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Amol Chaubal | Chief Financial Officer |
Kevin Hrusovsky | Chairman and Chief Executive Officer |
Chris Lin | Cowen |
Puneet Souda | SVB Leerink |
Max Masucci | Canaccord Genuity |
Ladies and gentlemen, thank you for standing by, and welcome to the Quanterix Corporation Q2 2020 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] I would now like to turn the conference over to your host, Mr. Amol Chaubal. Please go ahead.
Grace. you, Thank and everyone, joining today. us Good thanks afternoon, for is our Chairman With me CEO. Hrusovsky, call today's on and Kevin
Before or we recorded few of things. available begin, about the our Today's you I on will call would of our actually website. like Today's will based this call. of statements. on are assumptions achieve contain that date Resources be Investor plans, beliefs and and in call be and may the not expectations on statements management's to information forward-looking will the section remind intentions available forward-looking a disclosed as We
involve achievements unknown actual described Securities other results, Exchange statements filings or forward-looking the expressed future materially risks uncertainties, our factors achievements recent with or the assumptions any to be implied uncertainties are by Forward-looking and face known The that and we performance different in statements. cause or that and and most performance may our from risks, results, Commission.
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details XX. going provide I'll be our referring XXXX I'm to QX about Slide Kevin. performance. additional Thanks, some to financial
of ongoing by Kevin was QX pandemic. was XXXX million revenue As COVID-XX and impacted $XX.X in noted,
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like Appreciate to much. very you it open for we'd questions. Amol. now up Thank that, And
Your line of comes Doug Instructions] first question Schenkel from the [Operator from Cowen.
a give was Hi. Accelerator really curious a impressive us Simoa, ask to This on incremental Chris just there start just these customers opportunity where demand detail Doug. a more on could from? I new if that because I'm and to are bit the Kevin, is to to on system Could is you therefore, be customers performance. road. for down sell coming the these
encouraging are dimensions that that a about Accelerator Chris, say of Yes. I revenue. the question. couple there's would Great And
technology, inflammatory pathways is at saw pickup immune central in lot to looking cytokines. system One of of pathology and as would are the you what a And know, XX-plex, we we of the lot planar, central, call, diseases. dimensions CorPlex the that the is most the a
so, in and this those we come Accelerator know that breakthrough us always today in in sales some trials technology tomorrow. newer And pretty of run we helps some do customers important that we product had with our what
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area. one so would that be And
certainly seeing in infectious area is we some area opportunity Another that in are COVID disease. evidence of the
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so very were those as advancement. And productive well for our
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helps that Chris. hopefully, So, you,
does your impact release growth curious turning And longer-term diagnostics lots in – now, both of this XX%. how great. on XX% that thinking side No, obviously, impacts exciting to developments maybe and I'm and your both – to press your revenue that's research just target on of remarks. how prepared
showcase was just research purely and the seen. clinic. year, advancing say I diagnostics most we of And can probably primarily the strong And Interestingly, that. advanced has we've advancing. feel our very into in research diagnostics are It opposed was us to mentioned, business target, as own more very the partner, ever we're and in because we're committed of well continually a the growth our to been making for that goal good helps actually specific what of why going as able as target a very of growth they they Yes. to about came pharma IVD diagnostics, there still we've going promise many than with as felt a what we validation our that we customers, we're looking path really promise more to would of was this do an part advances actual be continuing the to to doing
opportunity that. samples actual And us for disease capability gives be sclerosis is patient to provide single-site so CLIA that lab own evolve LDT showcased further we think Nf-L, our Nf-L can it could into by ability progression to multiple year-end and with really a our MS, for FDA, we advance a with advance if the
prospects in a but I be them to start also lot or the anything growth our advancement markets, I that productively. of term, see the you growth of the year But revenue diagnostic contracts above aspirational of stronger where the that. would to XX% that I starting and there. So, have very relative today would side being has we're longer do say call those before to see that into levels over But it, very we're big as two the to side probably the material been of signed really takes a validate disrupting long-term never think of low research, and penetration we would to minds XX% longer-term
about I anticipate we performances I growth certainly my in SP-X how resilient placements SR-X because were instrument ask the guidance, much and recovery QX. your the do and right for to revenue I you're historical for think And Understood. expected And last full-year? here? Thank question, to still is XX than systems the the you know way more you. returning HD-X guess had not then from revenue providing think but trajectory rate? we should when XX about
Yes. Chris. Absolutely,
HD-Xs. that be HD-Xs HD-X thought be roughly HDs think half by was we our provided be we – I possible the year-end that or of will will to what going
of that, the and set the it the of beginning growth pure some that felt as has number half of set. And a HD-Xs. I large our and of then would it's advance a is one-time as we And goals And coming well are first about of been at SR-X the we a HD-Xs, our half year say really that – SP-Xs replacements the the SP-X. interestingly, from versus HD-X say that both We didn't in goals productive would we've expect XXXX. of
consumable have very So, think a instrument growth. growth strong is I instruments the continued and accelerator And good flow. for future to indicator
major relative action So, And feel I to back labs, we into not going about our we be closing we're as of a growth feel there's pretty long trajectory. as to think that. like good
current to good lab open back of growth the we level be, pace, of at a longer-term. we continue will at year-end, sure, We they half. of we this like progress that openings. are strong see If still comfortable starting projected projecting a second that We to are for lot we feel by feel
to So, neuro. tailwinds continuing to and in be particularly that well. second from evolving start opened the think menu, COVID we're going half our positive will the And seeing key as get keep labs basically I productive, in some
taking Thanks my for Awesome. questions.
Sure, Chris.
your SVB comes from Souda And question line Leerink. next from of Puneet the
is open. line Your
Thanks Kevin. Yes.
continued mean do the is, and well. business service question to First accelerator I
has wanted recovery better. And of across seeing we I a country. maybe not Europe just Europe understand actually, mean, complete sustainability I obviously, the the recovered So, to little that are trend. – bit
and a So, on their maybe trajectory. how the do to expect us continue to business give recover installations you recover, while just sense consumables of that
should business. look services we how us help just understand at So,
you business to driving But consumables consumed way really consumables. services line. in for service services that the The the been business Yes. know, continue that on as revenue has Sure. a get go to us
would portion of – and that of portion there's say goes So, uncertainty are our services, But still actually what a I a those lot of large customer in many consumables. labs, a through have labs them as labs focused of many continued into were returning that to they COVID Most cancer to originally. of categories COVID were the labs. on the to turned have opposed that stay
testing we're customers interestingly, our as seeing immune and/or COVID as So also good, using well the innate productive by and system, visibility Nf-L. serology they oncology HD-X antigen explore in for the as
been we're We able by an And we services I sensitivity with mentioned, development. work it. So of the services a maybe support really where that take encouraged done capillary small opportunities, think enables answer pricks, a finger X-microliter build for sufficient pretty for data new in to the that further up it can the a largest have upon whole with and world. being to from it's been the getting get Accelerator still only to groups And payer years. then And testing. about sample, get dilute good fulfill XX-microliter even what's and more our for next opportunity interesting some of that of is, that will second in support paradigm studies actually we and infrastructure testing answers. those And the several sample, see one to half as we're large-population
into on lot a longer. kind that services very in again, translates the basis, that growth growth the on sales actually longer-term QX. think bodes of I'm a And encouraged into potentially second have negative So, I them also well. of And had built for catalysts being we which consumables, half product and
objective But starting only negative that for up back QX I large are and mentioned, gear for been aducanumab really year, ones that there's of that is that a the where them be we're pharma for lot help our this see blood, Biogen see of noninvasively a would are trials it making now because other these we'll no category technology. we Alzheimer's, technology, interest think advances looking Lilly And most in as really potentially have expected lot in because we approval in approved. as and companies well. furious drugs and people a fast there's now to biomarkers our utilizing in and can
pull-through, independent in also services, that can think a do second I consumable start to half. the the of recovery So see the
helpful. very That's Okay.
the some academic, a better wanted and know On already, I just I to but covered you of get this picture.
us to trends the here from that a the recover it the And last how expectations I budget? – think labs, it impact is academic installed, HD-Xs replacements access were the you? was the from that in any any Given that were European budget. budget what essentially for that Or that European flat impact going to budget, is of mean, there? is a any sense bit too give I how was your improve, generally, Do you did can for a surprise. then expect expectations to on so Horizon expected do side, and doing academic you you you of – And July? for And
any impact see you do from So, that?
Puneet, that budget? last the on was question NIH
came Horizon European That It's in... the budget.
it. European horizon. got it. Got Yes. Yes,
the concentration. footprint. academics towards usage seen portion pharma strong the out of we academia we has productive, And one this we when more of geared size, company very the really smaller the the are split see price our and like feel done I smaller launches pharma, of included academics, with you So, products I think a a and that And recent think XX% do been pharma. why we've XX% lower revenue Accelerator have versus of is SR-X. quarter very These business. strong we've total smaller academics more And that's the Accelerator, the in but general, we've SP-X points, almost things
combination the smaller the publications growth, the the where also going to Asia, believe labs shut disproportionate say going come more footprint, that of versus during do that's pharma we we're a I that crisis. And would and academic so see And lot right, and down a COVID believe of from. academic we you're of into
of And of so to some interested the up. HD-X over, starting COVID to back in of lot COVID Very linkages shut those and institutions. academics were them but switch medical opening for down. we're many them did see for trials But a
with utilize second affiliations But they well do of COVID, this the academics for much many COVID capability of don't groups for have So have that Accelerator think still that as really the are do institutions now research do half. these will will and bode the in trying be products. we academic to buy as they on medical – panel I
much And good a so on I going product start to don't budget I return, to think consumable think, be Horizon's expect you've to academics. there'll at being any it's got the instrument Europe. in flat impact better distribution as pull-through. And create, and they all I
funding We from disease of many consortiums. the that's coming European have a lot of
just on coming each in in figure sustain try healthy funding to then to see countries and and COVID of get States, in areas death the their the but of their and out setting activity I the longer-term that back in all implications for mental so it around think of to being just with in health, that of areas the longer sources ECTRIMS partly real COVID fatigue. the impacted, nice these the start just cytokines feet we'll on to brain innate the a impact neurology that are as see in term neuro due drugs of MS not there's coming the these And And and neurology. patients that world, for that still due United fatigue how think system And I whether multiple they up, many the be see a neuronal to fact the of we world, a the you're and need countries. immune landscape surge going to from for around a lot is funding and or health and of
Thanks. with And last through replacements HD-X understand. HD-X. to worked your clarification. have I just wanted seems half It that of you
to of And if wondering, to occur installed sort gross maybe replace long it So, and quarters? how you over rest sort base the the of How would think do clarify of How can that the the of thinking trajectory margin the of the rest works was that? next take out of impact? Amol, are you you the there? here duration couple about
year, some in felt that high-level that this a of comment we Amol, good – goals. Maybe I'll gave feel much still out Amol, pretty goals Yes. of just we most beginning the about at the call, and those
might And your overall just so provide thinking and it be good HD-X clarity position, if the you Amol. could around
Sure.
frame, this in a I mean remainder trade-in of of September, towards for demand lot early the it. right. healthy is for launched in HD-X we situations, budgets especially, end There QX, Puneet, keep do of mind, expect time university-funded In new year, October available. And So opportunities. QX, the we become
a continue And better going QX to QX our So, with as we remainder customer see across and and impact continue and have the program annuity because gross to the creates QX we margin will of commensurate much we QX. satisfaction enrollment problem it's larger will But products. discussed year. a before, in with consumables and forward it good trade-in a
Thank great. That’s Okay. you.
comes Canaccord And the you. Masucci Max line question from next from of Genuity. Thank your
is open. line Your
questions. the Hi, Thanks taking for
up, of in another month of has area So, any trials with major deeper into customers? one to or therapeutic extension And over led bit with trends pharma utilization can observed business pharma picking your you and terms for just dive COVID-XX of back your to an customers? or top expansions the your core just so you've neurology larger past the just customers a some recent particularly from
Yes.
to we're that for We're aggressively approaching showcasing than It's you've got And Simoa, take many Max, hits, they're I lot it these the general, and when out. important while talks. with AAIC And take in in the I trials a it's really shown So MS. for the the say, more different dementia has very a on reality it to of would these beginning XX approve there biomarker belief lit, with a think approved like very chance showcased a seemingly which community drug get the And Alzheimer's shot there very dementia FDA at in MS a and raging they advances with drug. to you investing were in held and like being even Alzheimer's think on last week, where made I've is a hold. requires, important validation that approved it a quite match others excitement a areas. that reverse there's objective And it field Max, efficacy. that I I these looks years and the help feel first of can it And first it before hit, is Alzheimer's. historically, to still that a this what the there and Alzheimer drugs of dose the the now many to being by put making showcase seen the lower research I that encouraged pathology the by I FDA think hits. But and And all, a goal, try drug with are the pathologies in applaud posters dementia XX could that, marker think more them reverse moment that then work Lilly becoming out able water that, that XX are of on Biogen is way of you of were time doing once in a there's in as biomarkers a aducanumab put it's you're really that the currently to if and when of biomarker of being difficult. forest being to gun. By trying a ability to fire, was
to – it biomarker and move MS, then validation In where drug. approved because show drugs, across drug it's no Nf-L show longer Nf-L, of new approved for that a there's the it's secondary taken Alzheimer's, a and via make endpoint area then down it show and approved with drugs, had you how an And an so to drug easy its the its it approved comes then was in take get surrogate that without really to to I breakthroughs of imaging drug up validation harder being open couldn't breakthroughs to advances these in that with of many industry the biomarkers of you show the and in agents technology. think recent to these give new see around able starting that correlative those field biomarkers. neuro and And hope neurology are the impact pTau measuring objective to the blood, a will
we so a B this? interest trying that of only things have that Is in deck long the smaller for building encouraged. immunity look the had has I are are – vaccines agent of to be or we're many that And providing help our vaccines. I the transmitted, those you appropriate protection Nf-L very I'm well then how mean adaptive disarm that don't as immune to and and really large some approved. cells third try in groups. the this even customers make the and our cetera; even those chart interest Parkinson pipelines are think last. et And in So, we're venture you that get on cell see new what's the into didn't looking about portfolios, some these even every can biomarkers. think – the T We to pharmas them area probably re-infected it of a the recruit right will what to ways about lot see biotechs around the fight our and questions now and get that it it race lot And that been vaccines day, inning, of endpoints at answered testing vaccines patients, ability of when the different to COVID have to system, a haven't protection by that with at in the of with innate yet. And of because to field immune the I learning all done the world, serology, system as direct disease
running have COVID, fields and medical what impacted, are ACE on inhibitors, ACE might like But And we I evidence from through getting disease as what categories think example, like payer going be early. better inhibitors might their trials benefit prophylactic they an to the so on it's that and are neuronal where we've of virus. And vaccines then occurring. people see show some large records groups see that hepatitis see fatigue of the system blocking being these a you for we for the the that COVID. might impact to you're starting immune deployed as occurring, you potential and vaccines lot the seen that or COVID of see And is strokes see a
very can research I and is payer to long-term mean be and without that that efficiently. these think happen technologies trying underneath leads can heart. greater to So members what's longer understand and and life get protect I because to it's do to also their they relationships and fatigued COVID immune the I those health on think more of COVID think, something between they It's their even going you're to And and they're across expectancy that I across, oncology going the happen groups that keep think own membership, life about, deliver than patients, the implication and to care might cancers. systems are going biomarker longer expectancies see to so concerned their able to so what acquiring
And lesser the across in early to neuronal disease, to actually a because for to are have dose next think the even going the then think, diagnostics could the pharma's a there's valuations. see going detection board, might you in it? we the increasing pharmaceutical I start I be I can disease, going ready agent where And diagnostics you're see going if pretty prevent toxicity with and approach valuations certainly interesting what moment infectious link You to and category coming, So, and prophylactically diagnostic to seeing future area. it is think be be to whole SARS-X you're the a value.
now play I'm across going So, role and is prevention. and therapies early to across detection bullish on the right disease diagnostics just pretty
types ideal clinical Great. that the partner? the you And enter hadn't interacting your to way COVID-XX diagnostics to led you how with the applications changed of how And the then and think or few market have have before been maybe months pandemic. diagnostics much companies about last conversations ideal diagnostics companies your with
Yes.
this is Simoa's being for prick of So, that I disease around area would sensitivity technologies we've of to say inbounds see a that sample home getting whole exquisite and of one and finger saliva testing area lot able matrices, care sampling been inside early. that have exploiting or to those
have of promise. been I that point-of-care think by this very awakened much diagnostics systems are there
we've got And occurring so, some area. that in inbounds
they've showed IVD the on syndicates seen are because interrelate their their and big of And category. advances payer they could make those us how I I diagnostic think, breakthrough, really great I surveillance carefully trying with one also have broader-based as care new syndicates slide, to with in to health companies, payer create think as the watched the patients health next outcomes. the the lead
with the deploy with large this the payer So, only but I'll advances think not our with to labs, I in created in do would NIH, well. our that want then advances interest core houses point-of-care potentially coupled sensitivity, further, groups, by have say, that IVD as their
a XXX third-party technology pubs, Simoa is so it, COVID. now in over using nearly that my so with the pharma the momentum Nf-L that validation moment within much of all we've – And MS, peer-reviewed view created and great – is is all this where the
disease think relationship, an Quanterix' we've was the did than oncology I have ends do up, risk a for XXX% And would really neurology categories, the it in across were to was Back technology. our bioMérieux all it IVD more an the of deploy technology think lowered focused we I time. exclusive infectious premature validated. them at to disease when I relationship, which exclusivity for say house as we and
of think the IVD do different of disruptive. and all really fit. we houses, But them that of of would I all large be so say, a use capabilities And that them technology weren't good I to and our become shown to have able any
them there's with And imaging measure of can think we many want a opportunity have of with if we would think imaging. or biomarkers an I you so And marry them. strong one either position, win-win interesting the try you to that to
strong a to imaging. you don't you position, If to imaging displace might neuro have try use panel the
would imaging So, diagnostic they if And better and have do it just little the The utilize with particular comes them the the so or where to in, now the these Max, about don't think NIH, different or I as not, way focused large the They that more best. different whether would lowers technology. of IVD impact think play. formally groups, the understanding couple we're house and it a way FDA, the being and have a have more bit the seem I biomarkers right disruption win-win validates can impacted CDC, payer our not all agencies these there's technology. highlight advances, role that they I know the that's player and potential very the in I houses, And Simoa. risk on think demographics they utilizing a
Great. That’s all me. from
Max. Perfect,
and Instructions] any I to I'm questions no like turn you. time. [Operator for CEO, Thank now at to the showing further conference Hrusovsky, back Kevin remarks. Chairman this our Mr. closing would
tough much. very appreciate we're We can. really we're the little is and that Thank place you making. now, and and trying The economically, over we're it. definitely gone do we both We've in about right world a everything excited the health-wise progress a to hour, very very
stay on talk can investor support feet. Bye-bye. we they seen a themselves. I we to help. base you the just do its They've We safe world have soon. mean, listening, want everything last board get most them, for incredible like months. – And I've and to for try to hope four of your of the employees to week really days have or very seven Thanks we'll group dedicated the five over help And we to thank it anything much everything worked continue you an and the across we as and back that can to never healthy. all doing
you Thank joining. gentlemen, today's and this for Ladies all conference. concludes
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