Quanterix ( (QTRX) ) has released its Q3 earnings. Here is a breakdown of the information Quanterix presented to its investors.
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Quanterix Corporation is a biotechnology company that specializes in ultra-sensitive biomarker detection, primarily in the fields of neurology, oncology, immunology, cardiology, and infectious diseases. The company is known for its Simoa technology, which allows for the detection of proteins at levels far lower than conventional methods.
In its latest earnings report, Quanterix announced preliminary financial results for the third quarter of 2024, marking its sixth consecutive quarter of double-digit growth. The company reported revenue of $35.7 million, a 13% increase from the previous year, and reaffirmed its full-year 2024 outlook despite challenges in the tools space.
Key highlights of the quarter included the launch of LucentAD Complete, a multi-marker test for Alzheimer’s Disease detection, and the announcement of a partnership with Mt. Sinai Health System to deploy early detection tools. Quanterix also expanded its product portfolio with new ultra-sensitive marker panels and added two members to its Board of Directors. However, the company noted the need to restate certain financial statements due to non-cash errors related to inventory valuation.
Looking forward, Quanterix has reaffirmed its 2024 revenue guidance of $134 million to $138 million, excluding Lucent Diagnostics testing, and expects its research-use only business to reach cash flow breakeven at revenues between $170 and $190 million. The company continues to focus on innovation and expanding its product offerings to support scientific advancements.
