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Quanterix Q3 Revenues Decline 12 Percent, Beat Wall Street Estimates

NEW YORK – Quanterix reported after the close of the market on Thursday that its third quarter revenues declined 12 percent year over year.

For the three months ended Sept. 30, the Billerica, Massachusetts-based company posted revenues of $27.7 million, down from $31.4 million in Q3 2020 but beating the consensus Wall Street estimate of $24.0 million. Excluding one-time license and grant revenue, revenues were $26.7 million, up 46 percent from $18.3 million in Q3 2020.

Q3 product revenues rose 77 percent to $20.7 million from $11.7 million in Q3 2020. Service and other revenues fell 10 percent to $5.9 million from $6.6 million in the prior-year period. Collaboration and license revenue was $120,000, down sharply from $11.2 million in Q3 2020, while development revenue was $1.0 million, down 47 percent from $1.9 million the year before.

Quanterix posted a Q3 net loss of $15.7 million compared to net income of $2.2 million a year ago. It didn't provide an earnings per share figure but analysts, on average, had expected a net loss of $.36 per share.

The company's R&D spending during the quarter was $6.8 million, up 26 percent from $5.4 million in Q3 2020. Its SG&A expenses were up 76 percent to $23.7 million from $13.5 million a year ago.

The firm ended the quarter with $410.7 million in cash and cash equivalents.