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]

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]

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]