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- **Integration Success**: $67M of $85M synergies realized, ahead of plan, driving $120M 2025 cash target.
- **Growth Catalysts**: Simoa One early access program and LucentAD test expansion in Asia.
- **Revenue Resilience**: Q3 $40.2M despite Simoa decline, with Spatial stabilization signaling recovery.
- **2026 Outlook**: Cash flow breakeven, cross-selling opportunities, and diagnostics inflection.

**【CEO Summary Section】**
- Q3 2025 revenue of $40 million reflects strong execution post-Akoya integration, with $67 million of $85 million synergies realized.
- Simoa One early access program launched to gather feedback ahead of broader launch.
- Diagnostics revenue reached $2.4 million, driven by LucentAD test expansion in Asia.
- 2026 outlook includes cash flow breakeven and $120 million ending cash balance.

**【CFO Financial Commentary】**
- Total revenue $40.2 million (+12% YoY), with Simoa down 36% ($23M) and Spatial down 9% ($17.2M).
- Gross margin 42.8% (45.9% non-GAAP), benefiting from $67M synergies.
- Q4 guidance: $130-135M annual revenue, $120M cash by year-end.
- Operating expenses $54.5M, including $15M integration costs.

**【Q&A Key Highlights】**
- **Simoa Performance**: Sequential growth in instruments (16 placed vs. 13 YoY), but academic grant weakness impacts consumables.
- **Integration Progress**: Q4 focuses on lab consolidation, targeting full $85M synergies by Q1 2026.
- **Diagnostics Momentum**: LucentAD pricing approval expected, with $6M+ partner enablement revenue YTD.
- **Market Risks**: Government shutdown delays Q4 recovery, but pharma/Academic stabilization seen.
- **R&D Strategy**: Maintaining ~30% R&D spend to fuel Simoa One and diagnostics pipeline.

Quanterix Corporation (QTRX) Q3 2025 Earnings Call Transcript

- **Akoya Synergies Accelerating**: $85M annual savings by 2026 (75% implemented), expanding addressable market to $5B.
- **Revenue Challenges**: Q2 down 29% YoY due to pharma and academic headwinds, but stable consumables at $100M YoY.
- **Simoa One Expansion**: Launching by end-2025 to target 20,000 systems, tripling addressable market.
- **Diagnostic Growth**: Alzheimer's franchise doubles test volumes, triples revenue, on track for Medicare pricing.
- **Cash Flow Target**: Aim for breakeven in 2026 with $85M annual savings, supported by 49% QoQ cash usage improvement.

**【CEO Summary Section】**
- **Akoya Acquisition Integration**: Completed the Akoya acquisition, targeting $85M annual synergies by 2026 (75% implemented). Combined addressable market expanded to $5B, with 53% in neurology and 47% in immunology/oncology.
- **Revenue Performance**: Q2 revenue $24M (down 29% YoY) due to academic funding and pharma spending headwinds. Consumables stable at $100M YoY.
- **Product Expansion**: Launching Simoa One by end-2025, expanding addressable installed base to 20,000 systems globally. Alzheimer's diagnostics franchise doubled test volumes and tripled revenue.
- **R&D Investment**: 30% of revenue allocated to R&D, maintaining leadership in proteomics with Simoa and Spatial platforms.

**【CFO Financial Commentary】**
- **Q2 Financials**: Total revenue $24.5M (down 29% YoY). Academic sales -18%, pharma -38%. Gross margin 46.2% (GAAP), 41.8% (non-GAAP) due to lower demand and inventory reserves.
- **Cost Management**: Operating expenses $48.4M (up $15.2M YoY) due to acquisition costs and $6.4M goodwill impairment. Adjusted EBITDA loss $13.7M.
- **Cash Position**: $263.8M cash, with adjusted cash usage improving 49% QoQ. 2025 guidance: $130-135M revenue, 49-53% GAAP gross margin, $85M annual savings by 2026.

**【Q&A Highlights】**
- **Accelerator Growth**: 40% YoY growth but smaller project sizes; expects recovery with improved budgets.
- **Academic Resilience**: Consumables stable at $100M YoY, despite macro challenges.
- **Cost Synergies**: Achieved through commercial, operations, and lab integration; $85M annual savings target on track.
- **Future Growth**: Investing in instruments and diagnostics, with Simoa One and Spatial Biology as key drivers.

Quanterix (QTRX)-7 Aug 25-2025 Q2 Earnings call transcript

- **Q1 2025 Results**: Revenue $30.3M (-5% YoY), driven by 6% consumables growth.\n- **2026 Cash Flow Target**: $100M+ cash balance with positive cash flow.\n- **Simoa ONE Innovation**: 10x sensitivity on flow cytometers, 2026 launch.\n- **Akoya Synergies**: 37% top line contribution, $55M cost savings.\n- **Alzheimer's Expansion**: ARUP partnership, LucentAD pricing Q3 2025.\n

**【CEO Opening Remarks】**
- Q1 2025 revenue of $30.3M (-5% YoY) driven by strong consumables (+6%) despite instrument sales pressure.\n- Announced revised 2025 guidance ($120-130M) due to macro funding headwinds, targeting 2026 cash flow breakeven.\n- Highlighted key initiatives: Simoa ONE platform launch (Q4 2025), Akoya merger (now 84% Quanterix ownership), and $30M cost reduction plan.\n- Expanded Alzheimer's diagnostics with ARUP partnership and LucentAD Complete test pricing announcement for Q3 2025.\n- Introduced 'democratization' strategy for 2026, enabling access to Simoa ONE assays on existing flow cytometers without capital investment.\n
**【CFO Financial Update】**
- GAAP gross margin 54.1%, non-GAAP 49.7% (down 150bps YoY due to inventory reserves).\n- Adjusted EBITDA loss $11.3M vs. $8.1M prior year, with $9M cash burn (50% improvement YoY).\n- Q1 2025 cash balance $269.5M, down $22.2M YoY due to Akoya deal and EMISSION payments.\n- 2025 cash usage forecast $35-45M from operations + $20M for Akoya-related costs.\n- Post-merger 2026 targets: >$100M cash balance, $55M annualized cost savings, and positive cash flow.\n
**【Q&A Key Themes】**
1. **Accelerator Lab Softness**:\n- Q1 revenue down 36% vs. prior year, driven by $1.5M Lilly project loss.\n- Pipeline visibility limited; pharma customers delaying projects.\n- 50% recurring revenue mix provides stability, but large project delays weigh on growth.\n
2. **Simoa ONE Platform**:\n- 10x sensitivity improvement vs. HD-X, 10-plex capability, and code-matched barcoding.\n- 2026 'democratization' plan enables use on 20,000+ existing flow cytometers.\n- Expected synergies with Akoya in oncology and immunology applications.\n
3. **Alzheimer's Diagnostics**:\n- ARUP partnership brings pTau217 test to 20M+ patients.\n- LucentAD Complete test to launch Q3 2025 with triple-digit pricing.\n- 2025 revenue $6M+ from collaborations, scaling to $100M+ opportunity.\n
4. **Akoya Merger Synergies**:\n- Akoya contributes 37% to combined top line, 40% to gross profit.\n- $55M annualized cost savings by 2026 (up from $40M prior guidance).\n- Expanded addressable market from $1B to $5B.\n

Quanterix (QTRX)-12 May 25-2025 Q1 Earnings call transcript

- **Q4 2024 Strong Execution**: $35.2M revenue (+11% YoY), 57.7% non-GAAP margin, 22% Accelerator lab growth.
- **Akoya Merger Strategic Fit**: $40M synergies, 2026 free cash flow breakeven, $1B+ revenue target.
- **Simoa ONE Platform Expansion**: Immunology assays launching Q4 2025 to address $5B+ adjacencies.
- **Diagnostics Momentum**: 12 new partners, $6M 2024 revenue, FDA submission planned for Alzheimer's test.
- **2025 Guidance Caution**: Q1 down 10-15% YoY due to academic funding delays, targeting 2026 cash flow breakeven.

**【CEO Opening Remarks】**
- Q4 2024 revenue of $35.2M (+11% YoY), driven by 22% growth in Accelerator lab services and $2.7M in partner-enabled diagnostics revenue.
- Non-GAAP gross margin improved 300bps to 57.7%, citing higher-margin consumables and operational efficiency.
- Strategic focus on three pillars: 
  1. Menu expansion (13 new neurology assays in 2024, Simoa ONE platform launch Q4 2025)
  2. Adjacent market expansion (Akoya Biosciences merger to combine blood/tissue biomarker detection)
  3. Diagnostic infrastructure (12 new partners for Alzheimer's testing, FDA submission planned)
- Akoya acquisition: $40M cost synergies by 2026, targeting $1B revenue and 15% EBIT margin in five years post-close.

**【CFO Financial Details】**
- Full year 2024 revenue $137.4M (+12% YoY), with 54% pharma/46% academia split.
- GAAP gross profit $83.1M (60.4% margin), non-GAAP $75M (54.6% margin).
- 2025 guidance: $140-146M revenue (-10-15% Q1 YoY due to academic funding delays)
  - GAAP gross margin 59-63%, non-GAAP 53-57%
  - Cash usage $35-45M (includes $30M in diagnostics/Simoa ONE investments)
- Simoa ONE launch expected to drive 2026+ growth, targeting RUO cash flow breakeven by 2027-28.

**【Key Q&A Highlights】**
1. **Academic Market Concerns**
- Q1 2025 down 10-15% YoY due to NIH funding paralysis, but pharma Accelerator pipeline remains strong.
- 50% of Advantage PLUS consumable transition complete, on track for mid-2025 completion.

2. **Akoya Merger Valuation**
- $40M cost synergies (100% realized by 2026), including $10M/quarter in SG&A savings.
- Combined TAM expands from $11B to $25B, with 2026 free cash flow breakeven vs. 2028 standalone.

3. **Simoa ONE Platform**
- Launching Q4 2025 with immunology assays, targeting non-neurology markets.
- Will complement existing Simoa HD platform rather than replace it.

4. **Diagnostics Growth**
- 10 new hospitals/labs in validation phase for LucentAD Complete test.
- 2024 partner-enabled revenue $6M, expected to grow with new partnerships.


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