Quanterix (QTRX) 10-Q9 May 232023 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	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
Organization and operations	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
Significant accounting policies	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
Revenue	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
Allowance for credit Losses	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
Collaboration and license arrangements	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
Fair value of financial instruments	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
Inventory	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
Other accrued expenses	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
Stock-Based Compensation	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
Net Loss per share	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
Income taxes	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
Goodwill	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
Commitments and contingencies	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
Related party transactions	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
Restructuring	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
Significant accounting policies (Policies)	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
Revenue (Tables)	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
Allowance for credit Losses (Tables)	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
Fair value of financial instruments (Tables)	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
Inventory (Tables)	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
Other accrued expenses (Tables)	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
Stock-Based Compensation (Tables)	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
Net Loss per share (Tables)	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
Restructuring (Tables)	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
Revenue - Practical expedients (Details)	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
Revenue - Grant revenue (Details) - USD ($) $ in Thousands	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
Income taxes (Details) - USD ($) $ in Thousands	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
Goodwill (Details) - USD ($) $ in Millions	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
Related party transactions (Details) $ in Millions	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
Restructuring (Details) $ in Millions	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