Why Quanterix Shares Plunged by Nearly 55% Today
A slide in revenue, a deepening net loss, and dispiriting guidance were the stimuli behind the monster drop in Quanterix (NASDAQ: QTRX) stock on Tuesday. After the biotech reported its second-quarter results following market hours Monday -- and announced a high-level departure within its ranks -- investors traded the shares aggressively, with the stock losing over half its value.
The quarter saw Quanterix earn $23.5 million in total revenue, for a year-over-year decline of more than 7%. Meanwhile, the company's net loss deepened considerably, landing at more than $24.9 million ($0.67 per share) from the year-ago deficit of almost $11.9 million.
As deep as it was, Quanterix's net loss was broadly in line with analyst expectations. But revenue was around 20% below the average estimate, according to Zack's.
Source Fool.com
