2020 Q4 Form 10-K Financial Statement

#000155837021002469 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q2 2020 Q1
Revenue $26.13M $13.13M $15.73M
YoY Change 64.17% -3.0% 27.48%
Cost Of Revenue $11.08M $7.917M $8.914M
YoY Change 22.41% 19.86% 40.82%
Gross Profit $15.05M $5.213M $6.813M
YoY Change 119.23% -24.79% 13.42%
Gross Profit Margin 57.59% 39.7% 43.32%
Selling, General & Admin $18.77M $13.10M $14.27M
YoY Change 34.49% -2.44% 23.98%
% of Gross Profit 124.69% 251.33% 209.5%
Research & Development $6.217M $4.312M $4.268M
YoY Change 41.36% 7.37% 10.8%
% of Gross Profit 41.31% 82.72% 62.64%
Depreciation & Amortization $1.120M $1.030M $1.050M
YoY Change 36.59% 90.74% 156.1%
% of Gross Profit 7.44% 19.76% 15.41%
Operating Expenses $24.98M $17.41M $18.54M
YoY Change 36.14% -0.18% 20.68%
Operating Profit -$9.933M -$12.20M -$11.73M
YoY Change -13.52% 16.05% 25.34%
Interest Expense -$170.0K -$110.0K $160.0K
YoY Change -160.71% -375.0% 700.0%
% of Operating Profit
Other Income/Expense, Net $155.0K -$11.00K -$167.0K
YoY Change 11.51% -83.82% 255.32%
Pretax Income -$9.944M -$12.32M -$11.73M
YoY Change -10.13% 16.89% 25.06%
Income Tax -$123.0K -$18.00K -$124.0K
% Of Pretax Income
Net Earnings -$9.821M -$12.30M -$11.61M
YoY Change -10.38% 16.46% 23.44%
Net Earnings / Revenue -37.58% -93.69% -73.82%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.31 -$0.43 -$0.41
COMMON SHARES
Basic Shares Outstanding 31.70M 28.31M 28.18M
Diluted Shares Outstanding 31.70M 28.31M 28.18M

Balance Sheet

Concept 2020 Q4 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.6M $88.80M $96.40M
YoY Change 66.3% 23.33% 183.53%
Cash & Equivalents $181.6M $88.81M $96.36M
Short-Term Investments
Other Short-Term Assets $6.000M $2.100M $2.700M
YoY Change 185.71% -12.5% 8.0%
Inventory $14.86M $13.79M $11.40M
Prepaid Expenses
Receivables $17.18M $9.526M $12.10M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $219.6M $114.2M $122.5M
YoY Change 65.54% 23.63% 137.86%
LONG-TERM ASSETS
Property, Plant & Equipment $13.91M $12.35M $24.20M
YoY Change 15.48% 2.09% 181.4%
Goodwill $10.46M $9.390M
YoY Change 11.84%
Intangibles $13.72M $13.31M
YoY Change -4.13%
Long-Term Investments
YoY Change
Other Assets $357.0K $529.0K $1.500M
YoY Change -35.91% -66.94% -6.25%
Total Long-Term Assets $51.44M $48.70M $47.80M
YoY Change 37.95% 186.48% 248.91%
TOTAL ASSETS
Total Short-Term Assets $219.6M $114.2M $122.5M
Total Long-Term Assets $51.44M $48.70M $47.80M
Total Assets $271.0M $162.9M $170.3M
YoY Change 59.48% 48.94% 161.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.799M $4.878M $4.700M
YoY Change 17.69% 39.37% 23.68%
Accrued Expenses $16.90M $8.700M $7.700M
YoY Change 85.71% 6.1% 6.94%
Deferred Revenue $5.421M $5.019M
YoY Change 15.41%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.673M $0.00 $0.00
YoY Change 10130.67% -100.0% -100.0%
Total Short-Term Liabilities $39.80M $18.90M $18.00M
YoY Change 100.69% 11.16% 8.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $7.630M $7.600M
YoY Change -100.0% 1.73% 0.0%
Other Long-Term Liabilities $2.649M $2.537M $25.60M
YoY Change -80.24% -74.88% 276.47%
Total Long-Term Liabilities $2.649M $10.17M $33.20M
YoY Change -87.38% -42.23% 130.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.80M $18.90M $18.00M
Total Long-Term Liabilities $2.649M $10.17M $33.20M
Total Liabilities $64.92M $51.91M $51.30M
YoY Change 57.22% 49.59% 65.48%
SHAREHOLDERS EQUITY
Retained Earnings -$247.8M -$240.2M
YoY Change 14.58%
Common Stock $451.5M $351.2M
YoY Change 30.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $206.1M $111.0M $119.0M
YoY Change
Total Liabilities & Shareholders Equity $271.0M $162.9M $170.3M
YoY Change 59.48% 48.94% 161.2%

Cashflow Statement

Concept 2020 Q4 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$9.821M -$12.30M -$11.61M
YoY Change -10.38% 16.46% 23.44%
Depreciation, Depletion And Amortization $1.120M $1.030M $1.050M
YoY Change 36.59% 90.74% 156.1%
Cash From Operating Activities $4.650M -$7.420M -$13.18M
YoY Change -202.42% -0.67% 146.34%
INVESTING ACTIVITIES
Capital Expenditures -$1.780M -$930.0K $426.0K
YoY Change 223.64% -76.21% -107.2%
Acquisitions
YoY Change
Other Investing Activities $3.300M
YoY Change
Cash From Investing Activities $1.520M -$930.0K -$426.0K
YoY Change -376.36% -76.21% -92.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.080M 620.0K 861.0K
YoY Change 184.93% -98.75% 3.73%
NET CHANGE
Cash From Operating Activities 4.650M -7.420M -13.18M
Cash From Investing Activities 1.520M -930.0K -426.0K
Cash From Financing Activities 2.080M 620.0K 861.0K
Net Change In Cash 8.250M -7.730M -12.74M
YoY Change -289.22% -120.31% 22.07%
FREE CASH FLOW
Cash From Operating Activities $4.650M -$7.420M -$13.18M
Capital Expenditures -$1.780M -$930.0K $426.0K
Free Cash Flow $6.430M -$6.490M -$13.61M
YoY Change -261.15% 82.3% -2486.84%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. Organization and operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Quanterix Corporation (NASDAQ: QTRX) (the Company) is a life sciences company that has developed next generation, ultra-sensitive digital immunoassay platforms that advance precision health for life sciences research and diagnostics. The Company’s platforms are based on its proprietary digital “Simoa” detection technology. The Company’s Simoa bead-based and planar array platforms enable customers to reliably detect protein biomarkers in extremely low concentrations in blood, serum and other fluids that, in many cases, are undetectable using conventional, analog immunoassay technologies, and also allow researchers to define and validate the function of novel protein biomarkers that are only present in very low concentrations and have been discovered using technologies such as mass spectrometry. These capabilities provide the Company’s customers with insight into the role of protein biomarkers in human health that has not been possible with other existing technologies and enable researchers to unlock unique insights into the continuum between health and disease. The Company is currently focusing on protein detection, but the Company’s Simoa platforms have also demonstrated applicability across other testing applications, including detection of nucleic acids and small molecules.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company launched its first immunoassay platform, the Simoa HD-1, in 2014. The HD-1 is a fully automated immunoassay bead-based platform with multiplexing and custom assay capability, and related assay test kits and consumable materials. The Company launched a second bead-based immunoassay platform (SR-X) in the fourth quarter of 2017 with a more compact footprint than the Simoa HD-1 and less automation designed for lower volume requirements while still allowing multiplexing and custom assay capability. The Company initiated an early-access program for its third instrument (SP-X) on the new Simoa planar array platform in January 2019, with the full commercial launch commencing in April 2019. In July 2019, the Company launched the Simoa HD-X, an upgraded version of the Simoa HD-1 which replaces the HD-1. The HD-X has been designed to deliver significant productivity and operational efficiency improvements, as well as greater user flexibility. The Company began shipping and installing HD-X instruments at customer locations in the third quarter of 2019. The Company also performs research services on behalf of customers to apply the Simoa technology to specific customer needs. The Company's customers are primarily in the research use only market, which includes academic and governmental research institutions, the research and development laboratories of pharmaceutical manufacturers, contract research organizations, and specialty research laboratories. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company acquired Aushon Biosystems, Inc. (Aushon) in January 2018. With the acquisition of Aushon, the Company acquired a CLIA certified laboratory, as well as Aushon’s proprietary sensitive planar array detection technology. Leveraging its proprietary sophisticated Simoa image analysis and data analysis algorithms, the Company further refined this planar array technology to develop the SP-X instrument to provide the same Simoa sensitivity found in its bead-based platform.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company acquired UmanDiagnostics AB (Uman), a Swedish company located in Umeå, Sweden, in August 2019. The acquisition closed with respect to 95% of the outstanding shares of capital stock of Uman on July 1, 2019 and with respect to the remaining 5% of the outstanding shares of capital stock of Uman on August 1, 2019. Uman supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are widely recognized by researchers and biopharmaceutical and diagnostics companies world-wide as the premier solution for the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. With the acquisition of Uman, the Company has secured a long-term source of supply for a critical technology.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">“At-the-market offering”</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On March 19, 2019, the Company entered into a Sales Agreement (the Sales Agreement) with Cowen and Company, LLC (Cowen) with respect to an “at-the-market” offering program under which the Company could offer and sell, from time to time at its sole discretion, shares of its common stock, par value $0.001 per share, having an aggregate offering price of up to $50.0 million through Cowen as its sales agent. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On June 5, 2019, the Company issued approximately 2.2 million shares of common stock at an average stock price of $22.73 per share pursuant to the terms of the Sales Agreement. The “at-the-market” offering resulted in gross proceeds of $49.7 million. The Company incurred $1.7 million in issuance costs associated with the “at-the-market” offering, resulting in net proceeds to the Company of $48.0 million. On August 6, 2020, the Company delivered written notice to Cowen to terminate the Sales Agreement, which termination the parties agreed to make immediately effective.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Underwritten public offering</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On August 8, 2019, the Company entered into an underwriting agreement with J.P. Morgan Securities LLC and SVB Leerink LLC (Leerink), as representatives of the several underwriters, relating to an underwritten public offering of approximately 2.7 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $69.0 million. The Company incurred $4.5 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $64.5 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On August 6, 2020, the Company entered into an underwriting agreement with Leerink and Cowen, as representatives of the several underwriters, relating to an underwritten public offering of approximately 3.0 million shares of the Company’s common stock, par value $0.001 per share. The underwritten public offering resulted in gross proceeds of $97.6 million. The Company incurred $6.2 million in issuance costs associated with the underwritten public offering, resulting in net proceeds to the Company of $91.4 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Liquidity</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has recognized annual losses from operations since inception and has an accumulated deficit of $247.8 million at December 31, 2020 and the Company incurred a net loss of $31.5 million, $40.8 million, and $31.5 million for the years ended December 31, 2020, 2019, and 2018, respectively. Prior to the Company’s Initial Public Offering (IPO) in December 2017, the Company had funded its operations principally from issuances of preferred stock, debt financings, grants, product and service sales and development and license agreements. At December 31, 2020, the Company had $181.6 million of unrestricted cash and cash equivalents. The Company expects the current cash balance will be sufficient to fund operations for a period of at least one year from the date the consolidated financial statements are issued. There can be no assurances, however, that no additional funding will be required or that additional funding will be available on terms acceptable to the Company, or at all.</p>
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