NEW YORK – Proteomics firm Quantum-Si (QSI) reported Tuesday that its Q3 2024 revenues jumped more than threefold compared to the year-ago period.
The company said, however, that it failed to hit its internal revenue targets for the quarter and is unlikely to reach its full-year 2024 revenue guidance of between $3.7 million and $4.2 million.
Guilford, Connecticut-based QSI reported Q3 revenues of $787,000, up from $223,000 in Q3 2023. Product revenues were $764,000, up more than threefold from $216,000 in Q3 2023. Service revenues were also up more than threefold to $23,000 from $7,000 the year before.
During a conference call following release of its financial results, Quantum-Si President and CEO Jeff Hawkins said that while the company did not lose any deals for its Platinum protein sequencing instrument during the quarter, several customers did push planned purchases "to a later date than originally communicated."
He said QSI anticipates its Q4 2024 revenues to surpass $1 million and suggested the company could benefit from end-of-year capital purchasing.
Hawkins also previewed the company's investor day meeting scheduled for next week, noting that it will present advances in "hardware, consumables, chemistry, and software that we believe puts us on a clear path to scale our output per sample to billions of reads."
He added that QSI plans to launch a new library preparation kit and barcoding kit in Q4. The library prep kit will "reduce the starting sample input amount, expand the range of proteins that are compatible with our system, and increase the overall sample success rate," while the barcoding kit will reduce sample prep time and increase sensitivity and dynamic range.
Quantum-Si's Q3 net loss was $25.3 million, or $.18 per share, compared to $24.7 million, or $.17 per share, in the year-ago quarter.
Its Q3 R&D spending was down 2 percent to $16.2 million from $16.6 million in Q3 2023, while SG&A expenses were up 15 percent to $12.3 million from $10.7 million a year ago.
As of Sept. 30, Quantum-Si had cash and cash equivalents of $42.3 million and marketable securities of $154.1 million.
Looking ahead, the company said it expects its full-year 2024 operating expenses to be less than $100 million, down from an original guidance of less than $103 million. It said it believes its cash runway will extend into 2026.
On Monday, QSI filed a notice with the US Securities and Exchange Commission saying that on Nov. 4, it received notice from the Nasdaq that it no longer meets the minimum bid price requirement for listing on the exchange as its stock had closed at below $1.00 per share for 30 consecutive business days. To regain compliance, the company's stock must close at above $1.00 per share for at least 10 consecutive business days. It has 180 calendar days to regain compliance, though it could be eligible for an additional 180 days if it fails to regain compliance in this initial period.
In Tuesday morning trading on the Nasdaq, Quantum-Si shares were down 18 percent to $.83.