Quanterix Corporation, a company digitizing biomarker analysis to advance the science of precision health, today announced financial results for the three months ended March 31, 2019.
We’ve made strong progress over the past quarter, which now marks our sixth consecutive quarter since the IPO of accelerated growth. In addition, we are achieving important goals in neurology and now oncology with the launch of our new SP-X™ Imaging and Detection System. There is mounting evidence supporting our Simoa technology’s potential to transform virtually every category of medicine. The extreme precision and sensitivity of our expanding portfolio of instruments and platforms is fueling new insights on drug targets, disease progression biomarkers and new opportunities for patient stratification for clinical trials, transforming traditional approaches to drug development and precision medicine.”
Kevin Hrusovsky, Chief Executive Officer, President and Chairman, Quanterix
First quarter 2019 financial highlights
Key financial results for the first quarter are shown below:
- Q1 revenue of $12.3M versus prior year Q1 of $7.5M, an increase of 64%.
- Q1 instrument revenue of $3.4M versus prior year Q1 of $2.0M, an increase of 70%.
- Q1 consumables revenue was $6.1M versus prior year Q1 of $2.7M, an increase of 124%.
- Q1 Service and Other revenue totaled $2.8M versus prior year Q1 of $2.5M, an increase of 11%.
- Q1 gross margin was 48.7%, a 650 basis point improvement over the 42.2% in Q1 2018.
First quarter 2019 business highlights
- Extended its footprint in oncology with the accelerated launch of its Simoa SP-X™ Imaging and Detection System, 10-Plex Simoa CorPlex Cytokine Panel, and broad menu of additional multiplex panels to further revolutionize cancer research, immunotherapy monitoring, and drug development.
- Expanded its leadership team with the hiring of Amol Chaubal as Chief Financial Officer (CFO), formerly the CFO of Global Operations at Smith & Nephew and North America CFO - Novartis Vaccines & Diagnostics, bringing with him more than 20 years of experience in diagnostics, pharmaceutical services and medical devices.
- Increased citations in peer-reviewed publications of scientific research further validating Simoa’s capabilities in oncology and neurology with several groundbreaking studies, including a seminal study in Nature, which used Simoa to show that the biomarker LIF can be a reliable marker to help monitor the progression of pancreatic cancer. This was widely covered for its potential to help diagnose the disease more quickly and efficiently, and was proposed as a promising new target to assist in drug development. Another study using Simoa was published in Nature showing that elevated Nf-L levels were present in blood 16 years before the diagnosis of Alzheimer’s disease, demonstrating promise as part of an earlier diagnostic work-up. In total, Quanterix increased its number of third-party, peer-reviewed publications by 61, its strongest quarter ever, to a total of more than 500.
- Presented at the 37th Annual J.P. Morgan Healthcare Conference for the third year in a row, detailing Quanterix’ significant growth in its first year since becoming a public company.
- Presented and sponsored exhibits at critical industry conferences on the vital role of biomarkers to advance disease detection and therapeutics, including the 14th Annual Biomarkers Congress, Type 2 Immunity in Homeostasis and Disease, Molecular Med Tri-Con, 8th Global Reverse Phase Protein Array Workshop, the 14th International Conference on Alzheimer’s and Parkinson’s Diseases and American Association for Cancer Research Conference.
- Invited to speak at leading healthcare investor conferences including the 21st Annual Needham Growth Conference, the 8th Annual Leerink Partners Global Healthcare Conference, and the 39th Annual Cowen and Company Health Care Conference.
- Served as lead sponsor of the Boston, Mass. screening of “VINCIBLE The Documentary” – an inspiring true story that profiles the lives of several young adult cancer survivors who have lost their youth to the devastating disease.
In conjunction with this announcement, Quanterix Corporation will host a conference call on May 9, 2019, at 4:30 p.m., EDT to discuss the Company’s financial results and business outlook. To access this call, dial (833) 686-9351 for domestic callers, or (612) 979-9890 for international callers. Please reference the following conference ID: 8955828.
A live webcast will be accessible on the Investors section of Quanterix’ website: http://www.quanterix.com. The webcast will be available on the Company’s website for one year following completion of the call.