QuantumSi(US:QSI)2025-03-04 03:53Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were approximately $1.2 million, representing a 52% increase over Q3 2024 and a 183% increase year-over-year [11][35] - Full year 2024 revenues reached $3.1 million, with a gross profit of $1.6 million and a gross margin of 52% [37][38] - Gross profit for Q4 2024 was $610,000, with a gross margin of 51% [35][36] Business Line Data and Key Metrics Changes - The company achieved its first quarter exceeding $1 million in revenue, driven by the commercialization of the Platinum instrument [10] - The customer base diversified significantly, now including academic, biotech, pharma, government, and contract research organizations [10][11] - The company sold its fiftieth Platinum instrument in Q4 2024, marking a significant milestone [12] Market Data and Key Metrics Changes - The company established an international distribution channel with eighteen partners, expanding its market presence in Western Europe, Eastern Europe, Asia, the Middle East, Africa, South America, and the South Pacific [14] - The company noted a growing interest in proteomics research in regions where traditional instruments are cost-prohibitive, positioning its low-cost Platinum technology as an accessible option [15] Company Strategy and Development Direction - The company aims to accelerate commercial adoption, deliver on its innovation roadmap, and preserve financial strength [9] - Plans for 2025 include launching a version four sequencing kit and continuing to develop the Proteus platform, expected to launch in the second half of 2026 [24][30] - The establishment of a scientific advisory board to enhance collaboration and expand the utility of next-generation protein sequencing [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the international market opportunities and the potential impact of the Avantor partnership, expecting contributions to revenue in the second half of 2025 [44][59] - There is uncertainty regarding NIH funding for 2025, which may affect the academic research market, but other segments like pharma and biotech are expected to remain stable [45][46] - The company anticipates Q1 2025 revenue to be at least $900,000, reflecting a 100% year-over-year growth [46] Other Important Information - The company raised capital through its at-the-market facility, providing an extended cash runway into the second half of 2027 [43] - Adjusted operating expenses for 2025 are projected to be $103 million or less, with total estimated cash usage of $95 million or less [47] Q&A Session Summary Question: Did you sell any Platinum Pro systems since the announcement? - Management confirmed that they expect to start shipping the Platinum Pro before the end of the quarter and have not seen any impact on Platinum sales yet [50][51] Question: Was any of the $1.2 million in Q4 pushed from Q3 or pulled forward from Q1 2025? - Management stated that nothing was pushed from Q3, but some end-of-year buying decisions occurred in Q4 [52][53][54] Question: What are the expectations for the Avantor partnership this year? - Management indicated that Q1 is focused on training and implementation, with expected contributions from the partnership in Q2 and more acceleration in the second half of the year [55][59] Question: Are you seeing a more predictable cadence to sales cycles? - Management acknowledged that the sales cycle is longer than historically seen but is now more consistent [83][84] Question: What is the largest market opportunity and any untapped markets? - Management noted a 50-50 split between academic and other segments, with significant international opportunities identified as untapped markets [86][88][90] Question: Have you expanded your internal commercial team? - Management confirmed that the commercial team is staffed as expected, with some new hires still in training, and they anticipate seeing impacts in the back half of 2025 [93][99]