Full Press Release Details
Quanterix Corporation Releases Operating
Results for Second Quarter 2020
1H revenue up 12% versus prior year; Q2 services up 33%
Billerica, Mass. - August 4, 2020 - Quanterix
Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis to advance the science of precision health, today
announced financial results for the three months ending June 30, 2020.
"We're encouraged to report yet another
quarter that exceeded expectations and lays the groundwork for recovery to maintain to our strong growth trajectory in the
second half of the year, despite the continued challenges brought on by the coronavirus pandemic," said Kevin
Hrusovsky, Chairman and Chief Executive Officer, Quanterix. "Quanterix has been quick to respond to the crisis with
critical testing advances powered by our Simoa technology's ultra-sensitivity. Through close linkages with KOLs across
the Powering Precision Health (PPH) ecosystem, we've advanced important research and facilitated several strategic
partnerships aimed at accelerating vital testing and public health solutions. In tandem, we continue to make remarkable gains
in neurology as it relates to the long-term impacts of COVID-19 and the ongoing challenge to unlock the secrets of
degenerative conditions, such as Alzheimer's disease and Multiple Sclerosis. Numerous pharmaceutical organizations are
relying on our neurology assays for Nf-L and newly launched p-tau181 to study these diseases more effectively in blood and
support pivotal drug trials. Despite the uncertain global outlook, we're encouraged by our ability to pivot to capitalize on
new opportunities, the validation we've received via hundreds of peer-reviewed journals, and the opportunity before us
to support public health at a critical time in history. Our precision health vision has never been more important and
essential. We look forward to sharing more about our progress during our earnings call."
Second Quarter 2020 Financial Highlights
Key financial results from the second quarter of 2020 are shown
1H 2020 Financial Highlights
Key financial results for the first half of 2020 are shown below:
Second Quarter 2020 Business Highlights - Expanding
RUO Market Opportunities & Accelerating Clinical Diagnostic Validation & Potential
In conjunction with this announcement, Quanterix Corporation
will host a conference call on August 4 at 5:00 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
A live webcast will also be available at: https://edge.media-server.com/mmc/p/roxh2m4q
The webcast will be available on the Company's website, https://www.quanterix.com/,
for one year following completion of the call.
Financial Highlights (in thousands)
Quanterix Income Statement
| in '000 USD | Q2 2020 | Q2 2019 | YTD 2020 | YTD 2019 | ||||||||||||
| Product Revenue | 6,790 | 8,776 | 16,623 | 18,322 | ||||||||||||
| Service and Other Revenue | 6,317 | 4,760 | 12,079 | 7,550 | ||||||||||||
| Collaboration Revenue | 23 | 0 | 155 | 0 | ||||||||||||
| Total Revenue | 13,130 | 13,536 | 28,857 | 25,872 | ||||||||||||
| Cost of Product Revenue | 5,416 | 4,455 | 11,602 | 8,704 | ||||||||||||
| Cost of Service Revenue | 2,501 | 2,150 | 5,229 | 4,232 | ||||||||||||
| Gross Profit | 5,213 | 6,931 | 12,026 | 12,936 | ||||||||||||
| Gross Margin % | 39.7 | % | 51.2 | % | 41.7 | % | 50.0 | % | ||||||||
| Research and Development | 4,312 | 4,016 | 8,580 | 7,868 | ||||||||||||
| Selling, General and Administrative | 13,102 | 13,429 | 27,375 | 24,941 | ||||||||||||
| Total Operating Expenses | 17,414 | 17,445 | 35,955 | 32,809 | ||||||||||||
| Loss From Operations | -12,201 | -10,514 | -23,929 | -19,873 | ||||||||||||
| Interest income (expense), net | -108 | 42 | 53 | 64 | ||||||||||||
| Other income (expense), net | -11 | -68 | -178 | -115 | ||||||||||||
| Tax | 18 | -23 | 142 | -44 | ||||||||||||
| Net Loss | -12,302 | -10,563 | -23,912 | -19,968 |
Weighted average shares outstanding was 28.3 million for Q2
2020 and 28.2 million for YTD 2020.
| Quanterix Balance Sheet | ||||||||
| in '000 USD | At 6/30/20 | At 12/31/19 | ||||||
| Cash and Cash Equivalents | 88,806 | 109,155 | ||||||
| Accounts Receivable | 9,526 | 10,906 | ||||||
| Inventory | 13,789 | 10,463 | ||||||
| Prepaid Expenses and Other | 2,117 | 2,137 | ||||||
| Total Current Assets | 114,238 | 132,661 | ||||||
| Restricted Cash | 1,000 | 1,026 | ||||||
| Property and Equipment, Net | 12,353 | 12,047 | ||||||
| Intangible Assets, Net | 13,310 | 14,307 | ||||||
| Goodwill | 9,390 | 9,353 | ||||||
| Right-of-Use Assets | 12,120 | 0 | ||||||
| Other Non-Current Assets | 529 | 557 | ||||||
| Total Assets | 162,940 | 169,951 | ||||||
| Accounts Payable & Accrued Expenses | 12,850 | 14,845 | ||||||
| Deferred Revenue | 5,019 | 4,697 | ||||||
| Current Portion of Long Term Debt | 0 | 75 | ||||||
| Lease Liabilities | 729 | 0 | ||||||
| Other Current Liabilities | 299 | 216 | ||||||
| Total current liabilities | 18,897 | 19,833 | ||||||
| Deferred Revenue, Net of Current Portion | 384 | 466 | ||||||
| Long Term Debt, Net of Current Portion | 7,630 | 7,587 | ||||||
| Lease Liabilities, Net of Current Portion | 22,458 | 0 | ||||||
| Other Non-Current Liabilities | 2,537 | 13,407 | ||||||
| Total Liabilities | 51,906 | 41,293 | ||||||
| Total Stockholders' Equity | 111,034 | 128,658 | ||||||
| Total Liabilities and Stockholders' Equity | 162,940 | 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 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
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| Total revenue | $ | 13,130 | $ | 13,536 | $ | 28,857 | $ | 25,872 | ||||||||
| Gross profit | $ | 5,213 | $ | 6,931 | $ | 12,026 | $ | 12,936 | ||||||||
| Acquisition-related purchase accounting charges (Note 1) | $ | 576 | $ | - | $ | 1,396 | $ | - | ||||||||
| Non-GAAP gross profit | $ | 5,789 | $ | 6,931 | $ | 13,422 | $ | 12,936 | ||||||||
| GAAP gross margin % | 39.7 | % | 51.2 | % | 41.7 | % | 50.0 | % | ||||||||
| Non-GAAP gross margin % | 44.1 | % | 51.2 | % | 46.5 | % | 50.0 | % |
Note 1: During the three months ended June 30, 2020, we incurred $194 thousand and 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 six months ended June 30, 2020, we incurred $631 thousand and of acquisition-related amortization of inventory valuation and $765 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
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.
Stephen Hrusovsky, 774-278-0496
Staci Didner, 617-502-4300