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Quanterix Q1 Revenues up 13 Percent

NEW YORK – Quanterix's first quarter revenues rose 13 percent year over year, driven largely by a jump in service revenues, the company reported after the close of the market on Tuesday.

For the three months ended March 31, total revenues were $32.1 million, up from $28.5 million a year ago and above the consensus Wall Street estimate of $31.6 million.

Product revenues were up 2 percent to $19.7 million from $19.3 million in Q1 2023. Service and other revenues rose 39 percent to $12.0 million from $8.6 million, while collaboration revenues fell 58 percent to $155,000 from $368,000. Grant revenues rose 23 percent to $274,000 from $222,000.

The Billerica, Massachusetts-based firm posted a net loss of $10.1 million, or $.26 per share, in Q1 2024 compared to a net loss of $6.1 million, or $.16 per share, a year ago. The consensus Wall Street estimate was a loss of $.31 per share.

Quanterix's R&D costs rose 41 percent year over year to $6.7 million from $4.7 million. Its SG&A spending was up 25 percent to $26.0 million from $20.9 million.

The company ended the first quarter with $47.9 million in cash, cash equivalents, and restricted cash and $256.6 million in marketable securities.

Quanterix maintained its full-year 2024 revenue guidance of $139 million to $144 million.