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Quanterix(QTRX) - 2025 Q2 - Quarterly Results
QuanterixQuanterix(US:QTRX)2025-08-07 20:30

Q2 2025 Earnings Overview CEO's Strategic Commentary Quanterix CEO Masoud Toloue highlighted the creation of a high-margin, high-throughput business through the Akoya Biosciences merger, achieving profitable growth, completing 75% of $85 million synergy targets, and expecting cash flow breakeven in 2026 - The company created a high-margin, high-throughput business with significant opportunities for profitable growth in an expanding market through the merger with Akoya Biosciences3 - Pro forma consumables revenue was approximately $100 million3 - Alzheimer's disease diagnostics revenue more than doubled year-over-year3 - 75% of the $85 million synergy and cost reduction targets have been achieved3 - Cash flow breakeven is anticipated in 20263 Second Quarter Financial Highlights Quanterix reported significant declines in revenue and gross margin for Q2 2025, leading to a substantial increase in net loss, primarily due to market weakness and acquisition-related impacts Key Financial Data for Q2 2025 | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (%) | | :----- | :-------------------- | :-------------------- | :--------- | | Revenue | $24.5 | $34.4 | -29% | | GAAP Gross Margin | 46.2% | 64.7% | -18.5 pp | | Adjusted Gross Margin (non-GAAP) | 41.8% | 58.6% | -16.8 pp | | Net Loss | $(30.0) | $(7.4) | >300% | | Cash, Cash Equivalents, Marketable Securities, and Restricted Cash (end of period) | $263.8 | N/A | N/A | | Adjusted Cash Usage | $(2.6) | $(5.1) | -48.9% (improvement) | Operational and Business Highlights Key operational achievements this quarter include completing the Akoya Biosciences acquisition, launching new Alzheimer's disease detection products, and securing medical device registration approval for the pTau-217 assay kit in China - Completed the acquisition of Akoya Biosciences in early July, creating the first integrated platform capable of measuring both blood and tissue biomarkers8 - Launched p-Tau 205 and p-Tau 212 assays at the Alzheimer's Association International Conference (AAIC) to advance Alzheimer's disease research8 - Quanterix's UltraDx plasma pTau-217 assay kit (single molecule immunofluorescence) successfully received medical device registration approval from China's National Medical Products Administration8 - Continued to build the foundation for Alzheimer's disease diagnostics through new partnerships, expanded international regulatory footprint, and increased testing volumes and revenue8 2025 Full Year Business Outlook Quanterix issued its 2025 full-year outlook, projecting reported revenue of $130-135 million (including two quarters of Akoya) and pro forma revenue of $165-170 million, with GAAP gross margin of 49-53% and approximately $120 million in cash by year-end 2025 2025 Full Year Business Outlook | Metric | 2025 Full Year Outlook | | :----- | :--------------------- | | Revenue (Reported) | $130 - $135 million | | Revenue (Pro Forma, including full year Akoya) | $165 - $170 million | | GAAP Gross Margin | 49% - 53% | | Adjusted Gross Margin (non-GAAP) | 45% - 49% | | Adjusted Cash Usage | Approximately $34 - $38 million | | Cash and Cash Equivalents (end of 2025) | Approximately $120 million | - Cash flow breakeven is anticipated in 20267 Company Information Conference Call Details Quanterix is scheduled to host a conference call on August 7, 2025, at 4:30 PM ET to discuss financial results, providing dial-in numbers and webcast options - The conference call is scheduled for August 7, 2025, at 4:30 PM ET9 - Dial-in numbers: US and Canada toll-free (800) 715-9871 or (646) 307-1963, Conference ID: 55915659 - Investors can listen to the webcast on the 'Events & Presentations' page of the Quanterix website's investor section, with an archived replay available for one year9 About Quanterix Quanterix is a global leader in ultrasensitive biomarker detection, leveraging its proprietary Simoa® technology and the recent Akoya Biosciences acquisition to integrate multiplex tissue imaging, creating a platform connecting blood and tissue biology to advance precision medicine - Quanterix is a global leader in ultrasensitive biomarker detection, enabling breakthroughs in disease research, diagnostics, and drug development through its proprietary Simoa® technology10 - Acquired Akoya Biosciences in 2025, adding multiplex tissue imaging technology with single-cell resolution and 1,396 installed instruments10 - The combined company offers a unique integrated platform connecting biology between blood and tissue, advancing precision medicine from discovery to diagnostics10 Consolidated GAAP Financial Statements Consolidated Statements of Operations In Q2 2025, Quanterix experienced significant declines in total revenue and gross profit, coupled with a substantial increase in operating expenses, resulting in a net loss of $30.0 million, a considerable expansion from $7.4 million in Q2 2024 Consolidated Statements of Operations (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :----------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Total Revenue | $24,476 | $34,381 | $54,810 | $66,447 | | Gross Profit | $11,300 | $22,234 | $27,716 | $40,782 | | Total Operating Expenses | $48,400 | $33,176 | $91,183 | $66,881 | | Loss from Operations | $(37,100) | $(10,942) | $(63,467) | $(26,099) | | Net Loss | $(30,013) | $(7,387) | $(50,517) | $(18,550) | | Net Loss Per Share (Basic and Diluted) | $(0.77) | $(0.19) | $(1.30) | $(0.49) | - Product revenue decreased from $19,887 thousand in Q2 2024 to $16,832 thousand in Q2 202512 - Selling, general, and administrative expenses significantly increased from $24,080 thousand in Q2 2024 to $31,353 thousand in Q2 202512 - Impairment and restructuring charges of $7,670 thousand were recorded in Q2 2025, compared to none in Q2 202412 Consolidated Balance Sheets As of June 30, 2025, Quanterix's total assets decreased to $375.6 million from $406.5 million at year-end 2024, primarily due to reduced marketable securities, while total liabilities increased Consolidated Balance Sheets (Unaudited, in thousand USD) | Metric | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :----------------------------- | :----------------------------- | :--------------------------------- | | Total Assets | $375,609 | $406,533 | | Cash and Cash Equivalents | $132,896 | $56,709 | | Marketable Securities | $128,276 | $232,413 | | Total Current Assets | $322,117 | $363,594 | | Total Liabilities | $83,151 | $76,495 | | Total Stockholders' Equity | $292,458 | $330,038 | - Intangible assets, net, increased from $4,031 thousand to $16,332 thousand, likely related to the Akoya acquisition14 - Accounts receivable, net, decreased from $32,141 thousand to $23,549 thousand14 Consolidated Statements of Cash Flows For the six months ended June 30, 2025, Quanterix's net cash used in operating activities improved to $19.5 million from $25.1 million year-over-year, with significant cash provided by investing activities, primarily from marketable securities, leading to a net increase in cash, cash equivalents, and restricted cash Consolidated Statements of Cash Flows (Unaudited, in thousand USD) | Metric | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | | Net Cash Used in Operating Activities | $(19,543) | $(25,115) | | Net Cash Provided by (Used in) Investing Activities | $94,642 | $(102,220) | | Net Cash Provided by (Used in) Financing Activities | $(336) | $271 | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $74,763 | $(127,064) | | Cash, Cash Equivalents, and Restricted Cash at End of Period | $135,537 | $49,609 | - Purchases of marketable securities significantly decreased from $189,344 thousand in H1 2024 to $30,245 thousand in H1 202516 - Proceeds from sales and maturities of marketable securities increased from $89,229 thousand in H1 2024 to $135,874 thousand in H1 202516 - Acquisition, net of cash acquired, resulted in a cash outflow of $8,954 thousand in H1 202516 Non-GAAP Financial Measures and Reconciliations Use of Non-GAAP Financial Measures Quanterix utilizes non-GAAP financial measures like Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Cash Usage to provide investors with clearer insights into underlying operating performance and trends by excluding certain variable or non-recurring items - Non-GAAP financial measures are intended to provide supplemental information to help investors understand the company's underlying operating performance and trends17 - Adjusted EBITDA excludes interest income, income tax (expense) benefit, depreciation and amortization expense, stock-based compensation expense, acquisition and integration-related costs, impairment and restructuring, and other highly variable, significant, and non-recurring expenses or benefits not representative of ongoing or future business operations21 - Adjusted Gross Profit and operating expenses are adjusted for shipping and handling costs of product sales, amortization of certain acquired intangible assets, and acquisition and integration-related costs21 - Adjusted Cash Usage excludes cash payments related to transactions or events that are highly variable, significant, and not representative of ongoing or future business operations21 Reconciliation of Net Loss to Adjusted EBITDA (non-GAAP) Adjusted EBITDA (non-GAAP) loss for Q2 2025 was $13.7 million, significantly higher than the $4.1 million loss in Q2 2024, reflecting increased acquisition, integration, and impairment costs Reconciliation of Net Loss to Adjusted EBITDA (non-GAAP) (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :----------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Loss | $(30,013) | $(7,387) | $(50,517) | $(18,550) | | Adjusted EBITDA (non-GAAP) | $(13,714) | $(4,122) | $(25,051) | $(12,265) | | Adjusted EBITDA Margin (non-GAAP) | (56.0)% | (12.0)% | (45.7)% | (18.5)% | - Significant adjustments in Q2 2025 included $4,139 thousand in acquisition and integration-related costs, $4,156 thousand in contingent consideration recognized as compensation expense, and $7,670 thousand in impairment and restructuring charges23 Reconciliation of Net Increase in Cash, Cash Equivalents, and Restricted Cash to Adjusted Cash Usage (non-GAAP) Adjusted cash usage (non-GAAP) for Q2 2025 improved to $2.6 million from $5.1 million in Q2 2024, despite a higher net cash increase, due to adjustments for acquisition, integration, and restructuring costs Reconciliation of Net Increase in Cash, Cash Equivalents, and Restricted Cash to Adjusted Cash Usage (non-GAAP) (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $55,796 | $1,696 | $74,763 | $(127,064) | | Cash Usage | $(5,703) | $(5,064) | $(27,919) | $(24,466) | | Adjusted Cash Usage (non-GAAP) | $(2,643) | $(5,064) | $(11,667) | $(24,466) | - Adjustments in Q2 2025 included $1,987 thousand in acquisition and integration-related cash payments and $1,073 thousand in restructuring costs25 Reconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations to Non-GAAP Financial Measures Adjusted gross profit (non-GAAP) for Q2 2025 was $10.2 million, down from $20.2 million in Q2 2024, with an adjusted gross margin of 41.8%, while adjusted total operating expenses remained flat at $31.1 million year-over-year, benefiting from significant adjustments for acquisition, contingent consideration, and impairment costs Reconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations to Non-GAAP Financial Measures (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Gross Profit | $11,300 | $22,234 | $27,716 | $40,782 | | Adjusted Gross Profit (non-GAAP) | $10,235 | $20,159 | $25,301 | $36,565 | | Gross Margin | 46.2% | 64.7% | 50.6% | 61.4% | | Adjusted Gross Margin (non-GAAP) | 41.8% | 58.6% | 46.2% | 55.0% | | Total Operating Expenses | $48,400 | $33,176 | $91,183 | $66,881 | | Adjusted Total Operating Expenses (non-GAAP) | $31,136 | $31,101 | $65,020 | $62,664 | | Loss from Operations | $(37,100) | $(10,942) | $(63,467) | $(26,099) | | Adjusted Loss from Operations (non-GAAP) | $(20,901) | $(10,942) | $(39,719) | $(26,099) | - Adjustments to total operating expenses in Q2 2025 included $4,139 thousand in acquisition and integration-related costs, $4,156 thousand in contingent consideration recognized as compensation expense, and $7,670 thousand in impairment and restructuring charges28 Additional Information CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This section provides a standard legal disclaimer for forward-looking statements in the press release, outlining various risks and uncertainties that could cause actual results to differ materially from projections, including those related to government policies, cost reduction benefits, product launches, acquisitions (Akoya), financial estimates, restatement risks, and market acceptance - Statements in the press release regarding Quanterix's future business outlook, operations, strategy, and financial performance are forward-looking statements31 - Risks and uncertainties include the impact of US government policies, failure to realize cost reduction benefits, timing of the next-generation Simoa One instrument launch, and failure to achieve anticipated benefits and synergies from the Akoya Biosciences acquisition32 - Other risks include inaccurate estimates of expenses, future revenue, capital requirements, and additional financing needs, risks related to financial statement restatements, and the ability to maintain effective internal controls32 - Quanterix cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of their date of publication33 Contacts Contact information is provided for media and investor relations inquiries - Media Contact: Marissa Klaassen, Phone: (978) 488-1854, Email: media@quanterix.com34 - Investor Relations Contact: Joshua Young, Phone: (508) 846-3327, Email: ir@quanterix.com34