NEW YORK – Quanterix reported after the close of the market on Wednesday that its third quarter revenues rose 41 percent year over year, driven by an 80 percent increase in product revenues.
For the three months ended Sept. 30, the Billerica, Massachusetts-based company posted Q3 revenues of $14.9 million, up from $10.6 million in Q3 2018, beating the consensus Wall Street estimate of $12.6 million. Excluding $1.3 million recognized in Q3 2018 connected to the termination of a license agreement, revenue was up 62 percent year over year.
Q3 product revenues rose to $10.7 million from $6 million in Q3 2018. Service and other revenues rose 39 percent to $4.2 million from $3.0 million in the prior-year period. The firm did not recognize any collaboration revenue in the quarter, compared to $1.6 million a year ago.
"We are pleased with our execution and yet another record quarter with strong revenue growth … and material progress accelerating global adoption of our ultra-sensitive Simoa technology," Quanterix Chairman, CEO, and President Kevin Hrusovsky said in a statement.
He noted that the firm began shipments of its new HD-X Analyzer ahead of schedule and that trade-ins of the HD-1 instrument were "outpacing expectations."
On a conference call following the release of the financial results, Quanterix CFO Amol Chaubal said instrument revenues grew 82 percent to $4.1 million and consumables revenue grew 79 percent to $6.6 million.
Geographically, North America accounted for 53 percent of revenues, but Europe and Asia were growing faster, with 105 percent and 129 percent growth, respectively.
By end market, revenues were evenly split between academia and pharma. Academia grew by 98 percent, while pharma grew by 70 percent.
Quanterix's Q3 net loss widened to $9.9 million from $7.7 million a year ago. It didn't provide a loss per share figure.
Quanterix's R&D spending during the quarter was $3.9 million, down 11 percent from $4.4 million in Q3 2018. Its SG&A expenses, meanwhile, jumped 50 percent to $13.4 million from $8.8 million a year ago.
Chaubal noted that during the quarter, the firm raised $64.9 million in net proceeds through a follow-on stock offering, partially offset by $14.5 million related to its acquisition of UmanDiagnostics.
The firm ended the quarter with $113.3 million in cash and cash equivalents.
In morning trading on the Nasdaq, shares of Quanterix were up 6 percent at $20.54.