Quanterix Corporation Releases Operating Results for First Quarter 2019
May 9, 201964% Q1 revenue growth and 650 bps gross margin improvement
LEXINGTON, Mass.–(BUSINESS WIRE)–Quanterix
Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis
to advance the science of precision health, today announced financial
results for the three months ended March 31, 2019.
“We’ve made strong progress over the past quarter, which now marks our
sixth consecutive quarter since the IPO of accelerated growth. In
addition, we are achieving important goals in neurology and now oncology
with the launch of our new SP-X™ Imaging and Detection System,” said
Kevin Hrusovsky, Chief Executive Officer, President and Chairman,
Quanterix. “There is mounting evidence supporting our Simoa technology’s
potential to transform virtually every category of medicine. The extreme
precision and sensitivity of our expanding portfolio of instruments and
platforms is fueling new insights on drug targets, disease progression
biomarkers and new opportunities for patient stratification for clinical
trials, transforming traditional approaches to drug development and
precision medicine.”
First Quarter 2019 Financial Highlights
Key financial results for the first quarter are shown below:
- Q1 revenue of $12.3M versus prior year Q1 of $7.5M, an increase of 64%.
-
Q1 instrument revenue of $3.4M versus prior year Q1 of $2.0M, an
increase of 70%. -
Q1 consumables revenue was $6.1M versus prior year Q1 of $2.7M, an
increase of 124%. -
Q1 Service and Other revenue totaled $2.8M versus prior year Q1 of
$2.5M, an increase of 11%. -
Q1 gross margin was 48.7%, a 650 basis point improvement over the
42.2% in Q1 2018.
First Quarter 2019 Business Highlights
-
Extended its footprint in oncology with the accelerated launch of its Simoa
SP-X™ Imaging and Detection System, 10-Plex Simoa CorPlex Cytokine
Panel, and broad menu of additional multiplex panels to further
revolutionize cancer research, immunotherapy monitoring, and drug
development. -
Expanded its leadership team with the
hiring of Amol Chaubal as Chief Financial Officer (CFO), formerly
the CFO of Global Operations at Smith & Nephew and North America CFO –
Novartis Vaccines & Diagnostics, bringing with him more than 20 years
of experience in diagnostics, pharmaceutical services and medical
devices. -
Increased citations in peer-reviewed publications of scientific
research further validating Simoa’s capabilities in oncology and
neurology with several groundbreaking studies, including a seminal
study in Nature,
which used Simoa to show that the biomarker LIF can be a reliable
marker to help monitor the progression of pancreatic cancer. This was
widely covered for its potential to help diagnose the disease more
quickly and efficiently, and was proposed as a promising new target to
assist in drug development. Another
study using Simoa was published in Nature showing that elevated
Nf-L levels were present in blood 16 years before the diagnosis of
Alzheimer’s disease, demonstrating promise as part of an earlier
diagnostic work-up. In total, Quanterix increased its number of
third-party, peer-reviewed publications by 61, its strongest quarter
ever, to a total of more than 500. -
Presented at the 37th Annual J.P. Morgan Healthcare
Conference for the third year in a row, detailing Quanterix’
significant growth in its first year since becoming a public company. -
Presented and sponsored exhibits at critical industry conferences on
the vital role of biomarkers to advance disease detection and
therapeutics, including the 14th Annual Biomarkers
Congress, Type 2 Immunity in Homeostasis and Disease, Molecular Med
Tri-Con, 8th Global Reverse Phase Protein Array Workshop,
the 14th International Conference on Alzheimer’s and
Parkinson’s Diseases and American Association for Cancer Research
Conference. -
Invited to speak at leading healthcare investor conferences including
the 21st
Annual Needham Growth Conference, the 8th
Annual Leerink Partners Global Healthcare Conference, and the 39th
Annual Cowen and Company Health Care Conference. -
Served as lead sponsor of the Boston, Mass. screening of “VINCIBLE The
Documentary” – an inspiring true story that profiles the lives of
several young adult cancer survivors who have lost their youth to the
devastating disease.
Conference Call
In conjunction with this announcement, Quanterix Corporation will host a
conference call on May 9, 2019, at 4:30 p.m., EDT to discuss the
Company’s financial results and business outlook. To access this call,
dial (833) 686-9351 for domestic callers, or (612) 979-9890 for
international callers. Please reference the following conference ID:
8955828.
A live webcast will be accessible on the Investors section of Quanterix’
website: http://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) |
||||||||||
Quarterly Statement of Operations |
||||||||||
Q1 2019 | Q1 2018 | |||||||||
Product Revenue | $9,547 | $4,745 | ||||||||
Service and other revenue | 2,790 | 2,507 | ||||||||
Collaboration revenue | 0 | 269 | ||||||||
Total revenue |
$12,337 | $7,521 | ||||||||
Cost of product revenue | $4,248 | $2,773 | ||||||||
Cost of service revenue | 2,082 | 1,576 | ||||||||
Gross profit |
$6,007 | $3,172 | ||||||||
Research and development | $3,684 | $3,573 | ||||||||
Selling, general and administrative | 10,381 | 6,055 | ||||||||
Stock comp expenses included in operating expenses | 1,299 | 707 | ||||||||
Total operating expenses |
$15,364 | $10,335 | ||||||||
Interest income (expense), net | $21 | ($24 | ) | |||||||
Other income (expense), net | (47 | ) | (15 | ) | ||||||
Loss before income tax |
($9,383 | ) | ($7,202 | ) | ||||||
Other income (expense), net | 22 | 0 | ||||||||
Net loss |
($9,405 | ) | ($7,202 | ) |
Quanterix Balance Sheet |
|||||||||
03/31/2019 |
12/31/2018 |
||||||||
Cash and cash equivalents | $33,972 | $44,429 | |||||||
AR | 7,303 | 6,792 | |||||||
Inventory | 7,742 | 5,945 | |||||||
Prepaid and other | 2,502 | 2,330 | |||||||
Total current assets | $51,519 | $59,496 | |||||||
Restricted Cash | $1,019 | $1,000 | |||||||
Property and equipment, net | 8,582 | 2,923 | |||||||
Intangible assets and goodwill | 3,506 | 3,656 | |||||||
Other non-current assets | 550 | 536 | |||||||
Total assets | $65,176 | $67,611 | |||||||
Accounts payable / accrued expenses | $11,039 | $12,688 | |||||||
Deferred revenue | 5,484 | 5,437 | |||||||
Current portion of long term debt | 75 | 0 | |||||||
Lease incentive obligation | 461 | 0 | |||||||
Total current liabilities | $17,059 | $18,125 | |||||||
Deferred revenue, net of current portion | $431 | $520 | |||||||
Long term debt | 7,572 | 7,623 | |||||||
Lease incentive obligation, net of current portion | 4,804 | 0 | |||||||
Other non-current liabilities | 1,095 | 278 | |||||||
Total Liabilities | $30,961 | $26,546 | |||||||
Total stockholder equity | $34,215 | $41,065 | |||||||
Total liabilities and shareholders equity | $65,176 | $67,611 | |||||||
About Quanterix
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 Lexington, 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.
Contacts
Quanterix, Inc.
Amol Chaubal, CFO, 617-301-9495
[email protected]
PAN Communications
Lindsay Poole, 617-502-4300
[email protected]