Quanterix Corporation Reports Second Quarter 2024 Financial Results

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Quanterix Corporation Reports Second Quarter 2024 Financial Results

Overview: Quanterix Corporation (NASDAQ:QTRX), a company specializing in ultra-sensitive biomarker detection, announced its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics:

Financial Metric Q2 2024 (Actual) Q2 2023 (Actual) QoQ Change YoY Change Consensus Estimates (Q2 2024)
Total Revenue $34.4 million $31.0 million +10.8% +10.8% $33.7 million
Earnings Per Share (EPS) -$0.26 -$0.16 -62.5% -62.5% -$0.26
GAAP Gross Margin 58.3% 61.7% -5.5% -5.5% N/A
Non-GAAP Gross Margin 52.3% 56.4% -7.3% -7.3% N/A
Net Loss -$9.5 million -$6.1 million -55.7% -55.7% N/A
Net Cash Usage -$5.1 million N/A N/A N/A N/A
Cash & Cash Equivalents $299.5 million N/A N/A N/A N/A

Interpretation: Quanterix reported total revenue of $34.4 million, exceeding the consensus estimate of $33.7 million and representing a 10.8% year-over-year increase. However, the EPS remained negative at -$0.26, aligning with market expectations but marking a 62.5% increase in net loss from Q2 2023. The gross margin saw a decline, both on GAAP and non-GAAP bases, suggesting increased costs or pricing pressures.

Revenue Performance by Segment:

Segment Q2 2024 Revenue Q2 2023 Revenue YoY Change Previous Guidance (2024)
Accelerator Service N/A N/A +35% N/A
Total Revenue $34.4 million $31.0 million +10.8% $33.7 million

Interpretation: Revenues from the Accelerator service segment saw significant growth of 35% year-over-year. Overall, revenue met and slightly exceeded expectations, highlighting robust demand.

Operational and Business Highlights:

Operational Data Details
Alzheimer's Detection Validation Multi-marker test improved diagnostic accuracy, reducing the intermediate zone from 31.2% to 10.5%
New Partnerships Collaborations with Mt. Sinai, Banner Health, UCSF, and KingMed Diagnostics
Positive Clinical Trial Data Annexon Biosciences' ANX005 therapy for Guillain-Barre Syndrome demonstrated efficacy

Comments from CEO Masoud Toloue: "Our research business once again delivered strong performance in the second quarter, growing double digits. 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."

Forward Guidance: - Revenue for 2024 is now expected to be between $134 million and $138 million, down from previous guidance of $139 million to $144 million. - GAAP gross margin percentage expected to range from 57% to 61%. - Non-GAAP gross margin percentage expected to range from 51% to 55%. - Anticipated 2024 cash usage to be at the higher end of the $25 million to $30 million range.

Stock Price Movement: The company's stock price saw a 1.58% increase following the earnings release.

Quanterix continues to demonstrate strong growth potential in its research business and is focused on expanding its capabilities in Alzheimer's diagnostics, despite current market pressures affecting its financial performance and forward guidance.

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