24,129 | ||||||||||||
| Collaboration and License Revenue | 162 | 408 | 648 | 11,809 | ||||||||||||
| Development Revenue | 975 | 4,493 | 5,217 | 6,422 | ||||||||||||
| Total Revenue | 30,287 | 26,131 | 110,556 | 86,377 | ||||||||||||
| Cost of Product Revenue | 9,916 | 7,961 | 34,149 | 25,950 | ||||||||||||
| Cost of Services Revenue | 4,110 | 3,120 | 14,679 | 11,245 | ||||||||||||
| Cost of collaboration and license revenue | 0 | 0 | 0 | 1,000 | ||||||||||||
| Gross Profit | 16,261 | 15,050 | 61,728 | 48,182 | ||||||||||||
| Gross Margin % | 53.7 | % | 57.6 | % | 55.8 | % | 55.8 | % | ||||||||
| Research and Development | 7,734 | 6,217 | 27,978 | 20,174 | ||||||||||||
| Selling, General and Administrative | 28,423 | 18,766 | 92,336 | 59,592 | ||||||||||||
| Total Operating Expenses | 36,157 | 24,983 | 120,314 | 79,766 | ||||||||||||
| Loss From Operations | -19,896 | -9,933 | -58,586 | -31,584 | ||||||||||||
| Interest Income (Expense), net | 15 | -166 | -403 | -273 | ||||||||||||
| Other (Expense) Income, net | -213 | 155 | 1,265 | -49 | ||||||||||||
| Tax | 68 | 123 | 36 | 376 | ||||||||||||
| Net Loss | -20,026 | -9,821 | -57,688 | -31,530 |
Weighted average shares outstanding
was 36.7 million for Q4 2021 and 36.0 million for YTD 2021.
| Quanterix Balance Sheet | ||||||||
| in '000 USD | At 12/31/21 | At 12/31/20 | ||||||
| Cash and Cash Equivalents | 396,465 | 181,584 | ||||||
| Accounts Receivable | 23,786 | 17,184 | ||||||
| Inventory | 22,190 | 14,856 | ||||||
| Prepaid Expenses and Other | 6,514 | 5,981 | ||||||
| Total Current Assets | 448,955 | 219,605 | ||||||
| Restricted Cash | 2,577 | 1,000 | ||||||
| Property and Equipment, Net | 17,960 | 13,912 | ||||||
| Intangible Assets, Net | 10,534 | 13,716 | ||||||
| Goodwill | 9,632 | 10,460 | ||||||
| Right-of-Use Assets | 11,491 | 11,995 | ||||||
| Other Non-Current Assets | 378 | 357 | ||||||
| Total Assets | 501,527 | 271,045 | ||||||
| Accounts Payable & Accrued Expenses | 28,947 | 22,421 | ||||||
| Deferred Revenue | 6,361 | 5,421 | ||||||
| Current Portion of Long Term Debt | 0 | 7,673 | ||||||
| Lease Liabilities | 1,428 | 1,234 | ||||||
| Other Current Liabilities | 241 | 3,054 | ||||||
| Total Current Liabilities | 36,977 | 39,803 | ||||||
| Deferred Revenue, Net of Current Portion | 1,099 | 577 | ||||||
| Lease Liabilities, Net of Current Portion | 20,464 | 21,891 | ||||||
| Other Non-Current Liabilities | 2,035 | 2,649 | ||||||
| Total Liabilities | 60,575 | 64,920 | ||||||
| Total Stockholders' Equity | 440,952 | 206,125 | ||||||
| Total Liabilities and Stockholders' Equity | 501,527 | 271,045 | ||||||
| 0 | 0 |
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
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 |
| (In thousands) |
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Three months ended | Twelve months ended | |||||||||||||||
| December 31 | December 31 | |||||||||||||||
| Total revenue | $ | 30,287 | $ | 26,131 | $ | 110,556 | $ | 86,377 | ||||||||
| Grant revenue (Note 1) | $ | (975 | ) | $ | (4,493 | ) | $ | (5,217 | ) | $ | (6,422 | ) | ||||
| License agreement revenue (Note 2) | $ | - | $ | - | $ | - | $ | (11,200 | ) | |||||||
| Non-GAAP revenue | $ | 29,312 | $ | 21,638 | $ | 105,339 | $ | 68,755 | ||||||||
| Gross profit | $ | 16,261 | $ | 15,050 | $ | 61,728 | $ | 48,182 | ||||||||
| Grant revenue (Note 1) | $ | (975 | ) | $ | (4,493 | ) | $ | (5,217 | ) | $ | (6,422 | ) | ||||
| License agreement revenue (Note 2) | $ | - | $ | - | $ | - | $ | (11,200 | ) | |||||||
| Acquisition-related purchase accounting charges (Note 3) | $ | 382 | $ | 433 | $ | 1,804 | $ | 2,251 | ||||||||
| Cost of license revenue (Note 4) | $ | - | $ | - | $ | - | $ | 1,000 | ||||||||
| Non-GAAP gross profit | $ | 15,668 | $ | 10,990 | $ | 58,315 | $ | 33,811 | ||||||||
| GAAP gross margin % | 53.7 | % | 57.6 | % | 55.8 | % | 55.8 | % | ||||||||
| Non-GAAP gross margin % | 53.5 | % | 50.8 | % | 55.4 | % | 49.2 | % | ||||||||
| GAAP total operating expenses | $ | 36,157 | $ | 24,983 | $ | 120,314 | $ | 79,766 | ||||||||
| Grant research and development expenses (Note 5) | $ | - | $ | (2,322 | ) | $ | (3,355 | ) | $ | (3,625 | ) | |||||
| Acquisition-related purchase accounting charges (Note 6) | $ | (20 | ) | $ | (20 | ) | $ | (80 | ) | $ | (81 | ) | ||||
| Non-GAAP total operating expenses | $ | 36,137 | $ | 22,641 | $ | 116,879 | $ | 76,060 | ||||||||
| GAAP loss from operations | $ | (19,896 | ) | $ | (9,933 | ) | $ | (58,586 | ) | $ | (31,584 | ) | ||||
| Non-GAAP loss from operations | $ | (20,469 | ) | $ | (11,651 | ) | $ | (58,564 | ) | $ | (42,249 | ) |
| Note 1: During the three months ended December 31, 2021, we recognized $1.0 million in revenue in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the twelve months ended December 31, 2021, we recognized $5.2 million in revenue in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the three months ended December 31, 2020, we recognized $4.5 million in revenue in connection with our workplan 1 and workplan 2 awards under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the twelve months ended December 31, 2020, we recognized $6.4 million in revenue in connection with our workplan 1 and workplan 2 awards under the National Institute of Health Rapid Acceleration of Diagnostics Program. |
| Note 2: During the twelve months ended December 31, 2020, we recognized $10.0 million in license revenue in connection with a non-exclusive license agreement with Abbott Laboratories. Also, during the twelve months ended December 31, 2020, we recognized $1.2 million of previously deferred license revenue as a result of entering into the license agreement with Abbott Laboratories. |
| Note 3: During the three months ended December 31, 2021, we incurred $382 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During the twelve months ended December 30, 2021, we incurred $274 thousand of acquisition-related amortization of inventory valuation and $1,530 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During the three months ended December 31, 2020, we incurred $51 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 twelve months ended December 31, 2020, we incurred $722 thousand of acquisition-related amortization of inventory valuation and $1,529 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. |
| Note 4: During the twelve months ended December 31, 2020, we incurred $1.0 million in license fees in connection with our non-exclusive license agreement with Abbott Laboratories. |
| Note 5: During the twelve months ended December 31, 2021, we incurred $3.4 million in research and development expenses in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the three months ended December 31, 2020, we incurred $2.3 million in research and development expenses in connection with our workplan 1 and workplan 2 awards under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the twelve months ended December 31, 2020, we incurred $3.6 million in research and development expenses in connection with our workplan 1 and workplan 2 awards under the National Institute of Health Rapid Acceleration of Diagnostics Program. |
| Note 6: During the three and twelve months ended December 31, 2021, we incurred $20 thousand and $80 thousand, respectively, of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During three and twelve months ended December 31, 2020, we incurred $20 thousand and $81 thousand, respectively, 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
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 available.
Paige Romine, 321-652-8370
Investor Relations Contact: