该收购案始于今年年初，过程几经波折。1月10日，Quanteri x宣布收购Akoya Biosciences，根据协议，以1股Akoya股票置换0.318股 Quanteri x股票。收购目的是，一、将Akoya的空间空间生物学与其基于血液的超灵敏蛋白检测技术可以形成技术互补；二、扩展应用领域， 从原来的神经学拓展到肿瘤学领域；三、借助Akoya的合作伙伴，推动其产品进入临床市场；四、通过大幅成本节约，加速实现盈利。该交易 将产生约4000万美元的年度成本协同效应，其中2000万美元预计将在交易结束后的第一年内实现，预计2026年将实现正向现金流。 之后，由于Quanteri x股东之一基金公司Kent Lake PR LLC对收购提出反对意见，让收购案一度出现不确定性。双方在4月对合并协议进行 了修订。修订后，以1股Akoya股票置换0.1461股Quanteri x股票+0.38美元现金。 关于Quanteri x Quanteri x Corporation（纳斯达克代码：QTRX）是一家专注于超灵敏生物标志物检测的生命科学公司，总部位于美国马萨诸塞州比勒里卡 （ Bi l lerica ） ， 成 ...

Quanterix (QTRX) FY 2025 Conference June 09, 2025 01:20 PM ET Speaker0 Alright. Great. Good afternoon, everyone. I'm Matt Sykes, the life science tools and diagnostic Analyst at Goldman Sachs. And I have the pleasure of having Masud Toulou, the President and CEO of Quanterix with Speaker1 me today. And, Masud, thanks for joining me. Matt, thanks for having us. Great. Maybe if we Speaker0 could start out just for those who maybe kind of knew the story, maybe just give a brief summary of the Quanterix story a ...

Core Viewpoint - Kent Lake PR LLC, holding approximately 6.9% of Quanterix Corporation's outstanding common stock, criticizes Quanterix's pursuit of Akoya Biosciences, particularly in light of Akoya's unsolicited all-cash offer of $1.40 per share, which represents a 22% premium over Akoya's 30-day VWAP and Quanterix's implied offer price under the Amended Merger Agreement [1][2]. Group 1: Merger Agreement and Financial Implications - Quanterix's Amended Merger Agreement commits the company to pay $20 million in cash and issue 8.4 million new shares, which is viewed as a misguided approach to acquiring Akoya [2]. - Quanterix's current share price of approximately $4.75 reflects a significant discount to its net cash position, indicating investor concerns over potential value destruction from the merger [3]. - The enterprise value of Quanterix is reported to be negative $80 million, raising questions about the viability of the merger and the company's financial health [7]. Group 2: Shareholder Sentiment and Board Actions - The Quanterix Board is urged to reconsider its strategy regarding the Akoya acquisition, as pursuing an alternative proposal could jeopardize the company's balance sheet [4][6]. - There is a strong indication that Quanterix shareholders do not support the merger terms, as expressed by Dr. Toloue, who noted that major stockholders have concerns about the deteriorating market conditions [9]. - Kent Lake PR calls for the Quanterix Board to allow Akoya to accept a superior proposal without increasing the purchase consideration, emphasizing that any increase would breach fiduciary duty [8]. Group 3: Future Projections and Risks - Dr. Toloue's projections for the combined company to break even in 2026 are viewed skeptically, as the companies are currently burning over $80 million, and achieving promised synergies of $55 million would still leave a deficit [5]. - The anticipated NIH budget cuts in 2026 further complicate the outlook for significant revenue growth, making reliance on such projections risky [5].

Financial Performance - Quanterix Corporation reported a quarterly loss of $0.53 per share, better than the Zacks Consensus Estimate of a loss of $0.69, but worse than a loss of $0.26 per share a year ago, indicating an earnings surprise of 23.19% [1] - The company posted revenues of $30.33 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 8.99%, although this is a decline from year-ago revenues of $32.07 million [2] - Over the last four quarters, Quanterix has surpassed consensus revenue estimates three times [2] Stock Performance - Quanterix shares have declined approximately 50.3% since the beginning of the year, compared to a decline of 3.8% for the S&P 500 [3] - The current consensus EPS estimate for the upcoming quarter is -$0.38 on revenues of $30.83 million, and for the current fiscal year, it is -$1.62 on revenues of $138.32 million [7] Industry Outlook - The Medical - Products industry, to which Quanterix belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, indicating potential challenges for stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Quanterix's stock performance [5]

Quanterix (QTRX) Q1 2025 Earnings Call May 12, 2025 04:30 PM ET Company Participants Joshua Young - Head of Investor RelationsMasoud Toloue - CEOVandana Sriram - Chief Financial OfficerJake Allen - Healthcare Equity Research AssociatePuneet Souda - Senior MD Conference Call Participants Kyle Mikson - Managing Director & Senior Research AnalystSung Ji Nam - MD - Senior Healthcare AnalystDaniel Brennan - Senior Equity Research Analyst - Managing Director Operator Ladies and gentlemen, thank you for standing b ...

Financial Data and Key Metrics Changes - In the first quarter, the company reported revenue of $30.3 million, representing a decline of 5% year-over-year [10][20] - Adjusted gross margin was approximately 50%, with adjusted cash usage of $9 million, showing over 50% improvement compared to the previous year [10][20] - The company ended the quarter with $269.5 million in cash and equivalents, down $22.2 million from last year [24] Business Line Data and Key Metrics Changes - Consumables revenue was $18.1 million, up 6% year-over-year, driven by strong performance from recently launched products [20] - Instruments revenue was $2.6 million, up 3% year-over-year, with 17 instruments placed in the quarter compared to 16 in the same quarter last year [20] - Accelerator lab revenue decreased by 36% to $5.6 million, primarily due to a decline in large multimillion-dollar projects from pharmaceutical customers [20] Market Data and Key Metrics Changes - North America led revenue growth with a 3% increase, while Europe declined by 30% and Asia Pacific grew by 14% [21] - The customer mix for Q1 was approximately 50% from pharma and 50% from academia [20] Company Strategy and Development Direction - The company is focused on expanding its leadership in neurology and entering immunology and oncology markets through the acquisition of Akoya Biosciences [8][12] - The upcoming launch of the Simoa One platform aims to break current sensitivity barriers and expand multiplexing capabilities [14][18] - The company plans to democratize access to its technology by allowing customers to use Simoa One assay kits on existing flow cytometers starting in 2026 [16][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged broader macro funding challenges but remains optimistic about the demand for human health solutions [7][16] - The company has revised its guidance more conservatively, expecting revenue for 2025 to be between $120 million and $130 million, reflecting a decline of 5% to 13% [25][28] - Management emphasized the commitment to achieving positive cash flow by 2026, supported by a balance sheet exceeding $100 million [19][31] Other Important Information - The company announced a significant reduction in the equity value of its merger with Akoya Biosciences by 67%, increasing Quanterix's shareholder ownership from 70% to 84% [11] - The company is implementing a $30 million core operating cost reduction, scaling to $55 million in annualized savings by 2026 [19] Q&A Session Summary Question: How did Accelerator revenue compare to expectations? - Management indicated that Q1 Accelerator revenue was aligned with expectations, noting a lack of large projects but strong recurring revenue [38] Question: What drove the record consumables revenue? - The record was driven by top neurology assays and traction in inflammation and cytokine-based assays [36] Question: What are the implications of Simoa One being compatible with flow cytometers? - This compatibility allows for broader access to the technology, particularly in immunology and oncology, enhancing synergy with Akoya's customer base [42] Question: What is the expected contribution from Lucent Diagnostics testing? - The pricing for the Lucent AD Complete test is expected to be in the triple digits, with reimbursement beginning in early 2026 [45] Question: What is the outlook for the academic market? - Management noted pressure on instrument purchases but highlighted the resilience of consumables, with a significant installed base generating recurring revenue [57] Question: What are the key drivers for the slower pipeline development in Accelerator? - The slower pipeline is attributed to pharma spending dynamics and project delays rather than a loss of customer interest [64] Question: What is the expected cash burn for Akoya in 2026? - Management did not provide specific guidance for Akoya but indicated that synergies from the acquisition would significantly impact cash burn [90]

First Quarter 2025 Earnings May 12, 2025 " Legal Information IMPORTANT ADDITIONAL INFORMATION In connection with the proposed acquisition of Akoya Biosciences, Inc. ("Akoya") by Quanterix (the "Merger"), Quanterix will file with the U.S. Securities and Exchange Commission (the "SEC") a post-effective amendment to its registration statement on Form S-4 (as so amended, the "Registration Statement"), which will contain a preliminary proxy statement of Akoya and a preliminary prospectus of Quanterix (the "Proxy ...

PART I — FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Quanterix reported a 5% revenue decrease and an 84% increased net loss, impacted by the Emission acquisition Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $76,508 | $56,709 | | Marketable securities | $190,369 | $232,413 | | Goodwill | $6,574 | $0 | | Intangible assets, net | $16,520 | $4,031 | | **Total assets** | **$396,512** | **$406,533** | | Total current liabilities | $40,395 | $42,007 | | **Total liabilities** | **$80,119** | **$76,495** | | **Total stockholders' equity** | **$316,393** | **$330,038** | Consolidated Statement of Operations Highlights (in thousands) | Account | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Total revenues | $30,333 | $32,066 | | Gross profit | $16,415 | $18,548 | | Loss from operations | ($26,366) | ($15,157) | | **Net loss** | **($20,504)** | **($11,163)** | | **Net loss per share, basic and diluted** | **($0.53)** | **($0.29)** | Consolidated Statement of Cash Flows Highlights (in thousands) | Activity | Three Months Ended Mar 31, 2025 | Three Months Ended Mar 31, 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | ($13,888) | ($20,164) | | Net cash provided by (used in) investing activities | $32,762 | ($109,195) | | Net cash provided by financing activities | $93 | $599 | - On January 8, 2025, the Company acquired Emission, Inc. for a total purchase consideration of **$16.6 million**, including **$9.0 million** in cash at closing, a **$1.0 million** holdback, and **$6.6 million** in contingent consideration, resulting in **$6.6 million** of goodwill and **$12.7 million** in intangible assets[41](index=41&type=chunk)[42](index=42&type=chunk)[47](index=47&type=chunk) - Subsequent to the quarter end, on May 12, 2025, the company announced a restructuring plan to reduce operating costs, expecting to incur approximately **$1.5 million** in severance costs in 2025[116](index=116&type=chunk) - The company amended its merger agreement with Akoya Biosciences, Inc. on April 28, 2025, with new terms converting each Akoya share into **0.1461 Quanterix shares** and **$0.38 in cash**, subject to an aggregate cap of **19.99%** of Quanterix's outstanding shares and **$20.0 million** in cash consideration[120](index=120&type=chunk)[121](index=121&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=36&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2025 revenue decreased 5% due to lower service revenue, with operating expenses and loss from operations significantly increasing Q1 2025 vs Q1 2024 Performance (in thousands) | Metric | Q1 2025 | Q1 2024 | Change (%) | | :--- | :--- | :--- | :--- | | Product revenue | $20,739 | $19,670 | 5% | | Service and other revenue | $8,763 | $11,967 | (27)% | | **Total revenues** | **$30,333** | **$32,066** | **(5)%** | | Gross profit | $16,415 | $18,548 | (11)% | | Total operating expenses | $42,781 | $33,705 | 27% | | **Loss from operations** | **($26,366)** | **($15,157)** | **74%** | - The decrease in service revenue was primarily due to lower volumes of sample testing and assay development services, and the completion of a collaboration agreement with Eli Lilly in Q3 2024 that previously generated **$1.5 million** per quarter[157](index=157&type=chunk) - Research and development expenses increased by **49%** to **$10.0 million**, mainly due to a **$1.9 million** charge for contingent consideration from the Emission acquisition and increased headcount and project costs[162](index=162&type=chunk) - Selling, general and administrative expenses rose **25%** to **$32.5 million**, driven by a **$3.6 million** increase in due diligence costs for the Akoya acquisition and a **$1.9 million** charge for contingent consideration from the Emission acquisition[163](index=163&type=chunk)[164](index=164&type=chunk) - On May 12, 2025, the company announced a restructuring plan to reduce operating expenses by approximately **$15 million** in 2025 and achieve annualized savings of **$30 million**, including headcount reductions expected by the end of Q2 2025[142](index=142&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures were reported compared to the prior annual report - There have been no material changes to the market risk disclosures from those described in the company's Annual Report on Form 10-K[206](index=206&type=chunk) [Item 4. Controls and Procedures](index=52&type=section&id=Item%204.%20Controls%20and%20Procedures) Internal control over financial reporting was ineffective due to material weaknesses, with remediation efforts underway - Management concluded that internal control over financial reporting was **not effective** as of March 31, 2025, due to previously disclosed material weaknesses[209](index=209&type=chunk) - The material weaknesses are related to the **valuation of inventory** (including excess and obsolescence reserves and capitalization of costs) and the **accounting for Accelerator Revenue**[207](index=207&type=chunk) - Remediation efforts are underway and include hiring new personnel, implementing new software solutions for inventory valuation, designing new controls, and providing additional training, expected to continue through fiscal year 2025[212](index=212&type=chunk)[213](index=213&type=chunk)[215](index=215&type=chunk) PART II — OTHER INFORMATION [Item 1. Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently party to any legal proceedings expected to materially affect its financial condition - The company is **not currently party** to any legal proceedings expected to have a material adverse effect on its financial condition or operations[217](index=217&type=chunk) [Item 1A. Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) Updated risk factors highlight potential restructuring savings failure and significant risks from the Akoya merger - A new risk factor was added regarding the May 2025 cost reduction plan, stating there is **no guarantee** it will result in anticipated savings and may lead to loss of institutional knowledge or difficulty attracting and retaining personnel[220](index=220&type=chunk)[222](index=222&type=chunk) - The risk factor concerning U.S. government policies was updated to state that reductions in federal research funding, particularly from the NIH, are currently **adversely impacting** the business and its 2025 financial outlook[221](index=221&type=chunk)[223](index=223&type=chunk) - A comprehensive set of new risk factors related to the Akoya merger was added, including the risk that the merger **may not be completed**, failure to complete it could **negatively impact** the stock price, and the company has incurred **substantial costs** regardless of completion[229](index=229&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) - The company notes that recent opposition to the Akoya merger by two stockholders will lead to **significant expenses** and may **divert management's attention**[231](index=231&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=63&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities,%20Use%20of%20Proceeds,%20and%20Issuer%20Purchases%20of%20Equity%20Securities) This item is reported as not applicable for the period - Not applicable[251](index=251&type=chunk) [Item 5. Other Information](index=63&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans during the quarter - **No directors or officers adopted or terminated** any Rule 10b5-1(c) trading plans or other non-Rule 10b5-1 trading arrangements during the quarter[254](index=254&type=chunk) [Item 6. Exhibits](index=64&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including Akoya merger agreements and related securities purchase agreements - Key exhibits filed include the Agreement and Plan of Merger with Akoya Biosciences, Inc. dated January 9, 2025, and the Amended and Restated Agreement dated April 28, 2025[256](index=256&type=chunk) - Also filed were the Securities Purchase Agreement with Akoya dated April 2, 2025, and its subsequent amendment, related to potential convertible note financing[256](index=256&type=chunk)

[Q1 2025 Financial Results Overview](index=1&type=section&id=Quanterix%20Releases%20Financial%20Results%20for%20the%20First%20Quarter%20of%202025) Quanterix announced Q1 2025 results, highlighting Simoa® technology expansion and $30 million in cost reductions for 2026 positive cash flow - Announced a new early-access program to make Simoa® ONE assay kits compatible with over **20,000 existing flow cytometers**, aiming to democratize access to ultra-sensitive biomarker detection without requiring new capital equipment purchases[3](index=3&type=chunk) - Implementing targeted cost reductions of approximately **$30 million annually** to strengthen the company's path to generating **positive cash flow by 2026**[3](index=3&type=chunk) - The strategic actions are intended to reinforce sustainable growth and streamline the upcoming integration with Akoya Biosciences[3](index=3&type=chunk) [Q1 2025 Performance Highlights](index=1&type=section&id=First%20Quarter%20Financial%20Highlights) [Financial Highlights](index=1&type=section&id=First%20Quarter%20Financial%20Highlights) Quanterix's Q1 2025 revenue decreased 5% to $30.3 million, net loss widened to $20.5 million, but adjusted cash burn improved to $9.0 million Q1 2025 Key Financial Metrics (vs. Q1 2024) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | **Revenue** | $30.3M | $32.1M | -5% | | **GAAP Gross Margin** | 54.1% | 57.8% | -3.7 p.p. | | **Adjusted Gross Margin (non-GAAP)** | 49.7% | 51.2% | -1.5 p.p. | | **Net Loss** | $20.5M | $11.2M | +83% | | **Adjusted Cash Burn** | $9.0M | $19.4M | -54% | - The company ended the quarter with **$269.5 million in cash**, cash equivalents, marketable securities, and restricted cash[6](index=6&type=chunk) - The quarter included **$13.2 million in cash expenses** related to the EMISSION acquisition, Akoya deal expenses, and the previous restatement[6](index=6&type=chunk) [Operational and Business Highlights](index=1&type=section&id=Operational%20and%20Business%20Highlights) Q1 2025 operational highlights include an Alzheimer's blood test partnership, new DBS kit launch, PLA codes, and an amended Akoya merger increasing Quanterix ownership to 84% - ARUP Laboratories will offer a pTau217 blood test for Alzheimer's disease using the Quanterix platform[6](index=6&type=chunk) - Launched a new dried blood spot (DBS) extraction kit, providing a less invasive and more cost-effective method for biomarker detection[6](index=6&type=chunk) - Amended the merger agreement with Akoya Biosciences, reducing the equity value of the transaction by **67%** and increasing Quanterix shareholder ownership from **70% to 84%** post-closing The transaction is expected to close in **June 2025**[6](index=6&type=chunk) [2025 Full Year Business Outlook](index=2&type=section&id=2025%20Full%20Year%20Business%20Outlook) Quanterix projects 2025 standalone revenues of $120-$130 million, a 5-13% decline, with GAAP gross margin of 55-59% and adjusted cash burn of $35-$45 million 2025 Full Year Guidance (Standalone Basis) | Metric | 2025 Outlook | | :--- | :--- | | **Revenues** | $120M - $130M | | **YoY Revenue Change** | -5% to -13% | | **GAAP Gross Margin** | 55% - 59% | | **Adjusted Gross Margin (non-GAAP)** | 50% - 54% | | **Adjusted Cash Burn** | $35.0M - $45.0M | - The outlook is provided on a standalone basis, excluding the planned acquisition of Akoya and revenue from Lucent Diagnostics testing[7](index=7&type=chunk) - The guidance considers recent cuts to academic research funding, biopharma spending patterns, and tariffs[7](index=7&type=chunk) [Consolidated Financial Statements](index=3&type=section&id=Financial%20Highlights) [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) Q1 2025 total revenues decreased to $30.3 million, operating expenses rose to $42.8 million, widening loss from operations to $26.4 million and net loss to $20.5 million Q1 2025 Statement of Operations Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Total revenues** | $30,333 | $32,066 | | Product revenue | $20,739 | $19,670 | | Service and other revenue | $8,763 | $11,967 | | **Gross profit** | $16,415 | $18,548 | | **Total operating expenses** | $42,781 | $33,705 | | **Loss from operations** | $(26,366) | $(15,157) | | **Net loss** | $(20,504) | $(11,163) | | **Net loss per share** | $(0.53) | $(0.29) | [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of March 31, 2025, total assets were $396.5 million, cash and marketable securities $266.9 million, total liabilities $80.1 million, and stockholders' equity $316.4 million Balance Sheet Highlights (in thousands) | Line Item | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $76,508 | $56,709 | | **Marketable securities** | $190,369 | $232,413 | | **Total current assets** | $335,002 | $363,594 | | **Total assets** | $396,512 | $406,533 | | **Total current liabilities** | $40,395 | $42,007 | | **Total liabilities** | $80,119 | $76,495 | | **Total stockholders' equity** | $316,393 | $330,038 | [Consolidated Statements of Cash Flows](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) Q1 2025 net cash used in operations improved to $13.9 million, investing activities provided $32.8 million, and cash balance increased by $19.0 million to $79.1 million Q1 2025 Cash Flow Highlights (in thousands) | Line Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(13,888) | $(20,164) | | **Net cash provided by (used in) investing activities** | $32,762 | $(109,195) | | **Net cash provided by financing activities** | $93 | $599 | | **Net increase (decrease) in cash** | $18,967 | $(128,760) | | **Cash, cash equivalents, and restricted cash at end of period** | $79,147 | $47,886 | [Use of Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) [Explanation of Non-GAAP Financial Measures](index=6&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) The company uses non-GAAP measures like adjusted EBITDA and cash burn to provide a clearer view of underlying operational performance by excluding certain non-recurring items - The company presents non-GAAP measures to provide supplemental information useful for understanding underlying operating results and trends[16](index=16&type=chunk) - Key non-GAAP measures include: **Adjusted EBITDA**, **Adjusted Gross Profit/Margin**, **Adjusted Operating Expenses/Loss**, and **Adjusted Cash Burn**[20](index=20&type=chunk) - Investors are advised that these non-GAAP measures should be considered in conjunction with, not as a substitute for, GAAP financial information[17](index=17&type=chunk) [Reconciliation of GAAP to Non-GAAP Financial Measures](index=7&type=section&id=RECONCILIATIONS%20OF%20GAAP%20TO%20NON-GAAP%20FINANCIAL%20MEASURES) This section reconciles GAAP to non-GAAP measures, showing Q1 2025 GAAP net loss of $20.5 million adjusted to -$11.3 million adjusted EBITDA and $9.0 million adjusted cash burn Reconciliation of Net Loss to Adjusted EBITDA (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | **Net loss (GAAP)** | **$(20,504)** | | Interest income | $(3,267) | | Income tax expense (benefit) | $(2,913) | | Depreciation and amortization | $2,188 | | Stock-based compensation expense | $5,462 | | Acquisition and integration related costs | $3,578 | | Earnout recorded as compensation expense | $3,744 | | Changes in contingent consideration | $379 | | **Adjusted EBITDA (non-GAAP)** | **$(11,333)** | Reconciliation to Adjusted Cash Burn (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | **Cash burn** | **$(22,216)** | | Acquisition and integration related | $12,090 | | Restatement related | $1,102 | | **Adjusted cash burn (non-GAAP)** | **$(9,024)** | Reconciliation of Gross Profit to Adjusted Gross Profit (Q1 2025, in thousands) | Description | Amount | | :--- | :--- | | **Gross profit (GAAP)** | **$16,415** | | Shipping and handling costs | $(1,577) | | Amortization of acquired intangible assets | $227 | | **Adjusted gross profit (non-GAAP)** | **$15,065** | [Company Information and Legal Disclaimers](index=8&type=section&id=About%20Quanterix) [About Quanterix](index=8&type=section&id=About%20Quanterix) Quanterix drives scientific breakthroughs with its ultra-sensitive Simoa® biomarker detection technology, supporting research in neurology, oncology, and immunology - Quanterix's Simoa technology provides ultra-sensitive biomarker detection, enabling the quantification of proteins at levels far lower than conventional methods[30](index=30&type=chunk) - The company's technology and CLIA-certified lab support research in neurology, oncology, immunology, cardiology, and infectious disease[30](index=30&type=chunk) [Important Information Regarding Akoya Merger](index=8&type=section&id=IMPORTANT%20ADDITIONAL%20INFORMATION) This section provides legal notice on the proposed Akoya Biosciences acquisition, with Quanterix filing a Form S-4 Registration Statement including a proxy statement and prospectus - In connection with the proposed acquisition of Akoya Biosciences, Quanterix will file a Registration Statement on Form S-4 with the SEC, containing a Proxy Statement/Prospectus[31](index=31&type=chunk) - Investors and security holders are urged to read the Registration Statement and Proxy Statement/Prospectus carefully as they will contain important information about the transaction[32](index=32&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=9&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) The press release contains forward-looking statements regarding 2025 outlook and Akoya merger, subject to risks like funding cuts, integration challenges, and failure to realize benefits - The press release contains forward-looking statements regarding future business outlook, strategy, financial performance, and the Akoya merger[35](index=35&type=chunk) - Identified risks include impacts from government policy, failure to realize benefits of cost reductions, risks from the Emission acquisition, and potential inaccuracies in financial estimates[35](index=35&type=chunk) - Risks related to the Akoya merger include potential termination of the agreement, failure to obtain stockholder approval, and challenges in realizing anticipated benefits and synergies[36](index=36&type=chunk)

Financial Data and Key Metrics Changes - Quanterix reported revenue of $35.2 million for Q4 2024, an increase of 11% year-over-year [10][28] - Non-GAAP gross margin improved to 57.7%, up 300 basis points from the previous year [11][31] - Cash usage declined by 31% to $4.4 million in Q4 2024 [11] Business Line Data and Key Metrics Changes - Accelerator lab revenue reached $8.6 million, a 22% increase driven by clinical trial testing services [29] - Consumable revenue remained flat at $17.4 million as customers transitioned to Advantage PLUS assays [29] - Instrument revenue decreased by 7% to $3.1 million, although it was up 29% sequentially [30] Market Data and Key Metrics Changes - North America led revenue growth with a 17% increase, while Europe grew by 11% and Asia-Pacific saw a decline of 6% for the full year [35] - The customer mix for the year was approximately 54% from pharma and 46% from academia [34] Company Strategy and Development Direction - The company aims to grow its menu by extending its leadership in neurology and developing assays for new markets, launching 20 new assays in 2024 [14] - Plans to expand into immunology and oncology markets through the Simoa ONE platform and the acquisition of Akoya Biosciences [15][20] - Focus on building a global diagnostic testing infrastructure for Alzheimer's disease, with 12 new partners added in the last year [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Accelerator business despite market volatility, citing a strong pipeline and diverse customer base [26][52] - The company anticipates a revenue range of $140 million to $146 million for 2025, reflecting a growth of 2% to 6% [40] - Management noted that 20% to 25% of annual revenues are tied to US academic customers, which are expected to decline by 10% in 2025 [41] Other Important Information - The company ended Q4 2024 with $291.7 million in cash and equivalents [36] - Adjusted EBITDA was negative $23.6 million in 2024, compared to negative $19 million in 2023 [38] - The integration of Akoya is expected to expedite cash flow breakeven to 2026 [45] Q&A Session Summary Question: Impact of NIH academic government on revenue - Management acknowledged the pressure from NIH and indicated that the academic market is experiencing paralysis, affecting decision-making and spending [58][76] Question: Confidence in revenue recovery in Q2 and Q3 - Management expressed confidence in the Accelerator business, citing a strong pipeline and expected recovery in the second half of the year [52][75] Question: Details on the validation phase with hospitals and labs - Management confirmed that some hospitals are in the contract phase while others await validation completion, expecting contributions to revenue in 2025 [54] Question: Concerns about the Akoya merger valuation - Management reiterated the long-term value of the Akoya acquisition, emphasizing recurring revenues and projected synergies [60][82] Question: Revenue guidance for academic and government customer base - Management indicated that the Q1 guidance reflects a significant reduction due to academic market paralysis and timing of large pharma projects [88] Question: Growth expectations outside the US - Management expects low double-digit to high single-digit growth outside the US, aligned with overall expectations for 2024 [103]