Business
Quanterix Corporation Releases Operating Results for First Quarter 2020
$15.7M revenues, 27% Q1 YOY revenue growth BILLERICA, Mass.--(BUSINESS WIRE)-- Quanterix Corporation (NASDAQ:QTRX), a company digitizing biomarker analysis
About this update from Quanterix Corporation
[{"type":"text","content":"\n $15.7M revenues, 27% Q1 YOY revenue growth\n\n BILLERICA, Mass.--(BUSINESS WIRE)--\nQuanterix 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, 2020.\n\n\n“Q1 2020 was yet another strong quarter for Quanterix underscored by strong execution and revenue growth, particularly given the COVID-19 pandemic,” said Kevin Hrusovsky, President, Chairman and Chief Executive Officer, Quanterix. “We are making continuous advances in many neurology, immunity and COVID-19 applications. We are also utilizing our Accelerator Laboratory to run trials and studies for customers experiencing disruptions in their laboratories. Despite the present near-term challenges, we remain positive and committed to the unprecedented market opportunity.”\n\n\nFirst Quarter 2020 Financial Highlights\n\n\nKey financial results for the first quarter of 2020 are shown below:\n\n\n\nQ1 revenue was $15.7M versus prior year Q1 of $12.3M, an increase of 27%;\n\n\nQ1 product revenue was $9.8M versus prior year Q1 of $9.5M, an increase of 3%;\n\n\nQ1 service and other revenue was $5.8M versus prior year Q1 of $2.8M, an increase of 107%;\n\n\nQ1 GAAP gross margin was 43.3% versus prior year Q1 of 48.7%; Q1 non-GAAP gross margin was 48.5% versus prior year Q1 of 48.7%. Q1 2020 gross margin includes 200 bps of adverse impact from our successful HD-X trade-in program.\n\n\n\nFor 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” below.\n\n\nFirst Quarter 2020 Business Highlights\n\n\n\nEarly in the progression of COVID-19, we took aggressive steps to protect our employees and their families, while rapidly implementing a resilience plan to maintain our operations and support our global customer base. As a result, we have successfully maintained our operations and have expanded our Accelerator capacity to support customer disruptions and sustain clinical trials.\n\n\nTo support the global public health response, we are engaging closely with researchers and KOLs around the world. We have implemented a set of important and differentiated tools for COVID-19 investigators to immediately deploy to study disease progression...