Quanterix Corp 10-Q/A for FY2024 Q2

Quanterix Corp (QTRX)

10-Q/A 2024-12-26 For: 2024-06-30

Added on April 11, 2026

About this 10-Q/A

Quanterix Corp filed this 10-Q/A on December 26, 2024, covering the quarter ended June 30, 2024 (FY2024 Q2).

Headline figures

Quarter ended June 30, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $34.38M; up 11.6% from $30.8M a year earlier
Net loss: $7.39M; compared with a net loss of $5.55M a year earlier
Diluted EPS: -$0.19; compared with -$0.15 a year earlier

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Delaware			20-8957988
(State or other jurisdiction of incorporation or organization)			(IRS Employer Identification No.)

900 Middlesex Turnpike
Billerica, MA			01821
(Address of principal executive offices)			(Zip Code)


			Page

Note Regarding Forward-Looking Statements			5


PART I — FINANCIAL INFORMATION
Item 1. Financial Statements (Unaudited) (As Restated)			6
Consolidated Balance Sheets as of J une 30, 2024 and December 31, 2023 (As Restated)			6
Consolidated Statements of Operations for the three and six months ended June 30, 202 4 and 2023 (As Restated)			7
Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2024 and 202 3 (As Restated)			8
Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2024 and 2023 (As Restated)			9
Consolidated Statements of Cash Flows for the three and six months ended June 30, 2024 and 2023 (As Restated)			10
Notes to Consolidated Financial Statements (As Restated)			11
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations (As Restated)			37
Item 4. Controls and Procedures (As Restated)			45

PART II — OTHER INFORMATION
Item 6. Exhibits (As Restated)			48

Signatures			49


	June 30, 2024		December 31, 2023
	(As Restated)		(As Restated)
ASSETS
Current assets:
Cash and cash equivalents	$	47,002	$	174,422
Marketable securities	249,853		146,902
Accounts receivable, net of allowance for expected credit losses	31,784		25,414
Inventory	33,193		26,123
Prepaid expenses and other current assets	8,667		9,234
Total current assets	370,499		382,095
Restricted cash	2,607		2,604
Property and equipment, net	18,205		17,926
Intangible assets, net	4,981		6,034
Operating lease right-of-use assets	17,399		18,251
Other non-current assets	2,228		1,657
Total assets	$	415,919	$	428,567
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	7,273	$	5,048
Accrued compensation and benefits	9,572		14,170
Accrued expenses and other current liabilities	6,654		6,055
Deferred revenue	10,121		9,468
Operating lease liabilities	4,524		4,241
Total current liabilities	38,144		38,982
Deferred revenue, net of current portion	928		1,227
Operating lease liabilities, net of current portion	35,052		37,223
Other non-current liabilities	1,017		1,177
Total liabilities	75,141		78,609
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock: $0.001 par value per share; Authorized: 120,000 shares; Issued and outstanding: 38,398 and 38,014 shares at June 30, 2024 and December 31, 2023, respectively	38		38
Additional paid-in capital	793,906		783,142
Accumulated other comprehensive loss	(3,066)		(1,672)
Accumulated deficit	(450,100)		(431,550)
Total stockholders’ equity	340,778		349,958
Total liabilities and stockholders’ equity	$	415,919	$	428,567


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Revenues:
Product revenue	$	19,887	$	19,549	$	39,557	$	38,909
Service and other revenue	13,511		10,470		25,478		18,976
Collaboration and license revenue	729		629		884		997
Grant revenue	254		156		528		378
Total revenues	34,381		30,804		66,447		59,260
Costs of goods sold and services:
Cost of product revenue	6,670		6,701		14,907		14,580
Cost of service and other revenue	5,477		4,687		10,758		9,271
Total costs of goods sold and services	12,147		11,388		25,665		23,851
Gross profit	22,234		19,416		40,782		35,409
Operating expenses:
Research and development	8,169		6,128		14,911		11,115
Selling, general and administrative	24,080		21,308		50,119		42,092
Other lease costs	927		968		1,851		1,768
Total operating expenses	33,176		28,404		66,881		54,975
Loss from operations	(10,942)		(8,988)		(26,099)		(19,566)
Interest income	3,681		3,886		7,629		7,335
Other income (expense), net	(9)		(214)		217		(219)
Loss before income taxes	(7,270)		(5,316)		(18,253)		(12,450)
Income tax expense	(117)		(235)		(297)		(375)
Net loss	$	(7,387)	$	(5,551)	$	(18,550)	$	(12,825)

Net loss per common share, basic and diluted	$	(0.19)	$	(0.15)	$	(0.49)	$	(0.34)

Weighted-average common shares outstanding, basic and diluted	38,338		37,494		38,232		37,411


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(As Restated)		(As Restated)		(As Restated)		(As Restated)
Net loss	$	(7,387)	$	(5,551)	$	(18,550)	$	(12,825)
Other comprehensive income (loss), net of tax:
Unrealized losses on marketable securities	(175)		—		(782)		—
Foreign currency translation adjustment	62		(244)		(612)		(202)
Total other comprehensive loss	(113)		(244)		(1,394)		(202)
Comprehensive loss	$	(7,500)	$	(5,795)	$	(19,944)	$	(13,027)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Three and Six Months Ended June 30, 2024
	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2023 (As Restated)	38,014	$	38	$	783,142	$	(1,672)	$	(431,550)	$	349,958
Issuance of common stock under stock plans, net of tax effects and payments	274	—		599		—		—		599
Stock-based compensation expense	—	—		5,265		—		—		5,265
Unrealized loss on marketable securities, net of tax	—	—		—		(607)		—		(607)
Foreign currency translation adjustment	—	—		—		(674)		—		(674)
Net loss, as restated	—	—		—		—		(11,163)		(11,163)
Balance at March 31, 2024 (As Restated)	38,288	38		789,006		(2,953)		(442,713)		343,378
Issuance of common stock under stock plans, net of tax effects and payments	110	—		(328)		—		—		(328)
Stock-based compensation expense	—	—		5,228		—		—		5,228
Unrealized loss on marketable securities, net of tax	—	—		—		(175)		—		(175)
Foreign currency translation	—	—		—		62		—		62
Net loss, as restated	—	—		—		—		(7,387)		(7,387)
Balance at June 30, 2024 (As Restated)	38,398	$	38	$	793,906	$	(3,066)	$	(450,100)	$	340,778

	Three and Six Months Ended June 30, 2023
	Common Stock
	Shares	Amount		Additional paid-in capital		Accumulated other comprehensive income (loss)		Accumulated deficit		Total stockholders' equity
Balance at December 31, 2022 (As Restated)	37,280	$	37	$	763,629	$	(2,538)	$	(403,196)	$	357,932
Issuance of common stock under stock plans, net of tax effects and payments	144	—		551		—		—		551
Stock-based compensation expense, as restated	—	—		3,943		—		—		3,943
Foreign currency translation adjustment	—	—		—		42		—		42
Net loss, as restated	—	—		—		—		(7,274)		(7,274)
Balance at March 31, 2023 (As Restated)	37,424	37		768,123		(2,496)		(410,470)		355,194
Issuance of common stock under stock plans, net of tax effects and payments	142	—		139		—		—		139
Stock-based compensation expense, as restated	—	—		4,210		—		—		4,210
Foreign currency translation	—	—		—		(244)		—		(244)
Net loss, as restated	—	—		—		—		(5,551)		(5,551)
Balance at June 30, 2023 (As Restated)	37,566	$	37	$	772,472	$	(2,740)	$	(416,021)	$	353,748


	As of June 30, 2024
	As Previously Reported		Adjustments		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	47,002	$	—	$	47,002
Marketable securities	249,853		—		249,853
Accounts receivable, net of allowance for expected credit losses	31,784		—		31,784
Inventory	28,363		4,830		33,193
Prepaid expenses and other current assets	8,724		(57)		8,667
Total current assets	365,726		4,773		370,499
Restricted cash	2,607		—		2,607
Property and equipment, net	18,205		—		18,205
Intangible assets, net	4,981		—		4,981
Operating lease right-of-use assets	17,399		—		17,399
Other non-current assets	2,370		(142)		2,228
Total assets	$	411,288	$	4,631	$	415,919
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	7,273	$	—	$	7,273
Accrued compensation and benefits	9,044		528		9,572
Accrued expenses and other current liabilities	6,577		77		6,654
Deferred revenue	10,121		—		10,121
Operating lease liabilities	4,524		—		4,524
Total current liabilities	37,539		605		38,144
Deferred revenue, net of current portion	928		—		928
Operating lease liabilities, net of current portion	35,052		—		35,052
Other non-current liabilities	1,017		—		1,017
Total liabilities	74,536		605		75,141
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value per share:
Authorized: 120,000 shares; Issued and outstanding: 38,398 shares at June 30, 2024	38		—		38
Additional paid-in capital	793,906		—		793,906
Accumulated other comprehensive loss	(3,151)		85		(3,066)
Accumulated deficit	(454,041)		3,941		(450,100)
Total stockholders’ equity	336,752		4,026		340,778
Total liabilities and stockholders’ equity	$	411,288	$	4,631	$	415,919


	As of December 31, 2023
	As Previously Reported		Adjustments		As Restated
ASSETS
Current assets:
Cash and cash equivalents	$	174,422	$	—	$	174,422
Marketable securities	146,902		—		146,902
Accounts receivable, net of allowance for expected credit losses	25,414		—		25,414
Inventory	22,365		3,758		26,123
Prepaid expenses and other current assets	9,291		(57)		9,234
Total current assets	378,394		3,701		382,095
Restricted cash	2,604		—		2,604
Property and equipment, net	17,926		—		17,926
Intangible assets, net	6,034		—		6,034
Operating lease right-of-use assets	18,251		—		18,251
Other non-current assets	1,802		(145)		1,657
Total assets	$	425,011	$	3,556	$	428,567
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	5,048	$	—	$	5,048
Accrued compensation and benefits	13,659		511		14,170
Accrued expenses and other current liabilities	6,041		14		6,055
Deferred revenue	9,468		—		9,468
Operating lease liabilities	4,241		—		4,241
Total current liabilities	38,457		525		38,982
Deferred revenue, net of current portion	1,227		—		1,227
Operating lease liabilities, net of current portion	37,223		—		37,223
Other non-current liabilities	1,177		—		1,177
Total liabilities	78,084		525		78,609
Commitments and contingencies (Note 13)
Stockholders’ equity:
Common stock, $0.001 par value per share:
Authorized: 120,000 shares; Issued and outstanding: 38,014 shares at December 31, 2023	38		—		38
Additional paid-in capital	783,142		—		783,142
Accumulated other comprehensive loss	(1,757)		85		(1,672)
Accumulated deficit	(434,496)		2,946		(431,550)
Total stockholders’ equity	346,927		3,031		349,958
Total liabilities and stockholders’ equity	$	425,011	$	3,556	$	428,567


	Three Months Ended June 30, 2024						Six Months Ended June 30, 2024
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Revenues:
Product revenue	$	19,887	$	—	$	19,887	$	39,557	$	—	$	39,557
Service revenue	13,511		—		13,511		25,478		—		25,478
Collaboration and license revenue	729		—		729		884		—		884
Grant revenue	254		—		254		528		—		528
Total revenues	34,381		—		34,381		66,447		—		66,447
Costs of goods sold and services:
Cost of product revenue	8,851		(2,181)		6,670		15,996		(1,089)		14,907
Cost of service and other revenue	5,472		5		5,477		10,767		(9)		10,758
Total costs of goods sold and services	14,323		(2,176)		12,147		26,763		(1,098)		25,665
Gross profit	20,058		2,176		22,234		39,684		1,098		40,782
Operating expenses:
Research and development	8,104		65		8,169		14,779		132		14,911
Selling, general, and administrative	24,135		(55)		24,080		50,128		(9)		50,119
Other lease costs	927		—		927		1,851		—		1,851
Total operating expenses	33,166		10		33,176		66,758		123		66,881
Loss from operations	(13,108)		2,166		(10,942)		(27,074)		975		(26,099)
Interest income	3,681		—		3,681		7,629		—		7,629
Other income (expense), net	(9)		—		(9)		197		20		217
Loss before income taxes	(9,436)		2,166		(7,270)		(19,248)		995		(18,253)
Income tax expense	(37)		(80)		(117)		(297)		—		(297)
Net loss	$	(9,473)	$	2,086	$	(7,387)	$	(19,545)	$	995	$	(18,550)

Net loss per common share, basic and diluted	$	(0.25)	$	0.06	$	(0.19)	$	(0.51)	$	0.02	$	(0.49)

Weighted-average common shares outstanding, basic and diluted	38,338		—		38,338		38,232		—		38,232


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Revenues:
Product revenue	$	19,692	$	(143)	$	19,549	$	38,979	$	(70)	$	38,909
Service revenue	10,552		(82)		10,470		19,131		(155)		18,976
Collaboration and license revenue	629		—		629		997		—		997
Grant revenue	156		—		156		378		—		378
Total revenues	31,029		(225)		30,804		59,485		(225)		59,260
Costs of goods sold and services:
Cost of product revenue	7,236		(535)		6,701		14,269		311		14,580
Cost of service and other revenue	4,655		32		4,687		9,152		119		9,271
Total costs of goods sold and services	11,891		(503)		11,388		23,421		430		23,851
Gross profit	19,138		278		19,416		36,064		(655)		35,409
Operating expenses:
Research and development	5,946		182		6,128		10,666		449		11,115
Selling, general, and administrative	21,591		(283)		21,308		42,441		(349)		42,092
Other lease costs	1,162		(194)		968		1,938		(170)		1,768
Total operating expenses	28,699		(295)		28,404		55,045		(70)		54,975
Loss from operations	(9,561)		573		(8,988)		(18,981)		(585)		(19,566)
Interest income	3,886		—		3,886		7,335		—		7,335
Other expense	(154)		(60)		(214)		(146)		(73)		(219)
Loss before income taxes	(5,829)		513		(5,316)		(11,792)		(658)		(12,450)
Income tax expense	(235)		—		(235)		(375)		—		(375)
Net loss	$	(6,064)	$	513	$	(5,551)	$	(12,167)	$	(658)	$	(12,825)

Net loss per common share, basic and diluted	$	(0.16)	$	0.01	$	(0.15)	$	(0.33)	$	(0.01)	$	(0.34)

Weighted-average common shares outstanding, basic and diluted	37,494		—		37,494		37,411		—		37,411


	As of June 30,
	2024		2023
			(As Restated)
Cash and cash equivalents	$	47,002	$	329,525
Restricted cash	2,607		2,601
Cash, cash equivalents, and restricted cash	$	49,609	$	332,126


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
	North America		EMEA		Asia Pacific		Total		North America		EMEA		Asia Pacific		Total
									(As Restated)		(As Restated)		(As Restated)		(As Restated)
Product revenue:
Instruments	$	1,580	$	557	$	329	$	2,466	$	1,042	$	971	$	1,248	$	3,261
Consumable and other products	10,498		5,096		1,827		17,421		9,852		4,577		1,859		16,288
Total	$	12,078	$	5,653	$	2,156	$	19,887	$	10,894	$	5,548	$	3,107	$	19,549

Service revenue:
Service-type warranties	$	1,611	$	902	$	200	$	2,713	$	1,518	$	723	$	142	$	2,383
Research services	7,775		2,183		170		10,128		6,321		711		453		7,485
Other services	429		240		1		670		372		219		11		602
Total	$	9,815	$	3,325	$	371	$	13,511	$	8,211	$	1,653	$	606	$	10,470

Collaboration and license revenue:
Total	$	729	$	—	$	—	$	729	$	629	$	—	$	—	$	629


	2024		2023
Balance at December 31 of prior year	$	289	$	377
Capitalization of costs to obtain a contract	174		335
Recognition of costs to obtain a contract	(183)		(333)
Balance at June 30	$	280	$	379


	As of June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	30,297	$	—	$	(31)	$	30,266
U.S. Treasuries	61,418		—		(29)		61,389
U.S. Government agency bonds	78,455		1		(179)		78,277
Corporate bonds	87,908		14		(234)		87,688
Total marketable securities	$	258,078	$	15	$	(473)	$	257,620

Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	7,767
Marketable securities							249,853
Total marketable securities							$	257,620


	As of December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Commercial paper	$	53,482	$	23	$	(12)	$	53,493
U.S. Treasuries	4,896		1		—		4,897
U.S. Government agency bonds	28,366		39		(7)		28,398
Corporate bonds	66,726		289		(8)		67,007
Total marketable securities	$	153,470	$	352	$	(27)	$	153,795

Marketable securities are recorded in the following Consolidated Balance Sheets captions:
Cash and cash equivalents							$	6,893
Marketable securities							146,902
Total marketable securities							$	153,795


	Less Than 12 Months
As of June 30, 2024	Fair Value		Unrealized Losses
Commercial paper	$	30,266	$	(31)
U.S. Treasuries	61,389		(29)
U.S. Government agency bonds	74,306		(179)
Corporate bonds	79,529		(234)
Total	$	245,490	$	(473)


	Less Than 12 Months
As of December 31, 2023	Fair Value		Unrealized Losses
Commercial paper	$	32,137	$	(12)
U.S. Government agency bonds	15,861		(7)
Corporate bonds	8,367		(8)
Total	$	56,365	$	(27)


As of June 30, 2024	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
Financial assets:
Cash equivalents: (1)
Money market funds	$	23,991	$	23,991	$	—	$	—
Commercial paper	1,994		—		1,994		—
U.S. Treasuries	5,773		—		5,773		—
Total cash equivalents	31,758		23,991		7,767		—
Marketable securities:
Commercial paper	28,271		—		28,271		—
U.S. Treasuries	55,616		—		55,616		—
U.S. Government agency bonds	78,277		—		78,277		—
Corporate bonds	87,689		—		87,689		—
Total marketable securities	249,853		—		249,853		—
Total financial assets	$	281,611	$	23,991	$	257,620	$	—


	Number of options	Weighted-average exercise price per share		Weighted-average remaining contractual life (in years)	Aggregate intrinsic value
Outstanding at December 31, 2023	2,774	$	19.62	7.9	$	26,941
Granted	1,315	22.12
Exercised	(138)	12.04
Forfeited/expired	(333)	21.53
Outstanding at June 30, 2024	3,618	$	20.64	8.1	$	2,177
Exercisable at June 30, 2024	1,305	$	21.79	6.4	$	1,292
Vested and expected to vest at June 30, 2024	3,618	$	20.64	8.1	$	2,177


	Number of shares	Weighted-average grant date fair value per share
Unvested at December 31, 2023	1,328	$	17.87
Granted	498	23.61
Vested	(311)	18.86
Forfeited	(157)	19.31
Unvested at June 30, 2024	1,358	$	19.75


Maturity of lease liabilities	As of June 30, 2024
2024 (remainder)	$	3,602
2025	7,296
2026	7,450
2027	7,684
2028	7,923
2029	8,143
Thereafter	7,613
Total lease payments	49,711
Less: imputed interest	10,135
Total operating lease liabilities	$	39,576


	Three Months Ended June 30,								Increase (Decrease)
	2024		% of revenue		2023		% of revenue		Amount		%
	(As Restated)				(As Restated)
Revenues:
Product revenue	$	19,887	58	%	$	19,549	63	%	$	338	2	%
Service and other revenue	13,511		39	%	10,470		34	%	3,041		29	%
Collaboration and license revenue	729		2	%	629		2	%	100		16	%
Grant revenue	254		1	%	156		1	%	98		63	%
Total revenues	34,381		100	%	30,804		100	%	3,577		12	%
Costs of goods sold and services:
Cost of product revenue	6,670		19	%	6,701		22	%	(31)		—	%
Cost of service and other revenue	5,477		16	%	4,687		15	%	790		17	%
Total costs of goods sold and services	12,147		35	%	11,388		37	%	759		7	%
Gross profit	22,234		65	%	19,416		63	%	2,818		15	%
Operating expenses:
Research and development	8,169		24	%	6,128		20	%	2,041		33	%
Selling, general and administrative	24,080		70	%	21,308		69	%	2,772		13	%
Other lease costs	927		3	%	968		3	%	(41)		(4)	%
Total operating expenses	33,176		96	%	28,404		92	%	4,772		17	%
Loss from operations	(10,942)		(32)	%	(8,988)		(29)	%	(1,954)		22	%
Interest income	3,681		11	%	3,886		13	%	(205)		(5)	%
Other income (expense), net	(9)		—	%	(214)		(1)	%	205		(96)	%
Loss before income taxes	(7,270)		(21)	%	(5,316)		(17)	%	(1,954)		37	%
Income tax expense	(117)		—	%	(235)		(1)	%	118		(50)	%
Net loss	$	(7,387)	(21)	%	$	(5,551)	(18)	%	$	(1,836)	33	%


	QUANTERIX CORPORATION

Dated: December 23, 2024	By:	/s/ Masoud Toloue
		Masoud Toloue
		President and Chief Executive Officer
		(principal executive officer)



Dated: December 23, 2024	By:	/s/ Vandana Sriram
		Vandana Sriram
		Chief Financial Officer
		(principal financial officer and principal accounting officer)