Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 01, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity Registrant Name | Quanterix Corp | |
Entity File Number | 001-38319 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8957988 | |
Entity Address, Address Line One | 900 Middlesex Turnpike | |
Entity Address, City or Town | Billerica | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01821 | |
City Area Code | 617 | |
Local Phone Number | 301-9400 | |
Title of 12(g) Security | Common Stock, $0.001 par value per share | |
Trading Symbol | QTRX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,408,723 | |
Entity Central Index Key | 0001503274 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 329,354 | $ 338,740 |
Accounts receivable (less allowance for credit losses of $222 and $118 as of March 31, 2023 and December 31, 2022, respectively) | 22,546 | 19,017 |
Inventory | 17,070 | 16,786 |
Prepaid expenses and other current assets | 7,002 | 6,860 |
Total current assets | 375,972 | 381,403 |
Restricted cash | 2,920 | 2,597 |
Property and equipment, net | 19,056 | 20,162 |
Intangible assets, net | 7,129 | 7,516 |
Goodwill | 0 | 0 |
Right-of-use assets | 20,891 | 21,223 |
Other non-current assets | 1,345 | 1,298 |
Total assets | 427,313 | 434,199 |
Current liabilities: | ||
Accounts payable | 2,585 | 3,836 |
Accrued compensation and benefits | 4,880 | 10,658 |
Other accrued expenses | 4,624 | 4,747 |
Deferred revenue | 10,682 | 8,644 |
Short-term lease liabilities | 3,875 | 2,687 |
Other current liabilities | 291 | 386 |
Total current liabilities | 26,937 | 30,958 |
Deferred revenue, net of current portion | 1,419 | 1,415 |
Long-term lease liabilities | 40,409 | 41,417 |
Other non-current liabilities | 1,216 | 1,469 |
Total liabilities | 69,981 | 75,259 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value: Authorized shares: 120,000,000 at March 31, 2023 and December 31, 2022, respectively; Issued and outstanding: 37,423,981 shares and 37,279,994 shares at March 31, 2023 and December 31, 2022, respectively | 37 | 37 |
Additional paid-in capital | 768,141 | 763,688 |
Accumulated other comprehensive (loss) income | (2,581) | (2,623) |
Accumulated deficit | (408,265) | (402,162) |
Total stockholders' equity | 357,332 | 358,940 |
Total liabilities and stockholders' equity | $ 427,313 | $ 434,199 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Consolidated Balance Sheets | ||
Accounts receivable, reserve for doubtful accounts | $ 222 | $ 118 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 120,000,000 | 120,000,000 |
Common stock, shares issued | 37,423,981 | 37,279,994 |
Common stock, shares outstanding | 37,423,981 | 37,279,994 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Total revenue | $ 28,456 | $ 29,552 |
Costs of goods sold: | ||
Total costs of goods sold and services | 11,530 | 14,993 |
Gross profit | 16,926 | 14,559 |
Operating expenses: | ||
Research and development | 4,720 | 7,034 |
Selling, general and administrative | 20,883 | 25,712 |
Other lease costs | 776 | |
Restructuring | (33) | |
Goodwill impairment | 0 | 0 |
Impairment expense | 0 | |
Total operating expenses | 26,346 | 32,746 |
Loss from operations | (9,420) | (18,187) |
Interest income (expense), net | 3,449 | 52 |
Other (expense) income, net | 8 | (217) |
Loss before income taxes | (5,963) | (18,352) |
Income tax (expense) benefit | (140) | 199 |
Net loss | $ (6,103) | $ (18,153) |
Net loss per share, basic (in dollars per share) | $ (0.16) | $ (0.49) |
Net loss per share, diluted (in dollars per share) | $ (0.16) | $ (0.49) |
Weighted-average common shares outstanding, basic (in shares) | 37,326,559 | 36,850,894 |
Weighted-average common shares outstanding, diluted (in shares) | 37,326,559 | 36,850,894 |
Product revenue | ||
Total revenue | $ 19,287 | $ 20,656 |
Costs of goods sold: | ||
Total costs of goods sold and services | 7,033 | 10,746 |
Service and other revenue | ||
Total revenue | 8,579 | 8,810 |
Costs of goods sold: | ||
Total costs of goods sold and services | 4,497 | 4,247 |
Collaboration revenue | ||
Total revenue | 368 | $ 86 |
Grant revenue | ||
Total revenue | $ 222 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Comprehensive Loss | ||
Net loss | $ (6,103) | $ (18,153) |
Other comprehensive loss: | ||
Foreign currency translation adjustment | 42 | (1,197) |
Total other comprehensive loss | 42 | (1,197) |
Comprehensive loss | $ (6,061) | $ (19,350) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating activities | ||
Net loss | $ (6,103) | $ (18,153) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization expense | 1,439 | 1,358 |
Credit (income) loss expense on accounts receivable | 110 | (171) |
Unrealized losses (gains) on foreign currency transactions | 63 | |
Non-cash operating lease expense | 334 | 348 |
Stock-based compensation expense | 3,902 | 3,827 |
Deferred taxes | 207 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,673) | 1,319 |
Inventory | (89) | (484) |
Prepaid expenses and other assets | (422) | (2,070) |
Other non-current assets | (33) | 1 |
Accounts payable | (1,271) | (5,306) |
Accrued compensation and benefits, other accrued expenses and other current liabilities | (5,983) | (4,962) |
Deferred revenue | 2,041 | 2,956 |
Operating lease liabilities | 179 | (87) |
Other non-current liabilities | (203) | (271) |
Net cash used in operating activities | (9,502) | (21,695) |
Investing activities | ||
Purchases of property and equipment | (136) | (1,394) |
Proceeds from RADx grant on assets purchased | 520 | |
Net cash used in investing activities | (136) | (874) |
Financing activities | ||
Proceeds from stock options exercised | 13 | 385 |
Proceeds from ESPP purchase | 551 | 594 |
Payments for employee taxes on units withheld | (13) | |
Net cash provided by financing activities | 551 | 979 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (9,087) | (21,590) |
Effect of foreign currency exchange rate on cash | 24 | (558) |
Cash, cash equivalents and restricted cash at beginning of period | 341,337 | 399,042 |
Cash, cash equivalents and restricted cash at end of period | 332,274 | 376,894 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 246 | |
Noncash transactions: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 147 | |
Right-of-use asset obtained in exchange for lease liabilities | $ 18,156 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Reconciliation of cash, cash equivalents and restricted cash: | ||||
Cash and cash equivalents | $ 329,354 | $ 338,740 | $ 374,317 | |
Restricted cash | 2,920 | 2,597 | 2,577 | |
Total cash, cash equivalents, and restricted cash | $ 332,274 | $ 341,337 | $ 376,894 | $ 399,042 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common stock | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total |
Beginning Balance at Dec. 31, 2021 | $ 37 | $ 745,936 | $ 441 | $ (305,462) | $ 440,952 |
Beginning balance (in shares) at Dec. 31, 2021 | 36,768,035 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Exercised stock options | 385 | 385 | |||
Exercised stock options (in shares) | 60,126 | ||||
Restricted units converted (in shares) | 49,208 | ||||
ESPP stock purchase | 594 | 594 | |||
ESPP stock purchase (in shares) | 20,449 | ||||
Issuance of common stock (in shares) | 1,338 | ||||
Stock-based compensation expense | 3,827 | 3,827 | |||
Foreign currency translation adjustment | (1,197) | (1,197) | |||
Net loss | (18,153) | (18,153) | |||
Ending Balance at Mar. 31, 2022 | $ 37 | 750,742 | (756) | (323,615) | 426,408 |
Ending Balance (in shares) at Mar. 31, 2022 | 36,899,156 | ||||
Beginning Balance at Dec. 31, 2022 | $ 37 | 763,688 | (2,623) | (402,162) | 358,940 |
Beginning balance (in shares) at Dec. 31, 2022 | 37,279,994 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Exercised stock options | 13 | 13 | |||
Exercised stock options (in shares) | 1,555 | ||||
Restricted units converted (in shares) | 67,851 | ||||
ESPP stock purchase | 551 | 551 | |||
ESPP stock purchase (in shares) | 70,316 | ||||
Issuance of common stock (in shares) | 4,265 | ||||
Tax withholding on restricted units | (13) | (13) | |||
Stock-based compensation expense | 3,902 | 3,902 | |||
Foreign currency translation adjustment | 42 | 42 | |||
Net loss | (6,103) | (6,103) | |||
Ending Balance at Mar. 31, 2023 | $ 37 | $ 768,141 | $ (2,581) | $ (408,265) | $ 357,332 |
Ending Balance (in shares) at Mar. 31, 2023 | 37,423,981 |
Organization and operations
Organization and operations | 3 Months Ended |
Mar. 31, 2023 | |
Organization and operations | |
Organization and operations | Quanterix Corporation Notes to consolidated financial statements (unaudited) 1. Organization and operations 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. 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. 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 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. In 2019, the Company launched its third instrument (SP-X) on the new Simoa planar array platform and the Simoa HD-X, an upgraded version of the Simoa HD-1 replacing the HD-1. The HD-X has been designed to deliver productivity and operational efficiency improvements, as well as greater user flexibility. 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. The Company’s wholly owned subsidiary UmanDiagnostics AB (Uman), a Swedish company located in Umeå, Sweden, supplies neurofilament light (Nf-L) antibodies and ELISA kits, which are used by researchers and biopharmaceutical and diagnostics companies world-wide in the detection of Nf-L to advance the development of therapeutics and diagnostics for neurodegenerative conditions. Basis of presentation The accompanying unaudited consolidated financial statements reflect, in the opinion of the Company’s management, all adjustments, consisting of only normal recurring adjustments, necessary for a fair presentation of financial position, results of operations, comprehensive loss and cash flows for each period presented and have been prepared in accordance with United States generally accepted accounting principles (U.S. GAAP) for interim financial information and with the instructions to Form 10 Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by U.S. GAAP for complete financial statements. These unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in Item 8 of our most recent Annual Report on Form 10-K for the year ended December 31, 2022. Use of Estimates Our consolidated financial statements and the related notes included elsewhere in this Quarterly Report on Form 10-Q are prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP). The preparation of these consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses and related disclosures. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Changes in accounting estimates may occur from period to period. Accordingly, actual results could differ significantly from the estimates made by our management. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are material differences between these estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. |
Significant accounting policies
Significant accounting policies | 3 Months Ended |
Mar. 31, 2023 | |
Significant accounting policies | |
Significant accounting policies | 2. Significant accounting policies The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2022, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 6, 2023. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2023. Recent Accounting Pronouncement Periodically, new accounting pronouncements are issued by the FASB or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, we evaluate the pronouncements to determine the potential effects of adoption on our accompanying unaudited consolidated financial statements. During the first three months of 2023, no new accounting pronouncements issued or effective in the period had or are expected to have a material impact on our accompanying unaudited consolidated financial statements. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | |
Revenue | 3. Revenue The Company recognizes revenue when a customer obtains control of a promised good or service. The amount of revenue recognized reflects consideration that the Company expects to be entitled to receive in exchange for these goods and services. Any related incentives and taxes collected from customers are subsequently remitted to governmental authorities. Customers The Company’s customers primarily consist of entities engaged in the life sciences research market that pursue the discovery and development of new drugs for a variety of neurologic, cardiovascular, oncologic and other protein biomarkers associated with diseases. The Company’s customer base includes several of the largest biopharmaceutical companies, academic research organizations and distributors who serve certain geographic markets. Product revenue The Company’s products are composed of analyzer instruments, assay kits and other consumables such as reagents. Products are sold directly to biopharmaceutical and academic research organizations or are sold through distributors in EMEA and Asia Pacific regions. The sales of instruments are generally accompanied by an initial year of implied service-type warranties and may be bundled with assays and other consumables and may also include other items such as training and installation of the instrument and/or an extended service warranty. Revenues from the sale of products are recognized at a point in time when the Company transfers control of the product to the customer, which is generally upon installation for instruments sold to direct customers and based upon shipping terms for assay kits and other consumables. Revenue for instruments sold to distributors is generally recognized based upon shipping terms (either upon shipment or delivery). Service and other revenue Service revenues are composed of contract research services, initial implied one-year service-type warranties, extended services contracts and other services such as training. Contract research services are provided through the Company’s Accelerator Laboratory and generally consist of fixed fee contracts. Revenues from contract research services are recognized at a point in time when the Company completes and delivers its research report on each individually completed study, or over time if the contractual provisions allow for the collection of transaction consideration for costs incurred plus a reasonable margin through the period of performance of the services. Revenues from service-type warranties are recognized ratably over the contract service period. For contract research services recognized over time, the Company uses the output method to measure the progress toward the complete satisfaction of the performance obligations. Revenues from other services are immaterial. During the first quarter of 2022, the Company entered into a Master Collaboration Agreement with Eli Lilly and Company (Lilly) establishing a framework for future projects focused on the development of Simoa immunoassays (the Lilly Collaboration Agreement). The Company also entered into a Statement of Work under the Lilly Collaboration Agreement to perform assay research and development services within the field of Alzheimer’s disease. In connection with the Lilly Collaboration Agreement, the Company received a non-refundable up-front payment of $5.0 million during the first quarter of 2022, which has been recognized over a one-year period. In addition, under the Statement of Work, the Company receives $1.5 million per calendar quarter during 2022, beginning with the first quarter of 2022. The Statement of Work automatically renews on a quarterly basis unless Lilly provides termination notice under the Lilly Collaboration Agreement. Concurrent with the execution of the Lilly Collaboration Agreement, the Company entered into a Technology License Agreement (the Lilly License) under which Lilly granted to the Company a non-exclusive license to Lilly’s proprietary pTau217 antibody technology for potential near-term use in research use only products and services and future in vitro During the three months ended March 31, 2023 and 2022, the Company recognized $1.5 million and $2.7 million of revenue from the Lilly Collaboration Agreement, respectively. Collaboration and license revenue The Company may enter into agreements to license the intellectual property and know-how associated with its instruments and certain antibodies in exchange for license fees and future royalties (as described below). The license agreements provide the licensee with a right to use the intellectual property with the license fee revenues recognized at a point in time as the underlying license is considered functional intellectual property. Payment terms The Company’s payment terms vary by the type and location of the customer and the products or services offered. Payment from customers is generally required in a term ranging from 30 to 45 days from date of shipment or satisfaction of the performance obligation. The Company does not provide financing arrangements to its customers. Disaggregated revenue When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. The following tables disaggregate the Company’s revenue from contracts with customers by revenue type (in thousands): Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenues Instruments $ 2,144 1,981 1,135 $ 5,260 $ 2,165 $ 2,046 $ 2,011 $ 6,222 Consumable and other products 7,457 4,940 1,630 14,027 8,833 4,426 1,175 14,434 Total $ 9,601 6,921 2,765 $ 19,287 $ 10,998 $ 6,472 $ 3,186 $ 20,656 Service and other revenues Service-type warranties $ 1,557 $ 706 $ 135 $ 2,398 $ 1,283 $ 659 $ 92 $ 2,034 Research services 5,190 234 115 5,539 6,096 131 13 6,240 Other services 381 257 4 642 284 211 41 536 Total $ 7,128 $ 1,197 $ 254 $ 8,579 $ 7,663 $ 1,001 $ 146 $ 8,810 Collaboration and license revenue Collaboration and license revenue $ 368 $ — $ — $ 368 $ — $ 34 $ 52 $ 86 Grant revenue Grant revenue $ 222 $ — $ — $ 222 $ — $ — $ — $ — For the three months ended March 31, 2023, one customer accounted for more than 10% of the Company’s total revenue at 11%. At March 31, 2023, no customer individually accounted for more than 10% of the Company’s gross accounts receivable. The Company’s contracts with customers may include promises to transfer multiple products and services to a customer. The Company combines any performance obligations that are immaterial with one or more other performance obligations that are material to the contract. For arrangements with multiple performance obligations, the Company allocates the contract transaction price, including discounts, to each performance obligation based on its relative standalone selling price. Judgment is required to determine the standalone selling price for each distinct performance obligation. The Company determines standalone selling prices based on prices charged to customers in observable transactions and uses a range of amounts to estimate standalone selling prices for each performance obligation. The Company may have more than one range of standalone selling price for certain products and services based on the pricing for different customer classes. Variable consideration in the Company’s contracts primarily relates to (i) sales- and usage-based royalties related to the license of intellectual property in collaboration and license contracts and (ii) certain non-fixed fee research services contracts. Accounting Standard Codification (ASC) Topic 606, Revenue from Contracts with Customers (ASC 606) provides for an exception to estimating the variable consideration for sales- and usage-based royalties related to the license of intellectual property, such that the sales- and usage-based royalty will be recognized in the period the underlying transaction occurs. The Company recognizes revenue from sales- and usage-based royalty revenue at the later of when the sale or usage occurs and the satisfaction or partial satisfaction of the performance obligation to which the royalty has been allocated. Changes in deferred revenue from contracts with customers were as follows (in thousands): 2023 2022 Balance at December 31 of prior year $ 10,059 $ 7,460 Deferral of revenue 4,436 5,000 Recognition of deferred revenue (2,394) (2,044) Balance at March 31 $ 12,101 $ 10,416 As of March 31, 2023, of the performance obligations not yet satisfied or partially satisfied, $10.7 million is expected to be recognized as revenue in the next 12 months, with the remainder amounts Costs to obtain a contract The Company’s sales commissions are generally based on bookings of the Company. The Company has determined that certain commissions paid under its sales incentive programs meet the requirements to be capitalized as they are incremental and would not have occurred absent a customer contract. The change in the balance of costs to obtain a contract are as follows (in thousands): 2023 2022 Balance at December 31 of prior year $ 377 $ 440 Deferral of costs to obtain a contract 197 363 Recognition of costs to obtain a contract (191) (321) Balance at March 31 $ 383 $ 482 The Company has classified the balance of capitalized costs to obtain a contract as a component of prepaid expenses and other current assets and classifies the expense as a component of cost of goods sold and selling, general, and administrative expense over the estimated life of the contract. The Company considers potential impairment in these amounts each period. ASC 606 provides entities with certain practical expedients and accounting policy elections to minimize the cost and burden of adoption. The Company does not disclose the value of unsatisfied performance obligations for (i) contracts with original expected length of one year or less and (ii) contracts for which revenue is recognized at the amount to which the Company has the right to invoice for services performed. The Company will exclude from its transaction price any amounts collected from customers related to sales and other similar taxes. When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. The Company does not assess whether a significant financing component exists if the period between when the Company performs its obligations under the contract and when the customer pays is one year or less. None of the Company’s contracts contained a significant financing component as of March 31, 2023 and 2022, respectively. The Company has elected to account for the shipping and handling as an activity to fulfill the promise to transfer the product, and therefore will not evaluate whether shipping and handling activities are promised services to its customers. Grant revenue The Company recognizes grant revenue as the Company performs services under the arrangement when the funding is committed. Revenues and related research and development expenses are presented gross in the consolidated statements of operations as the Company has determined it is the primary obligor under the arrangement relative to the research and development services. Accounting for grants does not fall under ASC 606, as the grantor will not benefit directly from the Company’s expansion or product development. As there is no authoritative guidance under U.S. GAAP on accounting for grants to for-profit business entities from government entities, the Company has accounted for grants obtained with the National Institute of Health (NIH) under its Rapid Acceleration of Diagnostics (RADx) program by analogy to International Accounting Standards Topic 20, Accounting for Government Grants and Disclosure of Government Assistance Not-for-Profit Entities Under IAS 20, grants related to assets are presented in the consolidated balance sheets either by recognizing the grant as deferred income (which is recognized in the consolidated statements of operations on a systematic basis over the useful life of the asset), or by deducting the grant in calculating the carrying amount of the asset (which is recognized in the consolidated statements of operations over the life of the depreciable asset as a reduced depreciation expense). Both methods are acceptable under IAS 20. The Company has elected to record grants related to assets as a deduction in calculating the carrying value of the asset. Under IAS 20, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under IAS 20. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses. Under ASC 958, grants related to income are presented as part of the consolidated statements of operations, either separately or under a general heading. Both methods are acceptable under ASC 958. The Company has elected to record grants related to income separately on the consolidated statements of operations as grant revenue. The related expenses are recorded within operating expenses. RADx Grant On September 29, 2020, the Company entered into a contract with RADx (the RADx Grant), which had a total award value of $18.2 million and accelerated the continued development, scale-up, and deployment of the novel SARS-CoV-2 antigen detection test using the Company’s Simoa technology. The RADx Grant provided funding to expand assay kit manufacturing capacity and commercial deployment readiness. Release of the $18.2 million of funding under the RADx Grant was based on the achievement of certain milestones. Contract funding was subject to achievement of these pre-defined milestones and the contract period ran through September 2021, with one milestone extending to May 31, 2022. The Company has received the full $18.2 million under the RADx Grant and the Company has no future obligations under the RADx Grant. During both the three months ended March 31, 2023 and 2022, the Company recognized no grant revenue and incurred no research and development expense related to the RADx Grant. The RADx Grant contains both monetary amounts granted related to assets and monetary amounts granted related to income, which are grants other than those related to assets. The grants related to assets are for the expansion and increase of manufacturing capacity. The grants related to income are for additional research and development, as well as other non-asset related scale up costs. ADDF On March 24, 2022, the Company entered into a contract with the ADDF (the ADDF Grant). ADDF is a charitable venture philanthropy entity that has granted the Company funding in support of certain activities for the development of an in vitro diagnostic (IVD) test for early detection of Alzheimer's disease. The ADDF Grant, which has a total funding value of $2.3 million, restricts the Company’s use of the granted funds to be used solely for activities related to the Alzheimer’s diagnostic test development project. Contract funding is subject to achievement of pre-defined milestones and the contract period runs through June 2024. The Company recognizes revenue over time as the related services are performed. As of March 31, 2023, the Company had received the total funding value of $2.3 million under the ADDF Grant, after receiving the second payment in the amount of $1.0 million during the first quarter of 2023 upon submission of satisfactory scientific and financial progress reports to ADDF. At March 31, 2023 and December 31, 2022, the Company had $1.7 million and $0.7 million of deferred revenue related to the ADDF Grant, respectively. During the three months ended March 31, 2023, grant revenue recognized and research and development expense incurred related to the ADDF Grant were immaterial. No such activities occurred in the three months ended March 31, 2022. NIH Grant On September 21, 2022, the Company entered into a contract with National Institutes of Health (NIH) (the NIH Grant) with a total award value of $1.7 million. NIH is an agency of the U.S. Department of Health and Human Services. NIH has granted the Company funding in support of the development of certain point-of-care diagnostic technologies through collaborative efforts. Grant funding is to be used solely for activities related to the point-of-care diagnostic device development project and the contract period runs through August 2025. During the three months ended March 31, 2023, the Company recognized $0.2 million of revenue and incurred $0.1 million of expense related to NIH Grant. There was no revenue recognized or expense incurred related to the NIH Grant for the three months ended March 31, 2022. |
Allowance for credit Losses
Allowance for credit Losses | 3 Months Ended |
Mar. 31, 2023 | |
Allowance for credit Losses | |
Allowance for credit Losses | 4. Allowance for credit losses The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers’ trade accounts receivable. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances. Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on the Company’s analysis of customers’ financial statements when a credit rating is not available. The Company evaluates contract terms and conditions, country, and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted. Activity related to the allowance for credit losses was as follows (in thousands): 2023 2022 Balance at January 1 $ 118 $ 419 Provision charges 178 - Deduction / recoveries collected (74) (171) Balance at March 31 $ 222 $ 248 |
Collaboration and license arran
Collaboration and license arrangements | 3 Months Ended |
Mar. 31, 2023 | |
Collaboration and license arrangements | |
Collaboration and license arrangements | 5. Collaboration and license arrangements The Company has entered into certain licenses with other companies for use of the Company’s technology. These licenses have royalty components which the Company earns and recognizes as collaboration and license revenue throughout the year. Abbott Laboratories On September 29, 2020, the Company entered into a Non-Exclusive License Agreement (the Abbott License Agreement) with Abbott Laboratories (Abbott). Under the terms of the Abbott License Agreement, the Company granted Abbott a non-exclusive, worldwide, royalty-bearing license, without the right to sublicense, under the Company’s bead-based single molecule detection patents (Licensed Patents) in the field of in vitro The Abbott License Agreement includes customary representations and warranties, covenants and indemnification obligations for a transaction of this nature. The Abbott License Agreement became effective upon signing and will continue until expiration of the last-to-expire Licensed Patent, or the agreement is earlier terminated. Under the terms of the Abbott License Agreement, the Company and Abbott each have the right to terminate the agreement for uncured material breach by, or insolvency of, the other party. Abbott may also terminate the Abbott License Agreement at any time without cause upon 60 days’ notice. During the three months ended March 31, 2023 and 2022, the Company did not recognize any revenue under the Abbott License Agreement. |
Fair value of financial instrum
Fair value of financial instruments | 3 Months Ended |
Mar. 31, 2023 | |
Fair value of financial instruments | |
Fair value of financial instruments | 6. Fair value of financial instruments Fair value measurements are as follows (in thousands): March 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash equivalents - money market funds $ 309,266 $ 309,266 $ — $ — December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash equivalents - money market funds $ 306,097 $ 306,097 $ — $ — |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2023 | |
Inventory | |
Inventory | 7. Inventory Inventory consists of the following (in thousands): March 31, 2023 December 31, 2022 Raw materials $ 4,311 $ 5,509 Work in process 4,741 3,362 Finished goods 8,018 7,915 Total net inventory $ 17,070 $ 16,786 |
Other accrued expenses
Other accrued expenses | 3 Months Ended |
Mar. 31, 2023 | |
Other accrued expenses | |
Other accrued expenses | 8. Other accrued expenses Other accrued expenses consist of the following (in thousands): March 31, 2023 December 31, 2022 Royalties $ 978 $ 815 Professional and outside services 1,370 1,409 Tax liabilities 531 172 Other 1,745 2,351 Total accrued expenses $ 4,624 $ 4,747 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation | |
Stock-Based Compensation | 9. Stock-based compensation Stock-based compensation expense for all stock awards consists of the following (in thousands): Three Months Ended March 31, 2023 2022 Cost of product revenue $ 187 $ 88 Cost of service and other revenue 350 166 Research and development 370 398 Selling, general, and administrative 2,995 3,175 Total stock-based compensation $ 3,902 $ 3,827 As of March 31, 2023, there was $43.8 million of total unrecognized compensation cost related to unvested restricted stock units and stock options, which is expected to be recognized over the remaining weighted-average vesting period of 3.0 years. |
Net Loss per share
Net Loss per share | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss per share | |
Net loss per share | 10 The following table presents the computation of basic and diluted net loss per share: Three Months Ended March 31, 2023 2022 (in thousands, except share and per share data) Numerator: Net loss attributable to Quanterix Corporation ($ 6,103) ($ 18,153) Denominator: Weighted average shares of common stock outstanding, basic and diluted 37,326,559 36,850,894 Net loss per share attributable to Quanterix Corporation, basic and diluted ($ 0.16) ($ 0.49) In periods when the Company is in a net loss position, dilutive securities are excluded from the computation of diluted earnings per share because their inclusion would have an anti-dilutive effect. Thus, basic net loss per share is the same as diluted net loss per share. The following common share equivalents have been excluded from the calculation of diluted net loss per share: Three Months Ended March 31, 2023 2022 Unvested restricted common stock and restricted stock units 1,489,354 587,939 Outstanding stock options 2,720,047 2,185,706 |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2023 | |
Income taxes | |
Income taxes | 11. Income taxes The Company recorded income tax expense of $0.1 million for the three months ended March 31, 2023 and recorded income tax benefit of $0.2 million for the three months ended March 31, 2022. Furthermore, the Company’s effective tax rate was (2.36)% for the three months ended March 31, 2023 and 1.09% for the three months ended March 31, 2022. The difference between the United States Federal income tax rate and the Company’s effective tax rate is principally due to a valuation allowance in the United States, partially offset by income taxes in foreign jurisdictions. The Company maintains a valuation allowance on the majority of its deferred tax assets, and it has concluded that it is more likely than not that the deferred assets will not be utilized. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill. | |
Goodwill | 12. Goodwill During the year ended December 31, 2022, the Company identified certain indicators of impairment, including the significant decline in the Company’s stock price, actions taken under the Restructuring Plan (as defined in Note 15) and the reduction of forecasted sales and profitability. As a result, during the third quarter of 2022, the Company performed a goodwill impairment test. It was determined that the Company’s goodwill was impaired as the carrying amount of the Company’s sole reporting unit exceeded the estimated fair value. The Company concluded that the entire goodwill balance was impaired and recognized a non-cash impairment charge during the third quarter of 2022. During the three months ended March 31, 2023 and March 31, 2022, no impairment expenses were recognized for goodwill. As of March 31, 2023 and December 31, 2022, the Company had no remaining goodwill balance on the consolidated balance sheets. |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and contingencies | |
Commitments and contingencies | 13. Commitments and contingencies Purchase Commitments Stratec During the year ended December 31, 2022, the Company entered into a supply agreement (the Stratec Supply Agreement) with Stratec Consumables GmBH (Stratec) to order discs used in manufacturing the Simoa HD-X instrument. As part of the Stratec Supply Agreement, the Company agreed to purchase a total of 375,000 discs to be shipped at various points starting in 2022 and continuing through 2024 at an agreed purchase price per disc. In 2022, under the Stratec Supply Agreement, Stratec shipped 75,000 discs to the Company. Additionally, per the Stratec Supply Agreement, during the years ended December 31, 2023 and 2024, Stratec is required to ship 220,000 and 80,000 discs, respectively, to the Company. As of March 31, 2023, the Company had $4.9 million of open purchase orders with Stratec. Other Purchase Commitments The Company purchases substantial amounts of raw materials for manufacturing operations under annual and multi-year agreements, some of which have minimum quantity requirements. Additionally, the Company enters into annual agreements for other parts of its operations. The Company had total purchase commitments for the three months ended March 31, 2023, of $2.7 million, most of which the Company expects to incur in the year ending December 31, 2023. License Agreements Tufts University In June 2007, the Company entered into a license agreement (the License Agreement) for certain intellectual property with Tufts University (Tufts). The License Agreement, which was subsequently amended, is exclusive and sub-licensable, and will continue in effect on a country by country basis as long as there is a valid claim of a licensed patent in a country. The Company is contractually obligated to pay license and maintenance fees, prior to commercialization, in addition to low single digit royalties on direct sales and services and a royalty on sublicense income. During each of the three months ended March 31, 2023 and 2022, the Company recorded royalty expense of $0.4 million related to the License Agreement. This royalty expense is recorded in cost of product revenue on the consolidated statements of operations. Legal contingencies The Company is subject to claims in the ordinary course of business; however, the Company is not currently a party to any pending or threatened litigation the outcome of which would be expected to have a material adverse effect on its financial condition or the results of its operations. The Company accrues for contingent liabilities to the extent that the liability is probable and estimable. |
Related party transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related party transactions | |
Related party transactions | 14. Related party transactions In June 2007, the Company entered into the License Agreement for certain intellectual property with Tufts (see Note 13). Tufts’ equity ownership in the Company makes Tufts a related party. A member of our Board of Directors was previously affiliated with Tufts and continues to receive compensation from Tufts on a formulaic basis on royalties and license payments the Company makes to Tufts. During each of the three months ended March 31, 2023 and 2022, the Company recorded royalty expense of $0.4 million in cost of product revenue on the consolidated statements of operations. One of the Company’s directors is affiliated with Harvard University and Mass General Brigham. Revenue recorded from sales to Harvard University and its affiliates and to Mass General Brigham and its affiliates totaled $0.3 million and $0.2 million for the three months ended March 31, 2023, and 2022, respectively. The Company recorded cost of goods sold of $0.1 million for the three months ended March 31, 2023 related to Harvard University and its affiliates and to Mass General Brigham and its affiliates, with immaterial cost of goods sold recorded for the three months ended March 31, 2022. The Company had $0.1 million in accounts receivable from Harvard University and its affiliates and Mass General Brigham and its affiliates at both March 31, 2023 and December 31, 2022. Deferred revenue from Harvard University and its affiliates and Mass General Brigham and its affiliates was less than $0.1 million at both March 31, 2023 and December 31, 2022. In August 2022, the Company also entered into a license agreement with Harvard University and paid an upfront fee of $0.6 million which was recognized as research and development expenses. Under this license, the Company is required to pay Harvard royalties on net sales of licensed products and services as well as a portion of our applicable sublicense revenues. Harvard University is obligated to pay a portion of the payments received from the Company to one of the Company’s directors. The Company incurred no royalty expense under this license for both three months ended March 31, 2023, and 2022. On May 26, 2022, the Company entered into an agreement with UltraDx Limited (the UltraDx Agreement), a company formed by ARCH Venture Partners (ARCH). Under the UltraDx Agreement, the Company will supply HD-X instruments (both fully assembled and disassembled) as well as assays and assay components to UltraDx, and UltraDx has the non-exclusive right to seek Chinese regulatory approval of and to commercialize the HD-X instrument and related assays in the Chinese neurological in vitro diagnostic market. The Company has determined that UltraDx is a related party because one of the Company’s directors is affiliated with ARCH and UltraDx. Under the terms of the UltraDx Agreement, the Company shipped a total of ten fully assembled and disassembled HD-X instruments to UltraDx on June 30, 2022 at a purchase price of approximately $1.9 million. Because UltraDx was formed during the second quarter of 2022, the Company recognized revenue on these shipments upon receipt of payment in the third quarter of 2022. Revenue recognized on shipments to UltraDx for the three months ended March 31, 2023 was less than $0.1 million and no revenue was recognized on shipments to UltraDx for the three months ended March 31, 2022. |
Restructuring
Restructuring | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring | |
Restructuring | 15. Restructuring Following a strategic review and assessment of the Company’s operations and cost structure, on August 8, 2022, the Company announced a plan of restructuring and strategic re-alignment (the Restructuring Plan). As part of the Restructuring Plan, the Company began an assay redevelopment program with the ultimate objective of improving its ability to manufacture and deliver high-quality assays at scale. The Restructuring Plan aligns the Company’s investments to best serve the needs of its customers, focuses the Company’s innovation efforts on key platforms and provides a foundation for the Company’s entry into translational pharma and clinical markets, which it believes will be required to access new growth categories. In accordance with the Restructuring Plan, the Company implemented a workforce reduction, which was substantially completed by the end of the third quarter of 2022. The Restructuring Plan included the elimination of 119 positions and other cost-saving measures. The workforce reduction was substantially completed by the end of the third quarter of 2022. As part of the Restructuring Plan, the Company also performed an assessment of impairment for long-lived assets, including right-of-use assets, and recorded an impairment charge of $17.4 million during the year ended December 31, 2022. The impairment expense includes $16.3 million associated with the right-of-use and property and equipment at the Bedford facilities. Additionally, the Company recorded an impairment charge of $1.1 million for software costs related to projects that were rationalized as part of the Restructuring Plan. There were no impairment charges recorded associated with the Restructuring Plan during the three months ended March 31, 2023. The following table presents the restructuring reserve and provision activity for the three months ended March 31, 2023 (in thousands): Severance and Employee Benefit Costs Balance at December 31, 2022 $ 328 Accrual adjustments (33) Cash payments (16) Foreign exchange 3 Balance at March 31, 2023 $ 282 No such activities existed for the three months ended March 31, 2022. |
Significant accounting polici_2
Significant accounting policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Significant accounting policies | |
Recent accounting pronouncements | Recent Accounting Pronouncement Periodically, new accounting pronouncements are issued by the FASB or other standard setting bodies. Recently issued standards typically do not require adoption until a future effective date. Prior to their effective date, we evaluate the pronouncements to determine the potential effects of adoption on our accompanying unaudited consolidated financial statements. During the first three months of 2023, no new accounting pronouncements issued or effective in the period had or are expected to have a material impact on our accompanying unaudited consolidated financial statements. |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | |
Schedule of disaggregated revenue | Three Months Ended March 31, 2023 Three Months Ended March 31, 2022 North America EMEA Asia Pacific Total North America EMEA Asia Pacific Total Product revenues Instruments $ 2,144 1,981 1,135 $ 5,260 $ 2,165 $ 2,046 $ 2,011 $ 6,222 Consumable and other products 7,457 4,940 1,630 14,027 8,833 4,426 1,175 14,434 Total $ 9,601 6,921 2,765 $ 19,287 $ 10,998 $ 6,472 $ 3,186 $ 20,656 Service and other revenues Service-type warranties $ 1,557 $ 706 $ 135 $ 2,398 $ 1,283 $ 659 $ 92 $ 2,034 Research services 5,190 234 115 5,539 6,096 131 13 6,240 Other services 381 257 4 642 284 211 41 536 Total $ 7,128 $ 1,197 $ 254 $ 8,579 $ 7,663 $ 1,001 $ 146 $ 8,810 Collaboration and license revenue Collaboration and license revenue $ 368 $ — $ — $ 368 $ — $ 34 $ 52 $ 86 Grant revenue Grant revenue $ 222 $ — $ — $ 222 $ — $ — $ — $ — |
Schedule of changes in deferred revenue from contracts with customers | Changes in deferred revenue from contracts with customers were as follows (in thousands): 2023 2022 Balance at December 31 of prior year $ 10,059 $ 7,460 Deferral of revenue 4,436 5,000 Recognition of deferred revenue (2,394) (2,044) Balance at March 31 $ 12,101 $ 10,416 |
Schedule of costs to obtain a contract | 2023 2022 Balance at December 31 of prior year $ 377 $ 440 Deferral of costs to obtain a contract 197 363 Recognition of costs to obtain a contract (191) (321) Balance at March 31 $ 383 $ 482 |
Allowance for credit Losses (Ta
Allowance for credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Allowance for credit Losses | |
Schedule of the allowance for credit losses | 2023 2022 Balance at January 1 $ 118 $ 419 Provision charges 178 - Deduction / recoveries collected (74) (171) Balance at March 31 $ 222 $ 248 |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair value of financial instruments | |
Schedule of fair value measurements | Fair value measurements are as follows (in thousands): March 31, 2023 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash equivalents - money market funds $ 309,266 $ 309,266 $ — $ — December 31, 2022 Total Quoted prices in active markets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) Financial assets Cash equivalents - money market funds $ 306,097 $ 306,097 $ — $ — |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Inventory | |
Summary of inventory | Inventory consists of the following (in thousands): March 31, 2023 December 31, 2022 Raw materials $ 4,311 $ 5,509 Work in process 4,741 3,362 Finished goods 8,018 7,915 Total net inventory $ 17,070 $ 16,786 |
Other accrued expenses (Tables)
Other accrued expenses (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Other accrued expenses | |
Summary of other accrued expenses | Other accrued expenses consist of the following (in thousands): March 31, 2023 December 31, 2022 Royalties $ 978 $ 815 Professional and outside services 1,370 1,409 Tax liabilities 531 172 Other 1,745 2,351 Total accrued expenses $ 4,624 $ 4,747 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation | |
Summary of share-based compensation expense for all stock awards | Stock-based compensation expense for all stock awards consists of the following (in thousands): Three Months Ended March 31, 2023 2022 Cost of product revenue $ 187 $ 88 Cost of service and other revenue 350 166 Research and development 370 398 Selling, general, and administrative 2,995 3,175 Total stock-based compensation $ 3,902 $ 3,827 |
Net Loss per share (Tables)
Net Loss per share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Net Loss per share | |
Schedule of basic and diluted shares | Three Months Ended March 31, 2023 2022 (in thousands, except share and per share data) Numerator: Net loss attributable to Quanterix Corporation ($ 6,103) ($ 18,153) Denominator: Weighted average shares of common stock outstanding, basic and diluted 37,326,559 36,850,894 Net loss per share attributable to Quanterix Corporation, basic and diluted ($ 0.16) ($ 0.49) |
Schedule of common share equivalents have been excluded from the calculation of diluted net loss per share | Three Months Ended March 31, 2023 2022 Unvested restricted common stock and restricted stock units 1,489,354 587,939 Outstanding stock options 2,720,047 2,185,706 |
Restructuring (Tables)
Restructuring (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Restructuring | |
Schedule of rollforward of the restructuring reserve and provision activity | The following table presents the restructuring reserve and provision activity for the three months ended March 31, 2023 (in thousands): Severance and Employee Benefit Costs Balance at December 31, 2022 $ 328 Accrual adjustments (33) Cash payments (16) Foreign exchange 3 Balance at March 31, 2023 $ 282 |
Revenue - Customers and service
Revenue - Customers and service and other revenue (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) customer | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Revenue recognition | |||
Service type warranties term | 1 year | ||
Revenue | $ 28,456 | $ 29,552 | |
Accounts Receivable | |||
Revenue recognition | |||
Number Of Customers With High Percent Of Gross Accounts Receivable | customer | 0 | ||
Customer Concentration Risk | |||
Revenue recognition | |||
Threshold limit used for calculating concentration risk percentage | 10% | ||
Customer Concentration Risk | Revenue. | |||
Revenue recognition | |||
Number Of Customers With High Percent Of Total Revenue | customer | 1 | ||
Threshold limit used for calculating concentration risk percentage | 10% | ||
One customer | Customer Concentration Risk | Revenue. | |||
Revenue recognition | |||
Revenue as a percentage of total revenue | 11% | ||
Service and other revenue | |||
Revenue recognition | |||
Revenue | $ 8,579 | 8,810 | |
Collaboration agreement | Service and other revenue | |||
Revenue recognition | |||
Revenue | $ 1,500 | 2,700 | |
Master collaboration agreement | Eli Lilly | |||
Revenue recognition | |||
Non-refundable up-front payment received | $ 5,000 | ||
Statement of works agreement | Eli Lilly | |||
Revenue recognition | |||
Collaborative arrangement payment received per quarter | $ 1,500 | ||
Minimum | |||
Revenue recognition | |||
Period of payment | 30 days | ||
Maximum | |||
Revenue recognition | |||
Period of payment | 45 days |
Revenue - Disaggregated revenue
Revenue - Disaggregated revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue recognition | ||
Total revenue | $ 28,456 | $ 29,552 |
Product revenue | ||
Revenue recognition | ||
Total revenue | 19,287 | 20,656 |
Product revenue | NA | ||
Revenue recognition | ||
Total revenue | 9,601 | 10,998 |
Product revenue | EMEA | ||
Revenue recognition | ||
Total revenue | 6,921 | 6,472 |
Product revenue | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 2,765 | 3,186 |
Instruments | ||
Revenue recognition | ||
Total revenue | 5,260 | 6,222 |
Instruments | NA | ||
Revenue recognition | ||
Total revenue | 2,144 | 2,165 |
Instruments | EMEA | ||
Revenue recognition | ||
Total revenue | 1,981 | 2,046 |
Instruments | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 1,135 | 2,011 |
Consumable and other products | ||
Revenue recognition | ||
Total revenue | 14,027 | 14,434 |
Consumable and other products | NA | ||
Revenue recognition | ||
Total revenue | 7,457 | 8,833 |
Consumable and other products | EMEA | ||
Revenue recognition | ||
Total revenue | 4,940 | 4,426 |
Consumable and other products | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 1,630 | 1,175 |
Service and other revenue | ||
Revenue recognition | ||
Total revenue | 8,579 | 8,810 |
Service and other revenue | NA | ||
Revenue recognition | ||
Total revenue | 7,128 | 7,663 |
Service and other revenue | EMEA | ||
Revenue recognition | ||
Total revenue | 1,197 | 1,001 |
Service and other revenue | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 254 | 146 |
Service-type warranties | ||
Revenue recognition | ||
Total revenue | 2,398 | 2,034 |
Service-type warranties | NA | ||
Revenue recognition | ||
Total revenue | 1,557 | 1,283 |
Service-type warranties | EMEA | ||
Revenue recognition | ||
Total revenue | 706 | 659 |
Service-type warranties | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 135 | 92 |
Research services | ||
Revenue recognition | ||
Total revenue | 5,539 | 6,240 |
Research services | NA | ||
Revenue recognition | ||
Total revenue | 5,190 | 6,096 |
Research services | EMEA | ||
Revenue recognition | ||
Total revenue | 234 | 131 |
Research services | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 115 | 13 |
Other services | ||
Revenue recognition | ||
Total revenue | 642 | 536 |
Other services | NA | ||
Revenue recognition | ||
Total revenue | 381 | 284 |
Other services | EMEA | ||
Revenue recognition | ||
Total revenue | 257 | 211 |
Other services | Asia Pacific | ||
Revenue recognition | ||
Total revenue | 4 | 41 |
Collaboration and license revenue | ||
Revenue recognition | ||
Total revenue | 368 | 86 |
Collaboration and license revenue | NA | ||
Revenue recognition | ||
Total revenue | 368 | |
Collaboration and license revenue | EMEA | ||
Revenue recognition | ||
Total revenue | 34 | |
Collaboration and license revenue | Asia Pacific | ||
Revenue recognition | ||
Total revenue | $ 52 | |
Grant revenue | ||
Revenue recognition | ||
Total revenue | 222 | |
Grant revenue | NA | ||
Revenue recognition | ||
Total revenue | $ 222 |
Revenue - Changes in deferred r
Revenue - Changes in deferred revenue from contracts with customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Changes in deferred revenue from contracts with customers | ||
Balance at beginning of period | $ 10,059 | $ 7,460 |
Deferral of revenue | 4,436 | 5,000 |
Recognition of deferred revenue | (2,394) | (2,044) |
Balance at end of period | $ 12,101 | $ 10,416 |
Revenue - Future performance ob
Revenue - Future performance obligations (Details) $ in Millions | Mar. 31, 2023 USD ($) |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 10.7 |
Service-type warranties and research services | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 10.2 |
Undelivered licenses of intellectual property | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | 0.5 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 10.7 |
Performance obligation satisfaction period | 12 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Transaction Price Allocated to Future Performance Obligations | |
Amount of transaction price allocated to performance obligations | $ 1.4 |
Performance obligation satisfaction period | 24 months |
Revenue - Costs to obtain a con
Revenue - Costs to obtain a contract (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Change in the balance of costs to obtain a contract | ||
Balance at beginning of period | $ 377 | $ 440 |
Deferral of costs to obtain a contract | 197 | 363 |
Recognition of costs to obtain a contract | (191) | (321) |
Balance at end of period | $ 383 | $ 482 |
Revenue - Practical expedients
Revenue - Practical expedients (Details) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue | |
Revenue, Practical Expedient, Financing Component [true false] | true |
Revenue, Remaining Performance Obligation, Optional Exemption, Performance Obligation [true false] | true |
Revenue - Grant revenue (Detail
Revenue - Grant revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Sep. 21, 2022 | Mar. 24, 2022 | Sep. 29, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Total revenue | $ 28,456 | $ 29,552 | ||||
Research and Development Expense | 4,720 | 7,034 | ||||
Deferred revenue | (2,041) | (2,956) | ||||
RADx WP2 | ||||||
Contract value | $ 18,200 | 18,200 | ||||
Research and Development Expense | 0 | 0 | ||||
ADDF | ||||||
Contract value | $ 2,300 | 2,300 | ||||
Contract Payment Received | 1,000 | |||||
Deferred revenue | 1,700 | $ 700 | ||||
National Institutes of Health | ||||||
Total revenue | 200 | 0 | ||||
Contract value | $ 1,700 | |||||
Research and Development Expense | 100 | |||||
Grant revenue | ||||||
Total revenue | 222 | |||||
Grant revenue | RADx WP2 | ||||||
Total revenue | $ 0 | $ 0 |
Revenue - Summarizes the activi
Revenue - Summarizes the activity under WP2 (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Sep. 29, 2020 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenue recognition | |||
Total revenue | $ 28,456 | $ 29,552 | |
Grant revenue | |||
Revenue recognition | |||
Total revenue | 222 | ||
RADx WP2 | |||
Revenue recognition | |||
Total RADx Grant amount | $ 18,200 | 18,200 | |
RADx WP2 | Grant revenue | |||
Revenue recognition | |||
Total revenue | $ 0 | $ 0 |
Allowance for credit Losses (De
Allowance for credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Allowance for credit Losses | ||
Beginning Balance | $ 118 | $ 419 |
Provision charges | 178 | |
Deduction / recoveries collected | (74) | (171) |
Ending Balance | $ 222 | $ 248 |
Collaboration and license arr_2
Collaboration and license arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2020 | |
Collaboration and license arrangements | |||
Revenue | $ 28,456 | $ 29,552 | |
Abbot license agreement | |||
Collaboration and license arrangements | |||
Number of days notice to terminate agreement | 60 days | ||
Initial license fee receivable | $ 10,000 | ||
Collaboration and license revenue | |||
Collaboration and license arrangements | |||
Revenue | $ 368 | 86 | |
Collaboration and license revenue | Abbot license agreement | |||
Collaboration and license arrangements | |||
Revenue | $ 0 | $ 0 |
Fair value of financial instr_3
Fair value of financial instruments (Details) - Money market funds - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash equivalents - money market funds | $ 309,266 | $ 306,097 |
Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Cash equivalents - money market funds | $ 309,266 | $ 306,097 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Inventory | ||
Raw Materials | $ 4,311 | $ 5,509 |
Work in process | 4,741 | 3,362 |
Finished goods | 8,018 | 7,915 |
Total net inventory | $ 17,070 | $ 16,786 |
Other accrued expenses (Details
Other accrued expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Other accrued expenses | ||
Royalties | $ 978 | $ 815 |
Professional and outside services | 1,370 | 1,409 |
Tax liabilities | 531 | 172 |
Other | 1,745 | 2,351 |
Total accrued expenses | $ 4,624 | $ 4,747 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Stock-based compensation | ||
Share-based compensation expense | $ 3,902 | $ 3,827 |
Cost of product revenue | ||
Stock-based compensation | ||
Share-based compensation expense | 187 | 88 |
Cost of service and other revenue | ||
Stock-based compensation | ||
Share-based compensation expense | 350 | 166 |
Research and development | ||
Stock-based compensation | ||
Share-based compensation expense | 370 | 398 |
Selling, general, and administrative | ||
Stock-based compensation | ||
Share-based compensation expense | 2,995 | $ 3,175 |
Restricted stock units and stock options | ||
Stock-based compensation | ||
Total unrecognized compensation cost related to unvested stock awards | $ 43,800 | |
Period of recognition of unrecognized compensation cost | 3 years |
Net Loss per share - Basic and
Net Loss per share - Basic and diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Net Loss per share | ||
Net loss | $ (6,103) | $ (18,153) |
Basic weighted average common shares outstanding | 37,326,559 | 36,850,894 |
Diluted weighted average common shares outstanding | 37,326,559 | 36,850,894 |
Basic net (loss) income per share | $ (0.16) | $ (0.49) |
Diluted net (loss) income per share | $ (0.16) | $ (0.49) |
Net Loss per share - Common sha
Net Loss per share - Common share equivalents have been excluded from the calculation of diluted net loss per share (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Unvested restricted common stock and restricted stock units | ||
Net loss per share | ||
Number of common share equivalents excluded in the calculation of diluted net loss per share | 1,489,354 | 587,939 |
Outstanding stock options | ||
Net loss per share | ||
Number of common share equivalents excluded in the calculation of diluted net loss per share | 2,720,047 | 2,185,706 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income taxes | ||
Income Tax Expense (Benefit) | $ 140 | $ (199) |
Effective Income Tax Rate Reconciliation, Percent | (2.36%) | 1.09% |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Changes in the carrying value of goodwill | |||
Goodwill impairment | $ 0 | $ 0 | |
Goodwill | $ 0 | $ 0 |
Commitments and contingencies -
Commitments and contingencies - Purchase Commitments (Details) - Stratec Supply Agreement $ in Millions | 12 Months Ended | 36 Months Ended | |||
Dec. 31, 2024 item | Dec. 31, 2023 item | Dec. 31, 2022 item | Dec. 31, 2024 item | Mar. 31, 2023 USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Number of discs shipped | 75,000 | ||||
Revenue from open purchase orders | $ | $ 4.9 | ||||
Purchase commitments expects to incur in next year | $ | $ 2.7 | ||||
Forecast | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Number of discs purchased | 375,000 | ||||
Number of discs shipped | 80,000 | 220,000 |
Commitments and contingencies_2
Commitments and contingencies - License agreements and Lease commitments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Tufts | License agreements | ||
License agreements | ||
Royalty expense | $ 0.4 | $ 0.4 |
Related party transactions (Det
Related party transactions (Details) $ in Millions | 3 Months Ended | ||||
Aug. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) item | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Related party transactions | |||||
Commitment to sponsor agreement | |||||
Tufts | License Agreement | |||||
Related party transactions | |||||
Royalty expense | 0.4 | $ 0.4 | |||
Harvard University | |||||
Related party transactions | |||||
Related party revenue | 0.3 | 0.2 | |||
Accounts receivable, related parties | 0.1 | 0.1 | |||
Deferred revenue from related parties | 0.1 | $ 0.1 | |||
Cost of revenue, related party activity | 0.1 | ||||
Harvard University | License Agreement | |||||
Related party transactions | |||||
Royalty expense | 0 | 0 | |||
Upfront license fees paid | $ 0.6 | ||||
UltraDx | |||||
Related party transactions | |||||
Related party revenue | $ 0 | ||||
Purchase price | $ 1.9 | ||||
Number Of Manufacturing Instruments | item | 10 | ||||
UltraDx | Maximum | |||||
Related party transactions | |||||
Related party revenue | $ 0.1 |
Restructuring (Details)
Restructuring (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2023 USD ($) | Sep. 30, 2022 position | Dec. 31, 2022 USD ($) | |
Restructuring | |||
Total headcount | position | 119 | ||
Impairment of long-lived assets | $ 0 | $ 17.4 | |
Property And Equipment [Member] | |||
Restructuring | |||
Impairment of long-lived assets | 16.3 | ||
Software and Software Development Costs [Member] | |||
Restructuring | |||
Impairment of long-lived assets | $ 1.1 |
Restructuring - Roll forward (D
Restructuring - Roll forward (Details) - Severance and Employee Benefit Costs $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Restructuring | |
Balance at Beginning of period | $ 328 |
Accrual adjustments | (33) |
Cash payments | (16) |
Foreign exchange | 3 |
Balance at End of period | $ 282 |