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Quotient Ltd

quotientbd.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Feb 9, 2023. Its latest SEC filing is a 15-12G from Jun 30, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells blood-grouping reagents and quality-control products to hospitals, donor testing laboratories, and diagnostics companies, while developing a microarray platform for blood grouping and disease screening.

How Did They Make Money?

Customers pay for conventional reagent products when goods ship; OEM product-development fees are earned when agreed milestones are achieved.

revenue
SegmentShareRevenue
Product Sales
Sold outright

99%
FY2019: 98%
Other Revenues
Sold outright
0.6%
FY2019: 1.6%

Who Were Their Customers?

Hospitals, donor collection agencies and independent testing laboratories buy products directly in the United States; elsewhere, sales go through distributors and OEMs. OEMs buy reagent products for use with their instruments.

Did Revenues Turn Into Profits?

No. It lost $125.1M in FY2022.

Operating income, FY2022
−270% of revenue
▲ +26% (Loss) vs FY2021 (−$82.7M, −191%)
Net income, FY2022
−325% of revenue
▲ +13% (Loss) vs FY2021 (−$111M, −256%)
Free cash flow, FY2022
−316% of revenue
▲ +49% (Loss) vs FY2021 (−$81.8M, −189%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q3 FY2023, the three months to Dec 31, 2022
Revenue
▼ −2%
vs $10.2M in Q3 FY2022
Net income
▼ −70% (Loss)
vs −$44.8M in Q3 FY2022
Product Sales share of revenue vs 100.0% in Q3 FY2022
  • Jun 14, 2023 Quotient merged with MergerCo and cancelled existing shares Shareholders other than MergerCo and Finance Co received $0.01 and ceased to have stockholder rights.
  • Feb 22, 2023 Quotient completed a Chapter 11 balance-sheet restructuring The transactions included issuing new debt and equity and transferring certain company assets.
  • Dec 19, 2022 Quotient announced plans to delist its shares from Nasdaq The company said it did not intend to list its shares on another exchange or quotation platform.

Grew. Revenue grew 56% in 4 years, from $24.7M in FY2018 to $38.5M in FY2022, about 12% a year.

Clinical testing The earlier report described broad immunoassay and molecular testing opportunities beyond transfusion diagnostics; the later report identifies allergy and autoimmune microarrays as a specific clinical-diagnostics focus.

COVID testing The earlier product plan covered blood grouping and donor disease screening; the later portfolio also includes a COVID testing microarray.

Revenue over time
Product Sales Other Revenues
$50M$25M$0

Who Did They Compete With?

Competes with Ortho, Beckman Coulter, Immucor, Grifols, Abbott, Roche, Bio-Rad, Merck/Millipore, and Diagast

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