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Quanterix Q2 Revenues Down 3 Percent, Beating Wall Street Estimate

NEW YORK – Quanterix reported today that its second quarter revenues were down 3 percent year over year.

The company posted Q2 revenues of $13.1 million, down from $13.5 million in Q2 2019 but above the consensus Wall Street estimate of $11.8 million.

Its Q2 product revenues fell 23 percent to $6.8 million from $8.8 million in Q2 2019. Service and other revenues were up 33 percent to $6.3 million from $4.8 million in the prior-year second quarter.

"We’re encouraged to report yet another quarter that exceeded expectations and lays the groundwork for recovery to maintain our strong growth trajectory in the second half of the year, despite the continued challenges brought on by the coronavirus pandemic," Quanterix Chairman, CEO, and President Kevin Hrusovsky said in a statement.

On a conference call following release of the financial results, Hrusovsky noted that the SARS-CoV-2 pandemic "hit us hard," in Q2, but added that the company had seen business improve in June and had signed several deals that he believed would provide opportunities for growth in the second half of the year.

He highlighted in particular a deal Quanterix entered with a large multi-national insurance group to do large-scale population studies of COVID-19 using its platform. Under the agreement, Quanterix will explore the use its platform to measure proteins in home-sampled dried blood spots for SARS-CoV-2 surveillance of the general population and in nursing homes. Hrusovsky said the deal was for a minimum of $1 million.

Hrusovsky also noted that Quanterix has been selected to receive a $2.8 million workplan 1 award under the National Institutes of Health's Rapid Acceleration of Diagnostics Program (RADx) to look at the feasibility of an at-home blood-based antigen test for SARS-CoV-2.

While product sales were down sharply during the quarter, Hrusovsky said the company anticipated a resurgence in business in the second half of the year "assuming that the coronavirus doesn't have a major secondary relapse."

The company saw strong growth in its services business, which CFO Amol Chaubal said during the call was due to the fact that many customers transferred their research and clinical trials work to Quanterix's facilities after facing interruptions in operations due to the pandemic.

The firm's Q2 net loss widened to $12.3 million from $10.6 million a year ago. It didn't provide a loss per share figure.

The company didn't provide a guidance for full-year 2020.

Quanterix's R&D spending during the quarter was up 7 percent to $4.3 million from $4.0 million in Q2 2019, and its SG&A expenses fell 2 percent to $13.1 million from $13.4 million the year before.

The company ended the quarter with $88.8 million in cash and cash equivalents.

In Wednesday morning trading on Nasdaq Quanterix shares were up 2 percent to $33.69.