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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.
Quanterix
Quanterix
Quanterix Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Other Revenue
CapyFin.comCollaboration and License Revenue
CapyFin.comGrant Revenue
CapyFin.com 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.
- Constrained capital funding environment.
- Net loss increased $3.4 million compared to the corresponding prior year period.
Revenue & Expenses
Visualization of income flow from segment revenue to net income