QuantumSi(US:QSI)2023-03-06 16:20Financial Data and Key Metrics Changes - In Q4 2022, total operating expenses were $38.8 million, up from $27.8 million in Q4 2021, which included a $9.5 million non-cash impairment charge for goodwill from the Majelac acquisition [6] - The net loss for Q4 2022 was $33.1 million compared to a loss of $29.4 million in Q4 2021, with total year net loss at $132.4 million in 2022 versus $95 million in 2021 [60] - Adjusted EBITDA for Q4 2022 was a loss of $24.5 million, compared to a loss of $20.4 million in Q4 2021, with total year adjusted EBITDA at a loss of $100.6 million in 2022 compared to a loss of $64 million in 2021 [61] Business Line Data and Key Metrics Changes - Research and development expenses in Q4 2022 were $18.2 million, up from $14.4 million in Q4 2021, primarily due to higher product development activities and personnel costs [59] - The company successfully launched the Platinum protein sequencing system in December 2022 and began shipping initial orders in January 2023, with customer demand aligning with expectations [3][11] Market Data and Key Metrics Changes - The initial customer interest has been primarily in the academic research market, with customers eager to explore and utilize the new technology [52] - The company is attending industry conferences to increase visibility and support sales efforts, with plans to ramp up outbound marketing activities in the second half of 2023 [57] Company Strategy and Development Direction - The company aims to commercialize the Platinum and Carbon products while maintaining financial strength, projecting that its current cash position can support operations into 2026 [13][46] - The long-term goal is to enable de novo protein sequencing, with a focus on innovation and expanding proteome coverage capabilities [36][48] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2023, highlighting the importance of the Platinum launch and the potential for significant advancements in proteomics [7][16] - The company is committed to improving fiscal discipline and has implemented cost rationalization initiatives that resulted in lower-than-expected operating expense increases [27][46] Other Important Information - The company has over 1,000 issued and pending patent applications, indicating a strong focus on innovation and protection of its technology [8] - A partnership with Biovista was announced to integrate AI-driven bioscience tools into the company's cloud analytics, enhancing proteomics research capabilities [4] Q&A Session Summary Question: Current order volume and shipment expectations for Platinum - Management indicated that they are not providing quantitative guidance yet, focusing on measuring implementation timeframes and customer utilization rates [19] Question: Metrics related to the commercial launch of Platinum - Management confirmed that they are tracking placements, utilization rates, and overall revenue as key metrics for the Platinum launch [62] Question: Customer interactions and barriers post-test runs - Management noted that there are no significant barriers holding customers back after test runs, with some customers moving forward with purchases while others seek further validation through proof-of-concept testing [63][64]