Companies: 10,793     total market cap: $134.237 T
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Quanterix
QTRX
#8702
Rank
$0.17 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$3.79
Share price
8.91%
Change (1 day)
-43.60%
Change (1 year)
โš•๏ธ Diagnostics and Testing๐Ÿงฌ Biotech
Categories
  1. Quanterix
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2024 Q2

Quanterix - 10-Q quarterly report FY2024 Q2


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Quanterix 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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________________________________________________________
FORM 10-Q
_________________________________________________________________
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2024
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to          .
Commission File Number: 001-38319
_________________________________________________________________
QUANTERIX CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________________________________
Delaware20-8957988
(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)
900 Middlesex Turnpike
Billerica, MA
01821
(Address of principal executive offices)(Zip Code)
(617) 301-9400
(Registrant’s telephone number, including area code)
_________________________________________________________________
Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each class:Trading Symbol(s)Name of each exchange on which registered:
Common Stock, $0.001 par value per shareQTRXThe Nasdaq Global Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  x      No  o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes  x      No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
xAccelerated filero
Non-accelerated fileroSmaller reporting companyo
Emerging growth companyo
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). o   Yes   x   No
As of August 2, 2024, the registrant had 38,379,033 shares of common stock outstanding.

Table of Contents

QUANTERIX CORPORATION
INDEX TO FORM 10-Q
Page
3
4
Consolidated Balance Sheets
4
Consolidated Statements of Operations
5
Consolidated Statements of Comprehensive Loss
6
Consolidated Statements of Stockholders’ Equity
7
Consolidated Statements of Cash Flows
8
Notes to Consolidated Financial Statements
9
23
31
31
34
34
34
34
34
34
35
36
2
Table of Contents

Unless the context otherwise requires, the terms “Quanterix,” “the Company,” “we,” “it,” “us,” and “our” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries.
NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) that involve risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements. In some cases, forward-looking statements can be identified by words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” “would,” or the negative of these words, or other comparable terminology. These forward-looking statements include, but are not limited to, statements related to our financial performance, and are subject to a number of risks, uncertainties, and assumptions, including those further described elsewhere in this Quarterly Report on Form 10-Q, in the section titled “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024, in the section titled “Part II, Item 1A. Risk Factors” of our Quarterly Reports on Form 10-Q, or in other filings that we make with the SEC. Moreover, we operate in a very competitive and rapidly changing environment, and new risks emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
Readers should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in any forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance, or events and circumstances reflected in forward-looking statements will be achieved or occur. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Quarterly Report on Form 10-Q to conform these statements to new information, actual results, or to changes in our expectations, except as required by law.
Readers should read this Quarterly Report on Form 10-Q, and any documents referenced herein that we have filed with the SEC as exhibits to this Quarterly Report on Form 10-Q, with the understanding that our actual future results, levels of activity, performance, and events and circumstances may be materially different from what we expect.
Service Marks, Trademarks, and Trade Names
“Quanterix,” “Simoa,” “Simoa HD-X,” “Simoa HD-1,” “SR-X,” “SP-X,” “HD-X,” “LucentAD,” “Lucent Diagnostics,” and our logo are our trademarks. All other service marks, trademarks, and trade names appearing in this Quarterly Report on Form 10-Q are the property of their respective owners. We do not intend our use or display of other companies’ service marks, trademarks, or trade names to imply a relationship with, or endorsement or sponsorship of us, by these other companies.
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PART I — FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS (UNAUDITED)
QUANTERIX CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except per share data)
June 30, 2024December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents$47,002 $174,422 
Marketable securities249,853 146,902 
Accounts receivable, net of allowance for expected credit losses31,784 25,414 
Inventory28,363 22,365 
Prepaid expenses and other current assets8,724 9,291 
Total current assets365,726 378,394 
Restricted cash2,607 2,604 
Property and equipment, net18,205 17,926 
Intangible assets, net4,981 6,034 
Operating lease right-of-use assets17,399 18,251 
Other non-current assets2,370 1,802 
Total assets$411,288 $425,011 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable$7,273 $5,048 
Accrued compensation and benefits9,044 13,659 
Accrued expenses and other current liabilities6,577 6,041 
Deferred revenue10,121 9,468 
Operating lease liabilities4,524 4,241 
Total current liabilities37,539 38,457 
Deferred revenue, net of current portion928 1,227 
Operating lease liabilities, net of current portion35,052 37,223 
Other non-current liabilities1,017 1,177 
Total liabilities74,536 78,084 
Commitments and contingencies (Note 12)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,398 and 38,014 shares at June 30, 2024 and December 31, 2023, respectively
38 38 
Additional paid-in capital793,906 783,142 
Accumulated other comprehensive loss(3,151)(1,757)
Accumulated deficit(454,041)(434,496)
Total stockholders’ equity336,752 346,927 
Total liabilities and stockholders’ equity$411,288 $425,011 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Revenues:
Product revenue$19,887 $19,692 $39,557 $38,979 
Service and other revenue13,511 10,552 25,478 19,131 
Collaboration and license revenue729 629 884 997 
Grant revenue254 156 528 378 
Total revenues34,381 31,029 66,447 59,485 
Costs of goods sold and services:  
Cost of product revenue8,851 7,236 15,996 14,269 
Cost of service and other revenue5,472 4,655 10,767 9,152 
Total costs of goods sold and services14,323 11,891 26,763 23,421 
Gross profit20,058 19,138 39,684 36,064 
Operating expenses:  
Research and development8,104 5,946 14,779 10,666 
Selling, general and administrative24,135 21,591 50,128 42,441 
Other lease costs927 1,162 1,851 1,938 
Total operating expenses33,166 28,699 66,758 55,045 
Loss from operations(13,108)(9,561)(27,074)(18,981)
Interest income3,681 3,886 7,629 7,335 
Other income (expense), net(9)(154)197 (146)
Loss before income taxes(9,436)(5,829)(19,248)(11,792)
Income tax expense(37)(235)(297)(375)
Net loss$(9,473)$(6,064)$(19,545)$(12,167)
Net loss per common share, basic and diluted$(0.25)$(0.16)$(0.51)$(0.33)
Weighted-average common shares outstanding, basic and diluted38,33837,49438,23237,411
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(amounts in thousands)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Net loss$(9,473)$(6,064)$(19,545)$(12,167)
Other comprehensive loss, net of tax:
Unrealized losses on marketable securities(175)— (782)— 
Foreign currency translation62 (244)(612)(202)
Total other comprehensive loss(113)(244)(1,394)(202)
Comprehensive loss$(9,586)$(6,308)$(20,939)$(12,369)
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(amounts in thousands)
Three and Six Months Ended June 30, 2024
Common Stock
SharesAmountAdditional paid-in capitalAccumulated other comprehensive lossAccumulated deficitTotal stockholders' equity
Balance at December 31, 202338,014 $38 $783,142 $(1,757)$(434,496)$346,927 
Issuance of common stock under stock plans, net of tax effects and payments274 — 599 — — 599 
Stock-based compensation expense— — 5,265 — — 5,265 
Unrealized loss on marketable securities, net of tax— — — (607)— (607)
Foreign currency translation— — — (674)— (674)
Net loss— — — — (10,072)(10,072)
Balance at March 31, 202438,288 38 789,006 (3,038)(444,568)341,438 
Issuance of common stock under stock plans, net of tax effects and payments110 — (328)— — (328)
Stock-based compensation expense— — 5,228 — — 5,228 
Unrealized loss on marketable securities, net of tax— — — (175)— (175)
Foreign currency translation— — — 62 — 62 
Net loss— — — — (9,473)(9,473)
Balance at June 30, 202438,398 $38 $793,906 $(3,151)$(454,041)$336,752 
Three and Six Months Ended June 30, 2023
Common Stock
SharesAmountAdditional paid-in capitalAccumulated other comprehensive income (loss)Accumulated deficitTotal stockholders' equity
Balance at December 31, 202237,280 $37 $763,688 $(2,623)$(402,162)$358,940 
Issuance of common stock under stock plans, net of tax effects and payments144— 551——551
Stock-based compensation expense—— 3,902——3,902
Foreign currency translation—— —42—42
Net loss—— ——(6,103)(6,103)
Balance at March 31, 2023
37,42437 768,141(2,581)(408,265)357,332
Issuance of common stock under stock plans, net of tax effects and payments142— 139——139
Stock-based compensation expense—— 4,193——4,193
Foreign currency translation—— —(244)—(244)
Net loss—— ——(6,064)(6,064)
Balance at June 30, 202337,566 $37 $772,473 $(2,825)$(414,329)$355,356 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
Six Months Ended June 30,
20242023
Cash flows from operating activities:
Net loss$(19,545)$(12,167)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense3,124 2,845 
Credit losses on accounts receivable676 324 
Accretion of marketable securities(3,619)— 
Operating lease right-of-use asset amortization840 1,002 
Stock-based compensation expense10,493 8,095 
Other operating activity(13)548 
Changes in assets and liabilities:
Accounts receivable(7,242)(5,750)
Inventory(6,011)(1,181)
Prepaid expenses and other current assets597 (527)
Other non-current assets(596)(965)
Accounts payable2,054 (631)
Accrued compensation and benefits, accrued expenses, and other current liabilities(4,390)(1,326)
Deferred revenue354 1,666 
Operating lease liabilities(1,876)(730)
Other non-current liabilities39 (72)
Net cash used in operating activities(25,115)(8,869)
Cash flows from investing activities:
Purchases of marketable securities(189,344)— 
Proceeds from maturities of marketable securities89,229 — 
Purchases of property and equipment(2,105)(784)
Net cash used in investing activities(102,220)(784)
Cash flows from financing activities:
Proceeds from common stock issued under stock plans2,421 777 
Payments for employee taxes withheld on stock-based compensation awards(2,150)(87)
Net cash provided by financing activities271 690 
Net decrease in cash, cash equivalents, and restricted cash(127,064)(8,963)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash(353)(163)
Cash, cash equivalents, and restricted cash at beginning of period177,026 341,337 
Cash, cash equivalents, and restricted cash at end of period$49,609 $332,211 
Supplemental disclosure of cash flow information:
Cash paid for taxes$514 $502 
Shares received as consideration under product sales agreement
$— $1,000 
Purchases of property and equipment in accounts payable and accrued expenses$962 $— 
The accompanying notes are an integral part of these Consolidated Financial Statements.
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QUANTERIX CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
Note 1. Organization and Nature of Business
Quanterix Corporation (“Quanterix” or the “Company”) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers in ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of the Company’s Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention.
The Company also provides contract research services for customers and Laboratory Developed Test (“LDT”) services through its Clinical Laboratory Improvement Amendments of 1988 ("CLIA") certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to its Simoa technology and its Lucent Diagnostics clinical testing services (launched in July 2023) and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing.
Note 2. Significant Accounting Policies
Basis of Presentation
The accompanying Consolidated Financial Statements and Notes to Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the “SEC”) regarding interim financial reporting on Form 10-Q. Accordingly, certain information and disclosures required for complete financial statements prepared in accordance with U.S. GAAP are not included herein. The Consolidated Balance Sheet and related information as of December 31, 2023 included herein was derived from the audited Consolidated Financial Statements as of December 31, 2023, but does not include all disclosures required by U.S. GAAP on an annual reporting basis. Certain amounts in the prior years’ Consolidated Financial Statements have been reclassified to conform to the current year’s presentation.
These Consolidated Financial Statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024. Since the date of that filing, there have been no changes or updates to the Company’s significant accounting policies, other than those described below.
In the opinion of management, the Consolidated Financial Statements and Notes to Consolidated Financial Statements contain all normal, recurring adjustments necessary for a fair statement of financial position, results of operations, comprehensive loss, and cash flows as of the dates and for the interim periods presented. The results of operations for the three and six months ended June 30, 2024 may not be indicative of the results for the full year ended December 31, 2024, or any other period.
The Company’s fiscal year is the 12-month period from January 1 through December 31, and all references to “2024,” “2023,” and the like refer to the fiscal year unless otherwise noted.
Use of Estimates
The preparation of the Consolidated Financial Statements and Notes to Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the end of each fiscal period, and the reported amounts of revenues and expenses during each fiscal period. Such estimates include, but are not limited to, revenue recognition, valuation of inventory, leases, valuation and impairment of intangible and long-lived assets, recoverability of deferred tax assets, and stock-based compensation expense. The Company bases its estimates on historical experience, known trends, worldwide economic conditions, both general and specific to the life sciences industry, and other relevant factors it believes to be reasonable under the
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circumstances. On an ongoing basis, management evaluates its estimates and changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Principles of Consolidation
The Consolidated Financial Statements and Notes to Consolidated Financial Statements include the accounts of Quanterix and its wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation.
In accordance with Accounting Standards Codification (“ASC”) 810 – Consolidation, the Company assesses the terms of non-marketable equity investments in entities to determine if any meet the definition of a variable interest entity (“VIE”) and require consolidation into its Consolidated Financial Statements. Refer to Note 14 - Variable Interest Entities for further discussion.
Foreign Currency
The functional currency of the Company’s subsidiaries is their respective local currencies. These subsidiary financial statements are translated into U.S. dollars using the period-end exchange rates for assets and liabilities, average exchange rates during the corresponding period for revenue and expenses, and historical rates for equity. The effects of foreign currency translation adjustments are recorded in accumulated other comprehensive income (loss), a component of stockholders’ equity on the Consolidated Balance Sheets.
Foreign currency transaction gains (losses) are included in other income (expense), net on the Consolidated Statements of Operations and were not material for the three months ended June 30, 2024 and 2023. Foreign currency transaction losses were $0.3 million for the six months ended June 30, 2024 and were not material for the six months ended June 30, 2023.
Restricted Cash
The following table summarizes the period ending cash and cash equivalents as presented on the Consolidated Balance Sheets and the total cash, cash equivalents, and restricted cash as presented on the Consolidated Statements of Cash Flows (in thousands):
As of June 30,
20242023
Cash and cash equivalents$47,002 $329,525 
Restricted cash2,607 2,686 
Cash, cash equivalents, and restricted cash$49,609 $332,211 
Restricted cash consists of collateral for a letter of credit issued as security for two of the Company’s leased facilities and to secure the Company’s corporate credit card program. The short-term or long-term classification is determined in accordance with the expiration of the underlying letter of credit and security.
Recently Adopted Accounting Pronouncements
In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). This update clarifies the guidance in Topic 820 related to measuring the fair value of an equity security subject to contractual restrictions that prohibit the sale of an equity security, as well as introduces new disclosure requirements for these types of equity securities. The new standard became effective for the Company on January 1, 2024. The Company adopted this standard on a prospective basis and such adoption did not have a material impact on the Company’s Consolidated Financial Statements or related disclosures.
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Recent Accounting Standards to be Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The new standard enhances the disclosures of reportable segment information, primarily with regards to significant segment expenses, and applies to entities with a single reportable segment. The new standard is effective for the Company for annual periods beginning January 1, 2024, and for interim periods beginning January 1, 2025, with early adoption permitted. Upon adoption, the guidance should be applied retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new standard enhances income tax disclosure requirements by requiring specified categories and greater disaggregation within the tax rate reconciliation table, disclosure of income taxes paid by jurisdiction, and providing clarification on uncertain tax positions and related financial statement impacts. The new standard is effective for the Company for annual periods beginning January 1, 2025, with early adoption permitted. The Company is currently evaluating the impact of adoption of the standard on its Consolidated Financial Statements disclosures.
Note 3. Revenue and Related Matters
Revenue from Contracts with Customers
The Company’s customers primarily consist of entities engaged in life sciences research that pursue the discovery and development of new drugs for a variety of neurologic, oncologic, cardiovascular, and infectious diseases, and other protein biomarkers associated with diseases. The Company’s customer base includes pharmaceutical, biotechnology, contract research organizations, academic, and government institutions.
Disaggregated Revenue
The following table disaggregates the Company’s revenue from contracts with customers by geography, based on the location products and services are consumed, and revenue type (in thousands):
Three Months Ended June 30, 2024Three Months Ended June 30, 2023
North America
EMEA
Asia Pacific
Total
North America
EMEA
Asia Pacific
Total
Product revenue:
Instruments $1,580 $557 $329 $2,466 $1,042 $971 $1,473 $3,486 
Consumable and other products 10,498 5,096 1,827 17,421 9,811 4,547 1,848 16,206 
Total$12,078 $5,653 $2,156 $19,887 $10,853 $5,518 $3,321 $19,692 
Service revenue:
Service-type warranties $1,611 $902 $200 $2,713 $1,559 $753 $153 $2,465 
Research services 7,775 2,183 170 10,128 6,321 711 453 7,485 
Other services 429 240 1 670 372 219 11 602 
Total$9,815 $3,325 $371 $13,511 $8,252 $1,683 $617 $10,552 
Collaboration and license revenue:
Total$729 $— $— $729 $629 $— $— $629 
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Six Months Ended June 30, 2024Six Months Ended June 30, 2023
North America
EMEA
Asia Pacific
Total
North America
EMEA
Asia Pacific
Total
Product revenue:
Instruments$1,988 $1,826 $1,198 $5,012 $3,186 $2,962 $2,597 $8,745 
Consumable and other products20,740 9,137 4,668 34,545 17,268 9,556 3,410 30,234 
Total$22,728 $10,963 $5,866 $39,557 $20,454 $12,518 $6,007 $38,979 
Service revenue:
Service-type warranties$3,248 $1,754 $394 $5,396 $3,116 $1,459 $288 $4,863 
Research services13,537 4,985 297 18,819 11,510 945 568 13,023 
Other services747 488 28 1,263 754 476 15 1,245 
Total$17,532 $7,227 $719 $25,478 $15,380 $2,880 $871 $19,131 
Collaboration and license revenue:
Total
$796 $88 $— $884 $997 $— $— $997 
For the three and six months ended June 30, 2024, no customer accounted for more than 10% of the Company’s total revenues and for the three and six months ended June 30, 2023, one customer accounted for more than 10% of the Company’s total revenues. At June 30, 2024 and December 31, 2023, one customer accounted for more than 10% of the Company’s gross accounts receivable.
Product Revenue
UltraDx
On May 26, 2022, the Company and UltraDx Limited (“UltraDx”), a company formed by ARCH Venture Partners (“ARCH”), entered into an agreement (the “UltraDx Agreement"). Under the UltraDx Agreement, the Company agreed to supply UltraDx with HD-X instruments (both fully assembled and disassembled), assays and assay components, and granted a co-exclusive license to manufacture, seek Chinese regulatory approval of (including performance of any necessary research and development activities), and commercialize HD-X instruments assembled in China and related assays in the Chinese neurological in vitro diagnostic market. Refer to Note 13 - Related Party Transactions for a discussion of the related party relationships between Quanterix and these entities.

The consideration due to the Company included cash proceeds and contingent, non-cash consideration in the form of ordinary shares of UltraDx with a deemed fair value of $1.0 million. The issuance of the ordinary shares was contingent on UltraDx completing a preferred share financing under the terms and conditions in the UltraDx Agreement. Given the uncertainty of the completion of a preferred share financing, the Company concluded that the non-cash consideration related to the ordinary shares was variable consideration that was fully constrained at contract inception.

In the second quarter of 2023, UltraDx completed a qualified preferred share financing and issued to the Company one million ordinary shares. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s fair value disclosures related to the ordinary shares received and Note 14 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance.

During the three and six months ended June 30, 2024, revenue recognized from the UltraDx Agreement was not material and $1.1 million, respectively. During both the three and six months ended June 30, 2023, the Company recognized $1.4 million of revenue, which includes the one-time revenue from the receipt of the ordinary shares.
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Service Revenue
Eli Lilly and Company Service Revenue Agreements
On February 25, 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (“Lilly”) establishing a framework for future projects focused on the development of Simoa immunoassays (the “Lilly Collaboration Agreement”). The Company also entered into an initial statement of work (the "SOW") under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease ("AD"). Under the SOW, the Company receives $1.5 million per calendar quarter, which began in the first quarter of 2022. The initial SOW automatically renews on a quarterly basis until Lilly provides a termination notice in accordance with the terms of the Lilly Collaboration Agreement.
During the second quarter of 2024, Lilly launched its CertuitAD test. As a result, on May 14, 2024, Lilly provided notice to terminate the SOW, effective August 22, 2024. Under the terms of the SOW, the Company received a quarterly payment of $1.5 million during the second quarter of 2024 and will receive a final quarterly payment of $1.5 million in the third quarter of 2024. The Lilly Collaboration Agreement remains in effect and the Company continues to provide products and services to Lilly under other contractual arrangements.
Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the “Lilly License”) under which Lilly granted a non-exclusive license to Lilly’s proprietary p-Tau 217 antibody technology for use by the Company in research use only products, services, and future in vitro diagnostics (“IVD”) applications within the field of Alzheimer’s disease. In consideration of the Lilly License, the Company paid an upfront fee, is required to make milestone payments based on the achievement of predetermined regulatory and commercial events, and will pay royalties on net sales of licensed products.
The Company recognized revenue from the Lilly Collaboration Agreement of $1.5 million and $3.0 million during the three and six months ended June 30, 2024 and 2023, respectively.
Contract Assets
There were no contract assets as of June 30, 2024 or December 31, 2023.
Deferred Revenue
During the six months ended June 30, 2024 and 2023, the Company recognized $4.9 million of revenue in each of the respective periods related to its deferred revenue balance at January 1 of each such period.
Remaining Performance Obligations
As of June 30, 2024, the aggregate amount of transaction prices allocated to performance obligations that were not yet satisfied, or were partially satisfied, was $11.0 million. Of this amount, $10.1 million is expected to be recognized as revenue in the next 12 months, with the remainder expected to be recognized thereafter. The $11.0 million primarily consists of amounts billed for undelivered services related to initial and extended service-type warranties and research services.
Costs to Obtain a Contract
Changes in costs to obtain a contract were as follows (in thousands):
20242023
Balance at December 31 of prior year$289 $377 
Capitalization of costs to obtain a contract 174 335 
Recognition of costs to obtain a contract (183)(333)
Balance at June 30 $280 $379 
The Company evaluates potential impairment of these amounts at each balance sheet date, and no related impairments were recorded during the six months ended June 30, 2024 and 2023.
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Grant Revenue
All of the Company's grant revenue is generated within North America.
NIH Grant
On September 21, 2022, the Company and the National Institutes of Health (the “NIH”), an agency of the U.S. Department of Health and Human Services, entered into a contract (the “NIH Grant”) with a total award value of $1.7 million. The NIH granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. Receipt of the award value occurs throughout the term of the contract period and after the Company submits for reimbursement of activities related to the grant. As of June 30, 2024, the Company had received $0.8 million of the total award value.
During the three and six months ended June 30, 2024, grant revenue recognized and research and development expenses incurred were not material and $0.4 million, respectively. During the three and six months ended June 30, 2023, grant revenue recognized and research and development expenses incurred were not material.
ADDF Grant
On March 24, 2022, the Company and the Alzheimer’s Drug Discovery Foundation (the “ADDF”) entered into a contract (the “ADDF Grant”) with a total funding value of $2.3 million. The ADDF is a charitable venture philanthropy entity that granted the Company funding in support of certain activities for the development of an IVD test for early detection of AD. The ADDF Grant restricts the Company’s use of the granted funds solely for activities related to the Company’s Alzheimer’s diagnostic test development project and the contract period runs through December 2024. Receipt of the contract funding was subject to achievement of pre-defined milestones, and as of December 31, 2023, the Company had received the total funding value of $2.3 million.
During the three and six months ended June 30, 2024 and 2023 grant revenue recognized and research and development expenses incurred were not material. As of June 30, 2024, the Company had $0.9 million of deferred revenue related to the ADDF Grant.
Note 4. Allowance for Credit Losses
The change in the allowance for expected credit losses on accounts receivable is summarized as follows (in thousands):
20242023
Balance at December 31 of prior year$454 $118 
Provision for expected credit losses676 516 
Write-offs and recoveries collected(118)(192)
Balance at June 30 $1,012 $442 
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Note 5. Marketable Securities
The amortized cost, gross unrealized gains, gross unrealized losses, and fair value of the Company’s marketable securities by major security type were as follows (in thousands):
As of June 30, 2024
Amortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$30,297$—$(31)$30,266
U.S. Treasuries61,418—(29)61,389
U.S. Government agency bonds78,4551(179)78,277
Corporate bonds87,90814(234)87,688
Total marketable securities$258,078$15$(473)$257,620
Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents$7,767
Marketable securities249,853
Total marketable securities$257,620
As of December 31, 2023
Amortized CostUnrealized GainsUnrealized LossesFair Value
Commercial paper$53,482 $23 $(12)$53,493 
U.S. Treasuries4,896 1 — 4,897 
U.S. Government agency bonds28,366 39 (7)28,398 
Corporate bonds66,726 289 (8)67,007 
Total marketable securities$153,470 $352 $(27)$153,795 
Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents$6,893 
Marketable securities146,902 
Total marketable securities$153,795 
The following tables show the fair value and gross unrealized losses of the Company’s available-for-sale securities, with unrealized losses that are not deemed to be other-than-temporary aggregated by major security type and length of time that the individual securities have been in a continuous unrealized loss position (in thousands):
Less Than 12 Months
As of June 30, 2024Fair ValueUnrealized Losses
Commercial paper$30,266 $(31)
U.S. Treasuries61,389 (29)
U.S. Government agency bonds74,306 (179)
Corporate bonds79,529 (234)
Total$245,490 $(473)
Less Than 12 Months
As of December 31, 2023Fair ValueUnrealized Losses
Commercial paper$32,137 $(12)
U.S. Government agency bonds15,861 (7)
Corporate bonds8,367 (8)
Total$56,365 $(27)
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The Company did not have any individual securities in a continuous loss position for greater than 12 months, and there were no individual securities that were in a significant unrealized loss position as of June 30, 2024. For marketable securities in an unrealized loss position, the Company does not intend to sell them, it is not more likely than not that the Company will be required to sell them before recovery of their amortized cost bases, and the unrealized losses are not credit related. Accordingly, the Company has not recorded any impairment losses or a credit loss allowance.
The Company did not sell any marketable securities or record any realized gains or losses for the six months ended June 30, 2024. At June 30, 2024 and December 31, 2023, the Company had $1.5 million and $1.0 million, respectively, of accrued interest receivable on its marketable securities.
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
As of June 30, 2024As of December 31, 2023
Amortized CostFair ValueAmortized CostFair Value
Due within one year$213,631 $213,306 $95,188 $95,232 
Due in one to two years44,447 44,314 58,282 58,563 
Total$258,078 $257,620 $153,470 $153,795 
Note 6. Fair Value of Financial Instruments
Recurring Fair Value Measurements
The following tables present the Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis (in thousands):
As of June 30, 2024Total
Quoted prices in active markets (Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds$23,991 $23,991 $— $— 
Commercial paper
1,994 — 1,994 — 
U.S. Treasuries5,773 — 5,773 — 
Total cash equivalents31,758 23,991 7,767 — 
Marketable securities:
Commercial paper28,271 — 28,271 — 
U.S. Treasuries55,616 — 55,616 — 
U.S. Government agency bonds78,277 — 78,277 — 
Corporate bonds87,689 — 87,689 — 
Total marketable securities249,853 — 249,853 — 
Total financial assets$281,611 $23,991 $257,620 $— 
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As of December 31, 2023Total
Quoted prices in active markets (Level 1)
Significant other observable inputs
(Level 2)
Significant unobservable inputs
(Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds$155,367 $155,367 $— $— 
Commercial paper1,996 — 1,996 — 
U.S. Treasuries4,897 — 4,897 — 
Total cash equivalents162,260 155,367 6,893 — 
Marketable securities:
Commercial paper51,498 — 51,498 — 
U.S. Government agency bonds28,398 — 28,398 — 
Corporate bonds67,006 — 67,006 — 
Total marketable securities146,902 — 146,902 — 
Total financial assets$309,162 $155,367 $153,795 $— 
(1)Included in cash and cash equivalents on the Consolidated Balance Sheets.
Cash equivalents and marketable securities classified as Level 2 financial assets are initially valued at their purchase price and subsequently valued at the end of each reporting period utilizing third party pricing services or other observable data. The pricing services utilize industry standard valuation methods, including both income and market-based approaches, and observable market inputs to determine the fair value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events.
Nonrecurring Fair Value Measurements
In the second quarter of 2023, the Company received 1 million ordinary shares of UltraDx under the UltraDx Agreement (refer to Note 3 - Revenue and Related Matters). As UltraDx is a privately held entity, there is minimal market activity or other financial information available to determine the fair value of UltraDx’s shares and therefore this investment is considered a Level 3 financial asset.
Pursuant to ASC 321 – Investments – Equity Securities, the Company uses the measurement alternative for equity investments without readily determinable fair values and recognizes its equity investment in UltraDx at cost, less any impairment, and adjusted for any observable price changes in orderly transactions. The ordinary shares received were valued at $1.0 million upon receipt, primarily using the third-party purchase price of similar interests issued during UltraDx’s financing that closed in the second quarter of 2023. Changes in the inputs and assumptions used would have resulted in a higher or lower fair value measurement.
The Company’s non-marketable equity investment in UltraDx contains certain restrictions related to the sale or transfer of the securities. The restrictions are in place indefinitely and cannot lapse. No adjustment to the fair value was required as a result of adopting ASU 2022-03 on January 1, 2024.
During the three and six months ended June 30, 2024 and 2023, the Company did not record any fair value adjustments to its non-marketable equity investment, and to date, the cumulative fair value adjustments have not been material. As of June 30, 2024 and December 31, 2023, the carrying value of the non-marketable equity investment was $0.8 million, and is recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 14 - Variable Interest Entities for the Company's evaluation of its investments in other entities under the VIE guidance.
Other Fair Value Disclosures
During the three months ended June 30, 2024 and 2023, the Company did not transfer financial assets between levels of the fair value hierarchy. Additionally, there have been no changes to the valuation techniques for Level 2 or Level 3 financial assets.
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Note 7. Inventory
Inventory, net of inventory reserves, consisted of the following (in thousands):
June 30, 2024December 31, 2023
Raw materials$7,649 $5,114 
Work in process7,083 4,466 
Finished goods13,631 12,785 
Total inventory$28,363 $22,365 
Note 8. Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following (in thousands):
June 30, 2024December 31, 2023
Accrued professional services$1,790$1,596
Accrued royalties1,3871,689
Accrued tax liabilities768808
Other accrued expenses2,6321,948
Total accrued expenses and other current liabilities$6,577$6,041
Note 9. Stock-Based Compensation
Stock Options
Stock option activity for the six months ended June 30, 2024 is presented below (in thousands, except per share and contractual life amounts):
Number of options
Weighted-average
exercise price per share
Weighted-average
remaining contractual
life (in years)
Aggregate
intrinsic value
Outstanding at December 31, 20232,774$19.627.9$26,941
Granted1,31522.12
Exercised(138)12.04
Forfeited/expired(333)21.53
Outstanding at June 30, 20243,618$20.648.1$2,177
Exercisable at June 30, 20241,305$21.796.4$1,292
Vested and expected to vest at June 30, 20243,618$20.648.1$2,177
Restricted Stock Units
Restricted stock unit (“RSU”) activity for the six months ended June 30, 2024 is presented below (in thousands, except per share amounts):
Number of shares
Weighted-average
grant date fair
value per share
Unvested at December 31, 20231,328$17.87
Granted49823.61
Vested(311)18.86
Forfeited(157)19.31
Unvested at June 30, 20241,358$19.75
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Employee Stock Purchase Plan (“ESPP”)
In December 2017, the Company adopted the 2017 Employee Stock Purchase Plan (the “2017 ESPP”). The 2017 ESPP provides for six-month offering periods commencing and ending as follows: March 1 through August 31, and September 1 through February 28. During the six months ended June 30, 2024, employees purchased 36 thousand shares of the Company’s common stock pursuant to the 2017 ESPP.
Stock-Based Compensation Expense
Stock-based compensation expense was recorded in the following categories on the Consolidated Statements of Operations (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Cost of product revenue$325$200$606$387
Cost of service and other revenue275258583608
Research and development5254051,068775
Selling, general and administrative4,1033,3308,2366,325
Total stock-based compensation expense$5,228$4,193$10,493$8,095
As of June 30, 2024, there was $48.5 million of total unrecognized stock-based compensation expense related to unvested RSUs and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 2.8 years.
Note 10. Net Loss Per Share
The following table presents the computation of basic and diluted net loss per share (in thousands, except per share data):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Numerator:
Net loss$(9,473)$(6,064)$(19,545)$(12,167)
Denominator:
Weighted average common shares outstanding, basic and diluted38,33837,49438,23237,411
Net loss per share, basic and diluted$(0.25)$(0.16)$(0.51)$(0.33)
As the Company was in a net loss position for all periods listed in the table below, the following common share equivalents (calculated on a weighted average basis) were excluded from the calculation of diluted net loss per share (in thousands) for the three and six months ended June 30, 2024 and 2023:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Stock options3,6602,8913,5902,810
RSUs1,4101,6071,3321,557
Estimated ESPP purchases18131515
Total dilutive shares
5,0884,5114,9374,382
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Note 11. Income Taxes
The Company’s effective tax rates were (0.4)% and (1.5)% for the three and six months ended June 30, 2024, and (4.0)% and (3.2)% for the three and six months ended June 30, 2023, respectively. The income tax provision and effective tax rate is driven primarily by a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions.
The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized.
Note 12. Commitments and Contingencies
Purchase Commitments
STRATEC
During 2022, the Company and STRATEC Consumables GmbH (“STRATEC”) entered into an amendment to the supply agreement with STRATEC (as amended, the “STRATEC Supply Agreement”), related to the supply of discs used in Simoa bead-based instruments. As part of the STRATEC Supply Agreement, the Company agreed to purchase a total of 515 thousand discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc.
The total purchase commitment under the STRATEC Supply Agreement is $3.7 million, of which $2.7 million has been paid, and $1.0 million is due within one year from June 30, 2024.
During the three and six months ended June 30, 2024 STRATEC shipped 46 thousand and 81 thousand discs, respectively, and during the three and six months ended June 30, 2023 it shipped 46 thousand and 120 thousand discs, respectively, to the Company. The Company recorded cost of product revenue related to these shipments of $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively, and $0.3 million and $0.9 million for the three and six months ended June 30, 2023, respectively. During the remainder of 2024, STRATEC is required to ship 141 thousand discs to the Company.
Other Purchase Commitments
The Company’s other non-cancellable purchase commitments primarily consist of purchases of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. As of June 30, 2024, the Company’s total purchase commitments under these agreements were $7.3 million, most of which the Company expects to incur by the end of 2025.
License Agreements
Harvard University
In August 2022, the Company and Harvard University (“Harvard”) entered into an exclusive license agreement (the “Harvard License Agreement”) for certain intellectual property owned by Harvard. Pursuant to the Harvard License Agreement, the Company paid an upfront fee of $0.6 million, which was recorded in research and development expenses on the Consolidated Statements of Operations. Under the Harvard License Agreement, the Company is required to pay Harvard low single-digit royalties on net sales of products and services using the licensed technology, as well as a portion of its applicable sublicense revenues. The Company incurred no royalty expense under the Harvard License Agreement for the three and six months ended June 30, 2024 and 2023.
Refer to Note 13 - Related Party Transactions for a discussion of a related party relationship with Harvard.
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Tufts University
In June 2007, the Company and Tufts University (“Tufts”) entered into a license agreement (the “Tufts License Agreement”) for certain intellectual property owned by Tufts. The Tufts License Agreement, which was subsequently amended, is exclusive and sub-licensable, and will continue in effect on a country-by-country basis as long as there is a valid claim of a licensed patent in a country. The Company is required to pay license and maintenance fees that are creditable against royalties, in addition to low single-digit royalties on direct sales and services, and a royalty on sublicense income. The Company incurred royalty expenses related to the Tufts License Agreement of $0.6 million and $1.1 million during the three and six months ended June 30, 2024, respectively, and $0.4 million and $0.8 million during the three and six months ended June 30, 2023, respectively, which were recorded in cost of product revenue on the Consolidated Statements of Operations.
Refer to Note 13 - Related Party Transactions for a discussion of a related party relationship with Tufts.
Legal Contingencies
The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation, the outcome of which would be expected to have a material adverse effect on its financial condition or results of operations.
Leases
The undiscounted future lease payments for non-cancelable operating leases were as follows (in thousands):
Maturity of lease liabilitiesAs of June 30, 2024
2024 (remainder)$3,602 
20257,296 
20267,450 
20277,684 
20287,923 
20298,143 
Thereafter7,613 
Total lease payments
49,711 
Less: imputed interest10,135 
Total operating lease liabilities
$39,576 
The Company’s lease agreement for office and laboratory facilities in Bedford, Massachusetts included a tenant improvement allowance with the landlord that offset a portion of the Company’s construction costs. During the first quarter of 2023, the Company received the final tenant improvement allowance reimbursement of $0.9 million.
Note 13. Related Party Transactions
In June 2007, the Company entered into the Tufts License Agreement for certain intellectual property owned by Tufts (refer to Note 12 - Commitments and Contingencies). A member of the Company’s Board of Directors was previously affiliated with Tufts and continues to receive compensation from Tufts on a formulaic basis based on royalties and license payments the Company makes to Tufts. At June 30, 2024 and December 31, 2023, open payable balances to Tufts were not material.
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In August 2022, the Company entered into the Harvard License Agreement for certain intellectual property owned by Harvard (refer to Note 12 - Commitments and Contingencies). Harvard is required to pay a portion of the payments received from the Company under the Harvard License Agreement to a member of the Company’s Board of Directors. The same member of the Company’s Board of Directors is also affiliated with Mass General Brigham. Revenue recorded from sales of products and services to Harvard and Mass General Brigham was not material and $0.5 million for the three and six months ended June 30, 2024, respectively, and $0.5 million and $0.7 million for the three and six months ended June 30, 2023, respectively. Cost of product revenue and operating expenses with Harvard and Mass General Brigham were not material for the three and six months ended June 30, 2024 and 2023. At June 30, 2024 and December 31, 2023, open payables to and receivable balances from Harvard and Mass General Brigham were not material.
As discussed in Note 3 - Revenue and Related Matters, on May 26, 2022, the Company and UltraDx, a company formed by ARCH, entered into the UltraDx Agreement. At contract inception, the Company determined that UltraDx was a related party because a member of the Company’s Board of Directors was affiliated with ARCH and UltraDx. As of June 7, 2023, this individual no longer served as a member of the Company’s Board of Directors. Cost of goods sold were not material for the three and six months ended June 30, 2024 and 2023. At June 30, 2024 and December 31, 2023 open receivable balances from UltraDx were not material and there were no open payable balances to UltraDx.
Note 14. Variable Interest Entities
The Company enters into relationships with, or has investments in, other entities that may be VIEs. The Company assesses the criteria in ASC 810 – Consolidation to determine if any such entities meet the definition of a VIE and require consolidation into its financial statements. Based on the Company’s assessments, it does not have any controlling financial interests in any VIE, and therefore did not consolidate any VIE into its Consolidated Financial Statements during the three and six months ended June 30, 2024 and 2023.
As of June 30, 2024 and December 31, 2023, the carrying value of the Company’s investments in VIEs was $0.8 million, which was recorded in other non-current assets on the Consolidated Balance Sheets. Refer to Note 6 - Fair Value of Financial Instruments for the Company’s related valuation disclosures. Maximum exposure to losses related to the VIEs is limited to their carrying value and the Company does not have any future funding commitments to any VIE.
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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of our financial condition and results of operations should be read in conjunction with our unaudited Consolidated Financial Statements and Notes to Consolidated Financial Statements in the section titled “Part I. Item 1. Financial Statements (Unaudited)” in this Quarterly Report on Form 10-Q and our audited Consolidated Financial Statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the U.S. Securities and Exchange Commission (the “SEC”) on February 29, 2024 (the “Annual Report on Form 10-K”). Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying unrounded numbers. In addition to historical information, the following discussion and analysis contains forward-looking statements that involve risks, uncertainties, and assumptions. Our actual results, performance, or experience may differ materially from those discussed below due to various important factors, risks, and uncertainties, including, but not limited to, those set forth under the sections titled “Part II, Item 1A. Risk Factors” and “Note Regarding Forward-Looking Statements” included in this Quarterly Report on Form 10-Q or under the section titled “Part I, Item 1A. Risk Factors” of our Annual Report on Form 10-K, as updated by Part II, Item 1A. Risk Factors in our subsequently filed Quarterly Reports on Form 10-Q. Unless the context otherwise requires, the terms “Quanterix,” the “Company,” “we,” “it,” “us, “and “our” in this Quarterly Report on Form 10-Q refer to Quanterix Corporation and its consolidated subsidiaries.
Overview
We are a life sciences company that has developed next-generation, ultra-sensitive digital immunoassay platforms that advance life sciences research and diagnostics. Our platforms are based on our proprietary digital “Simoa” detection technology and enable customers to reliably detect protein biomarkers at ultra-low concentrations in blood, serum, and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies. The ability of our Simoa platforms to detect proteins in the femtomolar range is enabling the development of novel therapies and diagnostics and has the potential to facilitate a paradigm shift in healthcare from an emphasis on treatment to a focus on earlier detection, monitoring, prognosis, and, ultimately, prevention. Our Simoa platforms have achieved significant scientific validation and commercial adoption, and our Simoa technology has been cited in more than 2,900 scientific publications in areas of high unmet medical need and research interest such as neurology, oncology, cardiology, infectious disease, and inflammation.
Our instruments are designed to be used either with assays fully developed by us, including all antibodies and supplies required to run the assays, or with “homebrew” assay kits where we supply some of the components required for testing and the customer supplies the remaining required elements. Accordingly, our installed instruments generate a recurring revenue stream through the sale of these consumables. As the installed base of our Simoa instruments increases, we expect total consumables revenue to increase.
We commercially launched our HD-X instrument in the second half of 2019. The HD-X is an upgraded version of the Simoa HD-1 (our first Simoa instrument, launched in January 2014), collectively “HD Instruments”, that is designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The HD-X uses our bead-based technology, and assays run on the HD-X are fully automated. At June 30, 2024, approximately 83% of the HD Instrument installed base were HD-X instruments.
Further, we launched our SR-X instrument in 2017 as a compact desktop instrument with a lower price point, more flexible assay preparation, and a wider range of applications. The SR-X utilizes the same Simoa bead-based technology and assay kits as the HD-X.
With our acquisition of Aushon BioSystems, Inc. in 2018, we acquired a CLIA certified laboratory and proprietary sensitive planar array detection technology. The Clinical Laboratory Improvement Amendments of 1988 (“CLIA”) are federal regulatory standards that apply to all clinical laboratory testing performed on humans in the United States (with the exception of research testing that does not report patient specific results). Leveraging our proprietary sophisticated Simoa image analysis and data analysis algorithms, we further refined the planar array technology to develop the SP-X instrument to provide sensitivity similar to that found in our Simoa bead-based platform. We commercially launched the SP-X instrument in 2019.
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Our wholly-owned subsidiary UmanDiagnostics AB (“Uman”), a company located in Umeå, Sweden, supplies neurofilament light (“NfL”), antibodies, and enzyme-linked immunoassay (“ELISA”) kits, which are used by researchers and biopharmaceutical and diagnostics companies world-wide in the detection of NfL to advance the development of therapeutics and diagnostics for neurodegenerative conditions.
We also provide contract research services for customers and Laboratory Developed Test (“LDT”) services through our CLIA-certified Accelerator Laboratory (the “Accelerator Laboratory”). The Accelerator Laboratory provides customers with access to our Simoa technology and our Lucent Diagnostics clinical testing services (launched in July 2023), and supports multiple projects and services, including sample testing, homebrew assay development, custom assay development, and blood-based biomarker testing. To date, we have completed over 2,300 projects for more than 480 customers from all over the world using our Simoa platforms.
We have an extensive base of customers including pharmaceutical, biotechnology, contract research organizations, academic, and governmental research institutions. We sell our instruments, consumables, and services through a direct field sales force and support organizations in North America and Europe, and through our own sales force and distributors in additional countries, including Australia, Brazil, China, Czech Republic, India, Hong Kong, Israel, Japan, New Zealand, Qatar, Saudi Arabia, Singapore, South Africa, South Korea, Taiwan, and the United Arab Emirates.
As of June 30, 2024, we had cash, cash equivalents, and marketable securities of $296.9 million. Since our inception, we have incurred annual net losses. Our net losses were $9.5 million and $19.5 million for the three and six months ended June 30, 2024, respectively, and $6.1 million and $12.2 million for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, we had an accumulated deficit of $454.0 million and stockholders’ equity of $336.8 million.
We expect to incur significant expenses and operating losses at least through the next 24 months and we expect our expenses to increase substantially as we:
•expand our sales and marketing efforts to further commercialize our products;
•expand our research and development efforts to improve our existing, or to develop and launch, new assays and instruments. These expenses could be particularly significant if any of our products become subject to additional or more burdensome regulation by the U.S. Food and Drug Administration (the “FDA”);
•invest in Lucent Diagnostics, additional LDTs, and other diagnostics initiatives including entry into translational pharma and clinical diagnostic markets;
•seek Premarket Approval (“PMA”), de novo classification, or 510(k) clearance from the FDA for our existing products or new products, including new assays and instruments, if or when we decide to market products for use in the prevention, diagnosis, or treatment of a disease or other condition;
•hire additional personnel to support our growth and research and development;
•strategically acquire and integrate companies or technologies that may be complementary to our business;
•enter into collaboration arrangements, or in-license other products and technologies; and
•add or enhance operational, financial, and management information systems.
Recent Business Developments
In March 2024, our Lucent AD p-Tau 217 blood test was granted Breakthrough Device designation by the FDA. This designation is granted to products that have the potential to offer more effective diagnosis of life-threatening diseases with an unmet medical need. Proposed indications for this blood test include use of the test results in patients presenting with cognitive impairment who are being evaluated for Alzheimer’s disease risk to aid in diagnostic evaluation. The test is not intended as a stand-alone diagnostic test and test results will be interpreted in conjunction with other diagnostic tools to establish a final clinical diagnosis. This test has not been otherwise cleared or approved by the FDA and Breakthrough Device designation does not guarantee that the FDA review and approval process will be shortened or that an application will be approved. We do not expect material revenue from this test, or other Lucent Diagnostics tests, until 2025 or later, if at all.
During the fourth quarter of 2023, we substantially completed our six-quarter assay redevelopment program. The objective of this operational program was to improve our ability to manufacture and deliver high-quality assays at scale. Since then, and using the improved protocols resulting from the redevelopment program, we have launched our new Simoa Advantage PLUS assays and continue to transition existing assays to Advantage PLUS. The improved protocols leverage manufacturing efficiencies and reagent improvements to provide more consistent results and improved lot-to-lot
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consistency, which also enables production of larger lot sizes with extended shelf lives. Advantage PLUS assays began shipping to customers in the first quarter of 2024. We expect to continue to apply these improved protocols and manufacturing efficiencies to other existing assays, as well as assays that we may develop in the future.
Comparison of Results of Operations for Three Months Ended June 30, 2024 and 2023:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
Three Months Ended June 30,Increase (Decrease)
2024% of revenue2023% of revenueAmount%
Revenues:
Product revenue$19,887 58 %$19,692 63 %$195 1 %
Service and other revenue13,511 39 %10,552 34 %2,959 28 %
Collaboration and license revenue729 2 %629 2 %100 16 %
Grant revenue254 1 %156 1 %98 63 %
Total revenues34,381 100 %31,029 100 %3,352 11 %
Costs of goods sold and services:
Cost of product revenue8,851 26 %7,236 23 %1,615 22 %
Cost of service and other revenue5,472 16 %4,655 15 %817 18 %
Total costs of goods sold and services14,323 42 %11,891 38 %2,432 20 %
Gross profit20,058 58 %19,138 62 %920 5 %
Operating expenses:
Research and development8,104 24 %5,946 19 %2,158 36 %
Selling, general and administrative24,135 70 %21,591 70 %2,544 12 %
Other lease costs927 3 %1,162 4 %(235)(20)%
Total operating expenses33,166 96 %28,699 92 %4,467 16 %
Loss from operations(13,108)(38)%(9,561)(31)%(3,547)37 %
Interest income3,681 11 %3,886 13 %(205)(5)%
Other income (expense), net
(9)— %(154)— %145 (94)%
Loss before income taxes(9,436)(27)%(5,829)(19)%(3,607)62 %
Income tax expense(37)— %(235)(1)%198 (84)%
Net loss$(9,473)(28)%$(6,064)(20)%$(3,409)56 %
Revenues
Total revenues increased $3.4 million, or 11%, to $34.4 million for the three months ended June 30, 2024, compared to $31.0 million for the three months ended June 30, 2023.
Product revenue of $19.9 million for the three months ended June 30, 2024 consisted of instrument sales of $2.5 million and sales of consumables and other products of $17.4 million. This represented an increase of $0.2 million compared to product revenue of $19.7 million for the three months ended June 30, 2023. The increase in product revenue was primarily due to a $2.2 million increase from growth in consumables demand. This increase was partially offset by a decrease from the one-time receipt of ordinary shares in UltraDx in the second quarter of 2023 with a fair value of $1.0 million that was recognized as variable consideration revenue under the UltraDx Agreement (as a Level 3 financial asset, the fair value was determined primarily using the third-party purchase price of similar instruments issued by UltraDx), and a $1.2 million decrease in instrument sales due to reduced demand in what we believe is a constrained capital funding environment. Based on the constrained capital funding environment, we expect softness in instrument sales to continue for the remainder of 2024.
Service revenue was $13.5 million for the three months ended June 30, 2024, compared to $10.6 million for the three months ended June 30, 2023, an increase of $3.0 million, or 28%. This increase was primarily due to a $2.6 million increase in Accelerator Laboratory revenue driven by higher volumes of sample testing and assay development services, as well as higher selling prices. We expect to see continued growth in Accelerator Laboratory services through 2024.
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Cost of Goods Sold and Services
Total cost of goods sold and services increased $2.4 million, or 20%, to $14.3 million for the three months ended June 30, 2024, compared to $11.9 million for the three months ended June 30, 2023.
Cost of product revenue increased $1.6 million, or 22%, to $8.9 million for the three months ended June 30, 2024, compared to $7.2 million for the three months ended June 30, 2023. This increase was primarily due to increases in overhead costs and increased consumables sales, and was partially offset by decreased costs due to lower instrument sales.
Cost of service and other revenue increased $0.8 million, or 18%, to $5.5 million for the three months ended June 30, 2024, compared to $4.7 million for the three months ended June 30, 2023. This increase was primarily due to the increase in Accelerator Laboratory services.
Research and Development
Research and development expense increased $2.2 million, or 36%, to $8.1 million for the three months ended June 30, 2024, compared to $5.9 million for the three months ended June 30, 2023. This increase was primarily due to a $1.1 million increase in compensation and benefits costs related to increased headcount and a $0.7 million increase in outside services and research lab supplies and equipment to enable product development. We expect research and development expense to continue to increase throughout 2024 and into 2025 due to continued investment in new instrument and assay development.
Selling, General and Administrative
Selling, general and administrative expense increased $2.5 million, or 12%, to $24.1 million for the three months ended June 30, 2024, compared to $21.6 million for the three months ended June 30, 2023. This increase was primarily due to a $1.7 million increase in compensation and benefits costs and a $0.7 million increase in stock-based compensation expense, both due to increased headcount. Included within selling, general, and administrative expense are $2.1 million and $1.6 million of shipping and handling costs for product sales for the three months ended June 30, 2024 and 2023, respectively.
Other Lease Costs
Other lease costs decreased $0.3 million, or 20% to $0.9 million for the three months ended June 30, 2024, compared to $1.2 million for the three months ended June 30, 2023. We are not using two leased office and laboratory facilities and are evaluating alternatives, including sub-leasing the facilities. Other lease costs include amortization of the related operating lease right-of-use assets and other leased facility operating expenses from periods after determining that the facilities would not be used.
Interest Income
Interest income decreased $0.2 million, or 5%, to $3.7 million for the three months ended June 30, 2024, as compared to $3.9 million for the three months ended June 30, 2023.
Other Income (Expense), Net
Other income (expense), net was less than ($0.1) million for the three months ended June 30, 2024, as compared to ($0.2) million for the three months ended June 30, 2023.
Income Tax Expense
Income tax expense was less than $0.1 million for the three months ended June 30, 2024, as compared to $0.2 million for the three months ended June 30, 2023.
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Comparison of Results of Operations for Six Months Ended June 30, 2024 and 2023:
The following table sets forth select Consolidated Statements of Operations data, and such data as a percentage of total revenues (in thousands, except percentages):
Six Months Ended June 30,Increase (Decrease)
2024% of revenue2023% of revenueAmount%
Revenues:
Product revenue$39,557 60 %$38,979 66 %$578 1 %
Service and other revenue25,478 38 %19,131 32 %6,347 33 %
Collaboration and license revenue884 1 %997 2 %(113)(11)%
Grant revenue528 1 %378 1 %150 40 %
Total revenues66,447 100 %59,485 100 %6,962 12 %
Costs of goods sold and services:
Cost of product revenue15,996 24 %14,269 24 %1,727 12 %
Cost of service and other revenue10,767 16 %9,152 15 %1,615 18 %
Total costs of goods sold and services26,763 40 %23,421 39 %3,342 14 %
Gross profit39,684 60 %36,064 61 %3,620 10 %
Operating expenses:
Research and development14,779 22 %10,666 18 %4,113 39 %
Selling, general and administrative50,128 75 %42,441 71 %7,687 18 %
Other lease costs1,851 3 %1,938 3 %(87)(4)%
Total operating expenses66,758 100 %55,045 93 %11,713 21 %
Loss from operations(27,074)(41)%(18,981)(32)%(8,093)43 %
Interest income7,629 11 %7,335 12 %294 4 %
Other income (expense), net
197 — %(146)— %343 (235)%
Loss before income taxes(19,248)(29)%(11,792)(20)%(7,456)63 %
Income tax expense(297)— %(375)(1)%78 (21)%
Net loss$(19,545)(29)%$(12,167)(20)%$(7,378)61 %
Revenues
Total revenues increased $7.0 million, or 12%, to $66.4 million for the six months ended June 30, 2024, compared to $59.5 million for the six months ended June 30, 2023.
Product revenue of $39.6 million for the six months ended June 30, 2024 consisted of instrument sales of $5.0 million and sales of consumables and other products of $34.6 million. This represented an increase of $0.6 million, or 1%, compared to product revenue of $39.0 million for the six months ended June 30, 2023. The increase in product revenue was primarily due to a $5.2 million increase in consumables from growth in both demand and selling prices. This increase was partially offset by a decrease from the one-time receipt of ordinary shares in UltraDx in the second quarter of 2023 with a fair value of $1.0 million that was recognized as variable consideration revenue under the UltraDx Agreement (as a Level 3 financial asset, the fair value was determined primarily using the third-party purchase price of similar instruments issued by UltraDx), and a $3.7 million decrease in instrument sales due to reduced demand in what we believe is a constrained capital funding environment. Based on the constrained capital funding environment, we expect softness in instrument sales to continue for the remainder of 2024.
Service revenue was $25.5 million for the six months ended June 30, 2024, compared to $19.1 million for the six months ended June 30, 2023, an increase of $6.3 million, or 33%. This increase was primarily due to a $5.8 million increase in Accelerator Laboratory revenue driven by higher volumes of sample testing and assay development services, as well as higher selling prices. We expect to see continued growth in Accelerator Laboratory services through 2024.
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Cost of Goods Sold and Services
Total cost of goods sold and services increased $3.3 million, or 14%, to $26.8 million for the six months ended June 30, 2024, compared to $23.4 million for the six months ended June 30, 2023.
Cost of product revenue increased $1.7 million, or 12%, to $16.0 million for the six months ended June 30, 2024, compared to $14.3 million for the six months ended June 30, 2023. This increase was primarily due to increases in overhead costs and increased consumables sales, and was partially offset by decreased costs due to lower instrument sales.
Cost of service and other revenue increased $1.6 million, or 18%, to $10.8 million for the six months ended June 30, 2024, compared to $9.2 million for the six months ended June 30, 2023. This increase was primarily due to the increase in Accelerator Laboratory services and royalty payments.
Research and Development
Research and development expense increased $4.1 million, or 39%, to $14.8 million for the six months ended June 30, 2024, compared to $10.7 million for the six months ended June 30, 2023. This increase was primarily due to (1) a $1.8 million increase in compensation and benefits costs related to increased headcount, (2) a $1.0 million increase in costs of outside services and research lab supplies and equipment to enable product development, and (3) a $0.3 million increase in stock-based compensation expense due to increased headcount. We expect research and development expense to continue to increase throughout 2024 and into 2025 due to continued investment in new instrument and assay development.
Selling, General and Administrative
Selling, general and administrative expense increased $7.7 million, or 18%, to $50.1 million for the six months ended June 30, 2024, compared to $42.4 million for the six months ended June 30, 2023. This increase was primarily due to (1) a $4.8 million increase in compensation and benefits costs related to increased headcount, (2) a $1.9 million increase in stock-based compensation expense due to increased headcount, (3) a $0.9 million increase in software and technology expenses, and (4) a $0.8 million increase in distribution costs. Included within selling, general, and administrative expense are $4.2 million and $3.5 million of shipping and handling costs for product sales for the six months ended June 30, 2024 and 2023, respectively.
Other Lease Costs
Other lease costs decreased $0.1 million, or 4%, to $1.9 million for the six months ended June 30, 2024, compared to $1.9 million for the six months ended June 30, 2023. We are not using two leased office and laboratory facilities and are evaluating alternatives, including sub-leasing the facilities. Other lease costs include amortization of the related operating lease right-of-use assets and other leased facility operating expenses from periods after determining that the facilities would not be used.
Interest Income
Interest income increased $0.3 million, or 4%, to $7.6 million for the six months ended June 30, 2024, as compared to $7.3 million for the six months ended June 30, 2023.
Other Income (expense), Net
Other income (expense), net was $0.2 million for the six months ended June 30, 2024, as compared $(0.1) million for the six months ended June 30, 2023.
Income Tax Expense
Income tax expense was $0.3 million for the six months ended June 30, 2024, as compared to $0.4 million for the six months ended June 30, 2023.
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Liquidity and Capital Resources
Our principal sources of liquidity are cash, cash equivalents, marketable securities, and funds generated from sales of our products and services. As of June 30, 2024, we had cash and cash equivalents of $47.0 million and $249.9 million of available for sale marketable securities. Historically we have also financed our operations through equity offerings and borrowings from credit facilities.
We believe our cash, cash equivalents, and marketable securities, along with funds generated from sales of our products and services, will be sufficient to meet our anticipated operating cash requirements for at least 12 months from the date of this Quarterly Report on Form 10-Q.
Our liquidity requirements have consisted, and we expect that they will continue to consist, of sales and marketing expenses, research and development expenses, working capital, and general corporate expenses. Our future capital requirements will depend on many factors, including, but not limited to, our pace of growth, expansion or introduction of instruments, assays, and services, including Lucent Diagnostics, and advancing access to our diagnostic tests, market acceptance of our products and services, regulatory requirements, regulatory approval of our products or services, and the effects of competition, technological developments, and broader market and economic trends.
We regularly assess potential acquisitions and pursue acquisitions of complementary businesses, services, and technologies. To the extent our existing cash, cash equivalents, and marketable securities are insufficient to fund future activities or requirements to continue operating our business, we may need to raise additional capital. If the conditions for raising capital are favorable, we may seek to finance future cash needs through public or private equity, debt offerings, or other financings.
If needed, we cannot guarantee that we will be able to obtain additional funds on acceptable terms, or at all. If we raise additional funds by issuing equity or equity-linked securities, our stockholders may experience dilution. Future debt financing, if available, may involve covenants restricting our operations or our ability to incur additional debt. Any debt or equity financing that we raise may contain terms that are not favorable to us or our stockholders. If we raise additional funds through collaboration and licensing arrangements with third parties, it may be necessary to relinquish some rights to our technologies or our products, or grant licenses on terms that are not favorable to us. If we do not have or are not able to obtain sufficient funds, if needed, we may have to delay development or commercialization of our products and services. We also may have to reduce marketing, customer support, or other resources devoted to our products, or cease operations.
Cash Flows
The following table summarizes our cash flows (in thousands):
Six Months Ended June 30,
20242023
Net cash used in operating activities$(25,115)$(8,869)
Net cash used in investing activities(102,220)(784)
Net cash provided by financing activities271690
Net decrease in cash, cash equivalents, and restricted cash$(127,064)$(8,963)
Net Cash Used in Operating Activities
We derive cash flows from operations primarily from the sale of our products and services. Our cash flows from operating activities are also significantly influenced by our use of cash for operating expenses to develop new products and services, invest in process and product improvements, and increase our sales and marketing efforts. We have historically experienced negative cash flows from operating activities as we have developed our technology, expanded our business, and built our infrastructure. We expect negative cash flows from operating activities will continue in future periods.
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Net cash used in operating activities was $25.1 million and $8.9 million for the six months ended June 30, 2024 and 2023, respectively. The $16.2 million increase in net cash used in operating activities was primarily driven by an overall increase in our net loss, adjusted for non-cash items including stock-based compensation, accretion of our marketable securities, and depreciation and amortization. The increase was further driven by changes in working capital items, primarily (1) an increase in accounts receivable from sales timing and revenue growth, (2) an increase in inventory as a result of completing the assay development program and manufacturing and stocking new assays, and (3) increases accounts payable and accrued compensation.
Net Cash Used in Investing Activities
Our primary investing activities consist of purchases of marketable securities. Additionally, we use funds towards capital expenditures for the purchase of property and equipment to support our expanding infrastructure and work force. We expect to continue to incur additional capital expenditures related to these efforts in future periods.
Net cash used in investing activities was $102.2 million during the six months ended June 30, 2024, which consisted of the purchase of $189.3 million of marketable securities and $2.1 million of purchases of property and equipment, offset by proceeds from maturities of marketable securities of $89.2 million.
Net cash used in investing activities was not material during the six months ended June 30, 2023.
Net Cash Provided by Financing Activities
Financing activities provided $0.3 million and $0.7 million of cash during six months ended June 30, 2024 and 2023, respectively, from the issuance of our common stock under our equity incentive plans.
Future Cash Obligations
As of June 30, 2024, there have been no material changes to our contractual obligations and commitments from those described in the section titled “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K.
In addition to the cash commitments disclosed in our Annual Report on Form 10-K, we may have other payables and liabilities that may be legally enforceable but are not considered contractual commitments.
Critical Accounting Policies and Estimates
Our critical accounting policies and significant estimates that involve a higher degree of judgment and complexity are described in the section titled “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations – Critical Accounting Policies, Significant Judgments and Estimates” included in our Annual Report on Form 10-K.
There have been no material changes to our critical accounting policies and estimates as previously disclosed in that report.
Non-GAAP Financial Measures
To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations. These non-GAAP measures are calculated by including shipping and handling costs for product sales within cost of product revenue instead of within selling, general and administrative expenses. We use these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with U.S. GAAP.
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Set forth below is a reconciliation of non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations to their most directly comparable GAAP financial measures (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
GAAP gross profit$20,058$19,138$39,684$36,064
Shipping and handling costs(2,075)(1,623)(4,217)(3,451)
Non-GAAP gross profit$17,983$17,515$35,467$32,613
GAAP revenue$34,381$31,029$66,447$59,485
GAAP gross margin (gross profit as % of revenue)58.3%61.7%59.7%60.6%
Non-GAAP gross margin (non-GAAP gross profit as % of revenue)52.3%56.4%53.4%54.8%
GAAP total operating expenses$33,166$28,699$66,758$55,045
Shipping and handling costs(2,075)(1,623)(4,217)(3,451)
Non-GAAP total operating expenses$31,091$27,076$62,541$51,594
GAAP loss from operations$(13,108)$(9,561)$(27,074)$(18,981)
Non-GAAP loss from operations$(13,108)$(9,561)$(27,074)$(18,981)
Recent Accounting Pronouncements
Refer to Note 2 - Significant Accounting Policies in the Notes to Consolidated Financial Statements included in this Quarterly Report on Form 10-Q for a full description of recent accounting pronouncements, including the expected dates of adoption and effects on our Consolidated Financial Statements and related disclosures.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As of June 30, 2024, there have been no material changes to the market risk information from those described in the section titled “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” included in our Annual Report on Form 10-K.
ITEM 4. CONTROLS AND PROCEDURES
As previously disclosed in the section titled “Part II, Item 9A. Controls and Procedures” in our Annual Report on Form 10-K, management concluded that our internal control over financial reporting was not effective at a reasonable assurance level as of December 31, 2023 due to deficiencies in the operating effectiveness of our internal controls associated with the valuation of our inventory, including excess and obsolescence reserves (the “Inventory Valuation MW”), and the accounting for property and equipment, net (the “Property and Equipment MW”). These deficiencies constituted material weaknesses in our internal control over financial reporting. A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Through the date of this Quarterly Report on Form 10-Q, we have not identified any material misstatements as a result of these material weaknesses.
Management has been actively engaged in the implementation of remediation efforts to address the material weaknesses, as well as other identified areas of risk. For a complete description of management’s remediation plan, refer to the section titled “Part II, Item 9A. Controls and Procedures” in our Annual Report on Form 10-K, as may be updated in the section titled “Part I. Item 4. Controls and Procedures” of our subsequently filed Quarterly Reports on Form 10-Q. For updates on management’s remediation plan as of June 30, 2024, refer to the section titled “Management’s Implementation of Remediation Plan” below.
Evaluation of Disclosure Controls and Procedures
We have established disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) that are designed to provide reasonable assurance that information required to be disclosed in the
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reports we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the rules and forms of the SEC and to ensure that such information is accumulated and communicated to management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial officer), to allow timely decisions regarding required disclosures. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives, and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures are designed to provide a reasonable assurance of achieving their objectives. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures as of June 30, 2024. Because our efforts to remediate the material weaknesses in our internal control over financial reporting are still underway and we have not had a sufficient period of time to test the operating effectiveness of our internal control over financial reporting, which we view as an integral part of our disclosure controls and procedures, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective at a reasonable assurance level as of June 30, 2024.
Nevertheless, based on a number of factors, including the performance of additional procedures by management designed to ensure the reliability of our financial reporting, we believe that the Consolidated Financial Statements and Notes to Consolidated Financial Statements in this Quarterly Report on Form 10-Q fairly present, in all material respects, our financial position, results of operations, and cash flows as of the dates, and for the periods, presented, in conformity with U.S. GAAP.
Management’s Implementation of Remediation Plan
Management, with oversight from the Audit Committee of our Board of Directors, previously commenced implementing changes to our internal control over financial reporting in order to remediate the control deficiencies that resulted in the Inventory Valuation MW and Property and Equipment MW disclosed in our Annual Report on Form 10-K. As of June 30, 2024, we believe that we are on track with the remediation plan disclosed therein. Our ongoing efforts for remediation include, but are not limited to, the following:
•we have engaged accounting advisory consultants to implement new software solutions to automate manual key inventory valuation processes and outputs, some of which we began to use in the second quarter of 2024;
•we continue to strengthen and document our existing controls and, starting in the first quarter of 2024, have implemented additional compensating controls and will continue to do so throughout the remainder of fiscal year 2024;
•we continue to execute controls that we worked to improve during fiscal year 2023 that did not have a sufficient period of time to demonstrate operating effectiveness as of December 31, 2023;
•we continue to evaluate, enhance, and add personnel in the finance organization with a focus on the requisite experience in the areas of accounting, SEC financial reporting, and associated internal controls. Additionally, for key additions or vacancies on our team, we have engaged accounting consultants to provide additional depth and breadth in our period end closes, financial reporting capabilities, and internal controls compliance until we have filled the positions with qualified personnel for a sufficient period of overlap to ensure successful transition of responsibilities;
•based on the recommendations provided by the third-party consulting firm we engaged to assess our remediation plan, we continue to enhance the effectiveness of the related controls; and
•we continue to provide trainings on a regular basis related to internal control over financial reporting for all control owners.
We will continue our efforts to remediate, and test the remediation of, the Inventory Valuation MW and Property and Equipment MW through fiscal year 2024. We believe that the implementation of the above steps will allow us to address the deficient controls within our internal control environment, which will facilitate the remediation of these material weaknesses. As we continue to evaluate and work to improve our internal control over financial reporting, we will take additional measures to address control deficiencies and we may modify certain of the remediation measures described above. Given that many of the remediation efforts described above are in the process of being implemented and our controls continue to undergo independent testing, we will not be able to consider the material weaknesses as described in our Annual Report on Form 10-K remediated until the applicable remedial controls operate for a sufficient period of time and our management has concluded, through testing, that our controls are operating effectively. We, along with our Audit Committee, will continue to monitor and evaluate the effectiveness of these remedial actions and take further actions as we deem appropriate.
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Changes in Internal Control over Financial Reporting
Other than the changes outlined above to remediate the material weaknesses, there have been no changes in our internal control over financial reporting during the quarter ended June 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II — OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
In the ordinary course of business, we are from time to time involved in lawsuits, claims, investigations, proceedings and threats of litigation consisting of intellectual property, contractual, employment, and other matters. While the outcome of any such actions or proceedings cannot be predicted with certainty, as of June 30, 2024, we were not party to any legal proceedings, the outcome of which would be expected to have a material adverse effect on our financial condition or results of operations. Regardless of any outcome, litigation can have a material adverse effect on us due to defense and settlement costs, diversion of management resources, and other factors.
ITEM 1A. RISK FACTORS
Our business is subject to risks and events that, if they occur, could adversely affect our financial condition, results of operations, or the price of our common stock. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors described in the section titled “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as filed with the SEC on February 29, 2024 (the “Annual Report on Form 10-K”), as updated by the risk factors in the section titled “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024, as filed with the SEC on May 8, 2024 (the “Q1 Form 10-Q”). Those risk factors are not the only risks we face. Additional risks and uncertainties not currently known to us or that we deem to be not material also may adversely affect our business, financial condition, and results of operations.
As of the date of this Quarterly Report on Form 10-Q, there were no material changes to the risk factors described in our Annual Report on Form 10-K and Q1 Form 10-Q.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS, AND ISSUER PURCHASES OF EQUITY SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
ITEM 5. OTHER INFORMATION
Securities Trading Plans of Directors and Executive Officers
During the three months ended June 30, 2024, none of our directors or officers adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K).
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ITEM 6. EXHIBITS
Exhibit
Number
Exhibit Description
Filed
Herewith
Incorporated by
Reference herein
from Form or Schedule
Filing Date
SEC File/
Reg.
Number
3.18-K12/15/2017001-38319
3.210-Q8/8/2023001-38319
10.1#8-K4/12/2024001-38319
10.2#8-K4/12/2024001-38319
31.1X
31.2X
32.1X
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.X
101.SCHXBRL Taxonomy Extension Schema Document.X
101.CALXBRL Taxonomy Extension Calculation Linkbase Document.X
101.DEFXBRL Taxonomy Extension Definition.X
101.LABXBRL Taxonomy Extension Label Linkbase Document.X
101.PREXBRL Taxonomy Extension Presentation Linkbase Document.X
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).X
#Management contract or compensatory plan or agreement.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
QUANTERIX CORPORATION
Dated: August 8, 2024
By:/s/ Masoud Toloue
Masoud Toloue
President and Chief Executive Officer
(principal executive officer)
Dated: August 8, 2024
By:/s/ Vandana Sriram
Vandana Sriram
Chief Financial Officer
(principal financial officer and principal accounting officer)
36

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