Quanterix Corp (QTRX) Raises Full-Year Revenue Expectations Following Q3 2023 Results
Quanterix Corp (NASDAQ:QTRX) reported Q3 2023 financial results, showing increased product and service revenue.
The company raised its full-year revenue expectations to $118-$120 million, up from the previous range of $110-$116 million.
QTRX reported a reduced net loss of $7.758 million, compared to $35.064 million in Q3 2022.
The company's cash and cash equivalents stood at $201.261 million as of September 30, 2023.
On November 6, 2023, Quanterix Corp (NASDAQ:QTRX), a leading company in ultrasensitive biomarker detection, announced its financial results for the third quarter ended September 30, 2023. The company reported increased product and service revenue, improved gross profit, and reduced net loss compared to the same period in the previous year.
Financial Performance
Quanterix reported a total revenue of $31.334 million for Q3 2023, up from $26.646 million in Q3 2022. This increase was primarily driven by a rise in product revenue, which amounted to $19.660 million, and service revenue, which totaled $10.938 million.
The company's gross profit for the quarter was $17.783 million, a significant increase from $10.944 million in Q3 2022. However, Quanterix reported a net loss of $7.758 million, which is a notable improvement from the net loss of $35.064 million reported in the same period last year.
Balance Sheet and Cash Flow
As of September 30, 2023, Quanterix had cash and cash equivalents of $201.261 million. The company's total assets amounted to $429.042 million, while total liabilities stood at $75.690 million. The company used $12.918 million in operating activities during the first nine months of 2023.
Outlook and Commentary
Quanterix has raised its full-year revenue expectations to be in the range of $118 to $120 million, up from the prior range of $110 to $116 million. The company's CEO, Masoud Toloue, commented on the results, stating:
Were on track to achieve the six-quarter transformation plan we laid out by year end. This will not only yield highly scaled production lines, but serve as the foundation for an accelerated innovation rate going into next year."
The company also expects a faster release pace of pioneering, high sensitivity Simoa products going into 2024.
About Quanterix Corp (NASDAQ:QTRX)
Quanterix is a company that fuels scientific discovery through ultrasensitive biomarker detection. Its Simoa technology has delivered the gold standard for earlier biomarker detection in blood, serum, or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ) of conventional analog methods. The company has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,200 peer-reviewed journals.
Explore the complete 8-K earnings release (here) from Quanterix Corp for further details.
This article first appeared on GuruFocus.
