Finalizing Commercial Readiness for Expected
Full Commercial Launch by the End of Q1 2024
Releases Full Year 2024 Financial
Guidance
Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or
the “Company”), The Protein Sequencing CompanyTM, today announced
financial results for the fourth quarter and full year ended
December 31, 2023.
Press Release Highlights
- Recorded revenue of $400,000 in the fourth quarter of 2023 as
the Company continued its previously communicated controlled
commercial launch of its Platinum® instrument
- Finalizing commercial readiness for expected full commercial
launch by the end of Q1 2024
- Launched version 2 of its sequencing kit in early February 2024
and has begun shipping to customers
- Announced the Company’s third international distribution
partner, TOMY Digital Biology Co. Ltd., based in Japan
- Announced the planned release of a version 3 of its sequencing
kit by the end of Q3 2024
- Provides full year 2024 financial guidance
“We made great progress in the fourth quarter of 2023 and are
seeing the early results of that work now, including the launch of
our version 2 sequencing kit in early February 2024, significant
progress on scaling up our commercial resources, and the addition
of our third distributor to our international network”, said Jeff
Hawkins, President and Chief Executive Officer of Quantum-Si. “We
are pleased with our ability to launch the version 2 sequencing kit
well within the previously provided timeline. We are excited about
the acceleration we are seeing in our R&D pipeline and believe
we are in a strong position to deliver a steady cadence of product
enhancements and new capabilities to the market in 2024 and beyond.
A version 3 of our sequencing kit is under development now and we
expect to deliver it to the market by the end of Q3 2024. We are
also making solid progress across library prep and instrument
development programs that we believe will fuel the future growth of
the Company for years to come.”
Hawkins continued, “With all the progress that we have made over
the last year, coupled with finalizing our commercialization
readiness, I am pleased to announce that we expect to commence our
full commercial launch of our Platinum® instrument by the end of Q1
2024. We have also released full year 2024 financial guidance.”
Fourth Quarter 2023 and Full Year 2023 Financial
Results
During the fourth quarter of 2023, the Company continued its
controlled commercial launch of its Platinum instrument, recording
revenue of $400,000. Gross profit was $178,000 and gross margin was
45%. For the full year ended December 31, 2023, the Company
recorded revenue of $1.1 million, gross profit of $488,000, and
gross margin of 45%. The periodic gross margin rate is expected to
be variable in the near term as the Company works through the
initial stages of commercialization as well as the timing and mix
of product sales between instruments and consumable kits.
Total operating expenses were $28.1 million in the fourth
quarter of 2023, compared to $38.8 million for the same period in
the prior year, and $111.7 million for the full year ended December
31, 2023, compared to $123.8 million for the same period in the
prior year. Adjusted total operating expenses were $26.3 million in
the fourth quarter of 2023, compared to $25.3 million for the same
period in the prior year, and adjusted total operating expenses for
the full year ended December 31, 2023, were $98.9 million compared
to $103.2 million for the same period in the prior year. Overall
adjusted operating expenses for 2023 compared to 2022 have
decreased as the Company focused on deploying capital in an
efficient manner to R&D projects while still building
commercial capabilities.
Net loss was $22.0 million in the fourth quarter of 2023,
compared to a net loss of $33.1 million in the same period of the
prior year, and a net loss of $96.0 million for the full year ended
December 31, 2023, compared to a net loss of $132.4 million for the
same period in the prior year. Adjusted EBITDA was negative $25.1
million in the fourth quarter of 2023, compared to negative $24.5
million in the same period of the prior year, and negative $94.3
million for the full year ended December 31, 2023, compared to
negative $100.6 million for the same period in the prior year. A
reconciliation of the non-GAAP financial measures, adjusted total
operating expenses and adjusted EBITDA, is provided in a table
included in this press release.
As of December 31, 2023, the Company’s cash and cash equivalents
and investments in marketable securities were $257.7 million.
2024 Financial Guidance
For the full year 2024, the Company provided the following
financial guidance:
Revenue $3.7 - $4.2 million Adjusted total operating expenses Less
than $103 million Total cash usage Less than $100 million
The Company also maintains the expectation that the balance in
cash and cash equivalents and investments in marketable securities
of $257.7 million as of December 31, 2023 will provide a runway
into 2026.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its fourth
quarter and full year 2023 financial results on Thursday, February
29, 2024, at 4:30 p.m. Eastern Time. Individuals interested in
listening to the conference call may do so by joining the live
webcast in the Investors section of the Quantum-Si website under
Events & Presentations. Alternatively, individuals can register
online to receive a dial-in number and personalized PIN to
participate in the call. An archived webcast of the event will be
available for replay following the event.
About Quantum-Si Incorporated
Quantum-Si, The Protein Sequencing Company™, is focused on
revolutionizing the growing field of proteomics. The Company's
suite of technologies is powered by a first-of-its-kind
semiconductor chip designed to enable next-generation
single-molecule protein sequencing and digitize proteomic research
in order to advance drug discovery and diagnostics beyond what has
been possible with DNA sequencing. Learn more at quantum-si.com or
follow us on LinkedIn or X.
Use of Non-GAAP Financial Measures
This press release presents the non-GAAP financial measures
“adjusted total operating expenses” and “adjusted EBITDA.” The most
directly comparable measures for these non-GAAP financial measures
are total operating expenses and net loss. The Company has included
below adjusted total operating expenses, which presents the
Company’s total operating expenses after excluding goodwill
impairment, stock-based compensation and restructuring costs. In
addition, adjusted EBITDA further excludes interest, taxes,
depreciation, amortization, dividend income, unrealized and
realized gains and losses on marketable securities, changes in fair
value of warrant liabilities and other income or expense.
A discussion of the reasons why management believes that the
presentation of non-GAAP financial measures provides useful
information to investors regarding the Company’s financial
condition and results of operations is included as Exhibit 99.2 to
the Company’s Current Report on Form 8-K filed with the Securities
and Exchange Commission (the “SEC”) on February 29, 2024.
Forward Looking Statements
This press release includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995. The actual
results of the Company may differ from its expectations, estimates,
and projections and, consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions (or the negative versions of such words or expressions)
are intended to identify such forward-looking statements. These
forward-looking statements include, without limitation, the
Company's expectations with respect to future performance and
development and commercialization of products and services, its
anticipated cash runway and its financial guidance for the full
year 2024. These forward-looking statements involve significant
risks and uncertainties that could cause the actual results to
differ materially from those discussed in the forward-looking
statements. Most of these factors are outside the Company's control
and are difficult to predict. Factors that may cause such
differences include, but are not limited to: the inability to
maintain the listing of the Company's Class A common stock on The
Nasdaq Stock Market; the ability of the Company to grow and manage
growth profitably and retain its key employees; the Company’s
ongoing leadership transitions; changes in applicable laws or
regulations; the ability of the Company to raise financing in the
future; the success, cost and timing of the Company's product
development and commercialization activities; the commercialization
and adoption of the Company’s existing products and the success of
any product the Company may offer in the future; the potential
attributes and benefits of the Company’s commercialized Platinum™
protein sequencing instrument and kits and the Company’s other
products once commercialized; the Company's ability to obtain and
maintain regulatory approval for its products, and any related
restrictions and limitations of any approved product; the Company's
ability to identify, in-license or acquire additional technology;
the Company's ability to maintain its existing lease, license,
manufacture and supply agreements; the Company's ability to compete
with other companies currently marketing or engaged in the
development or commercialization of products and services that
serve customers engaged in proteomic analysis, many of which have
greater financial and marketing resources than the Company; the
size and growth potential of the markets for the Company's products
and services, and its ability to serve those markets once
commercialized, either alone or in partnership with others; the
Company's estimates regarding future expenses, future revenue,
capital requirements and needs for additional financing; the
Company's financial performance; and other risks and uncertainties
described under "Risk Factors" in the Company’s most recent Annual
Report on Form 10-K, and in the Company's other filings with the
SEC. The Company cautions that the foregoing list of factors is not
exclusive. The Company cautions readers not to place undue reliance
upon any forward-looking statements, which speak only as of the
date made. The Company does not undertake or accept any obligation
or undertaking to release publicly any updates or revisions to any
forward-looking statements to reflect any change in its
expectations or any change in events, conditions, or circumstances
on which any such statement is based.
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except per share
amounts)
(Unaudited)
Three months ended December
31,
Years ended December
31,
2023
2022
2023
2022
Revenue Product
$
377
$
-
$
1,031
$
-
Service
23
-
51
-
Total revenue
400
-
1,082
-
Cost of revenue
222
-
594
-
Gross profit
178
-
488
-
Operating expenses: Research and development
16,437
18,157
67,025
72,062
Selling, general and administrative
11,624
11,203
44,634
42,296
Goodwill impairment
-
9,483
-
9,483
Total operating expenses
28,061
38,843
111,659
123,841
Loss from operations
(27,883)
(38,843)
(111,171)
(123,841)
Dividend income
2,262
2,013
9,536
5,301
Gain (loss) on marketable securities, net
3,774
2,180
5,587
(20,603)
Change in fair value of warrant liabilities
(197)
1,122
(278)
6,243
Other (expense) income, net
(4)
388
366
458
Loss before provision for income taxes
(22,048)
(33,140)
(95,960)
(132,442)
Provision for income taxes
-
-
-
-
Net loss and comprehensive loss
$
(22,048)
$
(33,140)
$
(95,960)
$
(132,442)
Net loss per common share attributable to common
stockholders, basic and diluted
$
(0.16)
$
(0.24)
$
(0.68)
$
(0.95)
Weighted-average shares used to compute net loss per share
attributable to common stockholders, basic and diluted
141,575
139,849
141,300
139,255
QUANTUM-SI
INCORPORATED
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share and
par value amounts)
(Unaudited)
December 31,
December 31,
2023
2022
Assets Current assets: Cash and cash equivalents
$
133,860
$
84,319
Marketable securities
123,876
266,990
Accounts receivable, net of allowance of $0 and $0, respectively
368
-
Inventory, net
3,945
-
Prepaid expenses and other current assets
4,261
6,873
Total current assets
266,310
358,182
Property and equipment, net
16,275
16,849
Internally developed software
532
-
Operating lease right-of-use assets
14,438
15,757
Other assets
695
697
Total assets
$
298,250
$
391,485
Liabilities and stockholders' equity Current
liabilities: Accounts payable
$
1,766
$
3,903
Accrued expenses and other current liabilities
8,277
10,434
Current portion of operating lease liabilities
1,566
1,369
Total current liabilities
11,609
15,706
Warrant liabilities
1,274
996
Operating lease liabilities
13,737
16,077
Other long-term liabilities
11
-
Total liabilities
26,631
32,779
Stockholders' equity Class A Common stock, $0.0001
par value; 600,000,000 shares authorized as of December 31, 2023
and December 31, 2022; 121,832,417 and 120,006,757 shares issued
and outstanding as of December 31, 2023 and December 31, 2022,
respectively.
12
12
Class B Common stock, $0.0001 par value; 27,000,000 shares
authorized as of December 31, 2023 and December 31, 2022;
19,937,500 shares issued and outstanding as of December 31, 2023
and December 31, 2022.
2
2
Additional paid-in capital
767,239
758,366
Accumulated deficit
(495,634
)
(399,674
)
Total stockholders' equity
271,619
358,706
Total liabilities and stockholders' equity
$
298,250
$
391,485
QUANTUM-SI
INCORPORATED
RECONCILIATION OF U.S. GAAP TO
NON-GAAP FINANCIAL MEASURES
(in thousands)
(Unaudited)
Three months ended December
31,
Years ended December
31,
2023
2022
2023
2022
Net loss
$
(22,048
)
$
(33,140
)
$
(95,960
)
$
(132,442
)
Adjustments to reconcile to EBITDA: Dividend income
(2,262
)
(2,013
)
(9,536
)
(5,301
)
Depreciation and amortization
1,093
795
4,156
2,584
EBITDA
(23,217
)
(34,358
)
(101,340
)
(135,159
)
Adjustments to reconcile to Adjusted EBITDA: Goodwill
impairment
-
9,483
-
9,483
(Gain) loss on marketable securities, net
(3,774
)
(2,180
)
(5,587
)
20,603
Change in fair value of warrant liabilities
197
(1,122
)
278
(6,243
)
Other expense (income), net
4
(388
)
(366
)
(458
)
Stock-based compensation
1,339
4,107
8,253
11,206
Restructuring costs
373
-
4,504
-
Adjusted EBITDA
$
(25,078
)
$
(24,458
)
$
(94,258
)
$
(100,568
)
Three months ended December
31,
Years ended December
31,
2023
2022
2023
2022
Total operating expenses
$
28,061
$
38,843
$
111,659
$
123,841
Adjustments to reconcile to Adjusted total operating
expenses: Stock-based compensation
(1,339
)
(4,107
)
(8,253
)
(11,206
)
Restructuring costs
(373
)
-
(4,504
)
-
Goodwill impairment
-
(9,483
)
-
(9,483
)
Adjusted total operating expenses
$
26,349
$
25,253
$
98,902
$
103,152
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240229043793/en/
Investor Contact Jeff Keyes, Chief Financial Officer
ir@quantum-si.com Media Contact Katherine Atkinson, SVP,
Commercial Marketing media@quantum-si.com
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