Quanterix Corporation, which is a company that helps to transform a healthcare centre by providing all the digital protein biomarker technology which helps the healthcare centre with precision health. The company announced its first quarter results of the year 2021, which ended on March 31st. Kevin Hrusovsky who is the Chairman, Chief Executive Officer and President, of Quanterix said that they have made a productive start according to their strategies and also benefited from the operational priorities during the first quarter of 2021. He also added by saying that their precise healthcare ecosystem continues to attract interest and adoption from multiple healthcare institutions, government agencies, academic institutions, and multiple pharmaceutical companies as they help them to make developments in drug therapies for multiple diseases like Alzheimer’s, Parkinson’s, Multiple Sclerosis, traumatic brain injury, COVID-19, infectious diseases and even cancers. They are rapidly improving their technology and expanding their assay menu with a priority focus on early detection plasma biomarkers for Alzheimer’s and neuro-degeneration so that they can keep up pace with today’s research demands and finally deliver on the promise of non-invasive biomarkers to fuel breakthroughs in diagnostics and drug development.
First Quarter Financial highlights
- In the first quarter of the year, the GAAP total revenue, which includes grant revenue of almost $2.3M, i.e. $27.2M as compared to the previous year’s first quarter results of $15.7M
- The first quarter results for the non-GAAP total revenue was over $24.9M as compared to $15.7M for the previous first quarter results, which is an increase of 58%
- First quarter GAAP product revenue was about $18.2M as compared to $9.8M in the previous first quarter, which is an increase of 86%
- First quarter GAAP service and other revenue was also up to $6.4M as compared to $5.8M in the previous first quarter, which is an increase of 11%
- First quarter GAAP gross margin was 60.1%; Q1 non-GAAP gross margin was 58.5% as compared to 48.5% in the previous first quarter, which is an increase of 1,000 bps
First Quarter Business highlights
- The Quanterix received Emergency Use Authorization (EUA) from the U.S. Food and Drug Administration (FDA) especially for their Simoa SARS-CoV-2 N Protein Antigen Test that could be used on the Simoa HD-X Analyzer.
- The company Released the SARS-CoV-2 N Protein Antigen Assay manufactured especially for Research Use only, enabling scientists worldwide to measure viral load and immune response in a variety of samples, including blood obtained by minimally invasive capillary sample.
- According to the first quarter results, the company’s record Instrument placement revenue was increased to $7.0M, which is an increase of 86%, and had a consumables revenue of $11.3m, which is an increase of 86%.
- They also have experienced significant demand for their phosphorylated tau at threonine 181 (pTau181) assays for in depth study of Alzheimer’s Disease (AD) pathology and Neuro Multiplex assays associated with multiple neurodegenerative diseases.