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Quanterix Releases Financial Results for the Second Quarter of 2024
BILLERICA, Mass.--(BUSINESS WIRE)-- Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection,
About this update from Quanterix Corporation
[{"type":"text","content":" BILLERICA, Mass.--(BUSINESS WIRE)--\nQuanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced financial results for the second quarter ended June 30, 2024.\n\n\n“Our research business once again delivered strong performance in the second quarter, growing double digits,” said Masoud Toloue, Chief Executive Officer of Quanterix. “Demand for Simoa sensitivity continues, as highlighted by a 35% increase in Accelerator service revenue compared to the corresponding prior year period, as customers are able to access our technology without impacting their capital expenditure budgets. For the balance of 2024, we expect to continue to execute against our strategy: delivering new menu for our research customers, innovating toward a new platform, and building the infrastructure for blood-based Alzheimer’s Diagnostics.”\n\n\nSecond Quarter Financial Highlights\n\n\n\nRevenue of $34.4 million, an increase of 10.8% compared to $31.0 million in the corresponding prior year period.\n\n\n\nGAAP gross margin of 58.3%, as compared to 61.7% in the prior year period. Non-GAAP gross margin of 52.3% as compared to 56.4% in the corresponding prior year period.\n\n\n\nNet loss of $9.5 million, an increase of $3.4 million compared to the corresponding prior year period.\n\n\n\nNet cash usage in the quarter was $5.1 million, and the Company ended the period with $299.5 million of cash, cash equivalents, marketable securities, and restricted cash.\n\n\n\nOperational and Business Highlights\n\n\n\nThe Company presented data at the Alzheimer’s Association International Conference (AAIC), demonstrating successful validation of a multi-marker approach for Alzheimer’s disease detection. The findings showed a multi-marker test with an algorithm improved diagnostic certainty compared to a stand-alone p-Tau 217 test, reducing the test’s intermediate zone three-fold from 31.2% to 10.5%, while maintaining overall accuracy above 90%.\n\n\n\nThe Company announced four new partnerships to provide access to Alzheimer’s disease diagnostic testing. These partners consist of three large domestic hospital systems, Mt. Sinai, Banner Health, and UCSF, and a leading laboratory in China, KingMed Diagnostics.\n\n\n\nUtilizing data produced using the Company’s Accelerator lab services, the biotechnol...