Business
Quanterix Corporation Releases Operating Results for First Quarter 2022
Quanterix reports continued revenue growth as it scales to support transformational advances in neurology research BILLERICA, Mass.--(BUSINESS WIRE)--
About this update from Quanterix Corporation
[{"type":"text","content":"\nQuanterix reports continued revenue growth as it scales to support transformational advances in neurology research \n\n BILLERICA, Mass.--(BUSINESS WIRE)--\nQuanterix Corporation (NASDAQ: QTRX), a company digitizing biomarker analysis with the goal of advancing the science of precision health, today announced financial results for the three months ended March 31, 2022.\n\n“This is a pivotal time for growth in neurology and therapeutics, marked by breakthroughs in some of the world’s biggest health threats, including Alzheimer’s disease and multiple sclerosis (MS),” said Masoud Toloue, Chief Executive Officer, Quanterix. “I’m excited for the opportunity to lead Quanterix through this next chapter, and looking ahead, we’ll focus on several transformational changes around scaling with quality, innovation, and our ability to translate ultra-sensitive biomarker detection to help researchers and pharmaceutical companies drive earlier disease detection, better prognoses, and enhanced treatment methods.”\n\nToloue continued, “Q1 revenue was in line with our expectations and full-year goals; however, gross margin fell well short of our expectations. As part of our larger goal of scaling with quality, we are implementing specific changes to our inventory management and quality processes, which we expect will improve our gross margins going forward.”\n\nFirst Quarter 2022 Financial Highlights\n\nKey financial results for the first quarter of 2022 are shown below:\n\n\nQ1 total revenue was $29.6M versus prior year Q1 of $27.2M(1), an increase of 9%;\n\n\nQ1 product revenue was $20.7M versus prior year Q1 of $18.2M, an increase of 13%;\n\n\nQ1 service and other revenue was $8.8M versus prior year Q1 of $6.4M, an increase of 37%; and\n\n\nQ1 gross margin was 49.3% versus prior year Q1 gross margin of 60.1%.\n____________________\n(1) Q1 2021 total revenue includes $2.3M in RADx-related grant revenue.\n\n\nFirst Quarter Business Highlights\n\n\nQuanterix announced new agreements with Lilly to advance Alzheimer’s disease diagnosis and treatment; the agreements provide Quanterix access to Lilly’s P-tau217 antibody technology to create pathways for plasma-based biomarkers for use in Alzheimer’s disease and establishes framework for future collaboration and supports development of Quanterix tests to advance diagnosing and treating life-threateni...