BILLERICA, Mass. - Quanterix (NASDAQ:QTRX) Corporation (NASDAQ: QTRX), a company known for its ultrasensitive biomarker detection technology, has released its preliminary financial results for the fourth quarter and the full year of 2024. According to InvestingPro data, the company's stock has experienced significant pressure, dropping over 22% in the past week and currently trading near its 52-week low. The unaudited data reflects a consistent upward trajectory in revenue, with the company achieving a 12% increase in year-over-year growth for 2024, amounting to approximately $137.2 million. This growth aligns with the company's five-year revenue CAGR of 27%, though InvestingPro analysis suggests the company remains undervalued despite maintaining healthy gross profit margins of 60%.
For the fourth quarter ending December 31, 2024, Quanterix reported revenues of roughly $34.9 million, an 11% increase compared to the same period the previous year. This marks the seventh consecutive quarter of double-digit revenue growth for the company. However, not all segments experienced growth; instrument revenue saw a 6% decline year-over-year, totaling about $3.1 million. Consumables revenue remained flat at approximately $17.4 million, while Accelerator revenue, which excludes a $1.5 million order completed in the third quarter with Eli Lilly (NYSE:LLY), grew by 22% to $8.6 million. Other revenue categories showed a significant 57% increase, reaching $5.8 million.
Despite the challenging environment for capital spending, Quanterix's President and CEO, Masoud Toloue, Ph.D., expressed satisfaction with the company's performance and resilience. Looking ahead, Toloue anticipates further growth and value creation, particularly following the recent announcement of Quanterix's acquisition of Akoya Biosciences, a move expected to drive new growth opportunities.
The company also reported a cash use of approximately $4.4 million in the fourth quarter and ended the year with a strong financial position, with cash, cash equivalents, marketable securities, and restricted cash totaling around $292 million. InvestingPro analysis highlights the company's solid financial health with a current ratio of 10.07, indicating strong liquidity. Notably, Quanterix maintains more cash than debt on its balance sheet, with a conservative debt-to-equity ratio of 0.11. Over the full year, the cash usage amounted to approximately $32 million.
Quanterix's financial results are preliminary and subject to the completion of financial closing procedures, internal reviews, and annual audit procedures. The company will present at the 43rd Annual J.P. Morgan Healthcare Conference on Wednesday and plans to release its detailed fourth-quarter and full-year financial results on March 17, 2025.
This update is based on a press release statement from Quanterix and provides a snapshot of the company's financial health as it navigates a dynamic market and pursues strategic growth initiatives. For deeper insights into Quanterix's financial position and growth prospects, investors can access comprehensive analysis and additional ProTips through InvestingPro's detailed research reports, which cover over 1,400 US equities with expert analysis and actionable intelligence.
In other recent news, Quanterix Corp has made significant strides in its business strategy and financial performance. The company has announced the acquisition of Akoya Biosciences and Emission Inc., enhancing its market presence and expanding its technology portfolio. The merger with Akoya is expected to strengthen Quanterix's position in the laboratory analytical instruments sector, while the acquisition of Emission Inc. for $10 million aligns with the company's strategic goal of expanding its technology stack.
Quanterix has also reported a 13% year-over-year increase in Q3 2024 revenues, reaching $35.7 million, primarily driven by a 36% surge in Accelerator lab services and an 8% increase in consumables. The company reaffirmed its full-year revenue guidance of $134 million to $138 million.
In terms of analyst upgrades, TD Cowen has raised Quanterix's stock target to $16, citing the company's solid revenue growth. Quanterix has also launched 16 new products this year and plans for four more by year-end. These recent developments indicate the company's ongoing commitment to growth and innovation.
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