NEW YORK – Quanterix's first quarter revenues dropped 4 percent year over year, driven primarily by lower instrument revenues, the company reported after the close of the market on Tuesday.
For the three months ended March 31, total revenues were $28.5 million, down from $29.6 million a year ago but still above the consensus Wall Street estimate of $25.4 million.
Product revenues ticked down to $19.3 million from $20.7 million in Q1 2022, and service and other revenues slid to $8.6 million from $8.8 million, while collaboration revenues grew to $368,000 from $86,000, and grant revenues rose to $222,000 from none.
The Billerica, Massachusetts-based firm posted a net loss of $6.1 million, or $.16 per share, in Q1 2023 compared to a net loss of $18.2 million, or $.49 per share, a year ago. The consensus Wall Street estimate was a loss of $.38 per share.
Quanterix lowered its R&D costs 33 percent year over year to $4.7 million from $7.0 million and decreased its SG&A spending 19 percent to $20.9 million from $25.7 million.
The company ended the first quarter with $329.4 in cash and cash equivalents and $2.9 million in restricted cash.
Quanterix revised its full-year 2023 revenue guidance to a new range of $104 million to $111 million from an earlier range of $103 million to $109 million.