Quanterix(US:QTRX)2024-05-08 18:55Revenue and Profitability - Total revenues increased by $3.6 million, or 13%, to $32.1 million for the three months ended March 31, 2024, compared to $28.5 million for the same period in 2023[121] - Product revenue was $19.7 million, consisting of instrument sales of $2.6 million and consumables sales of $17.1 million, representing a 2% increase compared to $19.3 million in the prior year[122] - Service revenue increased by $3.4 million, or 39%, to $12.0 million, primarily driven by a $3.2 million increase in Accelerator Laboratory revenue[123] - Gross profit for the three months ended March 31, 2024, was $19.6 million, representing a gross margin of 61%, compared to a gross profit of $16.9 million and a margin of 59% in the prior year[119] - GAAP gross profit for the three months ended March 31, 2024, was $19.6 million, compared to $16.9 million for the same period in 2023[152] - GAAP revenue increased to $32.1 million for the three months ended March 31, 2024, from $28.5 million in the same period in 2023[152] - Non-GAAP gross margin improved to 54.5% for the three months ended March 31, 2024, compared to 53.1% for the same period in 2023[152] Expenses and Losses - Research and development expenses increased by $2.0 million, or 41%, to $6.7 million, primarily due to increased headcount and professional services[127] - Operating expenses rose by $7.2 million, or 28%, to $33.6 million, leading to a loss from operations of $14.0 million for the three months ended March 31, 2024[119] - The net loss for the three months ended March 31, 2024, was $10.1 million, compared to a net loss of $6.1 million for the same period in 2023, reflecting a 65% increase in losses[119] - Selling, general and administrative expenses increased by $5.1 million, or 25%, to $26.0 million for the three months ended March 31, 2024, compared to $20.9 million for the same period in 2023[128] Cash and Investments - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $301.9 million[115] - As of March 31, 2024, the company had cash and cash equivalents of $45.3 million and $256.6 million in available-for-sale marketable securities[133] - The company expects its cash and marketable securities will be sufficient to meet operating cash requirements for at least 12 months from the date of the report[134] - Net cash used in operating activities was $20.2 million for the three months ended March 31, 2024, compared to $9.5 million for the same period in 2023, reflecting an increase of $10.7 million[142] - Net cash used in investing activities was $109.2 million during the three months ended March 31, 2024, primarily from the purchase of $137.9 million of marketable securities[144] Future Outlook - The company expects to incur significant expenses and operating losses at least through the next 24 months as it expands sales, marketing, and research efforts[116] - The company is actively assessing potential acquisitions to complement its business and may need to raise additional capital if existing resources are insufficient[136] Regulatory and Product Development - The Lucent AD p-Tau 217 blood test received Breakthrough Device designation from the FDA in March 2024, aimed at aiding in the diagnostic evaluation of Alzheimer's disease risk[117] - Interest income rose by $0.5 million, or 14%, to $3.9 million for the three months ended March 31, 2024, due to higher interest rates on cash and marketable securities[130]