Quanterix Releases Financial Results for the Fourth Quarter of 2024
Delivers seventh consecutive quarter of double-digit revenue growth
BILLERICA, Mass.--(BUSINESS WIRE)--March 17, 2025--
Quanterix Corporation $(QTRX)$, a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced financial results for the fourth quarter ended December 31, 2024.
"During the fourth quarter, we delivered 11% revenue growth, our seventh straight quarter of double-digit growth, despite a capital constrained environment," said Masoud Toloue, Chief Executive Officer of Quanterix. "Our ability to grow in a difficult environment is the result of investments in our business model, which focuses on key vertical markets and recurring revenues. We are expanding our approach to immunology and oncology, which will materially grow our addressable market, increase leverage and scale. Our announced acquisition of Akoya Biosciences is an important step forward in the execution of this strategy."
On January 10, 2025, Quanterix announced a definitive merger agreement to acquire Akoya in an all-stock transaction. The proposed combination will create the first integrated solution for ultra-sensitive detection of blood- and tissue-based protein biomarkers, uniquely positioning the company to accelerate market development of new clinical tests. The transaction is expected to close in the second quarter of 2025, subject to certain closing conditions including approval by both companies' shareholders.
Fourth Quarter Financial Highlights
-- Revenue of $35.2 million, an increase of 11% compared to $31.5 million in the prior year. -- GAAP gross margin of 63.0%, as compared to 61.5% in the prior year. Adjusted gross margin (non-GAAP) of 57.7% as compared to 54.7% in the prior year. -- Net loss of $11.6 million, compared to a net loss of $8.8 million in the prior year. -- Net cash usage during the quarter was $4.4 million, compared to net cash usage of $6.4 million in the prior year. The Company ended 2024 with $291.7 million of cash, cash equivalents, marketable securities, and restricted cash.
Full Year 2024 Financial Highlights
-- Revenue of $137.4 million, an increase of 12% compared to $122.4 million in the prior year. -- GAAP gross margin of 60.5%, as compared to 60.7% in the prior year. Adjusted gross margin (non-GAAP) of 54.6% as compared to 54.0% in the prior year. -- Net loss of $38.5 million, a decrease of $10.2 million compared to the prior year. -- Net cash usage during the year was $32.2 million, compared to net cash usage of $17.4 million in the prior year.
Operational and Business Highlights
-- Announced the Company's plan to launch Simoa ONE, a new instrument, by the end of 2025. Simoa ONE is expected to enable up to a 10-fold increase in sensitivity over current Simoa instruments and to allow a substantial increase in plexing and specificity, while maintaining a simple and efficient workflow. -- Acquired EMISSION, a manufacturer of large-scale, highly-uniform dye-encapsulating magnetic beads designed for low and mid-plex assays and a mid-plex platform that reads its proprietary beads. The acquisition of EMISSION allows Quanterix to secure the supply of highly controlled beads for use in its next generation Simoa ONE platform. It also allows the Company to develop a new multi-plex segment targeting third-party OEM customers for these beads, which the Company has branded as Nova Beads, https://www.quanterix.com/nova-beads/. -- Launched 20 new assays in 2024, including fully automated Simoa$(R)$ Cytokine 4-Plex Advantage PLUS Assays - combining Simoa(R) digital immunoassay technology and the Company's innovative Advantage PLUS assay platform. Additionally, the Company launched the Simoa(R) PSD-95 Advantage PLUS Assay measuring postsynaptic density protein 95 (PSD-95), an essential component of synaptic signaling complexes, playing a pivotal role in synaptic plasticity and cognitive function. -- Received Breakthrough Designation from the FDA for LucentAD Complete, a multi-marker algorithmic test that combines five biomarkers (p-Tau 217, A<BETA>42, A<BETA> 40, NfL, and GFAP). -- Significant progress in building global infrastructure for Alzheimer's disease testing through 12 new partnerships, including with Neurogen, Innovita, Neurocode, NSW Health Pathology, and IDOR -- Lab Richet in the fourth quarter.
2025 Full Year Business Outlook
For 2025, on a standalone basis not giving effect to the planned acquisition of Akoya, the Company expects to report revenues in a range $140.0 million to $146.0 million, which represents growth of 2% to 6% over 2024. This estimate excludes revenue from Lucent Diagnostics testing. The Company expects gross margin to be in the range of 59 to 63%, and adjusted gross margin (non-GAAP) in the range of 53% to 57%. Finally, the Company anticipates 2025 cash usage (change in cash, cash equivalents, marketable securities, and restricted cash) to be approximately $55.0 million to $65.0 million, which includes $20.0 million of upfront payments for the EMISSION acquisition. The estimated cash usage excludes any expenses or payments related to the pending Akoya acquisition.
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 GAAP to Non-GAAP Financial Measures" below.
Conference Call
In conjunction with this announcement, the Company will host a conference call on March 17, 2025, at 4:30 PM E.T. The dial-in number for USA & Canada is Toll-Free (888) 594-4144 or (646) 968-2525 and the conference ID is 4306988.
Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix at https://ir.quanterix.com. An archived webcast replay will be available on the Company's website for one year.
Financial Highlights
QUANTERIX CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (amounts in thousands, except per share data) Three Months Ended Twelve Months Ended December 31, December 31, 2024 -------------------- ----------------------- 2024 2023 2024 2023 ------- ------- ------- ------- Revenues: Product revenue $ 20,489 $ 20,821 $ 79,740 $ 79,670 Service and other revenue 11,922 10,230 51,244 40,089 Collaboration and license revenue 1,696 146 4,452 1,380 Grant revenue 1,055 352 1,985 1,229 ------- ------- ------- ------- Total revenues 35,162 31,549 137,421 122,368 Costs of goods sold and services: Cost of product revenue 7,843 7,314 33,304 29,103 Cost of service and other revenue 5,149 4,829 21,013 19,041 ------- ------- ------- ------- Total costs of goods sold and services 12,992 12,143 54,317 48,144 ------- ------- ------- ------- Gross profit 22,170 19,406 83,104 74,224 ------- ------- ------- ------- Operating expenses: Research and development 8,067 7,210 31,082 26,064 Selling, general and administrative 28,591 23,436 101,618 89,111 Other lease costs 279 1,016 3,020 3,712 Impairment and restructuring -- 1,361 -- 1,328 ------- ------- ------- ------- Total operating expenses 36,937 33,023 135,720 120,215 ------- ------- ------- ------- Loss from operations (14,767) (13,617) (52,616) (45,991) Interest income, net 3,491 4,319 14,655 15,839 Other income (expense), net (357) 626 (136) 2,517 ------- ------- ------- ------- Loss before income taxes (11,633) (8,672) (38,097) (27,635) Income tax expense 8 (141) (434) (719) ------- ------- ------- ------- Net loss $(11,625) $ (8,813) $(38,531) $(28,354) ======= ======= ======= ======= Net loss per common share, basic and diluted $ (0.30) $ (0.23) $ (1.00) $ (0.75) Weighted-average common shares outstanding, basic and diluted 38,551 37,594 38,367 37,594 QUANTERIX CORPORATION CONSOLIDATED BALANCE SHEETS (amounts in thousands, except per share data) December 31, 2024 December 31, 2023 ------------------- ------------------- ASSETS Current assets: Cash and cash equivalents $ 56,709 $ 174,422 Marketable securities 232,413 146,902 Accounts receivable, net of allowance for expected credit losses 32,141 25,414 Inventory 32,775 26,123 Prepaid expenses and other current assets 9,556 9,234 --- -------------- --- -------------- Total current assets 363,594 382,095
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