The story has been updated with comments from the company's CEO during the JP Morgan Healthcare Conference.
NEW YORK — On Thursday morning Quanterix released preliminary financial results projecting total Q4 2021 revenue of between $29 million and $31 million, up from $26.1 million in the year-ago period and beating the consensus Wall Street estimate of $27.1 million.
It projected full year 2021 revenues of $109 million to $111 million, up from $86.4 million in 2020 and above Wall Street's estimate of $105.5 million.
The Billerica, Massachusetts-based company projected Q4 2021 product and service revenues of $28 million to $30 million, up roughly 35 percent compared to Q4 2020, with product revenue between $21 million and $23 million, up roughly 45 percent compared to Q4 2020.
Full-year 2021 product and service revenues were projected to be between $104 million and $106 million, up roughly 53 percent year over year. Full year 2021 product revenue is expected to be between $80 million and $82 million, up roughly 84 percent year over year.
Quanterix's Q4 2021 revenues included roughly $1 million in grants from the National Institutes of Health's RADx program. Its Q4 2020 revenues included roughly $4.5 million in grants from the program.
The company also noted that instrument installations increased by 32 percent in 2021 to 708. The firm makes digital biomarker analysis tools based on its Simoa technology platform and has been making moves into the diagnostics market with assays for COVID, which gained FDA Emergency Use Authorization in early 2021, and Alzheimer's disease.
"We have a symbiotic relationship between research and diagnostics that spans COVID-19 and [neurological disease]," said Kevin Hrusovsky, chairman, president, and CEO of Quanterix, in a presentation on Thursday at the 40th Annual JP Morgan Healthcare Conference.
"We are working to try to evolve our position, particularly in neuro, starting with Alzheimer's, [multiple sclerosis], and Parkinson's," he said.
In neurology, the firm is seeing strong support from pharmaceutical companies seeking to have drugs approved, he said, noting that Quanterix recently received US Food and Drug Administration breakthrough device designation for its Simoa phospho-Tau 181 (pTau-181) blood test.
The semiquantitative immunoassay measures pTau-181 concentration in human serum and plasma using the Quanterix HD-X immunoassay system.
During the pandemic, Hrusovsky noted, the National Institutes of Health awarded the firm an $18.2 million contract through its Rapid Acceleration of Diagnostics initiative to accelerate the continued development, scale-up, and deployment of a SARS-CoV-2 antigen test based on its Simoa technology. That provided it with an infrastructure to enter the diagnostics space, and the firm subsequently obtained FDA Emergency Use Authorization for antigen and antibody tests, Hrusovsky added.
In Thursday morning trading on Nasdaq, Quanterix stock was up 2 percent to $33.91.