Quanterix Announces Receipt of Expected Notice from Nasdaq

Rhea-AI Summary

Quanterix (NASDAQ: QTRX) received a notice from Nasdaq on November 21, 2024, regarding non-compliance with listing rules due to delayed filing of its Q3 2024 Form 10-Q. The company has until January 20, 2025, to submit a compliance plan. The delay is attributed to the need to restate financial statements from 2022-2023 and multiple quarterly periods through Q2 2024. The notice does not immediately affect QTRX's Nasdaq listing, and the company expects to complete all required filings by end of 2024.

Positive

• Company expects to complete all required filings by end of 2024
• No immediate impact on Nasdaq listing status

Negative

• Need to restate financial statements for 2022-2023 and eight quarterly periods
• Non-compliance with Nasdaq listing requirements
• Delayed filing of Q3 2024 Form 10-Q

Insights

Financial Analyst

This notice from Nasdaq represents a significant development that warrants careful investor attention. The requirement to restate financial statements spanning multiple years (2022-2024) suggests potentially material accounting issues. The scope of the restatement, covering both annual and quarterly periods, is particularly extensive.

The 60-day deadline to submit a compliance plan is crucial. While the company projects completion by year-end 2024, such extensive restatements often face delays and can reveal previously unknown financial issues. The trading status remains unchanged for now, but prolonged non-compliance could lead to more severe consequences, including potential delisting procedures.

Historical patterns show that companies undergoing major restatements often experience increased volatility and potential valuation adjustments once revised figures are released. Investors should exercise heightened due diligence and monitor the situation closely for the actual impact on financial positions.

BILLERICA, Mass.--(BUSINESS WIRE)-- Quanterix Corporation (NASDAQ: QTRX) today announced that it received a notice (the “Notice”) on November 21, 2024 from The Nasdaq Stock Market LLC (“Nasdaq”) stating that because the Company has not yet filed its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 (the “Form 10-Q"), it is no longer in compliance with Nasdaq Listing Rule 5250(c)(1) (the “Rule”), which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the “SEC”).

The Notice has no immediate effect on the listing or trading of the Company’s common stock on Nasdaq. Under Nasdaq rules, the Company has 60 calendar days from receipt of the Notice, or until January 20, 2025, to submit a plan to regain compliance with the Rule.

On November 12, 2024, the Company previously announced that it would be delayed in filing the Form 10-Q due to the need to restate the Company’s audited consolidated financial statements as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023, and its unaudited consolidated financial statements for the quarterly and year-to-date (as applicable) periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, September 30, 2023, March 31, 2024 and June 30, 2024. The Notice from Nasdaq is standard practice in the event of a delayed periodic financial report filing and was anticipated.

The Company is continuing to work expeditiously to complete the filing of the Form 10-Q and remains on track to complete the restatement and all required filings by the end of 2024.

This announcement is made in compliance with Nasdaq Listing Rule 5250(b)(2).

About Quanterix

From discovery to diagnostics, Quanterix’s ultrasensitive biomarker detection is fueling breakthroughs only made possible through its unparalleled sensitivity and flexibility. The Company’s Simoa^® technology has delivered the gold standard for earlier biomarker detection in blood, serum or plasma, with the ability to quantify proteins that are far lower than the Level of Quantification (LoQ). Its industry-leading precision instruments, digital immunoassay technology and CLIA-certified Accelerator laboratory have supported research that advances disease understanding and management in neurology, oncology, immunology, cardiology and infectious disease. Quanterix has been a trusted partner of the scientific community for nearly two decades, powering research published in more than 3,100 peer-reviewed journals. Find additional information about the Billerica, Massachusetts-based company at https://www.quanterix.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements in this press release are based on Quanterix’s expectations and assumptions as of the date of this press release. Each of these forward-looking statements involves risks and uncertainties. Factors that may cause Quanterix’s actual results to differ from those expressed or implied in the forward-looking statements in this press release include, but are not limited to, that the Company may have underestimated the scope and impact of the restatement of certain of its financial statement and the risk that the Company’s restated financial statements may take longer to complete than expected, as well as those described in our periodic reports filed with the U.S. Securities and Exchange Commission, including the “Risk Factors” sections contained therein. Except as required by law, Quanterix assumes no obligation to update any forward-looking statements contained herein to reflect any change in expectations, even as new information becomes available.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241122959546/en/

Media:

media@quanterix.com

Investor Relations:

Amy Achorn

(978) 488-1854

ir@quanterix.com

Source: Quanterix Corporation

FAQ

Why did Quanterix (QTRX) receive a notice from Nasdaq on November 21, 2024?

Quanterix received the notice for failing to timely file its Q3 2024 Form 10-Q, violating Nasdaq Listing Rule 5250(c)(1).

What is the deadline for Quanterix (QTRX) to submit its compliance plan to Nasdaq?

Quanterix has 60 calendar days from November 21, 2024, until January 20, 2025, to submit a plan to regain compliance.

Which financial statements does Quanterix (QTRX) need to restate?

Quanterix needs to restate financial statements for 2022-2023 and quarterly periods from Q1 2022 through Q2 2024.

When does Quanterix (QTRX) expect to complete all required filings?

Quanterix expects to complete the restatement and all required filings by the end of 2024.