Business
Quanterix Corporation Releases Operating Results for Third Quarter of 2021
Third quarter revenue driven by unprecedented growth in consumables (+98% vs PY) and instruments (+44% vs PY) BILLERICA, Mass.--(BUSINESS WIRE)-- Quanterix
About this update from Quanterix Corporation
[{"type":"text","content":"\nThird quarter revenue driven by unprecedented growth in consumables (+98% vs PY) and instruments (+44% vs PY)\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 ending September 30, 2021.\n\n“We are making critical advances across neurology and infectious disease with recent breakthrough device designation for an Alzheimer’s blood test and expanded EUA label for a COVID-19 test by the U.S. FDA,” said Kevin Hrusovsky, Chairman and Chief Executive Officer, Quanterix. “Our Simoa phospho-Tau 181 (pTau-181) blood test is a critical potential aid in the diagnostic evaluation of Alzheimer’s disease, in particular by unlocking the possibility for earlier, more accessible, higher-throughput, non-invasive diagnosis to enable advances in neuro-diagnostic therapies. Furthermore, our label expansion for our Simoa SARS-CoV-2 N Protein Antigen Test demonstrates yet another example of Simoa’s potential for achieving asymptomatic and low-invasive clinical testing.”\n\nThird Quarter 2021 Financial Highlights\n\nKey financial results for the third quarter of 2021 are shown below:\n\n\nQ3 GAAP total revenue, which includes grant revenue of $1.0M, was $27.7M versus prior year Q3 of $31.4M; prior year Q3 included one-time license revenue of $11.2M and grant revenue of $1.9M;\n\n\nQ3 non-GAAP total revenue was $26.7M versus prior year Q3 non-GAAP total revenue of $18.3M, an increase of 46%;\n\n\nQ3 GAAP product revenue was $20.7M versus prior year Q3 of $11.7M, an increase of 77%;\n\n\nQ3 GAAP service and other revenue was $5.9M versus prior year Q3 of $6.6M, a decrease of 10% over a strong 2020 driven by one time COVID-related services; our two year CAGR (Q319 - Q321) for services is 18%; and\n\n\nQ3 GAAP gross margin was 55.1% versus prior year Q3 GAAP gross margin of 67.2%; Q3 non-GAAP gross margin was 54.8% versus prior year Q3 non-GAAP gross margin of 51.5%.\n\n\nYTD 2021 Financial Highlights\n\nKey financial results for YTD 2021 are shown below:\n\n\nYTD GAAP total revenue, which includes grant revenue of $4.2M, was $80.3M versus prior year YTD of $60.2M; prior year YTD included one-time license revenue of $11.2M and grant revenue of $1.9M;\n\n\nYTD non-GAAP total...