QuantumSi(US:QSI)2025-03-04 00:42Financial 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 commercial launch of the Platinum instrument [10] - The customer base diversified significantly, now including academic, biotech, pharma, government, and contract research organizations [10][12] - The company sold its fiftieth Platinum instrument during Q4 2024, marking a significant milestone [12] Market Data and Key Metrics Changes - The international distribution channel expanded to eighteen partners, enhancing access to global markets [14] - The company noted a growing interest in proteomics research in regions with limited access to traditional high-cost instruments, indicating a potential market opportunity [15] Company Strategy and Development Direction - The company focuses on three corporate priorities: accelerating commercial adoption, delivering on the innovation roadmap, and preserving financial strength [9] - The launch of the Platinum Pro system is expected to enhance user experience and expand market reach [24] - The Proteus platform is anticipated to launch in the second half of 2026, aiming to significantly increase proteome coverage and workflow automation [27][30] 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 on sales [44][56] - There is uncertainty regarding NIH funding for 2025, which may affect the academic research market, but other segments are expected to remain stable [45][46] - For Q1 2025, the company anticipates revenue of at least $900,000, representing approximately 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][34] - A dedicated scientific affairs team was established to enhance collaboration with customers and promote the value of next-generation protein sequencing [16] Q&A Session Summary Question: Did you sell any Platinum Pro systems since the announcement? - The company expects to start shipping the Platinum Pro before the end of the quarter and has not seen any impact on Platinum sales yet [50] Question: Was any of the $1.2 million in Q4 pushed from Q3 or pulled forward from Q1 2025? - Management confirmed that nothing was pushed from Q3, but some end-of-year buying decisions occurred in Q4 [53][54] Question: What are the expectations for the Avantor partnership this year? - The partnership is in the training and implementation phase, with expected contributions in Q2 and more acceleration in the second half of the year [59] Question: How is the sales cycle evolving with more customers? - The sales cycle is longer than historically seen for similar instruments, but management is comfortable with its current predictability [84] Question: What are the largest markets and untapped opportunities? - The customer base is now about 50% academic and 50% other segments, with significant international opportunities identified [86][90] Question: What is the status of the internal commercial team expansion? - The commercial team is staffed as expected, with most sales professionals in the field and some still in training [95][99]