NEW YORK – Quanterix reported Thursday after the close of markets that its fourth quarter revenues rose 22 percent year over year.
For the period ended Dec. 31, the company posted revenues of $31.5 million, up from $25.8 million in Q4 2022 and above the consensus Wall Street estimate of $29.8 million.
The firm's Q4 product revenues were $20.8 million, up 25 percent from $16.7 million in Q4 2022. Service and other revenues rose 17 percent to $10.2 million from $8.8 million in the prior-year quarter. Collaboration and license revenue was $146,000, down 14 percent from $170,000 in Q4 2022, while grant revenue was $352,000, up 65 percent from $213,000 the year before.
In a statement following release of its financial results, Quanterix President and CEO Masoud Toloue noted that the firm had completed its corporate transformation initiative and said that its research business "is in a solid position" and that it continues to make progress in its diagnostics efforts.
During a conference call discussing the results, Toloue highlighted the firm's three main strategic objectives for 2024 — growing its menu, developing new tech, and building its Alzheimer's diagnostics business.
He said Quanterix aims to launch 20 new assays by the end of 2024 while also expanding the plexing capabilities of its instruments while maintaining sensitivity and reducing footprint and cost.
Regarding its Alzheimer's diagnostics business, Toloue said Quanterix will focus on the development and validation of a multimarker Alzheimer's test and working with health systems to establish blood-based markers as a routine part of diagnosis and treatment for the disease. He said the company has hired a commercial team focused on Alzheimer's and plans to put $20 million in capital over the next two years toward advancing access to its diagnostic tests.
Toloue said the company plans to make a US Food and Drug Administration submission for its phosphorylated-tau 217 Alzheimer's blood test by the end of the year.
The company's 2023 Q4 net loss was $12.4 million, or $.33 per share, versus a net loss of $18.6 million, or $.50 per share, the year before. The consensus Wall Street estimate for loss per share was $.32.
Quanterix's R&D spending during the quarter was $7.0 million, up 25 percent from $5.6 million in the year-ago period. Its SG&A expenses rose 25 percent to $24.2 million from $19.3 million the year before.
For full-year 2023, Quanterix reported revenues of $122.4 million, up 16 percent from $105.5 million in 2022 and beating the Wall Street consensus estimate of $120.7 million.
The firm's 2023 product revenues rose 14 percent to $79.5 million from $69.8 million in 2022. Service and other revenues rose 17 percent to $40.3 million from $34.5 million in the prior year. Collaboration and license revenue was $1.4 million, up more than twofold from $649,000 in 2022, while grant revenue was $1.2 million, up roughly twofold from $570,000 in 2022.
Quanterix's net loss for full-year 2023 was $32.3 million, or $.86 per share, versus a net loss of $96.7 million, or $2.61 per share, in 2022. The consensus Wall Street estimate for loss per share was $.83.
The firm's full-year R&D spending was down 4 percent to $24.9 million from $25.9 million in 2022. Its SG&A spending was down 2 percent to $90.2 million from $92.0 million the year before.
The company ended 2023 with $174.4 million in cash and cash equivalents, $146.9 million in marketable securities, and $2.6 million in restricted cash.
Quanterix projected full-year 2024 revenues of $139 million to $144 million.