Quanterix Reports 13% Revenue Growth to $35.8 Million in Q3 2024

Quanterix Corporation reported its financial results for the third quarter of 2024, revealing a total revenue of $35.8 million, a 13% increase from $31.6 million in the same period last year. The growth was driven primarily by a 27% rise in service revenue, which reached $13.8 million, attributed to higher volumes of sample testing and assay development services. However, product revenue slightly declined to $19.7 million, down from $19.9 million, due to a decrease in instrument sales, which the company attributes to a constrained capital funding environment. The net loss for the quarter was $8.4 million, compared to a loss of $6.7 million in the prior year.

For the nine months ending September 30, 2024, Quanterix reported total revenues of $102.3 million, up 13% from $90.8 million in the same period of 2023. Product revenue increased marginally to $59.3 million, while service revenue surged by 32% to $39.3 million. The company also saw a significant rise in collaboration and license revenue, which reached $2.8 million, up from $1.2 million. Despite the revenue growth, the net loss for the nine-month period widened to $26.9 million from $19.5 million, reflecting increased operating expenses.

The company’s operational metrics indicate a strategic focus on expanding its service offerings. Quanterix has completed over 2,300 projects for more than 480 customers globally, leveraging its Simoa technology. The installed base of Simoa instruments is expected to drive recurring revenue through consumables, with approximately 83% of the installed base now consisting of the upgraded HD-X instruments. The company continues to invest in research and development, with expenses rising to $23.0 million for the nine months ended September 30, 2024, reflecting a commitment to enhancing its product offerings.

In terms of financial position, Quanterix reported cash, cash equivalents, and marketable securities totaling $293.5 million as of September 30, 2024. The company has been actively managing its cash flow, with net cash used in operating activities increasing to $30.9 million for the nine months ended September 30, 2024, compared to $12.7 million in the prior year. This increase is attributed to higher net losses and changes in working capital, particularly an increase in inventory as the company ramps up production of new assays.

Looking ahead, Quanterix anticipates continued investment in sales and marketing, research and development, and potential acquisitions to support its growth strategy. The company has recently entered into a Share Purchase Agreement to acquire Emission Inc., which is expected to enhance its product offerings in the multiplex segment. Despite the anticipated ongoing losses, Quanterix remains focused on expanding its market presence and advancing its innovative diagnostic technologies.