Financial Performance - The company reported net losses of $30.0 million and $50.5 million for the three and six months ended June 30, 2025, respectively [153]. - Total revenues decreased by $9.9 million, or 29%, to $24.5 million for the three months ended June 30, 2025, compared to $34.4 million for the same period in 2024 [166]. - Total revenues for the six months ended June 30, 2025, decreased by $11.6 million, or 18%, to $54.8 million compared to $66.4 million for the same period in 2024 [183]. - Net loss for the three months ended June 30, 2025, was $30.0 million, compared to a net loss of $7.4 million for the same period in 2024, representing a 306% increase in loss [182]. - Gross profit for the three months ended June 30, 2025, was $11.3 million, compared to $22.2 million for the same period in 2024, representing a decrease of 49.1% [231]. - Total operating expenses for the three months ended June 30, 2025, were $48.4 million, an increase from $33.2 million in 2024, representing a rise of 45.7% [231]. - Loss from operations for the three months ended June 30, 2025, was $37.1 million, compared to a loss of $10.9 million in 2024, indicating a deterioration of 239.5% [231]. Revenue Breakdown - Product revenue decreased by $3.1 million, or 15%, to $16.8 million, primarily due to a slowdown in US federal research funding and changing macro-economic conditions [167]. - Service revenue decreased by $6.4 million, or 48%, to $7.1 million, mainly due to the completion of a collaboration agreement with Eli Lilly and Company [168]. - Product revenue decreased by $2.0 million, or 5%, to $37.6 million for the six months ended June 30, 2025, compared to $39.6 million for the same period in 2024 [184]. - Service revenue decreased by $9.6 million, or 38%, to $15.9 million for the six months ended June 30, 2025, compared to $25.5 million for the same period in 2024 [185]. - Collaboration and license revenue increased by $0.4 million, or 47%, to $1.3 million for the six months ended June 30, 2025, compared to $0.9 million for the same period in 2024 [186]. Expenses and Costs - Total costs of goods sold and services increased by $1.0 million, or 8%, to $13.2 million for the three months ended June 30, 2025 [170]. - Research and development expenses increased by $0.9 million, or 11%, to $9.1 million, with a non-recurring charge of $2.1 million related to contingent compensation from the Emission acquisition [173][174]. - Selling, general and administrative expenses increased by $7.3 million, or 30%, to $31.4 million, including $6.2 million of non-recurring costs related to acquisitions [175][176]. - Impairment and restructuring costs of $7.7 million were recorded for the three months ended June 30, 2025, related to goodwill impairment and severance expenses [178]. - Total cost of goods sold and services increased by $1.4 million, or 6%, to $27.1 million for the six months ended June 30, 2025, compared to $25.7 million for the same period in 2024 [187]. - Research and development expense increased by $4.2 million, or 28%, to $19.1 million for the six months ended June 30, 2025, compared to $14.9 million for the same period in 2024 [190]. - Selling, general and administrative expense increased by $13.7 million, or 27%, to $63.8 million for the six months ended June 30, 2025, compared to $50.1 million for the same period in 2024 [192]. Cash Flow and Investments - Net cash used in operating activities was $19.5 million for the six months ended June 30, 2025, a decrease from $25.1 million for the same period in 2024 [208]. - Net cash provided by investing activities was $94.6 million for the six months ended June 30, 2025, compared to net cash used of $102.2 million for the same period in 2024 [209]. Acquisitions and Strategic Initiatives - The acquisition of Akoya was completed on July 8, 2025, with a total payment of $82.1 million to settle Akoya's debt financing [158]. - The acquisition of Akoya was completed for approximately $19.6 million in cash and 7.8 million shares of common stock on July 8, 2025 [214]. - The company plans to enhance operational and management information systems as part of its strategic initiatives [155]. - Restructuring plans aim to reduce operating expenses by approximately $30.0 million in 2025, with expected annualized savings of about $67.0 million [162]. Compliance and Certifications - ISO 13485 certification was received on January 31, 2025, indicating compliance with international standards for medical device manufacturing [164]. Asset Management - The company continues to evaluate whether events indicate that the carrying value of assets may not be recoverable, which could impact future financial results [225]. - The company had cash, cash equivalents, and marketable securities totaling $261.2 million, with an accumulated deficit of $520.6 million as of June 30, 2025 [153].

[Q2 2025 Earnings Overview](index=1&type=section&id=Q2%202025%20Earnings%20Overview) [CEO's Strategic Commentary](index=1&type=section&id=CEO's%20Strategic%20Commentary) Quanterix CEO Masoud Toloue highlighted the creation of a high-margin, high-throughput business through the Akoya Biosciences merger, achieving profitable growth, completing 75% of $85 million synergy targets, and expecting cash flow breakeven in 2026 - The company created a high-margin, high-throughput business with significant opportunities for profitable growth in an expanding market through the merger with Akoya Biosciences[3](index=3&type=chunk) - Pro forma consumables revenue was approximately **$100 million**[3](index=3&type=chunk) - Alzheimer's disease diagnostics revenue more than **doubled year-over-year**[3](index=3&type=chunk) - **75% of the $85 million** synergy and cost reduction targets have been achieved[3](index=3&type=chunk) - Cash flow breakeven is anticipated in **2026**[3](index=3&type=chunk) [Second Quarter Financial Highlights](index=1&type=section&id=Second%20Quarter%20Financial%20Highlights) Quanterix reported significant declines in revenue and gross margin for Q2 2025, leading to a substantial increase in net loss, primarily due to market weakness and acquisition-related impacts Key Financial Data for Q2 2025 | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | Change (%) | | :----- | :-------------------- | :-------------------- | :--------- | | Revenue | $24.5 | $34.4 | -29% | | GAAP Gross Margin | 46.2% | 64.7% | -18.5 pp | | Adjusted Gross Margin (non-GAAP) | 41.8% | 58.6% | -16.8 pp | | Net Loss | $(30.0) | $(7.4) | >300% | | Cash, Cash Equivalents, Marketable Securities, and Restricted Cash (end of period) | $263.8 | N/A | N/A | | Adjusted Cash Usage | $(2.6) | $(5.1) | -48.9% (improvement) | [Operational and Business Highlights](index=1&type=section&id=Operational%20and%20Business%20Highlights) Key operational achievements this quarter include completing the Akoya Biosciences acquisition, launching new Alzheimer's disease detection products, and securing medical device registration approval for the pTau-217 assay kit in China - Completed the acquisition of Akoya Biosciences in early July, creating the first integrated platform capable of measuring both blood and tissue biomarkers[8](index=8&type=chunk) - Launched p-Tau 205 and p-Tau 212 assays at the Alzheimer's Association International Conference (AAIC) to advance Alzheimer's disease research[8](index=8&type=chunk) - Quanterix's UltraDx plasma pTau-217 assay kit (single molecule immunofluorescence) successfully received medical device registration approval from China's National Medical Products Administration[8](index=8&type=chunk) - Continued to build the foundation for Alzheimer's disease diagnostics through new partnerships, expanded international regulatory footprint, and increased testing volumes and revenue[8](index=8&type=chunk) [2025 Full Year Business Outlook](index=1&type=section&id=2025%20Full%20Year%20Business%20Outlook) Quanterix issued its 2025 full-year outlook, projecting reported revenue of $130-135 million (including two quarters of Akoya) and pro forma revenue of $165-170 million, with GAAP gross margin of 49-53% and approximately $120 million in cash by year-end 2025 2025 Full Year Business Outlook | Metric | 2025 Full Year Outlook | | :----- | :--------------------- | | Revenue (Reported) | $130 - $135 million | | Revenue (Pro Forma, including full year Akoya) | $165 - $170 million | | GAAP Gross Margin | 49% - 53% | | Adjusted Gross Margin (non-GAAP) | 45% - 49% | | Adjusted Cash Usage | Approximately $34 - $38 million | | Cash and Cash Equivalents (end of 2025) | Approximately $120 million | - Cash flow breakeven is anticipated in **2026**[7](index=7&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) [Conference Call Details](index=2&type=section&id=Conference%20Call) Quanterix is scheduled to host a conference call on August 7, 2025, at 4:30 PM ET to discuss financial results, providing dial-in numbers and webcast options - The conference call is scheduled for **August 7, 2025, at 4:30 PM ET**[9](index=9&type=chunk) - Dial-in numbers: US and Canada toll-free (800) 715-9871 or (646) 307-1963, Conference ID: **5591565**[9](index=9&type=chunk) - Investors can listen to the webcast on the 'Events & Presentations' page of the Quanterix website's investor section, with an archived replay available for one year[9](index=9&type=chunk) [About Quanterix](index=2&type=section&id=About%20Quanterix) Quanterix is a global leader in ultrasensitive biomarker detection, leveraging its proprietary Simoa® technology and the recent Akoya Biosciences acquisition to integrate multiplex tissue imaging, creating a platform connecting blood and tissue biology to advance precision medicine - Quanterix is a global leader in ultrasensitive biomarker detection, enabling breakthroughs in disease research, diagnostics, and drug development through its proprietary Simoa® technology[10](index=10&type=chunk) - Acquired Akoya Biosciences in **2025**, adding multiplex tissue imaging technology with single-cell resolution and **1,396 installed instruments**[10](index=10&type=chunk) - The combined company offers a unique integrated platform connecting biology between blood and tissue, advancing precision medicine from discovery to diagnostics[10](index=10&type=chunk) [Consolidated GAAP Financial Statements](index=3&type=section&id=Consolidated%20GAAP%20Financial%20Statements) [Consolidated Statements of Operations](index=3&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) In Q2 2025, Quanterix experienced significant declines in total revenue and gross profit, coupled with a substantial increase in operating expenses, resulting in a net loss of $30.0 million, a considerable expansion from $7.4 million in Q2 2024 Consolidated Statements of Operations (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :----------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Total Revenue | $24,476 | $34,381 | $54,810 | $66,447 | | Gross Profit | $11,300 | $22,234 | $27,716 | $40,782 | | Total Operating Expenses | $48,400 | $33,176 | $91,183 | $66,881 | | Loss from Operations | $(37,100) | $(10,942) | $(63,467) | $(26,099) | | Net Loss | $(30,013) | $(7,387) | $(50,517) | $(18,550) | | Net Loss Per Share (Basic and Diluted) | $(0.77) | $(0.19) | $(1.30) | $(0.49) | - Product revenue decreased from **$19,887 thousand** in Q2 2024 to **$16,832 thousand** in Q2 2025[12](index=12&type=chunk) - Selling, general, and administrative expenses significantly increased from **$24,080 thousand** in Q2 2024 to **$31,353 thousand** in Q2 2025[12](index=12&type=chunk) - Impairment and restructuring charges of **$7,670 thousand** were recorded in Q2 2025, compared to none in Q2 2024[12](index=12&type=chunk) [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2025, Quanterix's total assets decreased to $375.6 million from $406.5 million at year-end 2024, primarily due to reduced marketable securities, while total liabilities increased Consolidated Balance Sheets (Unaudited, in thousand USD) | Metric | June 30, 2025 (thousand USD) | December 31, 2024 (thousand USD) | | :----------------------------- | :----------------------------- | :--------------------------------- | | Total Assets | $375,609 | $406,533 | | Cash and Cash Equivalents | $132,896 | $56,709 | | Marketable Securities | $128,276 | $232,413 | | Total Current Assets | $322,117 | $363,594 | | Total Liabilities | $83,151 | $76,495 | | Total Stockholders' Equity | $292,458 | $330,038 | - Intangible assets, net, increased from **$4,031 thousand** to **$16,332 thousand**, likely related to the Akoya acquisition[14](index=14&type=chunk) - Accounts receivable, net, decreased from **$32,141 thousand** to **$23,549 thousand**[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the six months ended June 30, 2025, Quanterix's net cash used in operating activities improved to $19.5 million from $25.1 million year-over-year, with significant cash provided by investing activities, primarily from marketable securities, leading to a net increase in cash, cash equivalents, and restricted cash Consolidated Statements of Cash Flows (Unaudited, in thousand USD) | Metric | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | | Net Cash Used in Operating Activities | $(19,543) | $(25,115) | | Net Cash Provided by (Used in) Investing Activities | $94,642 | $(102,220) | | Net Cash Provided by (Used in) Financing Activities | $(336) | $271 | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $74,763 | $(127,064) | | Cash, Cash Equivalents, and Restricted Cash at End of Period | $135,537 | $49,609 | - Purchases of marketable securities significantly decreased from **$189,344 thousand** in H1 2024 to **$30,245 thousand** in H1 2025[16](index=16&type=chunk) - Proceeds from sales and maturities of marketable securities increased from **$89,229 thousand** in H1 2024 to **$135,874 thousand** in H1 2025[16](index=16&type=chunk) - Acquisition, net of cash acquired, resulted in a cash outflow of **$8,954 thousand** in H1 2025[16](index=16&type=chunk) [Non-GAAP Financial Measures and Reconciliations](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) [Use of Non-GAAP Financial Measures](index=6&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) Quanterix utilizes non-GAAP financial measures like Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Cash Usage to provide investors with clearer insights into underlying operating performance and trends by excluding certain variable or non-recurring items - Non-GAAP financial measures are intended to provide supplemental information to help investors understand the company's underlying operating performance and trends[17](index=17&type=chunk) - Adjusted EBITDA excludes interest income, income tax (expense) benefit, depreciation and amortization expense, stock-based compensation expense, acquisition and integration-related costs, impairment and restructuring, and other highly variable, significant, and non-recurring expenses or benefits not representative of ongoing or future business operations[21](index=21&type=chunk) - Adjusted Gross Profit and operating expenses are adjusted for shipping and handling costs of product sales, amortization of certain acquired intangible assets, and acquisition and integration-related costs[21](index=21&type=chunk) - Adjusted Cash Usage excludes cash payments related to transactions or events that are highly variable, significant, and not representative of ongoing or future business operations[21](index=21&type=chunk) [Reconciliation of Net Loss to Adjusted EBITDA (non-GAAP)](index=7&type=section&id=Reconciliation%20of%20Net%20Loss%20to%20Adjusted%20EBITDA%20(non-GAAP)) Adjusted EBITDA (non-GAAP) loss for Q2 2025 was $13.7 million, significantly higher than the $4.1 million loss in Q2 2024, reflecting increased acquisition, integration, and impairment costs Reconciliation of Net Loss to Adjusted EBITDA (non-GAAP) (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :----------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Loss | $(30,013) | $(7,387) | $(50,517) | $(18,550) | | Adjusted EBITDA (non-GAAP) | $(13,714) | $(4,122) | $(25,051) | $(12,265) | | Adjusted EBITDA Margin (non-GAAP) | (56.0)% | (12.0)% | (45.7)% | (18.5)% | - Significant adjustments in Q2 2025 included **$4,139 thousand** in acquisition and integration-related costs, **$4,156 thousand** in contingent consideration recognized as compensation expense, and **$7,670 thousand** in impairment and restructuring charges[23](index=23&type=chunk) [Reconciliation of Net Increase in Cash, Cash Equivalents, and Restricted Cash to Adjusted Cash Usage (non-GAAP)](index=7&type=section&id=Reconciliation%20of%20Net%20Increase%20in%20Cash%2C%20Cash%20Equivalents%2C%20and%20Restricted%20Cash%20to%20Adjusted%20Cash%20Usage%20(non-GAAP)) Adjusted cash usage (non-GAAP) for Q2 2025 improved to $2.6 million from $5.1 million in Q2 2024, despite a higher net cash increase, due to adjustments for acquisition, integration, and restructuring costs Reconciliation of Net Increase in Cash, Cash Equivalents, and Restricted Cash to Adjusted Cash Usage (non-GAAP) (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | $55,796 | $1,696 | $74,763 | $(127,064) | | Cash Usage | $(5,703) | $(5,064) | $(27,919) | $(24,466) | | Adjusted Cash Usage (non-GAAP) | $(2,643) | $(5,064) | $(11,667) | $(24,466) | - Adjustments in Q2 2025 included **$1,987 thousand** in acquisition and integration-related cash payments and **$1,073 thousand** in restructuring costs[25](index=25&type=chunk) [Reconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations to Non-GAAP Financial Measures](index=8&type=section&id=Reconciliation%20of%20Gross%20Profit%2C%20Gross%20Margin%2C%20Total%20Operating%20Expenses%20and%20Loss%20from%20Operations%20to%20Non-GAAP%20Financial%20Measures) Adjusted gross profit (non-GAAP) for Q2 2025 was $10.2 million, down from $20.2 million in Q2 2024, with an adjusted gross margin of 41.8%, while adjusted total operating expenses remained flat at $31.1 million year-over-year, benefiting from significant adjustments for acquisition, contingent consideration, and impairment costs Reconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations to Non-GAAP Financial Measures (Unaudited, in thousand USD) | Metric | Three Months Ended June 30, 2025 (thousand USD) | Three Months Ended June 30, 2024 (thousand USD) | Six Months Ended June 30, 2025 (thousand USD) | Six Months Ended June 30, 2024 (thousand USD) | | :--------------------------------------------- | :------------------------------------ | :------------------------------------ | :------------------------------------ | :------------------------------------ | | Gross Profit | $11,300 | $22,234 | $27,716 | $40,782 | | Adjusted Gross Profit (non-GAAP) | $10,235 | $20,159 | $25,301 | $36,565 | | Gross Margin | 46.2% | 64.7% | 50.6% | 61.4% | | Adjusted Gross Margin (non-GAAP) | 41.8% | 58.6% | 46.2% | 55.0% | | Total Operating Expenses | $48,400 | $33,176 | $91,183 | $66,881 | | Adjusted Total Operating Expenses (non-GAAP) | $31,136 | $31,101 | $65,020 | $62,664 | | Loss from Operations | $(37,100) | $(10,942) | $(63,467) | $(26,099) | | Adjusted Loss from Operations (non-GAAP) | $(20,901) | $(10,942) | $(39,719) | $(26,099) | - Adjustments to total operating expenses in Q2 2025 included **$4,139 thousand** in acquisition and integration-related costs, **$4,156 thousand** in contingent consideration recognized as compensation expense, and **$7,670 thousand** in impairment and restructuring charges[28](index=28&type=chunk) [Additional Information](index=8&type=section&id=Additional%20Information) [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](index=8&type=section&id=CAUTIONARY%20STATEMENT%20REGARDING%20FORWARD-LOOKING%20STATEMENTS) This section provides a standard legal disclaimer for forward-looking statements in the press release, outlining various risks and uncertainties that could cause actual results to differ materially from projections, including those related to government policies, cost reduction benefits, product launches, acquisitions (Akoya), financial estimates, restatement risks, and market acceptance - Statements in the press release regarding Quanterix's future business outlook, operations, strategy, and financial performance are forward-looking statements[31](index=31&type=chunk) - Risks and uncertainties include the impact of US government policies, failure to realize cost reduction benefits, timing of the next-generation Simoa One instrument launch, and failure to achieve anticipated benefits and synergies from the Akoya Biosciences acquisition[32](index=32&type=chunk) - Other risks include inaccurate estimates of expenses, future revenue, capital requirements, and additional financing needs, risks related to financial statement restatements, and the ability to maintain effective internal controls[32](index=32&type=chunk) - Quanterix cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of their date of publication[33](index=33&type=chunk) [Contacts](index=10&type=section&id=Contacts) Contact information is provided for media and investor relations inquiries - Media Contact: Marissa Klaassen, Phone: (978) 488-1854, Email: media@quanterix.com[34](index=34&type=chunk) - Investor Relations Contact: Joshua Young, Phone: (508) 846-3327, Email: ir@quanterix.com[34](index=34&type=chunk)

Financial Performance & Outlook - Q2 2025 revenue decreased by 29% to $24.5 million compared to $34.4 million in Q2 2024[17] - GAAP gross margin decreased to 46.2% in Q2 2025 from 64.7% in Q2 2024[17] - The company is aiming for cash flow breakeven in 2026[14] - Full year 2025 revenue guidance is $130 to $135 million, including a $30 million contribution from Spatial[21] - Adjusted cash usage for the full year 2025 is projected to be $34 to $38 million[23] Cost Reduction & Synergies - The company has implemented $64 million of the total $85 million cost reduction plan[15] - Synergy and cost actions are expected to reach $85 million[13] - $3 million cost reduction realized in Q2 2025[14] Strategic Initiatives - The company completed the acquisition of Akoya, enabling new protein biomarker measurements[10, 11] - Strategic investments are being made in new assays, the Simoa One platform, and Alzheimer's diagnostics[12] - The company is building a $100 million high-margin consumables business[13] Alzheimer's Disease Testing - Development of LucentAD multi-marker test for Alzheimer's disease with 90% sensitivity, specificity, and accuracy[16] - Anticipated submission for Single-Site IVD by the end of 2025[16] - Medicare pricing anticipated in 2025 at $897 per test proposed[16]

Core Viewpoint - Quanterix has completed the acquisition of Akoya Biosciences through a stock and cash transaction, aiming for technological complementarity and market expansion [1]. Group 1: Acquisition Details - On July 8, 2025, Quanterix announced the completion of the acquisition of Akoya Biosciences, issuing 78 million shares of common stock and paying $20 million in cash [2]. - The acquisition was structured as 1 share of Akoya stock exchanged for 0.1461 shares of Quanterix stock plus $0.38 in cash [2]. - The acquisition process began in early 2025, with initial terms proposing 1 share of Akoya stock for 0.318 shares of Quanterix stock [3]. Group 2: Strategic Objectives - The acquisition aims to combine Akoya's spatial biology with Quanterix's ultra-sensitive protein detection technology, creating technological synergies [3]. - The deal is expected to expand application areas from neurology to oncology, leveraging Akoya's partnerships to drive product entry into clinical markets [3]. - The transaction is projected to generate approximately $40 million in annual cost synergies, with $20 million expected to be realized in the first year post-transaction [3]. Group 3: Company Background - Quanterix Corporation (NASDAQ: QTRX) is a life sciences company based in Billerica, Massachusetts, founded in 2007, focusing on ultra-sensitive biomarker detection [4]. - The company's core innovation is the Simoa® (Single Molecule Array) technology, which allows for the detection of proteins and nucleic acids in blood, plasma, or serum at femtogram per milliliter sensitivity [4]. - The merger and technology integration will expand Quanterix's business from single protein detection to spatial biology, potentially enhancing its role in multi-omics research and personalized medicine [4].

Financial Data and Key Metrics Changes - The company reported record consumables revenue exceeding $18 million, reflecting strong product development efforts and an expanded assay portfolio [5][6] - The Accelerator services business grew by 36% year-on-year, although some pharma projects were pushed to later quarters due to market conditions [7][8] - Overall, the company expects to stabilize and return to a pace of clinical trials and preclinical work as the biopharma market stabilizes [8][10] Business Line Data and Key Metrics Changes - Consumables revenue showed significant growth, driven by the introduction of over 20 new assays last year and a similar cadence expected this year [5][6] - The instruments segment remained stable year-over-year, indicating consistent demand [6] - The Accelerator Lab has become a significant revenue source, contributing approximately 30% of the business and showing strong growth in clinical and market adoption [18][20] Market Data and Key Metrics Changes - The company has about 20-22% exposure to the government end market, with some paralysis in customer decisions due to uncertainties in grant funding [12][13] - The academic research market is experiencing pressure, but the company is finding ways to mitigate this through services and consumables [12][13] Company Strategy and Development Direction - The company aims to expand its addressable market from $1 billion in neurology to $5 billion by including immunology and immuno-oncology [42][43] - The introduction of the SYM-one platform is expected to enhance sensitivity and complexity in immunology and oncology, broadening the company's market reach [30][34] - The company is focused on maintaining R&D investments while implementing cost-saving measures, ensuring continued innovation in key areas [39][40] Management's Comments on Operating Environment and Future Outlook - Management noted that while there are delays in project decisions, there have been no cancellations, indicating a cautious but positive outlook for future projects [9][10] - The company is optimistic about the growth potential in the liquid biopsy market, emphasizing the importance of protein biomarkers alongside DNA [44][46] - Management believes that the adoption of blood-based biomarkers for Alzheimer's will increase as therapy adoption improves, creating a synergistic effect [54][56] Other Important Information - The company is preparing for the launch of the SYM-one platform, which will be compatible with over 20,000 flow cytometers, significantly increasing its market reach [32][36] - The company has initiated a cost savings program targeting $55 million in savings by the end of 2026, focusing on G&A and volume-related costs [38][39] Q&A Session Summary Question: Can you discuss the recent Q1 results and the impact of academic funding concerns? - The company reported strong consumables growth but noted that academic funding concerns have affected the outlook for the Accelerator Lab [4][5] Question: What is the exposure to the government end market and the impact of NIH spending cuts? - Approximately 20-22% of customers have NIH exposure, and while there is some paralysis in decision-making, the company is finding ways to support these customers [12][13] Question: How does the Accelerator Lab contribute to the business? - The Accelerator Lab has evolved into a significant revenue source, providing stability and repeat business, especially in a CapEx constrained environment [18][20] Question: What are the expectations for the SYM-one platform launch? - The SYM-one platform is expected to enhance sensitivity and complexity in immunology and oncology, with a launch planned before the end of the year [30][34] Question: How does the company plan to balance cost savings with R&D investments? - The company is implementing cost savings primarily in G&A and volume-related areas while maintaining strong investments in R&D and innovation [39][40] Question: What is the rationale behind the Akoya acquisition? - The acquisition aims to increase the addressable market and achieve synergies through a unified operating line and commercial team, targeting profitability by 2026 [42][43]

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]

Financial Data and Key Metrics Changes - In the first quarter, the company reported revenue of $30.3 million, a decline of 5% year-over-year, with consumables revenue reaching a record $18.1 million, up 6% compared to the previous year [10][20] - Adjusted gross margin was approximately 50%, while adjusted cash usage was $9 million, representing a greater than 50% improvement versus last 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 driven by strong performance from newly launched products, while instruments revenue was $2.6 million, up 3% year-over-year [20] - Accelerator lab revenue decreased by 36% to $5.6 million, primarily due to a decline in large multimillion-dollar projects from pharma customers [20] - The customer mix for Q1 was approximately 50% between pharma and academia, with diagnostics partner sales totaling $1.6 million [21] Market Data and Key Metrics Changes - North America led revenue growth with a 3% increase, while Europe declined by 30% and the Asia Pacific region grew by 14% [21] - The company noted a significant decline in cumulative award values in the academic market, down almost 40% [54] 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 [9][12] - The upcoming launch of the Simoa One platform aims to break current sensitivity barriers and democratize access to technology by allowing use on existing flow cytometers [17][18] - The company is committed to achieving positive cash flow by 2026, supported by a balance sheet exceeding $100 million [19][30] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for human health solutions despite macroeconomic challenges, emphasizing the resilience of the instruments and consumables business [7][9] - The company has revised its guidance more conservatively due to broader macro funding environment pressures, expecting revenue to decline by 5% to 13% for the full year [25][26] - Management highlighted the importance of operational discipline and cost efficiencies to ensure sustainable growth [19][31] Other Important Information - The company announced a $30 million core operating cost reduction, scaling to $55 million in annualized savings by 2026 [19] - The equity value of the pending merger with Akoya Biosciences was reduced by 67%, increasing Quanterix's shareholder ownership of the combined company from 70% to 84% [11] Q&A Session Summary Question: How did Accelerator revenue compare to expectations? - Management indicated that Q1 Accelerator revenue was aligned with expectations, noting a strong recurring revenue component but a lack of large project revenues [37][39] Question: What drove the record consumables revenue? - Management attributed the record consumables revenue to top neurology assays and traction in inflammation and cytokine-based assays [36] Question: What are the implications of the Simoa One platform? - The Simoa One platform is expected to enhance sensitivity and expand into immunology and oncology, leveraging existing flow cytometry infrastructure [41][42] Question: What is the expected contribution from Lucent Diagnostics testing? - Management anticipates that pricing for the Lucent AD Complete test will begin in early 2026, with expectations for significant market impact [44][80] Question: What are the assumptions for the 2026 cash flow? - The company expects to achieve cash flow breakeven in 2026, with a focus on realizing synergies from the Akoya acquisition [30][88]

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]

Financial Performance & Guidance - Quanterix's Q1 2025 revenue was $30.3 million, a 5% decrease compared to $32.1 million in Q1 2024 [38] - The company's adjusted cash burn was reduced by half, from $19.4 million in Q1 2024 to $9.0 million in Q1 2025 [13, 38] - Quanterix anticipates full year 2025 revenue to be between $120 million and $130 million [43] - The company projects GAAP gross margin between 55% and 59%, and adjusted gross margin between 50% and 54% for 2025 [44] - Quanterix expects adjusted cash burn of $35 to $45 million and total cash burn of $55 to $65 million for 2025 [45] Strategic Initiatives - Quanterix launched 4 new assays in Q1 2025 and expects to launch 15 new assays in 2025 [18] - The company is launching the Simoa ONE platform at the end of 2025, which is expected to be 10x more sensitive [22, 24] - Quanterix is developing tissue/blood complementary biomarker kits with Akoya, expected to launch in 2025 [29] - The equity value of the Akoya transaction decreased by 67%, from $201 million to $66 million [13] Non-GAAP Measures - Adjusted EBITDA margin was -37.4% in Q1 2025, compared to -25.4% in Q1 2024 [38, 49]