Quanterix (NASDAQ:QTRX) inventory plunged 60.3% to $6.54 in Tuesday morning buying and selling after a triple whammy of weak Q2 outcomes, disappointing steering and a strategic realignment plan involving layoffs.
Billerica, Mass.-based QTRX presents biomarker detection expertise and biomarker testing companies. It additionally makes the Simoa branded assay kits, which offer varied reagents to carry out analytical exams.
The corporate after hours on Monday reported Q2 income of $23.5M which fell 7.5% Y/Y and missed estimates by $6.55M.
QTRX mentioned the autumn in quarterly income was because of high quality points with its assays and a discount in consumable income of 29% Y/Y.
QTRX’s Q2 professional forma loss from operations widened to $24.96M from $13.67M a 12 months in the past, whereas quarterly gross margin fell 1,760 bps to 37.1%.
QTRX now expects its complete 2022 income to be flat in comparison with 2021. The consensus income estimate is for 16.16% Y/Y development to $128.42M.
Qunaterix (QTRX) additionally mentioned that, following a strategic assessment, the corporate had began an assay redevelopment program to deal with high quality challenges and enhance its merchandise.
The enterprise realignment plan features a workforce discount which might have an effect on about 130 staff throughout the corporate’s worldwide operations.
Cowen analysis analysts Max Masucci and Stephanie Yan downgraded QTRX to market carry out from an outperform ranking and mentioned that the corporate’s enterprise realignment plan comes as a shock given its robust stability sheet and monitor report of execution.
“QTRX’s aggressive place will likely be more and more susceptible throughout its strategic realignment… we really feel extra comfy transferring to the sidelines in the interim,” the Cowen analysts mentioned in a analysis observe.