Business
Quanterix Releases Operating Results for Second Quarter 2023
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 three months ended June 30, 2023.\n\n\nSecond Quarter Financial Highlights\n\n\n\nTotal revenue was $31.0 million versus prior year second quarter total revenue of $23.5 million, an increase of 32%. Second quarter revenue also increased 9% sequentially driven by increased Accelerator Lab and consumables revenue. Second quarter revenue includes a one-time benefit of approximately $1.5 million related to product and license agreements.\n\n\n\nGAAP gross margin was 61.7% compared to prior year second quarter GAAP gross margin of 37.1%. Non-GAAP gross margin was 56.4% compared to prior year second quarter non-GAAP gross margin of 29.1%.\n\n\n\nNet loss was $6.1 million compared to prior year second quarter net loss of $24.9 million.\n\n\n\nNet cash flow in the quarter was approximately break-even. Cash and cash equivalents were $329.5 million as of June 30, 2023, as compared to $329.4 million as of March 31, 2023.\n\n\n\n“Since launching our corporate transformation, we’re pleased with the accelerating progress as evidenced by both financial and business results,” said Masoud Toloue, President and Chief Executive Officer of Quanterix. “In under a year, our talented team has implemented fundamental change to business operations, with cash flow break-even being a key milestone, that said, we intend to continue to invest in scaling and supporting the important work performed on our Simoa® platform, that we believe will change the way we understand, test, and treat neurological diseases.”\n\n\nOperational and Business Highlights\n\n\nAccelerating our leadership position in blood-based biomarkers:\n\n\n\nIn July, the Company launched LucentAD, a blood-based biomarker test to assist in the evaluation of patients experiencing cognitive symptoms consistent with the early signs of Alzheimer’s disease. This launch includes a new portal for patient and providers.\n\n\n\nPositive readout on Quanterix’s Bio-Hermes clinical study with the Global Alzheimer’s Platform Foundation confirmed high correlation between the LucentAD blood test and amyloid PET scans in early Alzheimer’s patients, a cohort most eligible for therapy. Results will be used to sup...