Quanterix (NASDAQ: QTRX) reported Q1 revenue for the quarter came in at $15.7 million versus the consensus estimate of $13.32 million.

First Quarter 2020 Financial Highlights

Key financial results for the first quarter of 2020 are shown below:

• Q1 revenue was $15.7M versus prior year Q1 of $12.3M, an increase of 27%;
• Q1 product revenue was $9.8M versus prior year Q1 of $9.5M, an increase of 3%;
• Q1 service and other revenue was $5.8M versus prior year Q1 of $2.8M, an increase of 107%;
• Q1 GAAP gross margin was 43.3% versus prior year Q1 of 48.7%; Q1 non-GAAP gross margin was 48.5% versus prior year Q1 of 48.7%. Q1 2020 gross margin includes 200 bps of adverse impact from our successful HD-X trade-in program.

“Q1 2020 was yet another strong quarter for Quanterix underscored by strong execution and revenue growth, particularly given the COVID-19 pandemic,” said Kevin Hrusovsky, President, Chairman and Chief Executive Officer, Quanterix. “We are making continuous advances in many neurology, immunity and COVID-19 applications. We are also utilizing our Accelerator Laboratory to run trials and studies for customers experiencing disruptions in their laboratories. Despite the present near-term challenges, we remain positive and committed to the unprecedented market opportunity.”

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