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Jun 30, 2024
Quanterix Q2 2024 Earnings Report
Reported an increase in revenue driven by strong research business performance and growth in Accelerator service revenue, while experiencing a widened net loss.
Key Takeaways
Quanterix reported a 10.8% increase in revenue to $34.4 million for Q2 2024, driven by strong performance in the research business and a 35% increase in Accelerator service revenue. However, the company's net loss increased to $9.5 million, and GAAP gross margin decreased to 58.3%. The company ended the quarter with $299.5 million in cash and cash equivalents.
Revenue increased by 10.8% to $34.4 million compared to the prior year period.
Accelerator service revenue increased by 35% compared to the corresponding prior year period.
Net loss increased to $9.5 million, up $3.4 million from the prior year period.
Ended the quarter with $299.5 million in cash, cash equivalents, marketable securities, and restricted cash.
Revenue by Segment
Forward Guidance
The company revised its 2024 revenue guidance to $134 million to $138 million, expects GAAP gross margin to be in the range of 57%-61%, and non-GAAP gross margin percentage in the range of 51%-55%. They anticipate 2024 cash usage to be at the higher end of its prior range of $25 million to $30 million.
Positive Outlook
- Expects GAAP gross margin percentage to be in the range of 57%-61%.
- Expects non-GAAP gross margin percentage in the range of 51%-55%.
- Delivering new menu for research customers.
- Innovating toward a new platform.
- Building the infrastructure for blood-based Alzheimer’s Diagnostics.
Challenges Ahead
- Revised 2024 revenue guidance range to $134 million to $138 million, compared to $139 million to $144 million previously.
- Revenue range excludes revenue from Lucent Diagnostics testing, which we expect to be immaterial for 2024.
- Anticipates 2024 cash usage to be at the higher end of its prior cash usage range of $25 million to $30 million.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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