Quanterix FY Conference Summary Company Overview - **Company**: Quanterix (NasdaqGM: QTRX) - **Industry**: Life Sciences Tools and Diagnostics - **Key Management**: Everett Cunningham (CEO), Vandana Sriram (CFO) Core Points and Arguments Leadership Transition - Everett Cunningham, with over 30 years in healthcare, joined Quanterix from Illumina, attracted by the need for breakthrough technologies in neurology, oncology, and immunology [6][7] - Emphasized the solid base business in research tools and the potential for growth in diagnostics, particularly in Alzheimer's [7][8] Financial Health - Quanterix has a strong balance sheet with $100 million in cash and no debt [8] - The company aims to achieve breakeven cash flow in the second half of the year and has set a synergy target of $84 million from the Akoya acquisition by the end of Q1 [8] Growth Strategy - Projected growth for 2026 is between 0%-3%, with a focus on prioritizing next-generation platforms and technologies [14][16] - Plans to build a comprehensive diagnostics strategy, including reimbursement strategies and clinical utility studies, with results expected mid-year [18][19] Performance Insights - The fourth quarter showed a significant improvement, with consumables driving growth and a recurring revenue profile now at 75% [21][22] - The company is seeing a reduction in cash burn, down to approximately $3 million from previous levels of $15 million-$20 million [22] Akoya Acquisition - The acquisition has diversified Quanterix's business from 90% neurology to 60% neurology and 40% oncology/immunology, enhancing the company's market position [23][24] - Early integration efforts have been positive, with a unified company culture emerging [25][26] Market Position and Future Outlook - The company anticipates a return to high single-digit growth rates in a normalized market, driven by consumables and diagnostic partnerships [29][36] - The focus will be on optimizing technology and expanding the Accelerator Laboratory's role in generating insights for next-gen assay development [46][47] Alzheimer's Diagnostics - Quanterix is working on a multi-analyte blood test for Alzheimer's, with a 510(k) submission made in January and results expected in 6-9 months [66][73] - The company aims to establish an end-to-end strategy for diagnostics, leveraging its CLIA lab capabilities [95][96] Competitive Landscape - Quanterix's LucentAD test is positioned as a unique offering with high sensitivity and specificity, differentiating it from competitors [103][104] - The company welcomes competition as it indicates market attractiveness and is committed to maintaining a strong commercial approach [121][123] Additional Important Insights - The Accelerator Laboratory serves as a leading indicator for customer interests and next-gen assay development [46][47] - The company is expanding its infrastructure outside the U.S., particularly in markets with aging populations like China and Korea [116] - Future growth opportunities are anticipated from service offerings similar to those in the Accelerator Laboratory [65] This summary encapsulates the key points discussed during the Quanterix FY Conference, highlighting the company's strategic direction, financial health, and market positioning within the life sciences tools and diagnostics industry.

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $43.9 million, a 25% increase year-over-year and a 7% increase sequentially [11] - Organic revenue declined by 22% [11] - Adjusted EBITDA was a loss of $7.9 million, an improvement from a loss of $11.9 million in Q3 [16] - The company ended the quarter with $122 million in cash equivalents and marketable securities [16] Business Line Data and Key Metrics Changes - Revenue from diagnostics partners was $3.1 million in the quarter [11] - Simoa contributed $27 million, reflecting a 22% organic revenue decline [11] - Spatial reported $17 million, down 23% year-over-year, with a 16% decline when excluding a terminated diagnostics development agreement [11] - Instrument revenue was $6.1 million, with 21 Simoa and 17 Spatial instruments placed in the quarter [12] Market Data and Key Metrics Changes - Academic customers represented approximately 55% of the business in Q4 [12] - Pharma revenue declined by 21% year-over-year due to lower large Accelerator projects [13] - The company has 25 partnerships generating $9.6 million in revenue during 2025, up from $6 million in the prior year [13] Company Strategy and Development Direction - The company aims to achieve break-even profitability in 2026, with a focus on operational rigor and steady growth [8][16] - The LucentAD Complete test for Alzheimer's disease has received a reimbursement rate approval of $897, which is expected to enhance market penetration [14] - The company plans to launch additional products in the tau biomarker field, indicating a commitment to innovation [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's base business and the plan for break-even profitability [19] - The CEO emphasized the importance of understanding customer needs and strategic partnerships to drive growth [9] - The company anticipates a minimal impact on core business from the terminated diagnostics agreement, with pro forma revenue expected to increase by approximately 2% in 2026 [18] Other Important Information - The company has implemented $74 million of its $85 million cost synergy target and is on track to meet this by the end of Q1 [16] - The company launched 13 new assays in 2025 and plans for a continuous stream of assay launches throughout 2026 [27] Q&A Session Summary Question: Assessment of Quanterix's core high sensitivity proteomics and Spatial Biology businesses - The CEO noted effective execution in diversifying the business and achieving synergy targets, with a focus on growth in both Simoa and Akoya spatial spaces [23][24] Question: New assay or product launches planned for 2026 - The CFO confirmed a regular cadence of assay launches is expected, with several already in the pipeline for Q1 [27] Question: Prioritization of diagnostics versus Simoa proteomics and Spatial business - The CEO highlighted the importance of the Alzheimer's diagnostics opportunity and ongoing clinical utility studies to guide payer engagement [34] Question: Update on FDA submission and potential timeline for product approval - The CEO mentioned that the FDA approval for the 510(k) submission is expected within 6 to 9 months, aiming for Q4 approval [38]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $43.9 million, representing a 25% increase year-over-year and a 7% sequential increase [11] - Organic revenue declined by 22% [11] - Adjusted EBITDA loss was $7.9 million, an improvement of $4 million from a loss of $11.9 million in Q3 [16] - Cash equivalents, marketable securities, and restricted cash at the end of the quarter totaled $122 million [16] Business Line Data and Key Metrics Changes - Simoa contributed $27 million, reflecting a 22% organic revenue decline [11] - Spatial reported $17 million, down 23% year-over-year, with a 16% decline when excluding a terminated diagnostics development agreement [11] - Instrument revenue was $6.1 million, with 21 Simoa and 17 Spatial instruments placed in the quarter [12] - Consumables revenue was $23 million, up $3.8 million sequentially [12] Market Data and Key Metrics Changes - Academic customers represented approximately 55% of the business in Q4 [12] - Pharma revenue declined by 21% year-over-year due to lower large Accelerator projects [13] - Diagnostics partnerships generated $9.6 million in revenue during 2025, up from $6 million in the prior year [13] Company Strategy and Development Direction - The company aims to achieve break-even profitability in 2026, with a focus on operational rigor and steady growth [8][16] - The strategy includes expanding the diagnostics market, particularly in Alzheimer's disease, leveraging its ultrasensitive platforms [8] - The company has completed major integration activities and is focusing on profitable growth [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the base business and the plan for break-even profitability [19] - The company is focused on generating clinical utility data for the LucentAD Complete test to support payer conversations [14][34] - The FDA submission for the LucentAD test is expected to take 6 to 9 months, with anticipated approval by Q4 2026 [38] Other Important Information - The company launched 13 new assays in 2025 and plans for a continuous stream of assay launches throughout 2026 [27] - The terminated diagnostics development agreement had a minimal impact on the core business for 2026 [18] Q&A Session Summary Question: Assessment of Quanterix's core high sensitivity proteomics and Spatial Biology businesses - Management is assessing the diversified strategy and is pleased with the increased diversification in the Spatial business post-Akoya acquisition [23][24] Question: New assay or product launches planned for 2026 - The company expects a regular cadence of assay launches every quarter, with several already in the pipeline for Q1 [27] Question: Prioritization of diagnostics versus Simoa proteomics versus Spatial business - Management is excited about the diagnostics opportunity, particularly in Alzheimer's, and is focusing on payer engagement and reimbursement strategies [34] Question: Update on FDA submission and potential timeline - The FDA approval for the LucentAD test is expected within 6 to 9 months, with a focus on establishing a good payer strategy [38]

Financial Data and Key Metrics Changes - Total revenue for Q4 2025 was $43.9 million, a 25% increase year-over-year and a 7% increase sequentially [11] - Organic revenue declined by 22% [11] - Adjusted EBITDA was a loss of $7.9 million, an improvement from a loss of $11.9 million in Q3 [16] - The company ended the quarter with $122 million in cash equivalents and marketable securities [16] Business Line Data and Key Metrics Changes - Revenue from diagnostics partners was $3.1 million in the quarter [11] - Simoa contributed $27 million, reflecting a 22% organic revenue decline [11] - Spatial reported $17 million, down 23% year-over-year, with a 16% decline when excluding a terminated diagnostics development agreement [11] - Instrument revenue was $6.1 million, with 21 Simoa and 17 Spatial instruments placed in the quarter [12] Market Data and Key Metrics Changes - Academic customers represented approximately 55% of the business in Q4 [12] - Pharma revenue declined by 21% year-over-year due to lower large Accelerator projects [13] - The company has 25 partnerships generating $9.6 million in revenue during 2025, up from $6 million in the prior year [13] Company Strategy and Development Direction - The company aims for break-even profitability in 2026, with a focus on operational rigor and steady growth [8][16] - The management is prioritizing the diagnostics market, particularly in Alzheimer's disease, leveraging its ultrasensitive platforms [8] - The company plans to continue launching new assays and expanding its product offerings [14][18] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving break-even profitability and scaling the business into profitable growth areas [19] - The company is focused on generating clinical utility data for its LucentAD Complete test to support payer conversations [14][36] - The management anticipates a minimal impact from the terminated diagnostics development agreement on core business in 2026 [18] Other Important Information - The company has implemented $74 million of its $85 million cost synergy target and is on track to meet this by the end of Q1 [16] - The company launched 13 new assays in 2025 and plans for a continuous stream of assay launches throughout 2026 [28] Q&A Session Summary Question: Assessment of Quanterix's core high sensitivity proteomics and Spatial Biology businesses - Management highlighted effective execution in diversifying the business and achieving synergy targets, with a focus on growth in both Simoa and Akoya spatial spaces [24][25] Question: New assay or product launches planned for 2026 - Management confirmed a continuous stream of assay launches is expected throughout 2026, with several already in the pipeline for Q1 [28] Question: Prioritization of diagnostics versus Simoa proteomics and Spatial business - Management emphasized the importance of the Alzheimer's diagnostics opportunity and ongoing clinical utility studies to guide payer engagement [35][36] Question: Update on FDA submission and potential timeline for approval - Management expects FDA approval for the 510(k) submission within 6 to 9 months, anticipating approval by Q4 [40]

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]