Quanterix: Needs to restate certain prior period financial statements

As previously reported, the Company has identified and continues its efforts to remediate a material weakness in its internal control over financial reporting relating to the operating effectiveness of internal controls associated with the accounting for inventory valuation. In connection with these remediation efforts, and while performing closing procedures for the third quarter 2024, management identified an error related to the capitalization of labor and overhead costs applied to prior periods, which impacted the valuation of inventory. This error relates to a design deficiency in the Company’s internal control over financial reporting related to the accounting for inventory valuation. The cumulative effect of this error, when taken together with unrelated immaterial errors identified by the Company in prior periods, resulted in the need for material adjustments to previously issued financial statements. The Audit Committee of the Board of Directors and management therefore concluded that it is appropriate 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 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 in order to correct all known errors in accounting in the financial statements for such periods. The Company intends, as promptly as possible, to complete the Restatement and to file with the Securities and Exchange Commission amendments to the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Reports on Form 10-Q for the first and second quarters of 2024 and to file its Quarterly Report on Form 10-Q for the third quarter of 2024. Although there can be no assurance, the Company’s goal is to complete the Restatement and all required filings by the end of 2024.