NEW YORK – Quanterix reported today that its second quarter revenues were up 57 percent year over year.
The company posted Q2 revenues of $13.5 million, up from $8.6 million in Q2 2018 and above the consensus Wall Street estimate of $11.5 million.
Its Q2 product revenues rose 69 percent to $8.8 million from $5.2 million in Q2 2018. Service and other revenues were up 50 percent to $4.8 million from $3.2 million in the prior-year second quarter.
"We are pleased with our execution and yet another quarter of record results, with strong revenue growth and gross margins, and material progress in our quest to lead today’s biomarker revolution," Quanterix Chairman, CEO, and President Kevin Hrusovsky said in a statement. "We believe our growth trajectory in all segments of our business continues to advance productively opposite our longer-term growth target propelled by recent product launches into oncology, expansion of our assay menu, and strong progress in our neurodegeneration portfolio and associated pharma services supporting drug trials and approvals."
On a conference call following release of the earnings results, Hrusovsky highlighted the continued growth of instrument sales, which he noted would translate to consumables sales down the road. He also said that the company's lab services business had a strong quarter, growing at around 40 percent, and added that the services business "yielded a lot of downstream instrument placements" as well as opportunities for companion diagnostic development.
Additionally, Hrusovsky noted Quanterix's acquisition during the quarter of UmanDiagnostics, a leading supplier of antibodies to the Nf-L protein, a neurology marker that he said currently accounts for roughly 20 percent of the company's revenues.
Hrusovsky also provided an update on the company's forthcoming HD-X instrument, an updated version of the company's original HD-1 analyzer, noting that it still plans to begin shipping the system in Q4 of this year.
The firm's Q2 net loss widened to $10.6 million from $7.3 million a year ago. It didn't provide a loss per share figure.
Quanterix's R&D spending during the quarter was up 8 percent to $4.0 million from $3.7 million in Q2 2018, and its SG&A expenses rose 77 percent to $13.4 million from $7.6 million the year before.
The company ended the quarter with $72 million in cash and cash equivalents.
In Tuesday afternoon trading on Nasdaq, Quanterix stock was down 4 percent to $29.04 per share.