Quanterix (QTRX) Reports Q2 Revenues Beat

Quanterix (NASDAQ: QTRX) reported Q2 revenue for the quarter came in at $13.1 million versus the consensus estimate of $11.75 million.

Second Quarter 2020 Financial Highlights

Key financial results from the second quarter of 2020 are shown below:

• Q2 total revenue was $13.1M versus prior year Q2 of $13.5M, a decrease of 3%;
• Q2 product revenue was $6.8M versus prior year Q2 of $8.8M, a decrease of 23%;
• Q2 service and other revenue was $6.3M versus prior year Q2 of $4.8M, an increase of 33%;

“We’re encouraged to report yet another quarter that exceeded expectations and lays the groundwork for recovery to maintain our strong growth trajectory in the second half of the year, despite the continued challenges brought on by the coronavirus pandemic,” said Kevin Hrusovsky, Chairman and Chief Executive Officer, Quanterix. “Quanterix has been quick to respond to the crisis with critical testing advances powered by our Simoa technology’s ultra-sensitivity. Through close linkages with Key Opinion Leaders (KOLs) across the Powering Precision Health (PPH) ecosystem, we've advanced important research and facilitated several strategic partnerships aimed at accelerating vital testing and public health solutions. In tandem, we continue to make remarkable gains in neurology as it relates to the long-term impacts of COVID-19 and the ongoing challenge to unlock the secrets of degenerative conditions, such as Alzheimer's disease and Multiple Sclerosis. Numerous pharmaceutical organizations are relying on our neurology assays for Nf-L and newly launched p-tau181 to study these diseases more effectively in blood and support pivotal drug trials. Despite the uncertain global outlook, we're encouraged by our ability to pivot, to capitalize on new opportunities, the validation we’ve received via hundreds of peer-reviewed journals, and the opportunity before us to support public health at a critical time in history. Our precision health vision has never been more important and essential. We look forward to sharing more about our progress during our earnings call.”

For earnings history and earnings-related data on Quanterix (QTRX) click here.

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