Business
Quanterix Releases Operating Results for Fourth Quarter and Full Year 2022; Aligned with Expectations
BILLERICA, Mass.--(BUSINESS WIRE)-- Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultrasensitive 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 ultrasensitive biomarker detection, today announced financial results for the fourth quarter and twelve months ended December 31, 2022.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20230306005289/en/\n“Our Simoa technology continues to be on the forefront of research, testing, therapeutic trials and has been an integral part of recent advances in Alzheimer’s disease. In order to best capture and lead in this area, two quarters ago we began a corporate transformation and we’re pleased to announce the program is on track, with good progress quarter over quarter,” said Masoud Toloue, President and Chief Executive Officer of Quanterix.\n\nSequential Progress with Strategic Business Realignment\n\nIn August 2022, the Company initiated a strategic business realignment to maximize its full potential to enable access to current and future Simoa technology. As part of the realignment, the Company established an assay redevelopment program with the goal of improving its capability to manufacture high-quality assays at scale.\n\nQuanterix’s fourth quarter and full year revenue results were in line with expectations set forth with this plan. Gross margin, a key success indicator of the Company’s strategic realignment, saw strong quarter-over-quarter improvement. Q4 GAAP gross margin was 48.8% versus Q3 GAAP gross margin of 41.1%. Q4 non-GAAP gross margin was 41.3% versus Q3 non-GAAP gross margin of 34.9%.\n\nGAAP operating loss of $22.3 million for the fourth quarter of 2022 included approximately $10 million of restructuring and impairment related charges. As a result of the restructuring, SG&A costs were $19.3 million for the quarter, down $9.1 million from last year Q4.\n\nYear over Year Financial Highlights\n\nFourth Quarter 2022\n\n\nQ4 GAAP revenue was $25.8 million versus prior year Q4 of $30.3 million, a decrease of 14.7%. Prior year Q4 revenue included $1.0 million of RADx revenue.\n\n\nQ4 GAAP gross margin was 48.8% versus prior year Q4 of 53.7%; Q4 non-GAAP gross margin was 41.3% versus prior year Q4 of 47.2%.\n\n\nCash burn for Q4 was $5 million; ended 2022 with $338.7 million of unrestricted cash.\n\n\nFull Year 2022\n\n\nFY GAAP total revenue w...