Quanterix (QTRX) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $34.4 million, up 11% year-over-year, driven by strong accelerator lab and consumables growth, while instrument sales declined due to capital constraints.

• Net loss widened to $9.5 million from $6.1 million in Q2 2023, reflecting increased operating expenses and investments in R&D and commercial expansion.

• Simoa platform maintained leadership in neurology, expanded into immunology and oncology, and advanced Alzheimer's diagnostics partnerships, including new collaborations with major U.S. hospital systems and KingMed in China.

• Over 2,900 cumulative publications and 708 instruments placed, with continued scientific validation and adoption.

• Completed assay redevelopment program and began shipping new Advantage PLUS assays, aiming for improved manufacturing efficiency.

Financial highlights

• Q2 2024 GAAP revenue: $34.4M (+11% year-over-year); non-GAAP revenue: $34.4M.

• GAAP gross margin: 58.3% (down from 61.7%); non-GAAP gross margin: 52.3% (down from 56.4%).

• Net loss: $9.5M (Q2 2024), compared to $6.1M in Q2 2023; operating loss increased to $13.1M from $9.6M.

• Cash, equivalents, and securities: $296.9M–$299.5M at quarter end; net cash used in operating activities for H1 2024 was $25.1M.

• Operating expenses rose 16% year-over-year in Q2, mainly from higher R&D and SG&A costs.

Outlook and guidance

• Full-year 2024 revenue guidance updated to $134–$138 million, representing 11% growth at the midpoint, excluding Lucent Diagnostics testing revenue.

• Guidance reflects continued instrument weakness and cautious consumables outlook, partially offset by strong accelerator demand.

• GAAP gross margin guidance maintained at 57–61%, non-GAAP at 51–55%.

• Cash usage now expected at the higher end of $25–$30 million for the year.

• No material revenue expected from Lucent Diagnostics tests until 2025 or later.