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]

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]

Financial Data and Key Metrics Changes - Quanterix reported revenue of $35.2 million for Q4 2024, an 11% increase 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 but increased by 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 declined by 6% for the full year [35] - The customer mix for the year was approximately 54% pharma and 46% academia [34] Company Strategy and Development Direction - The company aims to grow its leadership in neurology and expand into immunology and oncology markets through the Simoa ONE platform and the acquisition of Akoya Biosciences [15][20] - Quanterix plans to build a global diagnostic testing infrastructure for Alzheimer's disease, having added 12 partners to its network [17][18] - The company expects to achieve $40 million in operating synergies from the Akoya acquisition by 2026 [23][25] 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 U.S. 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] 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 second half recovery - Management expressed confidence in the Accelerator business, citing a strong pipeline and expected larger projects to materialize in the second half of the year [52][75] Question: Details on validation phase with hospitals - Management confirmed that 10 hospitals are in the validation phase, with some actively in contract negotiations [54] Question: Concerns about the Akoya merger - Management emphasized the long-term value of the Akoya merger, focusing on recurring revenues and synergies [60][82] Question: Revenue guidance and academic market assumptions - Management indicated that the guidance incorporates expected declines in the academic market and potential upside if funding improves [77][88] Question: Simoa ONE launch impact - Management expects the Simoa ONE platform to launch at the end of 2025, expanding the addressable market in immunology and oncology [67][70] Question: Growth expectations outside the U.S. - Management anticipates low double-digit to high single-digit growth outside the U.S., aligned with overall expectations for 2024 [103]

Financial Performance & Guidance - Quanterix reported Q4 2024 revenue of $35.2 million, an 11% increase compared to $31.5 million in Q4 2023 [25] - The company's full year 2024 revenue reached $137.4 million, a 12% increase from $122.4 million in 2023 [28] - Quanterix anticipates full year 2025 revenue to be between $140 million and $146 million, representing a 2% to 6% growth [36] - The company projects cash usage of $55 million to $65 million for 2025, including $35 million to $45 million for operations and $20 million for the EMISSION acquisition [38] Strategic Initiatives & Acquisitions - Quanterix is expanding its addressable market with the Simoa ONE platform, targeting a $2 billion+ immunology segment [14, 19] - The acquisition of Akoya is expected to significantly expand Quanterix's addressable market to $5 billion [14, 24] - The combined revenue of Quanterix and Akoya is approximately $220 million [24] - Quanterix expects to achieve cash flow breakeven in 2026, which the Akoya merger would expedite [14] Product Development & Innovation - Quanterix launched 20 new assays, including 13 in Neurology and 7 in Immunology [16] - The company is developing the Simoa ONE platform, which is up to 10x more sensitive than current SIMOA technology [19] - Quanterix is building a global infrastructure for Alzheimer's Disease (AD) testing, with a $20 million investment over 2024 and 2025 [14, 22]