NEW YORK – Quanterix on Tuesday reported a 32 percent rise in second quarter 2023 revenues.
For the three months ended June 30, the company reported revenue of $31.0 million, up from $23.5 million in Q2 2022 and beating the consensus Wall Street estimate of $25.9 million.
In a statement accompanying release of the earnings results, Quanterix President and CEO Masoud Toloue said that the corporate restructuring the company launched roughly a year ago was "accelerating progress as evidenced by both financial and business results."
Quanterix's Q2 product revenues were up 33 percent to $19.7 million from $14.8 million in Q2 2022. Service and other revenues were up 25 percent to $10.6 million from $8.5 million in the prior-year period. Collaboration and license revenue was up nearly sevenfold to $629,000 from $92,000 in Q2 2022. Grant revenue more than doubled to $156,000 from $75,000 in the prior-year period.
The Q2 revenue figures include a one-time benefit of roughly $1.5 million related to product and license agreements.
Quanterix's Q2 net loss was $6.1 million, or $.16 per share, versus $24.9 million, or $.67 per share, a year ago. Analysts, on average, had predicted a net loss of $.38 per share.
Quanterix's R&D spending during the quarter was down 11 percent to $5.9 million from $6.6 million in Q2 2022, and its SG&A expenses fell 20 percent to $21.6 million from $27.0 million a year ago.
It raised its full-year 2023 revenue guidance to between $110 million and $116 million from previous guidance of $104 million to $111 million.
Quanterix ended the quarter with $329.5 million in cash and cash equivalents and $2.7 million in restricted cash.
In Tuesday morning trading on Nasdaq, Quanterix stock was up 21 percent to $26.21.