QSI - Earnings call transcript Q4 2021 | Quantum-Si incorporated

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Quantum-Si Q4 2021 Earnings Call. [Operator Instructions] Please be advised today's conference is being recorded. At this time, I would now like to turn the conference over to Juan Avendano, Head of Investor Relations for Quantum-Si. Juan, please go ahead.

Juan Avendano

Good evening, everyone. us. joining for you Thank Today, after fourth XXXX. results the released close, and full Quantum-Si quarter XX, financial year for market ended December A release website. copy press on of company's the is available the

Interim Joining are Chief Officer; Scientific Chair Dr. me and Advisory and Officer; Mina, Member Quantum-Si's Dr. Rothberg, Financial Board today Michael of Claudia Chief Jonathan Board. Drayton, Executive new

risks meaning from Before and to statements certain forward-looking making management will we be These cause could begin, I'd that materially laws. within uncertainties like of the actual to involve events securities remind material those you that or federal statements results anticipated. differ

information our appears in press Additional the of and Statements Forward-Looking these regarding release. risks section uncertainties entitled

description information live broadcast a only intention Commission. and statements. as or please obligation risk the Exchange factors, any company's that as update law, conference of XX, revise the any February For required and company see contains forward-looking call is by Securities complete the or This more accurate time-sensitive of Except XXXX. filings list today, the made to with disclaims

this A measures directly the be GAAP or certain over that, including are financial EBITDA. is call turn measures that the accounting non-GAAP of accordance Rothberg. referring prepared most to generally GAAP, also call, in we financial now principles, with will in included press adjusted to to U.S. During the Dr. financial I reconciliation will accepted With measures comparable Jonathan release.

Jonathan Rothberg

summarize, more protein us. Quantum-Si our to you Thank work X To employee proactive joining has single as last We secure everyone. We're the progress our to over our months took afternoon, Good commercialize measures system. base. for in Juan. chain. than you, to molecule made discuss excited we Thank the doubled supply that XXXX, sequencing we

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Michael Mina

afternoon. Good

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Jonathan Rothberg

Dr. Thank organizational Mina. updates discuss and towards you, now I will commercialization. progress

with continued San We've Yale Diego expand started talent close have our new XX the organization and site. XXXX by attracting with operations. opened year continued plan ended we XXX. employees and to Connecticut We move this for access talent headquarters And to to to securing scale later teams our space recently We the through year, to University. and high-caliber

Technologies entirety We in-house. well of critical into chain our continue the positioned packaging XXXX The demand XXXX. fulfill assembly capabilities to product chip to in on and and focus are successful Majelac and integration of supply brings

our commercial production packaging support We meet rate have on to demands are path launch. and research our to chip increased

We are with to launch. vendors up also scale reagent closely working of supply ahead our the consumable

expand DNA tens affordable compare indirect. of or with of expand were mind, parts while genes, to on the applications expensive of decode our upgrade sequencing in bench-top simultaneously rely solution addressable focused with With subsequent are what equipment our and and different and X develop are to of blind technical saw modifications our conditions, modifications. launch applications identify interactions, and sequencers. proteome and applications to proteins each sequencing decode launch of operate, Quantum-Si's of and biology, set will mutations variations diagnostics. Our Law, proteomic goal hundreds technology. focused an bulk in This of system. this their interest. The proteins coupled commercially and solutions under This DNA The use our on the interactions understanding through easy-to-use, the to modifications power capabilities their mass ease and/or drugs digital on we in is their ability advances is with understand of routine our to or mirrors still create of where Moore's early scope study the unique spectrometry to DNA markets in information adopters customers and use to we is Other opportunities areas. acquire continue proteomics

discovery biological rely great on use labs basic of and to proteomics to see them. with A to insight of focused core do who results. First, and X. wait, materials in proteins research you core enrich With existing way mass Quantum-Si, the this facilities spec you and send own of is and facilities. day in gain on weeks users interest lab a your existing is or sometimes tools what Usually, complex the can for traditionally

great beyond is into information, communications, modified XX,XXX move DNA and are for for users. a sequencing This to want post-translational next protein frontier modifications. the in assembled and There who users sequence these chemical mechanical DNA ways genes next-generation complexes existing Second, to function. million proteomic protein-coding

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Claudia Drayton

Thank Hello, you, everyone. Jonathan.

compared details by increased compared million million employees were additional XXXX Let's were and Research costs and compensation Net total XXXX scale-up public were related the was number $X.X administrative to the full was Selling, a the Adjusted XXXX aggregate, XXXX. million product with $X the the the fourth quarter fourth fourth quarter quarter of a million expenses discuss year associated compared $XX.X of fourth quarter stock-based compared R&D fourth fourth $X.X expenses to for to the XXXX. million general company. of XXXX. EBITDA of driven and the of of SG&A XXXX. the to of our in in XXXX million loss driven financial primarily in a to $X.X of the in $XX.X a stock-based our quarter increase was and expenses compensation $XX.X in in the to $X.X the quarter fourth The fourth quarter of QX expenses loss In in of increase in loss development loss in compared million employees, expenses by in operating quarter quarter XXXX. $XX.X expenses million being performance. million for of development activities. The was $XX.X of of in million and quarter

versus EBITDA year, A year EBITDA of provided filed the is of loss $XX earlier press net a million XXXX. the today. in adjusted to loss GAAP was in release for adjusted of a loss our for XXXX For million $XX.X table reconciliation

cash cash, We commercialization. and our us strong to to in support operations equivalents had XX, cash at position a As investing In $XXX.X we XXXX. technology, for prepare least this marketable continue summary, will XXXX, believe and the business that allows our have cash position in in through our of securities. that million December we year

providing transition, time. CEO plan guidance the announced recently protein not second commercialize half at are our this We of and the launch Given XXXX. sequencing system revenue we to in

QX, significant We continued slow into as hiring but organization. we talent down to technical hiring new we in people integrate expect the

are we turn also the now remarks. XXXX. commercialization. of to I expect Later XX% up non-GAAP to that and said, about supplier Jonathan year-over-year in to readiness closing again we in over year, expenses grow product up investments hiring we With for to to as ramping the for expect like development call We XX% And prepare initiatives. pick would back operating in the pace

Jonathan Rothberg

the has billion Thank Claudia. transformation to Quantum-Si depth life operates in research experience, world. of of motivated market. billions digital of their of bringing around of lives at to the work enable chemistry, Quantum-Si care, people we market. by In Positioned life AI summary, you, the nanophotonics, breadth semiconductor we the and unique improve intersection products and team and molecular love biology, $XX biochemistry, Quantum-Si and to advance a will proteomics terms that chips someone science save vision disruptive on health of products the is the of the

opportunity, in technology, solid and bank, the for billion nearly $X.X team the With success. Quantum-Si foundation has a

make to continue of first We its our molecule kind technology single XXXX. protein launch in sequencing needed to progress next-generation

Operator

[Operator Instructions].

Mikson question of of from now will the our Genuity. take Kyle Canaccord We first line

Kyle Mikson

hear expected now So launch year. the is good. second in the half of good the That's to

to fulfill And previously of 'XX is those given orders than you'll on what able going And with company, right is it orders confirm, in how number provided? that was shipment the kind now how just less system. substantially how that have for to everything systems? 'XX for the many internally though, likely wanted and that's place you likely Just be those the then

Jonathan Rothberg

as understands team I units. the that the XXX been I've in-house We the also platinum this supply has established this And leveraging Far for working, first of the and of is We've amazing to been one chain. This team East. an components with team. that want supply in Apple experienced literally Kyle, are chain our the brought is things weeks highlight really few

positioned well launch we're product. deliver instrument -- So the to side on

we've buying by often a comment are On This very making aware the it. took the the unique chips, assembler of supply from We chain chain. I own have were supply semiconductors us in of skills chains semiconductor of And breadth chip of to these side, position. our on we an chips. control we packaging, to and in issues on literally puts got a supply well the with examples. handle both lasers,

customers. well to we're to positioned deliver first our So

like lab In terms individual in customers, protein XXX% all truly those before modification. proteins those and of focused protein sequencing. on There's this, you they'll something be decode never could been find never an

mentioned, over that them are sequencing. have we And directly have do we opportunities identified. we've to X,XXX XX% protein of As related

are technology. the lead to of this Our goal most XXX those is segment will be of pioneers to likely and publications that lead to that mass address to adoption

potential So have the a before. are pipeline delivering chips, next the we've lead will complex think -- a adoption. system, their we sequencing, the protein over in to Remember, times we'll we have This of and software. many applications isn't focused be those first and instrument, and on XXX customers, time to reagents we've launched were X,XXX done this that most pull-through

we customers, we've X,XXX So these of them. identified know

to builds. pull-through. best chip have deliver will terms for be of the parts we we'll year, We those that And this think future in XXX

Kyle Mikson

And encouraging. at the would year, year. guess first be end before Dr. launch I half of second was actually the of that early access an commercial Great. launch the Rothberg, the

it So before what's to presentations, as access maybe steps the like could the early conference like just walk publications like relates that on through like docket maybe next and you that. And things program.

Jonathan Rothberg

is which us, and Torrent, deja because the not was next-gen DNA to this market. -- brought sequencing XXX, first DNA over just again For sequencing also vu but of Ion all

get is now next-gen sequencing. So pioneering massively key out, white our the to thing of focus protein and parallel use papers the key

out problems, the see one and protein you to identify want that. working we're adopters mTOR like you early with bring where pathway, drugs So and others how down to working affect

transduction X publish will of problems X months, face are to prototypical adopters understanding in people X signal hormones. a papers over internal resources series goal, early white identifying our is the neoantigen next to and with the and that So understanding understanding and peptide of and

the so next white X the to And the will that idea focus summarize X is over the that of those drive future papers big will areas and placements X machines. months

is from you'll see submitted the what technology. papers, we've on conferences, So white us is paper a which and available

getting papers, about all you as with adopters, about DNA, research protein those those about early doing I cancers. white the all all whether companies it's at So looked you're when establishing modifications it note biomarker sequencing will tool, us modifications or associate discovery. gave could of that we go-to because like GRAIL those

if As glycosylations oncology but Mina driving can more us we they're a tool understand of or now you're modifications, and complexes external mentioned, able much proteins how whole Dr. whether new for and the in And for to work those COVID, how Michael they're a powerful have is protease generation you'll COVID, be of inhibitors biomarkers. long set. see now, look you modified studying have

range applications is the white demonstrating our of next precedent will work the the papers of future on focused of protein months X across all the use for the promise that a next-generation of over sequencing. technology So set really

Kyle Mikson

one Okay. helpful. And for That's actually. That's maybe Dr. great. Mina

and then isn't Dr. realized? are XX and it be the mean for questions throughput -- platform also, few how about technology. Obviously, you, curious I'm attributes So I to dynamic pretty clinical I stand range that. as that has I comment, like like would X get you And if you a curious could in for in it kind I'm really mean, the of opportunity I of comment you mean, talked about it the guess kind where long great. years? be you diagnostic a could this or the those the could need solid years maybe we talking that. if on application. first, until future. that kind of just Mina, for just but of about question to best stay a lot

Michael Mina

Yes. Sure.

probes those can be building, and gains earliest continue And took quantification down bar can molecules the approach using with that don't for ELISA, acid is their And some digital And molecule being do negative considered just we amino even Some wait massively to the the to normally what's and interested baseline here do and then start Obviously, say, until right start NGS. getting that normal to example, platform aptamer early targeting can just result to we When probe now. in. to We a sequencable. see to of to what massive really the do sort a of able code an get going real the start we're space, get can applications, sensitivity on parallel the whole ELISA. new let's we're design a high we're are is the in to on readout based. different -- applications sequencing we a every of you be that into seeing clinical that scale single do, with acid to of benefit world that will we essentially have based levels. digital able really that NGS aptamer-based sensitivity years is the Quantum-Si be amino Quantum-Si

able out we read that use of probing on interest using to proteins instruments, can for be those into proteins I to other the start of themselves. So getting applications highly and being and and really will aptamers when single be, detect molecular to throughput first it those we think, that where can QSI of level start this NGS parallelized see very sort really clinical identifiers

for exactly that the the see going are for But applications to to adopted, indications. for that, tool. brought start the surmise and that's really clinical I don't necessarily going do as years we clinical clear coming we'll still when very a be us really that I want reagents targeted frankly, clinic. few sequencing It into are DNA took think be start for years, when that years to to in very being creating -- that, I be think to that's -- it's

Kyle Mikson

Okay. That was back Dr. Rothberg, go great. want That to you. to was great. And I just

generate guys that's of for that you bar any million $X able can your I -- to know like I in in expectation end a I the to benchmark, set speak of mean, aren't feel year. providing you'll to just like the decent I'm 'XX? as guidance. So kind of quarter kind given revenue But you in be a

Jonathan Rothberg

Well, I think a I This new to going is bringing I'm impactful seriously, be super a should CEO. just transition the a CEO. roll now. in Claudia very in bus. technology. under we're We're interim But

this this that that semiconductor the Again, done globally. a We have we launch. research before. commercially looking to DNA chip. a a to is team DNA in sequencing team that on put change say XXXX, we're When is the we mean have This team going We're times launch many really sequencing. significant pioneers

So launch means launch.

team that I who a with in is have We're We've on Indra can Board, fair. brought I it. hiring worked a it. have our Fattori, have spearheading Ruth CEO. Stuart. Nooyi do and to We be Spencer

I give Let's transformational. let give CEO you the guidance guidance. is new is The can you this

million $XXX in bank. the have We

have my experienced people in XXX career. the this and seen We opportunity have greatest I is

Kyle Mikson

year. No, Congrats to Okay. I this questions. on and definitely leave respect that for It's success that appreciate I'm fair. there it. going my

Operator

at There are [Operator waiting time. additional no this questions Instructions].

from the line Jeff Our [ph]. next Manookian of question is

Unidentified Analyst

Just a couple of quick questions.

might over you where in about kind if now I with let's within, how of projections X the say, machine, say, be know that us of once say, the can idea you And would give can can think years place terms sales? idea of, customer, but you year, all, give any, First idea you you're you reoccurring kind of company also, give you a of an not if an an giving might be revenues from targeting, of obviously that? next

Jonathan Rothberg

and first razor Let's start with This question. is clearly razor your a model. blade

and semiconductor are instruments, sorry, We in then to disposable research of we're I'm initially placed placements to which looking a our labs have week. X in run the X we make have on -- the labs order machine a initially clinical times chip, We $XX,XXX. expected that to

you the instruments that on entail on first sale in well been for So that the Historically, the that we've pull-through proteins this, year the pull-through chip reagents chip. equivalent able the would have like price over kit to the instrument. that to as sale where the of becomes expect of as sequencing

year of first $XXX,XXX the to pull a worth in like So reagents. within you'd $XX,XXX instrument

have of of $XX,XXX terms those year next XXX at and In parts units we expect placements, into to each, we and this parts year. ordered throughout for supply and

year will impact, quickly. us clear of I the all how market sequencing potentially big time be that that labs X of it's they chips seen as X those X of those growth early sales as can precedents because establish of sequencing, and X pull-through week, X grown and next every adopters run instead first labs clinical use to X have machines has or running we've our years exponential as see terms can protein from a X chips to clinical next-generation beautiful a to use And days. In or being that

will for people is adopters, our and applications across set precedent help people their ultimately protein establish research who then the of range trials a use sequencing encourage to in those establish diagnostic move So clinical labs. goal and to into early the of pharmaceutical doing those companies

that frontier. in say proteins will projection, Everybody a to way X-year So I'm I sequencing. use long we wants understand going to the the adoption to happening. drive tells you protein but immunology oncology next that may absolutely DNA this COVID unfortunately, next-gen the the you you same tell saw is happen, and, what what of proteins. drive not give of next-generation going is is And sequencing

that things sequencing And be digital, else powerful deep Everybody from of us and protein. it give other like biomarkers. We to are developing information generation for next on find we use to or as learning a digital digital being correlations every can in is can aggregated is you area, you to those in go analog because unique then assays the saw public analog. company

digital first a we'll history to offer we be this in in it's bank, that sequencing bring help you create. you to company have well X-year when that fork great who people that positioned million tell XXX in CEO Moore's Law, positioned be a can this this can projection, can't in we I build chip I the and $XXX the protein but done a give owning before, well So we're obeys semiconductor

Operator

time. at are There waiting questions additional no this

to closing Juan going the over to hand for back I'm So conference remarks.

Juan Avendano

for next call. your forward a all our you Have you in updating good to today. quarterly progress the Thank evening. participation look We earnings on

Operator

Call. QX participation. you the Thank for Quantum-Si your all Earnings concludes That XXXX

now You may your disconnect lines.

Quantum-Si (QSI) 1 Mar 222021 Q4 Earnings call transcript