NEW YORK – Quanterix reported Monday morning that its fourth quarter revenues fell 15 percent year over year, in line with expectations after a restructuring the firm announced last summer.
For the period ended Dec. 31, the company posted revenues of $25.8 million, down from $30.3 million in Q4 2021 and in line with the consensus Wall Street estimate.
The firm's Q4 product revenues were $16.7 million, down 29 percent from $23.5 million in Q4 2021. Service and other revenues rose 54 percent to $8.8 million from $5.7 million in the prior-year quarter. Collaboration and license revenue was $170,000, up 5 percent from $162,000 in Q4 2021, while grant revenue was $213,000, down 78 percent from $975,000 the year before.
The firm's 2022 Q4 net loss was $18.6 million, or $.50 per share, versus a net loss of $20.1 million, or $.55 per share, the year before. The consensus Wall Street estimate for loss per share was $.47.
Quanterix's R&D spending during the quarter was $5.6 million, down 27 percent from $7.7 million in the year-ago period. Its SG&A expenses fell 32 percent to $19.3 million from $28.4 million the year before, largely due to a restructuring, including layoffs, the company announced last August.
For full-year 2022, Quanterix reported revenues of $105.5 million, down 5 percent from $110.6 million in 2021, matching the Wall Street consensus estimate.
The firm's 2022 product revenues fell 14 percent to $69.8 million from $81.1 million in 2021. Service and other revenues rose 46 percent to $34.5 million from $23.6 million in the prior year. Collaboration and license revenue was $649,000, essentially flat compared to 2021, while grant revenue was $570,000, down 89 percent from $5.2 million in 2021.
Quanterix's net loss for full-year 2022 was $96.7 million, or $2.61 per share, versus a net loss of $57.8 million, or $1.60 per share, in 2021. The consensus Wall Street estimate for loss per share was $2.58.
The firm's full-year R&D spending was down 8 percent to $25.9 million from $28.0 million in 2021. Its SG&A spending was down less than 1 percent to $92.0 million from $92.3 million the year before.
The company ended 2022 with $338.7 million in cash and cash equivalents and $2.6 million in restricted cash.
Quanterix did not provide any guidance for revenues in 2023.
In Monday morning trading on the Nasdaq, Quanterix's shares were up 1 percent to $12.27.