Full Press Release Details
Quanterix Corporation Releases Operating Results
for Second Quarter of 2021
Q2 GAAP revenue including Grant Revenue $25.4M;
Q2 Non-GAAP revenue $24.4M, an increase of 86%
over prior year; instrument placements up 71%
Mass. - August 5, 2021 - 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, 2021.
"The past quarter has proven to be a pivotal time for our company
as we continue to make immense strides with our strategic expansion in the diagnostics space," said Kevin Hrusovsky, Chairman and
Chief Executive Officer, Quanterix. "With drug advances taking place for neurodegenerative diseases, there is a heightened focus
to diagnose and detect cognitive conditions like Alzheimer's Disease as early as possible and then to monitor disease progression
in the patient once a drug agent is deployed. We are a leader in this area and improving outcomes and helping advance methodologies to
enhance coverage with evidence for payers will change the way disease is studied, drugs are approved and ultimately how care is delivered
economically and effectively."
Second Quarter 2021 Financial Highlights
Key financial results for the second quarter of 2021 are shown below:
1H 2021 Financial Highlights
Key financial results for the first half 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"
Second Quarter 2021 Business Highlights
In conjunction with this announcement, Quanterix Corporation
will host a conference call on August 5 at [4:30pm] 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: 2299526.
live webcast will also be available at: https://edge.media-server.com/mmc/p/9ntq8o5d.
The webcast will be available on the Company's website, https://www.quanterix.com/, for one year following completion
Financial Highlights (in thousands)
Quanterix Income Statement
| in '000 USD | Q2 2021 | Q2 2020 | YTD 2021 | YTD 2020 | ||||||||||||
| Product Revenue | 18,676 | 6,790 | 36,924 | 16,623 | ||||||||||||
| Service and Other Revenue | 5,648 | 6,317 | 12,057 | 12,079 | ||||||||||||
| Collaboration and License Revenue | 105 | 23 | 366 | 155 | ||||||||||||
| Development Revenue | 942 | 0 | 3,233 | 0 | ||||||||||||
| Total Revenue | 25,371 | 13,130 | 52,580 | 28,857 | ||||||||||||
| Cost of Product Revenue | 8,114 | 5,416 | 15,594 | 11,602 | ||||||||||||
| Cost of Services Revenue | 3,383 | 2,501 | 6,763 | 5,229 | ||||||||||||
| Gross Profit | 13,874 | 5,213 | 30,223 | 12,026 | ||||||||||||
| Gross Margin % | 54.7 | % | 39.7 | % | 57.5 | % | 41.7 | % | ||||||||
| Research and Development | 6,754 | 4,312 | 13,437 | 8,580 | ||||||||||||
| Selling, General and Administrative | 20,788 | 13,102 | 40,243 | 27,375 | ||||||||||||
| Total Operating Expenses | 27,542 | 17,414 | 53,680 | 35,955 | ||||||||||||
| Loss From Operations | -13,668 | -12,201 | -23,457 | -23,929 | ||||||||||||
| Interest (Expense) Income, net | -165 | -108 | -328 | 53 | ||||||||||||
| Other Income (Expense), net | 1,977 | -11 | 1,783 | -178 | ||||||||||||
| Tax | -41 | 18 | 1 | 142 | ||||||||||||
| Net Loss | -11,897 | -12,302 | -22,001 | -23,912 |
Weighted average shares outstanding was 36.3 million for Q2 2021 and
35.4 million for YTD 2021.
Quanterix Balance Sheet
| in '000 USD | At 6/30/21 | At 12/31/20 | ||||||
| Cash and Cash Equivalents | 430,780 | 181,584 | ||||||
| Accounts Receivable | 15,430 | 17,184 | ||||||
| Inventory | 21,225 | 14,856 | ||||||
| Prepaid Expenses and Other | 9,005 | 5,981 | ||||||
| Total Current Assets | 476,440 | 219,605 | ||||||
| Restricted Cash | 1,400 | 1,000 | ||||||
| Property and Equipment, Net | 15,778 | 13,912 | ||||||
| Intangible Assets, Net | 12,174 | 13,716 | ||||||
| Goodwill | 10,121 | 10,460 | ||||||
| Right-of-Use Assets | 11,754 | 11,995 | ||||||
| Other Non-Current Assets | 377 | 357 | ||||||
| Total Assets | 528,044 | 271,045 | ||||||
| Accounts Payable & Accrued Expenses | 20,864 | 22,421 | ||||||
| Deferred Revenue | 6,149 | 5,421 | ||||||
| Current Portion of Long Term Debt | 7,716 | 7,673 | ||||||
| Lease Liabilities | 1,322 | 1,234 | ||||||
| Other Current Liabilities | 1,624 | 3,054 | ||||||
| Total Current Liabilities | 37,675 | 39,803 | ||||||
| Deferred Revenue, Net of Current Portion | 740 | 577 | ||||||
| Lease Liabilities, Net of Current Portion | 21,210 | 21,891 | ||||||
| Other Non-Current Liabilities | 2,409 | 2,649 | ||||||
| Total Liabilities | 62,034 | 64,920 | ||||||
| Total Stockholders' Equity | 466,010 | 206,125 | ||||||
| Total Liabilities and Stockholders' Equity | 528,044 | 271,045 |
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
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Three months ended | Six months ended | |||||||||||||||
| June 30 | June 30 | |||||||||||||||
| Total revenue | $ | 25,371 | $ | 13,130 | $ | 52,580 | $ | 28,857 | ||||||||
| Grant revenue (Note 1) | $ | (942 | ) | - | $ | (3,233 | ) | - | ||||||||
| Non-GAAP revenue | $ | 24,429 | $ | 13,130 | $ | 49,347 | $ | 28,857 | ||||||||
| Gross profit | $ | 13,874 | $ | 5,213 | $ | 30,223 | $ | 12,026 | ||||||||
| Grant revenue (Note 1) | $ | (942 | ) | - | $ | (3,233 | ) | - | ||||||||
| Acquisition-related purchase accounting charges (Note 2) | $ | 520 | $ | 576 | $ | 1,040 | $ | 1,396 | ||||||||
| Non-GAAP gross profit | $ | 13,452 | $ | 5,789 | $ | 28,030 | $ | 13,422 | ||||||||
| GAAP gross margin % | 54.7 | % | 39.7 | % | 57.5 | % | 41.7 | % | ||||||||
| Non-GAAP gross margin % | 55.1 | % | 44.1 | % | 56.8 | % | 46.5 | % | ||||||||
| GAAP total operating expenses | $ | 27,542 | $ | 17,414 | $ | 53,680 | $ | 35,955 | ||||||||
| Grant research and development expenses (Note 3) | $ | (1,131 | ) | - | $ | (2,894 | ) | - | ||||||||
| Acquisition-related purchase accounting charges (Note 4) | $ | (20 | ) | $ | (20 | ) | $ | (40 | ) | $ | (40 | ) | ||||
| Non-GAAP total operating expenses | $ | 26,391 | $ | 17,394 | $ | 50,746 | $ | 35,915 | ||||||||
| GAAP loss from operations | $ | (13,668 | ) | $ | (12,201 | ) | $ | (23,457 | ) | $ | (23,929 | ) | ||||
| Non-GAAP loss from operations | $ | (12,939 | ) | $ | (11,605 | ) | $ | (22,716 | ) | $ | (22,493 | ) |
| Note 1: During the three months ended June 30, 2021, we recognized $900 thousand in revenue in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program. During the six months ended June 30, 2021, we recognized $3.2 million in revenue in connection with our workplan 2 award under the National Institute of Health Rapid Acceleration of Diagnostics Program. |
| Note 2: During the three months ended June 30, 2021, we incurred $137 thousand of acquisition-related amortization of inventory valuation and $383 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During the three months ended June 30, 2020, we incurred $194 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. During the six months ended June 30, 2021, we incurred $274 thousand of acquisition-related amortization of inventory valuation and $766 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 of acquisition-related amortization of inventory valuation and $765 thousand of acquisition-related amortization of intangible assets in connection with our acquisition of UmanDiagnostics |
| Note 3: During the three months ended June 30, 2021, we incurred $1.1 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 six months ended June 30, 2021, we incurred $2.9 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 June 30, 2021 and 2020, we incurred $20 thousand of acquisition-related amortization of intangible assets adjustments in connection with our acquisition of UmanDiagnostics. During each of the the six months ended June 30, 2021 and 2020, we incurred $40 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.
Paige Romine, 321-652-8370
Investor Relations Contact: