UPDATE: Quotient (QTNT) Tops Q4 EPS by 3c, Revenues Beat; Offers FY21 'Alba' Product Sales Guidance Above Revs. Views, Provides 1Q 'Alba' Product Sales Outlook

Quotient (NASDAQ: QTNT) reported Q4 EPS of ($0.31), $0.03 better than the analyst estimate of ($0.34). Revenue for the quarter came in at $8.7 million versus the consensus estimate of $7.93 million.

“The global coronavirus crisis was a shock to everyone, but we are very proud of how the Quotient team leveraged the knowledge we acquired over the past eight years, and the flexibility of the MosaiQ platform, to develop a state of the art COVID-19 antibody test. The test performs with 100% sensitivity and 99.8% specificity and detects antibodies early due to its sensitivity to both IgM and IgG antibodies. The fact that we were able to sign several MosaiQ COVID-19 antibody test customer contracts, demonstrates the attractiveness of our innovative MosaiQ platform,” said Franz Walt, Chief Executive Officer of Quotient.

Mr. Walt added “I am pleased to report that we restarted the expanded IH Field Trials in Europe and we are expecting the first commercial transfusion menu in Q1 CY2021. I am also pleased that, despite the unprecedented disruption caused by the pandemic, we were able to exceed sales expectations for our Alba by Quotient reagent business.”

GUIDANCE:

Quotient sees Q1 2021 revenue of $8.4-8.9 million, versus the consensus of $8.55 million.

Quotient sees FY2021 revenue of $32-34 million, versus the consensus of $31.9 million.

• Total product sales of Alba by Quotient reagents in the range of $32 to $34 million compared to product sales in fiscal 2019 of $31.6 million. A forecast of COVID-19 antibody tests is not currently possible due to the uncertainties related to the development of this new market. No other revenues are expected.
• Capital expenditures in the range of $5 to $10 million.
• Average monthly cash use for operations in the range of $5 to $6 million excluding potential revenue related to COVID-19 antibody test.

Alba by Quotient product sales in the first quarter of fiscal 2021 are expected to be within the range of $8.4 to $8.9 million, compared with $8.2 million for the first quarter of fiscal 2020.

The Company is not providing guidance on the operating loss due to the uncertainty around revenues derived from MosaiQ by Quotient COVID-19 antibody tests.

Quarterly product sales can fluctuate depending upon the shipment cycles for red blood cell-based products, which account for approximately two-thirds of current product sales. These products typically experience 13 shipment cycles per year, equating to three shipments of each product per quarter, except for one quarter per year when four shipments occur. The timing of shipment of bulk antisera products to OEM customers may also move revenues from quarter to quarter. Some seasonality in demand is also experienced around holiday periods in both Europe and the United States. As a result of these factors, Quotient expects to continue to see seasonality and quarter-to-quarter variations in product sales. The timing of product development fees included in other revenues is mostly dependent upon the achievement of pre-negotiated project milestones.

For earnings history and earnings-related data on Quotient (QTNT) click here.

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