Financial Data and Key Metrics Changes - Quanterix reported total revenue of $40.2 million for Q3 2025, representing a 12% year-over-year increase [11] - The company ended the quarter with $138 million in cash, cash equivalents, marketable securities, and restricted cash [14][16] - Adjusted EBITDA was a loss of $11.9 million, compared to a loss of $5.5 million in the same quarter of the previous year [14] Business Line Data and Key Metrics Changes - Simoa contributed $23 million in revenue, reflecting a 36% organic revenue decline, while Spatial reported $17.2 million, down 9% year over year [11] - Consumable revenue totaled $18.8 million, with $12.3 million from Simoa and $6.5 million from Spatial [12] - Accelerator Lab revenue was $8 million, with $5 million from Simoa and $3 million from Spatial, showing a sequential increase of $1 million [12] Market Data and Key Metrics Changes - U.S. academic revenue declined approximately 30%, tracking the decline in academic grants, while pharma revenue declined 23% year over year [12] - Demand across the broader industry remains uneven, but signs of stabilization are noted, particularly in academic, government, and pharma markets [6] Company Strategy and Development Direction - The company is focused on integrating operations following the acquisition of Akoya, having realized $67 million of the targeted $85 million in synergies [5][8] - Significant investments are being made in Alzheimer's diagnostics and new assays across Simoa Spatial franchises, with approximately $27 million invested in R&D year to date [6][9] - The integration of Simoa and Spatial is expected to unlock new growth avenues, particularly in oncology and multimodal biomarker strategies [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving cash flow breakeven in 2026 and expects to finish the year with around $120 million in cash and no debt [6][9] - The company anticipates continued improvement in the operating environment, with a focus on capturing synergies and enhancing profitability [10][16] - Management remains cautious about the impact of the government shutdown on Q4 guidance, but believes risks have bottomed out [40] Other Important Information - The company is preparing for the launch of an early access program for Simoa ONE, which is expected to be a catalyst for future instrument growth in Alzheimer's diagnostics [9][67] - Diagnostics-related revenue was $2.4 million in the quarter, with expectations for stronger traction in 2026 based on established pricing recommendations [9][50] Q&A Session Summary Question: What is the outlook for Simoa consumables given the decline? - Management noted that while order volume was consistent, the order size was smaller due to a challenging academic grant environment, but expects smaller projects to scale in 2026 [20][22] Question: What are the plans for Q4 regarding integration and synergies? - Management confirmed that a single manufacturing team has been implemented and lab services are being combined, with expectations to capture remaining synergies in early 2026 [24][25] Question: How is the Akoya business expected to perform in Q4? - Management modeled a slight step down in Akoya's revenue for Q4 due to market uncertainty but noted strong execution in Q3 [28][29] Question: What is the competitive landscape and how is the company addressing it? - Management acknowledged competition in high sensitivity platforms but emphasized their unique position in the four to five marker space, which is expected to benefit from discovery progress [41][43] Question: What is the expected ramp-up for LucentAD in 2026? - Management indicated that established pricing will support stronger traction and growth in diagnostics revenue, with ongoing partnerships in Asia contributing positively [50][70]

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]