On November 12, 2024, Quanterix Corporation released preliminary financial results for the third quarter ended September 30, 2024, reporting $35.7 million in revenue and a preliminary operating loss of $(11.2) million. The company reaffirmed its full-year 2024 revenue guidance of $134 million to $138 million and anticipated 2024 cash usage of approximately $30 million.
Concurrently, Quanterix disclosed a material weakness in its internal control over financial reporting, identifying an error related to the capitalization of labor and overhead costs applied to prior periods going back to at least 2021. This error impacted the valuation of inventory, leading the Audit Committee and management to conclude that previously issued financial statements for multiple periods, including Q1 and Q2 2024, could no longer be relied upon and required restatement.
The company provided preliminary restated GAAP figures for Q2 2024, showing revenue of $34.4 million, gross profit of $21.6 million (62.7%), and an operating loss of $(11.5) million. Quanterix stated it does not expect the errors to materially impact total revenues or cash in any completed fiscal period and aims to complete the restatement and all required filings by the end of 2024.
Following this disclosure, multiple law firms, including the Law Offices of Howard G. Smith, The Law Offices of Frank R. Cruz, Bronstein, Gewirtz & Grossman, LLC, and Wolf Haldenstein Adler Freeman & Herz LLP, announced investigations into Quanterix Corporation. These investigations concern potential violations of federal securities laws on behalf of investors due to the identified financial reporting errors and the impact on inventory valuation.
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