Quanterix Corp. (QTRX), a life sciences company, has gained a monumental increase of 17.40% in the aftermarket trading session. As a result, QTRX stock was trading at $48.45 when last checked. On Monday, QTRX closed the day at $41.27 after declining 5.45% during regular trading hours. The decline came after the company announced that US FDA had granted breakthrough device designation to its pTau-181 blood test.
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QTRX Simoa granted Breakthrough Device designation
The breakthrough device designation is granted to the products which have the potential to offer a more efficient diagnosis of life-threatening diseases. QTRX announced on Monday that its Simoa® phospho-Tau 181 (pTau-181) blood test has been granted Breakthrough Device designation by the US FDA to serve as an aid in the diagnosis and evaluation of Alzheimer. The device designation program is designed to enable accelerated development, assessment and review process. The intention is to provide patients with timely access to technologies or devices. Simoa pTau-181 test is a semi-quantitative immunoassay and was intended to measure the concentration of pTau-181 in serum and plasma of an individual via utilizing the Quanterix HD-X immunoassay system. The proposed indications include the use of test results in adult patients as well as presenting with cognitive impairment to the ones who are being evaluated for Alzheimer.
Q2 2021 financial highlights
On 5th August, QTRX reported the financial results for the second quarter of the fiscal year 2021 which ended on 30th June. The company generated total revenue of $25.37 million during the three months against $13.13 million for the same period of 2020. The gross profit for the three months was $13.87 million against $5.21 million for the same period of 2020. The total operating expenses for the quarter were $27.54 million against $17.41 million for the same quarter of 2020. The company suffered a loss of $13.66 million from the operations during the period against $12.20 million for the same period of 2020. The net loss bore by the company during the three months was $11.89 million against $12.30 million for the same period of 2020. The company had cash and cash equivalents of $430.78 million on 30th June. The total assets were $528.04 million while total liabilities were $62.03 million.
Future for QTRX
The last few weeks have been quite tumultuous for QTRX stock. The stock has declined some 28% during the last few weeks. But analysts believe that the development of innovative products by the company could have a positive effect on its share price in months to come.
