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Quanterix Q3 Revenues Increase 111 Percent on License, Grant Revenue

NEW YORK – Quanterix reported after the close of the market on Thursday that its third quarter revenues rose 111 percent year over year, driven by one-time license and grant revenue.

For the three months ended Sept. 30, the Billerica, Massachusetts-based company posted Q3 revenues of $31.4 million, up from $14.9 million in Q3 2019, beating the consensus Wall Street estimate of $14.9 million. Excluding the one-time license and grant revenue, revenues were $18.3 million, up 22 percent over the prior year.

Q3 product revenues rose 9 percent to $11.7 million from $10.7 million in Q3 2019. Service and other revenues rose 56 percent to $6.6 million from $4.2 million in the prior-year period. The firm did not recognize any collaboration revenue in the quarter.

On a conference call following the release of the financial results, Quanterix Chairman, CEO, and President Kevin Hrusovsky noted that despite the coronavirus pandemic, the company surpassed in the first three quarters of 2020 its full year 2019 revenue figure.

He cited as a key driver of the company's success during the quarter momentum within Alzheimer's drug development and uptake by pharma firms of Quanterix's fourplex Alzheimer's protein panel.

SARS-CoV-2 testing was another important area as the company secured during the quarter an $18.2 million grant from the National Institutes of Health's Rapid Acceleration of Diagnostics (RADx) initiative to support development of an antigen test for the virus, Hrusovsky said.

Quanterix also recorded $11.2 million in revenue from a non-exclusive license it signed with Abbott Laboratories during the quarter giving the IVD firm access to its bead-based Simoa patents.

Quanterix CFO Amol Chaubal said on the call that instrument revenues were up 8 percent year over year and consumables revenue grew 9 percent.

He noted that the company saw demand "progressively recover" in the US and Europe, but added that a second coronavirus wave could lead to lockdowns that could present challenges in terms of installation of instruments and a drop in utilization of consumables.

Quanterix posted Q3 net income of $2.2 million compared to a loss of $9.9 million a year ago. It didn't provide an earnings per share figure.

Quanterix's R&D spending during the quarter was $5.4 million, up 28 percent from $3.9 million in Q3 2019. Its SG&A expenses were up less than 1 percent to $13.5 million from $13.4 million a year ago.

The firm ended the quarter with $173.2 million in cash and cash equivalents.

The company did not provide guidance due to the uncertainty caused by the SARS-CoV-2 pandemic.