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Quanterix Corporation Releases Operating Results for Second Quarter 2018

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66% revenue growth

Integration of Aushon in process

Quanterix
Corporation (NASDAQ:
QTRX), a company digitizing biomarker analysis
to advance the science of precision health, today announced financial
results for the three months and six months ended June 30, 2018.

"We are continuing to achieve strong momentum, as made evident by our
performance in this second quarter, showing steady growth in terms of
both product and company revenue," said Chief Executive Officer,
President and Chairman, Kevin Hrusovsky. "We are at a pivotal point in
our industry, where biomarkers are being recognized as increasingly
representing a critical opportunity for accelerating drug approvals and
helping to fuel demand for our technology for pharma services and drug
development."

Second Quarter 2018 Financial Highlights
Key financial
results for the second quarter are shown below:

  • Q2 revenue of $8.6M versus prior year Q2 of $5.2M, an increase of 66%.
  • Q2 product revenue was $5.2M versus prior year Q2 of $3.3M, an
    increase of 56%.
  • Q2 Service and Other revenue totaled $3.2M versus prior year Q2 of
    $1.6M, an increase of 97%.

YTD 2018 Financial Highlights
Key financial results for 2018
YTD are shown below:

  • YTD revenue of $16.2M versus prior year $10.6M, an increase of 53%.
  • YTD product revenue of $9.9M versus prior year $6.8M, an increase of
    47%.
  • YTD Service and Other revenue of $5.7M versus prior year $3.3.M, an
    increase of 75%.

Second Quarter 2018 Business Highlights

  • SR-X platform momentum continues to build, with 22 assays now available
  • Cadence of publications continued to increase with 40 new publications
    featuring Simoa technology in Q2 alone, bringing total to >250
  • Continued commercial acceleration in Pharma Services, including
    significant build out of CLIA lab capabilities to handle increased
    sample volume
  • Major presence at American Association for Cancer Research (AACR) 2018
    Annual Conference, broadening reach into oncology and liquid tumor
    biopsy market
  • Kevin Hrusovsky invited to speak at PULSE: The Atlantic Summit on
    Healthcare
  • Attendance at 10 industry tradeshows and conferences in North America
    and Europe spanning multiple therapeutic areas
  • Created new integrated marketing and inside sales lead generation team
    to fuel accelerated pipeline development
  • Developed and began promoting a major webinar scheduled in September
    on "Disrupting
    Drug Development with Digital Biomarkers"
    featuring Kevin
    Hrusovsky, CEO and Chairman of Quanterix, Dr. Henrik Zetterberg of the
    University of Gothenburg, and Dr. Andy Nixon of Duke University

Conference Call
In conjunction with this announcement,
Quanterix Corporation will host a conference call on August 8, 2018, at
4:30 p.m. EDT to discuss the Company's financial results and business
outlook. To access this call, dial (833) 686-9351 for domestic callers,
or (612) 979-9890 for international callers. Please reference the
following conference ID: 4299369.

A live webcast will be accessible on the Investors section of Quanterix'
website: http://www.quanterix.com.
The webcast will be available on the Company's website for one year
following completion of the call.

Financial Highlights (in thousands)

               

Quanterix Statement of Operations

 
Q2 2018 Q2 2017 YTD 2018 YTD 2017
Product revenue $5,200 $3,337 $9,945 $6,762
Service and other revenue 3,174 1,608 5,681 3,252
Collaboration revenue

269

268

538

537

Total revenue $8,643 $5,213 $16,164 $10,551
 
 
Cost of product revenue $2,945 $1,835 $5,718 $ 3,668
Cost of Service Rev 1,725 1,198 3,301 2,342
Cost of collaboration revenue - - - -
Research and development 3,706 3,904 7,349 8,153
Selling, General and administrative

7,579

4,748

14,270

8,913

Total operating expenses $15,955 $11,685 $30,638 $23,076
 
 
Interest income (expense), net $16 $ (241) $ (9) $ (496)
Other income (expense), net

(47)

78

(62)

(2)

Net loss $ (7,343) $ (6,635) $ (14,545) $ (13,023)
       

Quanterix Balance Sheet

 

6/30/18

12/31/17

Cash $60,474 $79,682
AR 3,586 5,599
Inventory 5,486 3,571
Prepaid and other

1,152

400

Total current assets $70,698 $89,252
 
Property and equipment, net $2,406 $1,874
Intangible assets and goodwill

3,984

0
Other non-current assets

684

653

Total assets $77,772 $91,779
 
 
 
Accounts payable/accrued expenses $9,610 $9,736
Deferred revenue 6,141 4,942
Current portion of long term debt

7,605

5,036

Total current liabilities $23,356 $19,714
 
 
Deferred revenue, net of current portion $1,135 $1,709
Long term debt 0 4,346
Other non-current liabilities

106

144

Total liabilities $24,597 $25,913
 
 
Total stockholders equity $53,175 $65,866
 
Total liabilities and stockholders deficit $77,772 $91,779
 

About Quanterix
Quanterix is a company that's digitizing
biomarker analysis with the goal of advancing the science of precision
health. The company's digital health solution, Simoa, has the potential
to change the way in which healthcare is provided today by giving
researchers the ability to closely examine the continuum from health to
disease. Quanterix' technology is designed to enable much earlier
disease detection, better prognoses and enhanced treatment methods to
improve the quality of life and longevity of the population for
generations to come. The technology is currently being used for research
applications in several therapeutic areas, including oncology,
neurology, cardiology, inflammation and infectious disease. The company
was established in 2007 and is located in Lexington, Massachusetts. For
additional Information, please visit https://www.quanterix.com.

Forward-Looking Statements
This press release contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Words such as "may," "will," "expect,"
"plan," "anticipate," "estimate," "intend" and similar expressions (as
well as other words or expressions referencing future events, conditions
or circumstances) are intended to identify forward-looking statements.
Forward-looking statements in this news release are based on Quanterix'
expectations and assumptions as of the date of this press release. Each
of these forward-looking statements involves risks and uncertainties.
Factors that may cause Quanterix' actual results to differ from those
expressed or implied in the forward-looking statements in this press
release are discussed in Quanterix' filings with the U.S. Securities and
Exchange Commission, including the "Risk Factors" sections contained
therein. Except as required by law, Quanterix assumes no obligation to
update any forward-looking statements contained herein to reflect any
change in expectations, even as new information becomes available.

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