Quanterix Q2 Revenues Rise 11 Percent

Original from: genomeweb

Quanterix on Thursday reported an 11 percent rise in second quarter 2024 revenues.

For the three months ended June 30, the company reported revenue of $34.4 million, up from $31.0 million in Q2 2023 and beating the consensus Wall Street estimate of $33.7 million.

In a statement accompanying release of the results, Quanterix President and CEO Masoud Toloue said that the company continued to execute against its strategy of "delivering new menu for our research customers, innovating toward a new platform, and building the infrastructure for blood-based Alzheimer’s diagnostics."

Quanterix's Q2 product revenues were up 1 percent to $19.9 million from $19.7 million in Q2 2023. Service and other revenues were up 27 percent to $13.5 million from $10.6 million in the prior-year period. Collaboration and license revenue was up 16 percent to $729,000 from $629,000 in Q2 2023, and grant revenue was up 57 percent to $254,000 from $156,000 in the prior-year period.

Quanterix's Q2 net loss was $9.5 million, or $.25 per share, versus $6.1 million, or $.16 per share, a year ago. Analysts, on average, had predicted a net loss of $.26 per share.

Quanterix's R&D spending during the quarter was up 36 percent to $8.1 million from $5.9 million in Q2 2023, and its SG&A expenses rose 12 percent to $24.1 million from $21.6 million a year ago.

It lowered its full-year 2024 revenue guidance to between $134 million and $138 million from its previous guidance of $139 million to $144 million, attributing the lowered projection to what it said "remains a constrained capital funding environment."

Quanterix ended the quarter with $47.0 million in cash and cash equivalents, $2.6 million in restricted cash, and $249.9 million in marketable securities.

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Source: Quanterix Q2 Revenues Rise 11 Percent