Quanterix(US:QTRX)2025-11-10 22:01Financial Position - As of September 30, 2025, the company had cash, cash equivalents, and marketable securities of $134.8 million, with an accumulated deficit of $554.1 million[182]. - The company expects to incur operating losses into 2026 due to increased research and development expenses and costs related to acquisitions[183]. - The company expects negative cash flows from operating activities to continue at least through 2025 due to ongoing investments in technology and infrastructure[246]. Revenue Performance - Total revenues increased by $4.4 million, or 12%, to $40.2 million for the three months ended September 30, 2025, compared to $35.8 million for the same period in 2024[199]. - Total revenues decreased by $7.2 million, or 7%, to $95.0 million for the nine months ended September 30, 2025, compared to $102.3 million for the same period in 2024[220]. - Product revenue rose by $6.5 million, or 33%, to $26.2 million, primarily due to the acquisition of Akoya, which contributed $11.3 million, while the legacy Quanterix business decreased by $4.8 million, or 25%[200]. Operating Expenses - Operating expenses surged by $22.6 million, or 71%, to $54.5 million, with significant increases in selling, general, and administrative expenses due to the Akoya acquisition[212]. - The company implemented actions to reduce annualized operating expenses by approximately $67.0 million, with a target of $85.0 million in reductions[192]. - Selling, general and administrative expenses surged by $29.8 million, or 41%, to $102.9 million, influenced by non-recurring costs related to acquisitions[230][231]. Acquisitions and Synergies - The acquisition of Akoya Biosciences in July 2025 is expected to generate synergies that will offset anticipated operating losses, with a goal of achieving cash flow breakeven in 2026[184]. - The company completed the acquisition of Emission, Inc. in January 2025, with an upfront payment of $9.0 million and potential earnout payments of up to $50.0 million[188]. - The acquisition of Emission includes potential additional cash payments of up to $60 million based on performance targets and technical milestones[253]. Impairment and Restructuring - The company recorded a goodwill impairment charge of $6.4 million in the second quarter of 2025 due to a decline in revenue and bookings[191]. - The company recorded impairment and restructuring costs of $7.2 million related to severance and the impairment of a leased facility from the Akoya acquisition[215]. - Impairment and restructuring costs amounted to $14.8 million, reflecting a goodwill impairment charge and severance expenses from the 2025 restructuring[234]. Cash Flow and Investments - Net cash used in operating activities was $60.8 million for the nine months ended September 30, 2025, compared to $30.9 million for the same period in 2024, reflecting a $29.9 million increase in cash used[247]. - Net cash provided by investing activities was $41.8 million during the nine months ended September 30, 2025, primarily from $183.4 million in proceeds from sales and maturities of marketable securities[249]. - Cash used in operations included payments for professional fees related to the acquisition of Akoya[247]. Certification and Compliance - The company received ISO 13485 certification for its operations in Billerica, Massachusetts, indicating compliance with international standards for medical device manufacturing[197]. Market Conditions - The company expects continued softness in instrument sales due to a constrained capital funding environment, with a recovery anticipated as funding conditions improve[201]. - There have been no material changes to market risk information as of September 30, 2025, compared to previous disclosures[280].