Quanterix Corpfalse000150327400015032742024-08-082024-08-08

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 8, 2024
QUANTERIX CORPORATION
(Exact name of registrant as specified in its charter)
Delaware001-3831920-8957988
(State or other jurisdiction
of incorporation)		(Commission File Number)(IRS Employer
Identification No.)
900 Middlesex Turnpike
Billerica, MA
01821
(Address of principal executive offices)
(Zip Code)
(617) 301-9400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol(s)Name of each exchange on which
registered
Common Stock, $0.001 par value per shareQTRXThe Nasdaq Global Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o


Item 2.02    Results of Operations and Financial Condition.
On August 8, 2024, Quanterix Corporation (“Quanterix”) issued a press release announcing its financial results for the second quarter ended June 30, 2024 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01    Financial Statements and Exhibits.
(d)Exhibits
Exhibit
No.		Description
99.1
104Cover Page Interactive Data File (embedded within the inline XBRL document)


SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
QUANTERIX CORPORATION
By:/s/ Vandana Sriram
Vandana Sriram
Chief Financial Officer
Date: August 8, 2024


Exhibit 99.1
Quanterix Releases Financial Results for the Second Quarter of 2024
BILLERICA, Mass. – August 8, 2024 - Quanterix 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.
“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.”
Second Quarter Financial Highlights
•Revenue of $34.4 million, an increase of 10.8% compared to $31.0 million in the corresponding prior year period.
•GAAP 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.
•Net loss of $9.5 million, an increase of $3.4 million compared to the corresponding prior year period.
•Net 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.
Operational and Business Highlights
•The 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%.

•The 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.

•Utilizing data produced using the Company’s Accelerator lab services, the biotechnology company Annexon Biosciences reported that they demonstrated positive topline results for their pivotal phase 3 trial in Guillain-Barre Syndrome. As part of the trial, Annexon reported that they demonstrated their therapy ANX005 reduced levels of neurofilament light (Nf-L) between weeks two and four of therapy.
2024 Full Year Business Outlook
The Company has revised its 2024 revenue guidance range to $134 million to $138 million, compared to $139 million to $144 million previously due to what remains a constrained capital funding environment. This revenue range excludes revenue from Lucent Diagnostics testing, which we expect to be immaterial for 2024. The Company continues to expect GAAP gross margin percentage to be in the range of 57%-61%, and non-GAAP gross margin percentage in the range of 51%-55%. Finally, the Company anticipates 2024 cash usage (change in cash, cash equivalents, marketable securities, and restricted cash) to be at the higher end of its prior cash usage range of $25 million to $30 million.

For additional information on the non-GAAP financial measures included in this press release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.
Conference Call
In conjunction with this announcement, the Company will host a conference call on August 8, 2024 at 4:30 p.m. E.T. Click here to register for the conference call and obtain your dial-in number and passcode.



Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at http://www.quanterix.com. An archived webcast replay will be available on the Company’s website for one year.


Financial Highlights
Quanterix Corporation
Consolidated Statements of Operations
(Unaudited, amounts in thousands except per share data)
Three Months Ended June 30,
20242023
Revenues:
Product revenue$19,887 $19,692 
Service and other revenue13,511 10,552 
Collaboration and license revenue729 629 
Grant revenue254 156 
Total revenues34,381 31,029 
Costs of goods sold and services:
Cost of product revenue8,851 7,236 
Cost of service and other revenue5,472 4,655 
Total costs of goods sold and services14,323 11,891 
Gross profit20,058 19,138 
Operating expenses:
Research and development8,104 5,946 
Selling, general and administrative24,135 21,591 
Other lease costs927 1,162 
Total operating expenses33,166 28,699 
Loss from operations(13,108)(9,561)
Interest income3,681 3,886 
Other income (expense), net
(9)(154)
Loss before income taxes(9,436)(5,829)
Income tax expense(37)(235)
Net loss$(9,473)$(6,064)
Net loss per common share, basic and diluted$(0.25)$(0.16)
Weighted-average common shares outstanding, basic and diluted38,33837,494


Quanterix Corporation
Consolidated Balance Sheets
(Unaudited, amounts in thousands)
June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$47,002 $174,422 
Marketable securities249,853 146,902 
Accounts receivable, net of allowance for expected credit losses31,784 25,414 
Inventory28,363 22,365 
Prepaid expenses and other current assets8,724 9,291 
Total current assets365,726 378,394 
Restricted cash2,607 2,604 
Property and equipment, net18,205 17,926 
Intangible assets, net4,981 6,034 
Operating lease right-of-use assets17,399 18,251 
Other non-current assets2,370 1,802 
Total assets$411,288 $425,011 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$7,273 $5,048 
Accrued compensation and benefits9,044 13,659 
Accrued expenses and other current liabilities6,577 6,041 
Deferred revenue10,121 9,468 
Operating lease liabilities4,524 4,241 
Total current liabilities37,539 38,457 
Deferred revenue, net of current portion928 1,227 
Operating lease liabilities, net of current portion35,052 37,223 
Other non-current liabilities1,017 1,177 
Total liabilities74,536 78,084 
Total stockholders’ equity336,752 346,927 
Total liabilities and stockholders’ equity$411,288 $425,011 


Quanterix Corporation
Consolidated Statements of Cash Flows
(Unaudited, amounts in thousands)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net loss$(19,545)$(12,167)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense3,124 2,845 
Credit losses on accounts receivable676 324 
Accretion of marketable securities(3,619)— 
Operating lease right-of-use asset amortization840 1,002 
Stock-based compensation expense10,493 8,095 
Other operating activity(13)548 
Changes in assets and liabilities:
Accounts receivable(7,242)(5,750)
Inventory(6,011)(1,181)
Prepaid expenses and other current assets597 (527)
Other non-current assets(596)(965)
Accounts payable2,054 (631)
Accrued compensation and benefits, accrued expenses, and other current liabilities(4,390)(1,326)
Deferred revenue354 1,666 
Operating lease liabilities(1,876)(730)
Other non-current liabilities39 (72)
Net cash used in operating activities(25,115)(8,869)
Cash flows from investing activities:
Purchases of marketable securities(189,344)— 
Proceeds from maturities of marketable securities89,229 — 
Purchases of property and equipment(2,105)(784)
Net cash used in investing activities(102,220)(784)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans2,421 777 
Payments for employee taxes withheld on stock-based compensation awards(2,150)(87)
Net cash provided by financing activities271 690 
Net decrease in cash, cash equivalents, and restricted cash(127,064)(8,963)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(353)(163)
Cash, cash equivalents, and restricted cash at beginning of period177,026 341,337 
Cash, cash equivalents, and restricted cash at end of period$49,609 $332,211 


Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations. These non-GAAP measures are calculated by including shipping and handling costs for product sales within cost of product revenue instead of within selling, general and administrative expenses. We use these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with U.S. GAAP.
Set forth below is a reconciliation of non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations to their most directly comparable GAAP financial measures.
Reconciliation of GAAP to Non-GAAP Financial Measures
Quanterix Corporation
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(Unaudited, amounts in thousands except percentages)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
GAAP gross profit$20,058$19,138$39,684$36,064
Shipping and handling costs(2,075)(1,623)(4,217)(3,451)
Non-GAAP gross profit$17,983$17,515$35,467$32,613
GAAP revenue$34,381$31,029$66,447$59,485
GAAP gross margin (gross profit as % of revenue)58.3%61.7%59.7%60.6%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)52.3%56.4%53.4%54.8%
GAAP total operating expenses$33,166$28,699$66,758$55,045
Shipping and handling costs(2,075)(1,623)(4,217)(3,451)
Non-GAAP total operating expenses$31,091$27,076$62,541$51,594
GAAP loss from operations$(13,108)$(9,561)$(27,074)$(18,981)
Non-GAAP loss from operations$(13,108)$(9,561)$(27,074)$(18,981)
About Quanterix
From discovery to diagnostics, Quanterix’s ultra-sensitive biomarker detection is driving breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification of conventional analog methods. Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,900 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn.



Forward-Looking Statements
Quanterix’s current financial results, as discussed in this press release, are preliminary and unaudited, and subject to adjustment. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements about Quanterix’s financial performance, including statements under the header “2024 Full Year Business Outlook” set forth above, and are subject to a number of risks, uncertainties and assumptions. Forward-looking statements in this press release are based on Quanterix’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause Quanterix’s actual results to differ from those expressed or implied in the forward-looking statements in this press release include, but are not limited to, those described in our periodic reports filed with the U.S. Securities and Exchange Commission, including the "Risk Factors" sections contained therein. Except as required by law, Quanterix assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.
Contacts
Media:
PAN Communications
Maya Nimnicht
510-334-6273
quanterix@pancomm.com
Investor Relations:
Francis Pruell, Quanterix
(508)-789-1725
ir@quanterix.com

v3.24.2.u1
Document and Entity Information
Aug. 08, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 08, 2024
Entity Registrant Name Quanterix Corp
Entity Incorporation, State or Country Code DE
Entity File Number 001-38319
Entity Tax Identification Number 20-8957988
Entity Address, Address Line One 900 Middlesex Turnpike
Entity Address, City or Town Billerica
Entity Address, State or Province MA
Entity Address, Postal Zip Code 01821
City Area Code 617
Local Phone Number 301-9400
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.001 par value per share
Trading Symbol QTRX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001503274
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