Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a U.S. GAAP basis, we present non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations, which are calculated by including shipping and handling costs for product sales within cost of goods sold instead of within selling, general, and administrative expenses. Management uses these non-GAAP measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry where shipping and handling costs are included in cost of goods sold for products. Management also uses these non-GAAP measures as a factor in assessing our progress against our restructuring plan. The non-GAAP financial information presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with U.S. GAAP.
Set forth below is a reconciliation of non-GAAP gross profit, non-GAAP gross margin, non-GAAP total operating expenses, and non-GAAP loss from operations to their most directly comparable GAAP financial measures.
Reconciliation of GAAP to Non-GAAP Financial Measures
Quanterix Corporation
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures
(Unaudited and in thousands, except percentages)
| | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
GAAP gross profit | | $ | 17,783 | | $ | 10,944 | | $ | 53,847 | | $ | 34,214 |
Shipping and handling costs (1) | | | (2,553) | | | (1,639) | | | (6,004) | | | (5,288) |
Non-GAAP gross profit | | $ | 15,230 | | $ | 9,305 | | $ | 47,843 | | $ | 28,926 |
| | | | | | | | | | | | |
GAAP revenue | | $ | 31,334 | | $ | 26,646 | | $ | 90,819 | | $ | 79,698 |
GAAP gross margin (gross profit as % of revenue) | | | 56.8% | | | 41.1% | | | 59.3% | | | 42.9% |
Non-GAAP gross margin (non-GAAP gross profit as % of revenue) | | | 48.6% | | | 34.9% | | | 52.7% | | | 36.3% |
| | | | | | | | | | | | |
GAAP total operating expenses | | $ | 31,553 | | $ | 47,547 | | $ | 86,598 | | $ | 113,963 |
Shipping and handling costs (1) | | | (2,553) | | | (1,639) | | | (6,004) | | | (5,288) |
Non-GAAP total operating expenses | | $ | 29,000 | | $ | 45,908 | | $ | 80,594 | | $ | 108,675 |
| | | | | | | | | | | | |
GAAP loss from operations | | $ | (13,770) | | $ | (36,603) | | $ | (32,751) | | $ | (79,749) |
Non-GAAP loss from operations | | $ | (13,770) | | $ | (36,603) | | $ | (32,751) | | $ | (79,749) |
| (1) | Shipping and handling costs, which include freight and other activities costs associated with product shipments, are captured within operating expenses in our consolidated statements of operations. During the three months ended September 30, 2023 and 2022, we incurred $2.6 million and $1.6 million, respectively, of shipping and handling costs recorded within operating expenses. During the nine months ended September 30, 2023 and 2022, we incurred $6.0 million and $5.3 million, respectively, of shipping and handling costs within operating expenses. |
About Quanterix
From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is driving breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ) of conventional analog methods. Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 2,200 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn.
