Quanterix Releases Preliminary Financial Results for the Third Quarter of 2024

In This Article:

Sixth Consecutive Quarter of Double-Digit Growth

Reaffirms Full Year 2024 Outlook

BILLERICA, Mass., November 12, 2024--(BUSINESS WIRE)--Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced preliminary financial results for the third quarter ended September 30, 2024 and reaffirmed its full year 2024 guidance. The Company also disclosed the need to restate certain prior period financial statements to correct non-cash errors related to those periods.

"Quanterix continues to build on our strong momentum, achieving our sixth consecutive quarter of double-digit growth. We are pleased to reaffirm our full year 2024 outlook, which is especially notable given the muted growth that continues to impact the tools space," said Masoud Toloue, Chief Executive Officer of Quanterix. "With a focus on disciplined execution of our strategic priorities, we are expanding the Quanterix portfolio of innovative products and services, empowering our customers to break new ground in research, and lead advancements in Alzheimer’s diagnostics."

Preliminary Third Quarter 2024 Financial Highlights

  • Revenue of $35.7 million, an increase of 13% compared to $31.6 million in the corresponding prior year period, as preliminarily restated.

  • GAAP gross margin of 58.9% and Non-GAAP gross margin of 53.4%.

  • Net cash usage in the quarter was $3.3 million. The Company ended the period with $296.1 million of cash, cash equivalents, marketable securities, and restricted cash.

These preliminary financial results are based on current best available information and are unaudited and subject to adjustment, including in connection with the finalization of the restated financial statements as further described below. The Company expects to report its final results for the third quarter of 2024, which could vary from the preliminary financial results disclosed in this press release, in its Quarterly Report on Form 10-Q, following the filing of the restated financial statements, as further described below.

Third Quarter Operational and Business Highlights

  • The Company announced the launch of LucentAD Complete, a multi-marker test for Alzheimer’s Disease (AD) detection. The test leverages a proprietary algorithm to generate an AD score by analyzing five Alzheimer’s disease-related biomarkers (p-Tau 217, Aβ42/40, NfL, GFAP), offering significantly improved amyloid classification and reducing inconclusive results by up to three-fold compared to traditional single-marker tests.

  • In September 2024, Mt. Sinai Health System announced that they would be deploying blood-based biomarkers as early detection tools across primary and specialty care settings. Mt. Sinai will be examining p-Tau 217, as well as NfL and GFAP using our assays through a grant from the Davos Alzheimer’s Collaborative.

  • The Company continues to advance its innovation rate and this quarter released a new series of ultra-sensitive 4-marker panels in neurology and immunology, as well as an extracellular vesicle profiling tool kit, which has research applications in multiple disease areas.

  • The Company added two members to its Board of Directors, Jeff Elliott, former CFO of Exact Sciences, and Ivana Magovčević-Liebisch, Ph.D., J.D., President and CEO of Vigil Neuroscience.

Waiting for permission
Allow microphone access to enable voice search

Try again.