Quanterix(QTRX) - 2025 Q1 - Quarterly Results

Q1 2025 Financial Results Overview Quanterix announced Q1 2025 results, highlighting Simoa® technology expansion and $30 million in cost reductions for 2026 positive cash flow - Announced a new early-access program to make Simoa® ONE assay kits compatible with over 20,000 existing flow cytometers, aiming to democratize access to ultra-sensitive biomarker detection without requiring new capital equipment purchases[3] - Implementing targeted cost reductions of approximately $30 million annually to strengthen the company's path to generating positive cash flow by 2026[3] - The strategic actions are intended to reinforce sustainable growth and streamline the upcoming integration with Akoya Biosciences[3] Q1 2025 Performance Highlights Financial Highlights Quanterix's Q1 2025 revenue decreased 5% to $30.3 million, net loss widened to $20.5 million, but adjusted cash burn improved to $9.0 million Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Revenue | $30.3M | $32.1M | -5% | | GAAP Gross Margin | 54.1% | 57.8% | -3.7 p.p. | | Adjusted Gross Margin (non-GAAP) | 49.7% | 51.2% | -1.5 p.p. | | Net Loss | $20.5M | $11.2M | +83% | | Adjusted Cash Burn | $9.0M | $19.4M | -54% | - The company ended the quarter with $269.5 million in cash, cash equivalents, marketable securities, and restricted cash[6] - The quarter included $13.2 million in cash expenses related to the EMISSION acquisition, Akoya deal expenses, and the previous restatement[6] Operational and Business Highlights Q1 2025 operational highlights include an Alzheimer's blood test partnership, new DBS kit launch, PLA codes, and an amended Akoya merger increasing Quanterix ownership to 84% - ARUP Laboratories will offer a pTau217 blood test for Alzheimer's disease using the Quanterix platform[6] - Launched a new dried blood spot (DBS) extraction kit, providing a less invasive and more cost-effective method for biomarker detection[6] - 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[6] 2025 Full Year Business Outlook Quanterix projects 2025 standalone revenues of $120-$130 million, a 5-13% decline, with GAAP gross margin of 55-59% and adjusted cash burn of $35-$45 million 2025 Full Year Guidance (Standalone Basis) | Metric | 2025 Outlook | | :--- | :--- | | Revenues | $120M - $130M | | YoY Revenue Change | -5% to -13% | | GAAP Gross Margin | 55% - 59% | | Adjusted Gross Margin (non-GAAP) | 50% - 54% | | Adjusted Cash Burn | $35.0M - $45.0M | - The outlook is provided on a standalone basis, excluding the planned acquisition of Akoya and revenue from Lucent Diagnostics testing[7] - The guidance considers recent cuts to academic research funding, biopharma spending patterns, and tariffs[7] Consolidated Financial Statements Consolidated Statements of Operations Q1 2025 total revenues decreased to $30.3 million, operating expenses rose to $42.8 million, widening loss from operations to $26.4 million and net loss to $20.5 million Q1 2025 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Total revenues | $30,333 | $32,066 | | Product revenue | $20,739 | $19,670 | | Service and other revenue | $8,763 | $11,967 | | Gross profit | $16,415 | $18,548 | | Total operating expenses | $42,781 | $33,705 | | Loss from operations | $(26,366) | $(15,157) | | Net loss | $(20,504) | $(11,163) | | Net loss per share | $(0.53) | $(0.29) | Consolidated Balance Sheets As of March 31, 2025, total assets were $396.5 million, cash and marketable securities $266.9 million, total liabilities $80.1 million, and stockholders' equity $316.4 million Balance Sheet Highlights (in thousands) | Line Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $76,508 | $56,709 | | Marketable securities | $190,369 | $232,413 | | Total current assets | $335,002 | $363,594 | | Total assets | $396,512 | $406,533 | | Total current liabilities | $40,395 | $42,007 | | Total liabilities | $80,119 | $76,495 | | Total stockholders' equity | $316,393 | $330,038 | Consolidated Statements of Cash Flows Q1 2025 net cash used in operations improved to $13.9 million, investing activities provided $32.8 million, and cash balance increased by $19.0 million to $79.1 million Q1 2025 Cash Flow Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(13,888) | $(20,164) | | Net cash provided by (used in) investing activities | $32,762 | $(109,195) | | Net cash provided by financing activities | $93 | $599 | | Net increase (decrease) in cash | $18,967 | $(128,760) | | Cash, cash equivalents, and restricted cash at end of period | $79,147 | $47,886 | Use of Non-GAAP Financial Measures and Reconciliations Explanation of Non-GAAP Financial Measures The company uses non-GAAP measures like adjusted EBITDA and cash burn to provide a clearer view of underlying operational performance by excluding certain non-recurring items - The company presents non-GAAP measures to provide supplemental information useful for understanding underlying operating results and trends[16] - Key non-GAAP measures include: Adjusted EBITDA, Adjusted Gross Profit/Margin, Adjusted Operating Expenses/Loss, and Adjusted Cash Burn[20] - Investors are advised that these non-GAAP measures should be considered in conjunction with, not as a substitute for, GAAP financial information[17] Reconciliation of GAAP to Non-GAAP Financial Measures This section reconciles GAAP to non-GAAP measures, showing Q1 2025 GAAP net loss of $20.5 million adjusted to -$11.3 million adjusted EBITDA and $9.0 million adjusted cash burn Reconciliation of Net Loss to Adjusted EBITDA (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | Net loss (GAAP) | $(20,504) | | Interest income | $(3,267) | | Income tax expense (benefit) | $(2,913) | | Depreciation and amortization | $2,188 | | Stock-based compensation expense | $5,462 | | Acquisition and integration related costs | $3,578 | | Earnout recorded as compensation expense | $3,744 | | Changes in contingent consideration | $379 | | Adjusted EBITDA (non-GAAP) | $(11,333) | Reconciliation to Adjusted Cash Burn (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | Cash burn | $(22,216) | | Acquisition and integration related | $12,090 | | Restatement related | $1,102 | | Adjusted cash burn (non-GAAP) | $(9,024) | Reconciliation of Gross Profit to Adjusted Gross Profit (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | Gross profit (GAAP) | $16,415 | | Shipping and handling costs | $(1,577) | | Amortization of acquired intangible assets | $227 | | Adjusted gross profit (non-GAAP) | $15,065 | Company Information and Legal Disclaimers About Quanterix Quanterix drives scientific breakthroughs with its ultra-sensitive Simoa® biomarker detection technology, supporting research in neurology, oncology, and immunology - Quanterix's Simoa technology provides ultra-sensitive biomarker detection, enabling the quantification of proteins at levels far lower than conventional methods[30] - The company's technology and CLIA-certified lab support research in neurology, oncology, immunology, cardiology, and infectious disease[30] Important Information Regarding Akoya Merger This section provides legal notice on the proposed Akoya Biosciences acquisition, with Quanterix filing a Form S-4 Registration Statement including a proxy statement and prospectus - In connection with the proposed acquisition of Akoya Biosciences, Quanterix will file a Registration Statement on Form S-4 with the SEC, containing a Proxy Statement/Prospectus[31] - Investors and security holders are urged to read the Registration Statement and Proxy Statement/Prospectus carefully as they will contain important information about the transaction[32] Cautionary Statement Regarding Forward-Looking Statements The press release contains forward-looking statements regarding 2025 outlook and Akoya merger, subject to risks like funding cuts, integration challenges, and failure to realize benefits - The press release contains forward-looking statements regarding future business outlook, strategy, financial performance, and the Akoya merger[35] - Identified risks include impacts from government policy, failure to realize benefits of cost reductions, risks from the Emission acquisition, and potential inaccuracies in financial estimates[35] - Risks related to the Akoya merger include potential termination of the agreement, failure to obtain stockholder approval, and challenges in realizing anticipated benefits and synergies[36]