QTRX - Earnings call transcript Q1 2024

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Operator

Good day, and thank you for standing by. Welcome to the Quanterix Corporation Q1 2024 Earnings Call Conference Call. [Operator instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker for today, Francis Pruell of Investor Relations. Please, go ahead.

Francis Pruell

morning. good and you, Thank you With me and Chief Toloue, President to are Officer.Before things. today's as well call remind like CEO; would our begin, Masoud a as few we Quanterix' I on of Vandana Financial Sriram, and be our on of replay will This the recorded be Relations Investor call a will section website. available the call contain statements forward-looking will within U.S. Today's the meaning of Reform Securities Act. Litigation Private call.We and may are statements. based actually in date on on assumptions information statements and the disclosed available forward-looking plans, These of the beliefs this not achieve expectations intentions of as management's or forward-looking our

be Forward-looking recent achievements have for unknown actual measures.These in the our filings of measures statements operating a in most other in year-over-year unless today.Finally, results, noted. their involve We earnings and comparisons should or a GAAP. website set forward-looking the useful review such financial for expressed business. in future Securities materially and release percentage discuss uncertainties, to accordance in allows the believe used a on measures considered substitute GAAP are operating encouraged our information basis presentation important factors achievements performance Investors analysis or assessing assumptions any of presented the in forth with reconciliation to be Commission. as implied these that presented described be non-GAAP and certain are to period-to-period to and our by our statements in will and are not measures known risks supplement evaluate in we and results provided directly we manner comparable changes face of GAAP our any herein are issued performance different our financial statements.The on the otherwise cause other or Exchange and financial that To that with comparing current measures with are posted uncertainties financial performance the conjunction may periods most that results from basis, the a appendix performance.Non-GAAP in risks, to with, meaningful non-GAAP information we presented trends non-GAAP financial results,

to Toloue. call to Masoud I'd over like the turn Now,

Masoud Toloue

Thank these you, revenue Total was in Lab growth strong XX%. of quarter was with million XX% than Accelerator XX% to basis has to our a headwinds. softness of our projects million platforms.First completed from for continues gross revenue, our and lab lab first challenging Simoa points, driven Starting grew which than balance Francis. results. XX.X% $XXX capital consumables more non-GAAP remains the our all and approximately strong X,XXX due XXX in world buffer with instrument nice sheet CapEx This environment.Our macro a $XX using by The quarter offsetting provide of growth from performance business over more our anticipated grew Accelerator to liquidity. XXX margin customers over

to molecule technology. durable our why impacts key engine. more ultra-low remains years, at treatment disorder areas tools the Simoa end and examine approach and detail pathways X,XXX new the a around a on we in financial disease by NfL remain with we're with assay neurological the Our We timing in the the is target reason X.X focusing clinical have the of trusted proteins a sensitivity partner to the development. millions in cash the on built such on expand the items. touch moat by million, later assays evidenced neurology, has of key was over oncology.First, the the given biomarkers a Parkinson's on identify customers, new than to period approximately performance. There implemented in working biomarker prior nearly innovation, sensitive year levels been the Parkinson's product in need last Vandana world. the which therapies of that in on incredible these critical from comprehensive development will people XX on team than capital to over monitor approximately $XX progression I'll GFAP of pioneer biomarkers for incredible, advantaged a Simoa date, readout.Breaking disease of our been quarter's XXX introduce trials.To development and was year and and in higher to disease, immunology leadership critical to pharma on certain usage new academic our we've as foundation, and active the single publications.Building detect by provides have more ability a results a barriers call.Moving Parkinson's time discovery researchers digital slow as working

example, Nature, measure assay in late-stage to with the used publication For January associated in the whether scientific disease of an increase Journal NfL Quanterix' researchers is neurodegeneration. Parkinson's

pTau-XXX of a diagnosing and as recommends to for are in its assay.Today, behind multi-marker potential utility and forward clinical not an implicated in Each pTau-XXX, storage beginning.Last assay, biomarkers a marker The the and by of supported diagnostic is unique improve other these started Foundation.Turning are markers getting and powerful this but partners J. disease has important such clinically tau pTau-XXX Parkinson's useful and the our the alpha-synuclein as only on also the phospho-isoforms.Quanterix next These Michael to that the if lysosomal holistically with the have with correlative pTau-XXX a microglial continue research has less pushing biomarkers. amount best pTau-XXX. a protein the community recent intention, NAA included amyloid requiring many our that Fox only focus of characteristics S-TREMX launched we evaluating However, diseases, and month, efforts biomarker sensitivity forms of a and data in to significant Alzheimer's garnered specific pathology. and for setting just leader and we measurement tau. as biomarker of such this evolution pTau-XXX been isoforms may relevant is some discussed level accurately

of University presence of peripheral Simoa assay.Studies originates that using our pathology total specific However, may with progress from sensitivity group Sweden add robust the principally April Quanterix disease.In not biomarkers Gothenburg and sensitivity has in is stand-alone leading an tau of with by additive brain-derived blood a nature technology, amyloid provide that levels BD-tau more and is pTau-XXX that evidence may to suggest does pTau-XXX. panels the tau Alzheimer's non-brain to related researchers led determined diagnostic publication, the develop and way beta brain-specific marker a to detection the analyzes that sources. end or in monitoring from further tau elevated of

quarter. multiyear, abstracts to the current the assay in compared effort therefore, support staging BD-tau in to this XXX the encompassed currently on a and our diverse directly of Association I is plan Cantata the Alzheimer's data using of BD-tau retrospective and BioHermes enrolling study July.As release offer from results disease, our X is framework However, study the definition multi-marker using from validation targeting test, instead populations. standard a study, Phases disease.We our used assay. International Alzheimer's addition brain specifically, sites samples an reminder, data this of Shifting memory and of improve development settings.In in XX field clinics multiphase we prospective upcoming and And test to the important present field may enrollees pTau-XXX across progress. advancement multi-market to BD-tau are these plan which current for LucentAD elsewhere Diagnostics. a of X,XXX of across participants Alzheimer's prospective Staying may at this for of Conference Cantata underrepresented and now approximately ATN a measurement. and the CANTATA from Alzheimer's and and in comes from the domestic BioHermes is were clinical of progress Phase body a precision the the X have late to greater to believe been with X X,XXX More care primary continued trials in BioHermes engaged, of for X,XXX

that new announced for CPT beta XX February, pTau-XXX Medical tau we our beta was codes FDA.In American designation amyloid breakthrough XX, blood Association QX, tau. total test the confirmed by During and the Fossil granted amyloid

are of platform. test now later Certuit-AD, weeks, announced blood in year.Finally, provide validation collaboration a market varying of price a SP-X additional for to This the We certuitad.com.Moving pTau-XXX recent available we events. our highlight pTau-XXX is expect with Quanterix' launch entered on to these diagnostic to last levels run XXXX Lilly's can the Eli that resulted approaches CMS measuring codes test interpreting and on has LDTs plasma pleased in have next disease, in few evidence the and several Alzheimer's In results. for new

Preliminary clinically available are presented recent immunoassay ensures have that clinically a provides precisely higher as the Group such, been XX% and, of in to will pTau-XXX While through clinical Simoa year.We're conferences of ability sensitivity that different believe later Association technical the still of technology. there tests range deliver Alzheimer's are at this The several the Quanterix' X meaningful cases results it and than used results to pTau-XXX is recommendations publications any validated levels, platforms these sensitivity general across expected X technology tests thoroughly studies. well-powered Simoa at serve been not measure cases. aware early, market.Currently, very we this X use meet of accuracy. Quanterix' have Working suggests use low

cohorts, stages XXX% unreadable of platforms the of to platform have of those has single cohorts samples at pTau-XXX were level including X,XXX patient of in patients, to has femtogram can ml a samples shown hundreds a encounter similar limit. very over concentrations for First, yet per and the technology disease.LucentAD detection, below reportable limit the unreadable BioHermes earliest be VMC other single tested, even up detection and Quanterix of healthy participants.In provided sample XX% control and

platform greatest therapies. to there changes individuals detection disease application, the small the by and will its testing any levels the therapeutic intervention enabled only start TAM Resulting results been In believe therapeutic the Simoa when provides been early the disease at earliest to early we monitoring potential by believe uniquely from sensitivity. achieved.Well, the want not infrastructure for emerging Second, measuring response track providers. on by be shown and to large therapy to patient be or is confirmation that trials, from for lowest stages experienced competitive tau immunoassay these applications is is monitoring you also higher the sensitivity.Third, progresses. recent benefit benefit at progression has built important will as continue levels. to the several for but due it We of is follow the based Early has

on potential as patients of platforms multi-marker well are diagnosis dementia. with definitive differential multiplex unable expanding the information We perform.Multi-marker bring larger provide to this as foundation that of to for non-AD proportion testing a results are testing has other to guiding

will therapies on pathology markers financial look and therapy cover to forward how measurement independent should anti-tau advance, sharing to diagnosis.We multiple combination updates require that, detection of support requires I'll our and our As of managed. therapies call to we improve Vandana understand see in be to coming amyloid the months.With progress over the amyloid results. This pathology to tile turn examination

Vandana Sriram

you, also now results Thank add our quarter for guidance on reiterated XXXX. first Masoud. expand to I color our and will

described, QX plan. quarter a Masoud was As solid and our with consistent

and million, XX% for with XX% prior start $X.X we to Consumables was year.Accelerator instrument revenue the $XX.X XX% million, in-house pleased clear of year. million, increase $X.X an the an million, remains XXXX strong. the was increase of are lab quarter revenue We the of appetite Total revenue revenue XX%. increase to was decrease for an services have of a $XX.X lab was our first customer of as momentum compared

In for in and a of period and installed terms academia Accelerator assay XX between XX-XX quarter, and of base the was by were increased our mix net neurology revenue stratification, pharma, our XX% disease the customer states.For of instruments. sales our nearly total

noted, environment As capital budget others have challenging. remains the

to approximately from to next and compared demand prior lab offset margin this XXX gross weakness.Shifting XX.X%, healthy seeing year. to points respectively, gross margin $XX.X $X.X GAAP are we were million basis for However, Accelerator QX. profit and million the and up our

a up XX.X%, down efficiently quarter XXX gross of we performance non-GAAP and gross million, basis the the higher up moment, was to and points pricing first fourth non-GAAP margin see gross quarter basis, XXXX.Expanding improved the transformation.Moving margin was XXX this First on million the continue gross our to non-GAAP more achieved points, and $X.X on quarter in to basis respectively, for of compared a considerably $XX.X sequential our inventory profit We're benefits with XXXX. the compared approximately as period, pleased managed of P&L. corporate margin

of prior million, prior of million quarter QX versus expenses First results were were spending were to this to inventory billings, and compared million, support we to sheet. up of to GAAP cash. receivables Cash our nearly commercial R&D an payments, given due quarter cash compared operating the higher million with to net quarter million. cash was 'XX. of the and to an cash quarter's make the is of QX first timing the Receivables $XX.X marketable was equivalents, timing was efforts.Moving and the expenses, which continue $X ended the in higher growth million compared historically, expenses $XX.X the period operating an of our increase With our inventory. of by largest XXXX operating primarily outflow period.In for million revenue year. million due $X of were outlay us in cash, flow a increase to the of bonus the securities with investments the outflow balance Non-GAAP and We year impacted the $X.X to $X.X addition, by $XXX.X restricted initiatives. in $X was timing million $XX.X

Our environment.Moving liquidity the on remains provides from strong uncertain in flexibility quarter. and what first funding remains excellent an

Our range $XXX revenue million of mid-XXs. a outlook in the is low gross and margin unchanged profile to $XXX non-GAAP with to a full year XXXX million

our not be As throughout as our a include new testing, in first as products. to pacing the quarter.We the rollout these from on switching the advantages guidance immaterial does revenue part in the reminder, well of this of new which to were customers margin year expect gross assays dependent and diagnostics revenues

early in comments. it and approximately be and revenue of as half assume activity we in for assumes our second guidance, cash of strategic between turn to to product the $XX $XX continue the this stages year.Within still expect to the of of Masoud initiatives which his back are will diagnostics in sequencing now innovation.I our in over million such usage We million to weighted up final commercial million, investments $XX ramping capabilities to

Masoud Toloue

Vandana. you, Thank

creating remains beyond We're a the in pushing of improving framework testing. markers is discovery Quanterix principal standard clinical we drive and innovation. technology expect set profitability.Our sets applications identify ultrasensitivity, Neurology product Quanterix assays This era that to realize of Our tools and We're leverage operating into year, physics of for plex take approaching this we're new protein translate into effectively boundaries poised now exciting research investments ability operating health towards and and with outcomes. help menu, to across the enable new is and some model commitment making to We diagnostic improve biomarkers.This to industry can scales for toward the as doing to working unlock we significant is unparalleled. this new questions. discovery doorsteps these analytes is next and now on of the opportunity. a

Operator

question comes Puneet of [Operator the Leerink of first Our instructions] from line Partners. Souda

Puneet Souda

well? picking talk it from you neurology through biotech a in funding obviously to maybe talk sort up pointed to Accelerator new the some just -- growth in? on you driving Is to services growth? of it what's Can one is is the about as us How in driver, the is first you large quarter? that? that come there Are if seeing And we sustainable year here. out What about contribution assays contributing a of Accelerator be first you're So, should being of little contributing? some just growth in expect the biomarker the XX that sort that but seeing bit the

Masoud Toloue

Yes. Puneet. Hi,

a So, story. has Accelerator great been

the a testing increase As XXX,XXX our looking and We're know, we've improvement threefold. testing XX% business. at with scale built capacity had currently capacity scale. of We to tests a in you lot in

lot they that neuro year that so, seeing reoccurring the a some over versus last smaller there's in I we've to So, from that customers. and has be of strong.So, growth of XX% come of And trials biotech. continue that interest has the think or of pharma built most been

perspective at we the our one that about work coming very customers, there.On the Accelerator prospect of parts projects additional visibility we to a So, And our pipeline.And markers feed future work pretty very for neurology get into Accelerator into and we and an remain our helps thrilled great pipeline, that decent is, trials. sit the of an Group important product collaboration does get we're the and with clinical future as early we we down of and have have assays, assay excited clinical for projects. there work the our kit, we in develop it assays, trials with

great flight business. has strong that for wheel been the a it's So,

Puneet Souda

you're then little talked And there elaborate about pTau-XXX, how thinking And you believe. Alzheimer's for HD-X can breakthroughs peer Simoa for to differentiate itself diagnostics differentiate competition a of large diagnostics in a serve announced Simoa? market? the to automated How more competitive dynamics. I be was high also itself appears sort recently, systems mean, will the that you bit what the throughput I about in versus

Masoud Toloue

Yes.

and it The think key just a sensitivity. Simoa to our second technology lot down of I just the match.And ability first So, technology has other Quanterix X at comes a I'll that incredible to platform lot really on the can't is that. And point open features is platforms multiplex. But expand points, up doors. X those sensitivity of

result. detection is look we femtogram or patients, limited of at And patient So, get the ml detection. first, samples our in don't we when per an single unreadable limit really

with And of other nice hasn't there where Quanterix data had clinical new data put showing but data, lot platforms.We've so, clinical seen clinical we data. lot of we're there a a that that clinical been a haven't diagram although the platform, out platforms

symptomatic or a in that when patients fixed and market.The credit would the platforms clinic, one you're Alzheimer's you cohort say, similarly to, at that look to for of of situations the at looking issue that have perform not results, science competitor have expect patients portion If I full give that's disease. that is the you with let's disease,

You're amyloid have looking folks early concerns, at have people at stages, memory don't the that very pathology. but

utility different coming not of very very situation have readable. in sort low result a you the results those than so, clinical may concerns And is are have memory and patients who have fixed studies.So, a

And haven't so, in we missed of trials. patient any a clinical our

So, have that's they pathology an the two, benefit patients that of don't a are disease. pipeline that the Alzheimer's XX% issue, come and would test. They one.Number from or other because symptomatic number some in have multimarker have

days there. conference.And We'll a interesting disease, X multi-marker the And was a about of you're measuring the And opportunity suspect early of in measure month finally, resolve have you progression then if so, real AAIC disease, and someone ago to our about there came that we think that cascade. of be talking out. to in history you at or folks recently or there's need and APOE, genetic paper the a an who's early or changes need history couple

that And and to the kind leadership X testing. the to that progresses are you're that platform a as as those Alzheimer's have we a so, for main need is of why Simoa think going the person in think progresses, disease we sensitivity through role disease going cascade.So, areas

Puneet Souda

Was in just or margin one could And one should one where to I was through specifically if squeeze side? pricing? gross for how And the you pricing the quick coming expect year, assays that. the RUO from? more Can cadence Accelerator on we it elaborate improvement

Vandana Sriram

Yes. the Puneet. Thanks question, for

So, gross with margin for where the really landed pleased quarter. we on

of that every the of implement at front, effect across That's went pricing increase our we annual year. On year beginning products. all price the an into the

that the project a more see portfolio.On little on. of across kind the side, that bespoke goes Accelerator you So, work bit there's

helped that margin a about the quarter, variability a And and lot to good we little take we this very from executed the on margin. really is The perspective more the definitely put also mix a feel projects front.So, favorable there this that have So, pricing then fixes revenue us the helped, of also quarter. the through we in the transformation price were And list there. home. helped started

Operator

Matt the Sykes of Goldman Sachs. question comes Our next of from line

Matthew Sykes

and mix of one we Accelerator customers capital just first capital at demand do looking customers that do more that to faster Or due gotten the lab at to with lab? them? way improvement And environment use the Maybe mix the is term, that the much more see have going in longer used forward? me, mix, just environment, back? a demand equipment to and to there some for you And Accelerator if to lab Accelerator the services the that What be impact willing growing how equipment use the instrument do think are shift an rate? willing then lab if we'll stays is weaker on you expect Accelerate margins that

Vandana Sriram

for the it's We Matt. Thanks both. think question, really Yes.

hand, Accelerator product the the has unique own. really On become on one offering a its

feel stands its many growth think there that grow. we have a it CapEx So, now way think the high XX% own, for for like of stands definitely Maybe that that in we crop are show value phone as on repeat Masoud the this place will mentioned saw that customers its But and now. to we for as side, those about Accelerator. be won't quarter, on customers.So, lot is value rates our important that a they portfolio of its continue really are certainly to continue a instrument we in different crop and pullback will reasons.On right

X. environment some and viable we still that that really instruments, But see our for as both be we at selling another eases, running quarter expectation be franchise. funding a So, in might models point term, or we Accelerator the as the had something are balances still together where would out continues short that but

Masoud Toloue

a offer. service only to they're the and with accordingly. total technology valuable Accelerator, we the when priced valuable that we offer say we thing Simoa value these of services, that margin accretive you is as perform Matt, And, of business, meaning, the think When would and I think other the there's that they're you sensitivity

Matthew Sykes

to your have on testing on platform? date Masoud, Lilly Do do for expectation obviously then, the there's And Certuit-AD that to safety the execute focus is for label, the for people to if June we donanemab labeling? And AdCom also those on bids in but the a to you that just offering XX, preferred What levels get sort order tau need detection. tests is there on get both believe tau now of therapy? is and

Masoud Toloue

So, have Obviously, see to to the is of outcome good label will what very look a we of we're that don't meeting. really the what sense be going like. interested AdCom

would hopeful positive results and therapy good are patients.But don't or having option to just laboratory the of like. another development as overall a think or we've Certuit-AD, we're for the the been the think excited sense have the what that over patients From we therapy Lilly very market, working that it the test. in for look last resulted closely I and that of I and with super collaborating years, several label, it's this in

Matthew Sykes

And one from me. just more

you've potential was manufacturing the there growth, new QX quite element of it ease the year and that Just that and consumables over for some given do healthy. an through an of throughput changes of switching see as higher looking manufacturing and Accelerator at progressing over kind consumables? past that consumables? to that might the Is the from made have growth still manufacturing we a held And back in process lines

Masoud Toloue

great the your we improved since To produce we tests to over year, point, Yes, able to ramp. by X transformation, annually were that's began production with capacity a we've XXX% the question. million last

those in new had announced new assays. we're now process come So, had that that done and released all so, in switching of we we QX.And resulted to assays in customer we the work the

of process. probably a lot it's hadn't a I we mean, conversion QX. done in So,

new QX but to we subsequent ramp quarters. from expect that and So, a assay, assay old conversion in an switching to

Operator

the Our comes of next line Kyle question Mikson of Genuity. Canaccord from

Kyle Mikson

point finer on a near-term the Just outlook.

in you're we talked relative about mean, XQ Just forecast of on ask wanted new Pull-through but revenue just year-over-year what XQ was could to how strength. and And what assays all these the how and that I just kind perhaps. in know said you updated in consumables like consumable I guess, the XQ, sequential about of higher growth rebound I I instrument from and stepdown manufacturing the based kind to guess, continued even little could SKUs just be XQ affect, improvement decent thinking rebound, a just placement XQ, not Masoud?

Vandana Sriram

take for at food the a Kyle. it Thanks Yes. crack question, I'll stuff.

stuff for That's So, there's going sequencing in you on lot consumables. year. the a the revenue a as at as well QX factor rest as we mentioned of of our the of look certainly

revenue half.This we've that you at going years, to history second about to for is factors all like perspective, year, the of the first more a below. XX-XX our half XX% look mix be you we versus think generally mix been because XX-XX, mentioned from If last X XX% that

On very early new the process in to switching the we're consumables over still side, customers of very, the assays.

that that's consumables. coming every a a we to to So, pick does addition, we of up time and will hold.In revenue think and the bit process, for base half contribute to that longer quarter, have it's assays year, going take also really some take in new but out second of the

On convert an still We of us.We for the to there. tough, it's pipeline been the actually see a interest, see to environment it's time see revenue. lot of we been the side, instrument all but

had but convert. it's second very, other call but So, to for instances a we how We've with really again, we're cautiously started pipeline, takes long good optimistic soon there, quarter. shapes the up where that too very to

back. bit cautious little a we're that there how on So, soon bounces

Kyle Mikson

place read-throughs And Definitely, be like any of we market AdCom. like and the looks we tau-baseline should to But business What the follow-up Louis of does like And of June?I it know that I be specifically kind 'XX beyond? looking for takes when then kind to Quanterix from post features don't launch AdCom. going the donanemab. topics then that questions of for important but your for focused to limited in the that assessing a safety for I guess, the efficacy, meeting. that going the in that on duration and are any there dosing mean diagnostics was question prepare know guess, there like in meantime, you're about yet of AdCom, the on, Eluvia

Masoud Toloue

you they're for testing And on infrastructure therapy trial way issues a disease. Is let's right? a therapies X Kyle, in one is need I real memory there's prognosis, there to X which a soon exhibiting just Alzheimer's when, for family all memory an There coming to right mean, be I and be actual now therapy year X And range need diagnosis not wasn't then large of real say, that from suffering for of for tests, options, up history a Picture have or weren't wasn't is test them. asking, hopefully it of to important for going of the this wide and think market. have questions, it are going There therapies a need so there. or are me? but it solutions They that in patients symptoms, think office these folks that clinical kind for of symptoms. it's answers hey, and testing yourself a tests, of the post-treatment the that that all Yes. until, for aren't the that's have patients, validation potentially ago, for work, is monitoring.These a monitoring? Is and are where? testing.And

there's specific when it to it's with a dynamic, participate regard test to dynamic that AdCom for And is with comments hopeful and more what I so, comes we market, we're situation options to than the sensitivity.So, think have a no that leading other we're today patients. excited

Kyle Mikson

the using on Thermo tau months? come finally, in then you next Did X I And added just out, be BD that's And tau. I talk that? the the publication. panel saw to market to about which XX It's for interesting. in in to going to is I guess, multi-marker antibodies the think this Biolage due you're brain-derived

Masoud Toloue

Yes.

really the of peripheral recall are general, as sources, meaning not from from as that both specific, don't it I So make much on tau at large using, the you that just we and and brain.And for it it's BD portion can brain of of look believe the the interesting that marker. we've improve antibodies if improve a sensitivity testing, I test mean but could test. if the a could disclosed you we're more the tau, in accuracy

some Alzheimer's X of to not in in the tau and in a setting, setting, be multimarker BD can fossil for it brain So there, about measuring you talked one there.Obviously, that if with tau the we at want see tau we've alone, sources looking we're a improvement pathology. peripheral combination potentially to see multimarker having but specifically

Operator

[Operator next Scotiabank. instructions] Ji question comes Nam of line Our the Sung of from

Sung Ji Nam

it? this collaborations, X early well the making getting early it's kind the the there there the of traction opportunity, of licensing or earlier as but know network announced an feedback us laboratories. any on on, nonexclusive opportunities year currently you of progress update? I Maybe licensing feedback you're for you're as from and kind kind health Could you give

Masoud Toloue

Ji. Sung Yes,

positive. the very has So, been feedback

hope come announcements first we're I by to the into pacer. think looking would adopt those go as at might X that as that interest We probably Simoa sensitivity collaborations of quarter. be therapy the the able therapies they're future to paced But QX meantime, with of of enthusiastic quarter, signed, we immaterial adoption, that and of the very largest we've the in adoption in lot that will market.So, to in and each in been the partnerships be about and the the second revenues the there's say, platform. continue I a announced Leqembi we the platform.

Sung Ji Nam

driver currently my just the or follow-up business the then the of roughly is XX% applications. neurology And coming growth from is on

Just that much growth curious, of then a driven kind mechanisms have Alzheimer's, how biomarkers? sense from of novel the is Alzheimer's specifically? by do is how coming you action within or of disease truly of And of much also,

Masoud Toloue

of it's say, the the Yes. wouldn't Right pretty I a just question. in that, very, even of the largest portion There's now, a say a Alzheimer's, say That's I'd interest split. but top my here, it's business. insightful off head would I large

hey, an at of of just markers portfolio. general necessarily the you markers I'd and trials in the attractive have, going of, are if the blood health. other measure markers something And extremely we today, the they're would attributes imagine not surgery and the that detectable those brain health that.And issue there proxy Or in of tests, be are have the that brain? so, me for neuro a are some proxies creating sort for that in clinical and think some doing be look these Are all therapy patient for to need a to trials.You neuro neuro have brain, in is these that into give able of but good ultimate we taus ongoing, the I lot short tests proxy those might is not improving? you

say Alzheimer's So, I a would future neuropathies, And pathologies related. not is portion are for good a growing portion the of brain.

Operator

line Our next the Dan Cowen. of of from comes TD Brennan question

Daniel Brennan

quarter. the on Congrats

But time lot very reimbursement still just therapies come. to Just that and for could volumes on zoom blood-based a early and obviously, regulatory patient you'll that impact lot new on danonemab with out, maybe still it's obviously testing of have. of what a spend

for business the out, this So, those at give clinical important your that be us that think months, more we're identify give Quanterix? begin XX we're could key some key next some a you should to sense market will and clarity to on post will of of we and say, trying competitors?Just uptake events will us initial impact X the just maybe give us events looking if over investors and the to what the how you are the develop for looking guide

Masoud Toloue

Dan. Thanks,

It's something I'm So, early? of care you do Can you to this now because paced be believe, disease as market been you're we clinical that of and that's and of that's important.Specific interested sick the to to in have we we're by versus to can additional early? Alzheimer's, at think testing going comes be it me and fundamental on of detect disease to that's it today And down you going or field that of there's putting you And to health cutoffs. that's limit is do test has not can to something in Quanterix well, to on We the the work, this what's clinical paradigm working clinical conditions into about want detect future too. measure to going adoption that, happening. solution it? care.Can trials so detection we're be It's is something several that a And be of doing to a sensitivity. early, ultra-zoom And by you going paced and the come therapies an a you if therapy. market. testing first, fronts. differentiated company and market out think going a first, look at in practice when the going And sort diagnostics is say

And testing. in problems which patients XX% pathologies disease, to Alzheimer's I think of going are think that's the are be differential needs complicated have as a measured readouts that for in additional positive more and for better be from that going to show also to assessed interest there's sign be there efficacy testing clinic, early.I than see other patients symptomatic and that diagnosis. we through clinical earlier trials more

would is testing of Quanterix has in of patients. therapy, want pharma So, to done get say that they a to lot program.There's that be to decision play these at that And partners of to to has conjunction our in performing, our categories. a trials a there's through very going high and also whether I we're role those work the has think clinical performing for And field. the we each our to be be the that make a done companies lot there's with to level, that but platform Accelerator those research under will progress that of as patients happen with done are going be

Daniel Brennan

FDA? be you So stand could us the are a also where give of Could you a few trials And those update going things you out maybe color that timing as follow-up more reporting to us trials? around on for the little on the yourselves. then, kind with know of just mentioned a I

Masoud Toloue

Yes.

FDA So we the front. on talked about

breakthrough going So, the providing we're throughout be year. the testing the and the excited the designation. and we're working, the obviously, to with We're on about trial FDA results that

update.The progress, data we we'll trial work, a of been some be supported And both BioHermes highlights that can early And that meeting. the and and publication been VMC late save Cantata.We've both at work great. make of that's for to done in coming has announce July we some cohort and It's has a work expect more the peer-reviewed provide BioHermes from an trial to that, great. so, as publications probably of going multimarker submitted But May. We're Cantata AAIC. we XXX our

very results. progress, with happy strong the So,

I better measured of large BioHermes. July. we're think, guess cohorts, I at those come BioHermes to we those of prospector terms VMC were able number X,XXX measuring levels, couldn't of all both Cantata a and in of samples which were mentioned so, patients.And that normal and in detect going in that of we it clinical a More I be the to trial

Daniel Brennan

solid just maybe And on maybe margin Vandana, gross one the for beat.

How you like projects? like I strength? of kind the on Just for gave give granularity of earlier thoughts, was Accelerator component a and to kind And the think components do be we drove qualitative would kind of some growth. you kind some the willing but us maybe how about about question more instruments, know progression? there think consumables year your And what of of know revenue we I full

Vandana Sriram

Sure.

revenue. Let for we'll me then do margin the gross do quarter, our

were Revenue the through favorable, a that put sales implemented margins.We in were talked side. the higher really the margin year price good of we individual there quarter, mix as the the that of projects with the beginning for So, handful we was at well really that the on transformation. as accelerated gross factors that about helped at fixes list

inventory there's then physical some So, overall, comes our more for cost our of costs productive that lastly, were inventory, process, low. control Recall there. management and better is process.And also QX in noise the that normally out quarter

of switch that customer to out. and dilutive to second happens, volumes that.We're hard So, really And mix margins. assays. the early we're factor a would is little bit slightly piece And the are in variables a of the that's kind big be couple when it as that Revenue there stages working instrument basis. new that the on to drive of still can then the and is, gross project a on a profile quarter-over-quarter There margin. of swing

year, it, getting in have probably really revenue call points we half to, of half to Accelerator So, or indicated points XX% where planning there see the to than us year.For we XX% with couple more that QX first for the a pleased expected.So into within overall, need there's of headroom we of revenue to probably longer case we expensive I second continue few the good we perspective, quarters. availability next the but as the From go some landed, of a of momentum. that's that

second in switch we as the in. up that So, to even also the second the partly bring expecting partly like switching engine. bringing still do and see be, definitely of possibly try And a growth from in well to that and to we that the assets the as all as up quarter back new we we up consumables, year, finish to from a half of where we're drive it completing but as start we'd instruments slower activity, Accelerator the

Operator

participating our This session. does conclude today's question-and-answer the Thank you in program. does for This conference. conclude

You may disconnect. now

Quanterix (QTRX) 8 May 242024 Q1 Earnings call transcript