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Quanterix Revenues Almost Double in Q2

NEW YORK – Quanterix reported after the close of the market on Thursday that its second quarter revenues were up 93 percent year over year.

The company posted Q2 revenues of $25.4 million, up from $13.1 million in Q2 2020 and above the consensus Wall Street estimate of $23.4 million.

Its Q2 product revenues rose almost threefold to $18.7 million from $6.8 million in Q2 2020. Service and other revenues were down 11 percent to $5.6 million from $6.3 million in the prior-year period.

"The past quarter has proven to be a pivotal time for our company as we continue to make immense strides with our strategic expansion in the diagnostics space," Kevin Hrusovsky, Quanterix's chairman, CEO, and president, said in a statement, noting in particular the company's role in diagnosing and monitoring neurodegenerative conditions like Alzheimer's disease.

The firm's Q2 net loss fell to $11.9 million from $12.3 million a year ago. It didn't provide a loss per share figure. Analysts, on average, had predicted a net loss of $.33 per share.

Quanterix's R&D spending during the quarter was up 57 percent to $6.8 million from $4.3 million in Q2 2020, and its SG&A expenses rose 59 percent to $20.8 million from $13.1 million the year before.

The company ended the quarter with $430.8 million in cash and cash equivalents.

In morning trading on the Nasdaq, Quanterix shares were down almost 6 percent at $53.80.