Quantum-Si Incorporated (Nasdaq: QSI) (“Quantum-Si,” “QSI” or
the “Company”), The Protein Sequencing Company™, today announced
financial results for the second quarter ended June 30, 2023.
Second Quarter Highlights
- Recognized revenue of $205,000 in the second quarter of 2023.
Exited the quarter with an order backlog of two Platinum™
instruments.
- Strengthened the Board of Directors with the addition of Scott
Mendel and Jack Kenny.
- Since May 2023, strengthened the Executive Management team with
the additions of Jeff Keyes as Chief Financial Officer and Johan
Denecke as Senior Vice President, Operations
- Published five new applications notes since May 2023
demonstrating the use of Quantum-Si’s next-generation protein
sequencing across various applications in support of business
development activities.
- Presented a poster that favorably compared protein and
proteoform identification on Quantum-Si’s Platinum instrument to
Mass Spectrometry at the American Society for Mass Spectrometry
(ASMS) Annual Conference.
- Initiated a strategic review of current R&D programs and
R&D organizational design. Expect to implement the necessary
changes during the current quarter.
“Over the last quarter, we made great strides in the build out
of our commercial team and have received valuable feedback from
customers as we continue our thoughtful and controlled
commercialization of Platinum,” said Jeff Hawkins, Chief Executive
Officer. “We believe the outcome of our strategic review of R&D
will better position us to deliver additional product improvements
before the end of 2023 while also ensuring a pipeline of technology
improvements that will support a steady cadence of releases
throughout 2024. Going forward, we will continue to be laser
focused on delivering the technology capabilities and applications
customers want most while maintaining a high level of financial
discipline over the use of our capital resources.”
Second Quarter 2023 Financial Results
During the second quarter of 2023, the Company continued its
measured market deployment of its recently launched Platinum
instrument, recording revenue for instruments and sequencing
consumable kits of $205,000, and with an order backlog of two
Platinum instruments.
Gross profit was $78,000 and gross margin was 38.0%. The 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.
Operating expenses were $27.0 million in the second quarter of
2023, compared to $30.2 million in the second quarter of 2022.
Operating expenses included $1.9 million in stock-based
compensation and $1.1 million in restructuring costs in the second
quarter of 2023, compared to $3.8 million in stock-based
compensation in the second quarter of 2022.
Net loss was $25.6 million in the second quarter of 2023,
compared to a net loss of $32.4 million in the second quarter of
2022. Adjusted EBITDA was negative $22.9 million in the second
quarter of 2023, compared to negative $25.8 million in the second
quarter of 2022. The reconciliation of non-GAAP adjusted EBITDA to
net loss is provided in a table included in this press release.
As of June 30, 2023, cash and cash equivalents and investments
in marketable securities were $297.2 million.
2023 Financial Outlook
- The Company reiterates full year non-GAAP operating expense to
be flat compared to the prior year.
- The Company maintains the expectation that the balance in cash
and cash equivalents and investments in marketable securities of
$297.2 million as of June 30, 2023 to provide a runway into
2026.
Webcast and Conference Call Information
Quantum-Si will host a conference call to discuss its second
quarter 2023 financial results on Monday, August 7, 2023, at 8:30
AM Eastern Time. Individuals interested in listening to the
conference call may do so by joining the live webcast on 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
www.quantum-si.com.
Use of Non-GAAP Financial Measures
In addition to providing financial measurements that have been
prepared in accordance with accounting principles generally
accepted in the United States of America (“U.S. GAAP”), the Company
provides additional financial metrics that are not prepared in
accordance with U.S. GAAP (“non-GAAP”). The non-GAAP financial
measures included in this press release are EBITDA and Adjusted
EBITDA. The Company presents non-GAAP financial measures to assist
readers of its condensed consolidated financial statements in
understanding the core operating results that its management uses
to evaluate the business and for financial planning purposes. The
Company’s non-GAAP financial measures, EBITDA and Adjusted EBITDA,
provide an additional tool for investors to use in comparing its
financial performance over multiple periods.
EBITDA and Adjusted EBITDA are key performance measures that the
Company’s management uses to assess its operating performance in
additional to GAAP financial measures. These non-GAAP measures
facilitate internal comparisons of the Company’s operating
performance on a more consistent basis and the Company uses these
performance measures for business planning purposes and
forecasting. The Company believes that EBITDA and Adjusted EBITDA
enhance an investor’s understanding of the Company’s financial
performance as they are useful in assessing its operating
performance from period-to-period by excluding certain items that
the Company believes are not representative of its core
business.
EBITDA and Adjusted EBITDA may not be comparable to similarly
titled measures of other companies because they may not calculate
these measures in the same manner. EBITDA and Adjusted EBITDA are
not prepared in accordance with U.S. GAAP and should not be
considered in isolation of, or as an alternative to, measures
prepared in accordance with U.S. GAAP. When evaluating the
Company’s performance, you should consider EBITDA and Adjusted
EBITDA alongside other financial performance measures prepared in
accordance with U.S. GAAP, including net loss.
The non-GAAP financial measures do not replace the presentation
of the Company’s U.S. GAAP financial results and should only be
used as a supplement to, not as a substitute for, the Company’s
financial results presented in accordance with U.S. GAAP. In this
press release, the Company has provided a reconciliation of EBITDA
and Adjusted EBITDA to net loss, the most directly comparable U.S.
GAAP financial measure. A reconciliation of EBITDA and Adjusted
EBITDA to corresponding U.S. GAAP measures is not available on a
forward-looking basis because the Company is unable to predict with
reasonable certainty the non-cash component of employee
compensation expense, changes in its working capital needs, the
impact of earnings or charges resulting from matters the Company
considers not to be reflective, on a recurring basis, of its
ongoing operations, and other such items without unreasonable
effort. These items are uncertain, depend on several factors, and
could be material to the Company’s results computed in accordance
with U.S. GAAP. Management strongly encourages investors to review
the Company’s financial statements and publicly-filed reports in
their entirety and not rely on any single financial measure.
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. 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 impact of COVID-19 on the
Company's business; the inability to maintain the listing of the
Company's Class A common stock on The Nasdaq Stock Market; the
ability to recognize the anticipated benefits of the business
combination, which may be affected by, among other things,
competition and the ability of the Company to grow and manage
growth profitably and retain its key employees; our ongoing
leadership transition; 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 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 Annual Report for
the fiscal year ended December 31, 2022, 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 share and per share amounts) (Unaudited)
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Revenue:
Product
$
187
$
-
$
438
$
-
Service
18
-
21
-
Total revenue
205
-
459
-
Cost of revenue
127
-
257
-
Gross profit
78
-
202
-
Operating expenses:
Research and development
15,834
18,459
34,001
37,230
Selling, general and administrative
11,136
11,741
22,314
20,110
Total operating expenses
26,970
30,200
56,315
57,340
Loss from operations
(26,892
)
(30,200
)
(56,113
)
(57,340
)
Dividend income
2,483
1,052
4,702
1,907
Change in fair value of warrant
liabilities
(310
)
2,337
81
4,984
Other income (expense), net
(854
)
(5,603
)
2,146
(17,140
)
Loss before provision for income
taxes
(25,573
)
(32,414
)
(49,184
)
(67,589
)
Provision for income taxes
-
-
-
-
Net loss and comprehensive loss
$
(25,573
)
$
(32,414
)
$
(49,184
)
$
(67,589
)
Net loss per common share attributable to
common stockholders, basic and diluted
$
(0.18
)
$
(0.23
)
$
(0.35
)
$
(0.49
)
Weighted-average shares used to compute
net loss per share attributable to common stockholders, basic and
diluted
141,506,818
139,000,261
140,896,963
138,811,146
QUANTUM-SI INCORPORATED CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except share and per
share amounts) (Unaudited)
June 30,
2023
December 31,
2022
Assets
Current assets:
Cash and cash equivalents
$
87,934
$
84,319
Marketable securities
209,251
266,990
Accounts receivable, net of allowance for
estimated credit losses of $0 and $0, respectively
327
-
Inventory, net
1,978
-
Prepaid expenses and other current
assets
7,304
6,873
Total current assets
306,794
358,182
Property and equipment, net
18,104
16,849
Internally developed software
673
-
Operating lease right-of-use assets
14,896
15,757
Other assets
701
697
Total assets
$
341,168
$
391,485
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
833
$
3,903
Accrued expenses and other current
liabilities
7,882
10,434
Short-term operating lease liabilities
1,478
1,369
Total current liabilities
10,193
15,706
Warrant liabilities
915
996
Other long-term liabilities
32
-
Operating lease liabilities
14,733
16,077
Total liabilities
25,873
32,779
Commitments and contingencies
Stockholders' equity
Class A Common stock, $0.0001 par value;
600,000,000 shares authorized as of June 30, 2023 and December 31,
2022; 121,633,613 and 120,006,757 shares issued and outstanding as
of June 30, 2023 and December 31, 2022, respectively
12
12
Class B Common stock, $0.0001 par value;
27,000,000 shares authorized as of June 30, 2023 and December 31,
2022; 19,937,500 shares issued and outstanding as of June 30, 2023
and December 31, 2022
2
2
Additional paid-in capital
764,139
758,366
Accumulated deficit
(448,858
)
(399,674
)
Total stockholders' equity
315,295
358,706
Total liabilities and stockholders'
equity
$
341,168
$
391,485
QUANTUM-SI INCORPORATED
RECONCILIATION OF U.S. GAAP TO NON-GAAP FINANCIAL MEASURES
(in thousands) (Unaudited)
Adjusted EBITDA
Three months ended June
30,
Six months ended June
30,
2023
2022
2023
2022
Net loss
$
(25,573
)
$
(32,414
)
$
(49,184
)
$
(67,589
)
Adjustments to reconcile to
EBITDA:
Dividend income
(2,483
)
(1,052
)
(4,702
)
(1,907
)
Depreciation and amortization
1,090
608
1,893
1,060
EBITDA
$
(26,966
)
$
(32,858
)
$
(51,993
)
$
(68,436
)
Adjustments to reconcile to Adjusted
EBITDA:
Change in fair value of warrant
liabilities
310
(2,337
)
(81
)
(4,984
)
Other (income) expense, net
854
5,603
(2,146
)
17,140
Stock-based compensation
1,865
3,770
5,773
3,056
Restructuring costs
1,067
-
1,880
-
Adjusted EBITDA
$
(22,870
)
$
(25,822
)
$
(46,567
)
$
(53,224
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230807943220/en/
Investors Juan Avendano ir@quantum-si.com
Media Michael Sullivan media@quantum-si.com
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