Quanterix Q1 2024 Earnings Report
Key Takeaways
Quanterix reported a 12.7% increase in revenue to $32.1 million for Q1 2024 compared to the prior year period. The company's net loss increased to $10.1 million, and net cash usage for the quarter was $19.4 million. They ended the quarter with $304.5 million in cash, cash equivalents, marketable securities, and restricted cash.
Revenue increased by 12.7% year-over-year, reaching $32.1 million.
GAAP gross margin increased by approximately 170 basis points compared to the prior year period.
Net loss increased by $4.0 million compared to the corresponding prior year period, reaching $10.1 million.
Simoa® phospho-Tau 217 (P-tau217) blood test was granted Breakthrough Device designation by the FDA.
Quanterix
Quanterix
Forward Guidance
The Company’s 2024 financial guidance is unchanged. Management continues to expect full-year 2024 revenue in the range of $139 to $144 million. This guide is for the Company’s research-only business, and does not include revenues from Diagnostics testing, which to date have not been material. GAAP gross margin percentage is expected to be in the range of 57-61%, and non-GAAP gross margin percentage is expected to be in the range of 51-55%. Finally, the Company continues to anticipate 2024 cash usage in the range of $25 to $30 million.
Positive Outlook
- Full-year 2024 revenue is expected to be in the range of $139 to $144 million.
- GAAP gross margin percentage is expected to be in the range of 57-61%.
- Non-GAAP gross margin percentage is expected to be in the range of 51-55%.
- The Company continues to anticipate 2024 cash usage in the range of $25 to $30 million.