Quanterix Releases Financial Results for the First Quarter of 2025

Original from: Quanterix 

Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced financial results for the first quarter ended March 31, 2025.

"During a time when market resource constraints threaten to slow scientific progress, we remain committed to keeping the innovation engine moving forward,” said Masoud Toloue, CEO of Quanterix. "Today, we are excited to announce a major advance: through a new early-access program, Simoa® ONE assay kits will become compatible with over 20,000 existing flow cytometers worldwide—significantly reducing the need for capital equipment purchases by current and future customers. This leap is enabled by a breakthrough in reagent design: Simoa’s digital, ultra-sensitive detection now operates with kinetic dye-encoded beads, dramatically expanding our reach to an installed base more than twenty times the size of our own. We are democratizing access to ultrasensitive biomarker detection by meeting researchers where they are—a major step forward in our mission to bring Simoa to all labs."

Toloue continued, "Following a solid first quarter that exceeded our expectations, we are proactively positioning the company for long-term success. In light of ongoing market headwinds, we are taking a disciplined approach to guidance and implementing targeted cost reductions of approximately $30 million annually. These actions strengthen our path to generate positive cash flow by 2026, reinforce our commitment to sustainable innovation-driven growth, and help to streamline our coming integration with Akoya Biosciences."

First Quarter Financial Highlights

· Revenue of $30.3 million, a decrease of 5% compared to $32.1 million in the prior year.

· GAAP gross margin of 54.1%, as compared to 57.8% in the prior year. Adjusted gross margin (non-GAAP) of 49.7% as compared to 51.2% in the prior year.

· Net loss of $20.5 million, compared to a net loss of $11.2 million in the prior year.

· The Company ended the first quarter with $269.5 million of cash, cash equivalents, marketable securities, and restricted cash, representing a use of cash of approximately $22 million. During the quarter, Quanterix incurred $13.2 million of cash expenses relating to the EMISSION acquisition, Akoya deal expenses and the Company’s previous restatement. Excluding these payments, adjusted cash burn in the quarter was $9.0 million, compared to adjusted cash burn of $19.4 million in the prior year.

Operational and Business Highlights

· ARUP Laboratories, a leading national reference laboratory in the United States announcedthey will now offer a pTau217 blood test for Alzheimer’s disease using the Quanterix platform and assay kit.

· Received Proprietary Laboratory Analysis (PLA) codes for LucentAD® and LucentAD Complete tests, with pricing expected in the third quarter of 2025.

· Launched a new dried blood spot (DBS) extraction kit, expanding the Simoa assay portfolio with a less invasive, more cost-effective method for detecting low-abundance biomarkers- expanding access to high-sensitivity testing in a broader range of settings

· Amended the merger agreement with Akoya Biosciences, reducing the equity value of the transaction by 67% and increasing Quanterix shareholder ownership from 70% to 84% post-closing. The transaction is expected to close in June 2025.

· Implementing cost reduction initiatives to achieve $30 million in annual savings. This is a first step toward generating positive cash flow by 2026 with a cash balance in excess of $100 million.

2025 Full Year Business Outlook

In assessing recent cuts to academic research funding, biopharma spending patterns, and tariffs, for 2025, on a standalone basis excluding the planned acquisition of Akoya, the Company expects to report revenues in a range of $120 million to $130 million, which represents a year-over-year revenue decline of 5% to 13%. This estimate excludes revenue from Lucent Diagnostics testing. The Company expects GAAP gross margin to be in the range of 55% to 59%, and adjusted gross margin (non-GAAP) in the range of 50% to 54%. Finally, the Company anticipates 2025 adjusted cash burn to be approximately $35.0 million to $45.0 million.

For additional information on the non-GAAP financial measures included in this press release, please see “Use of Non-GAAP Financial Measures” and “Reconciliation of GAAP to Non-GAAP Financial Measures” below.

Source: Quanterix Releases Financial Results for the First Quarter of 2025