NEW YORK – Quanterix provided on Wednesday a financial update projecting Q4 2020 revenues of between $24 and $26 million, which would represent between a 51 percent and 63 percent increase over the $15.9 million in revenues the company reported in Q4 2019.
On a non-GAAP basis, revenues for the recently completed quarter are expected to be between $20 million and $22 million.
The Billerica, Massachusetts-based company also said that full-year 2020 revenues are expected to be between $84 million to $86 million, which would be up between 48 percent and 52 percent from $56.7 million in full year 2019. Non-GAAP revenue is expected to be in the range of $67 million to $69 million.
In a statement, Quanterix Chairman, President, and CEO Kevin Hrusovsky said that while the COVID-19 pandemic had presented challenges, "our timely pivot to address the pandemic enabled us to keep our employees safe and by year-end, deliver a robust suite of novel COVID-19 testing solutions to support the battle in 2021."
He added that the company also accelerated its neurology tools business with new additions to its assay menu for Alzheimer's and that "we enter 2021 with short and long-term growth catalysts fueling our potential to scale our powering precision health strategy."
During the year, Quanterix increased its instrument install base by 34 percent to 535 instruments, which includes 93 HD-X instruments and 84 SR-X and SP-X placements.
In Wednesday morning trading on the Nasdaq, Quanterix stock was up 7 percent to $63.59.