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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