Quanterix (QTRX) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Financial performance and guidance

• Achieved five consecutive quarters of double-digit growth despite a challenging capital environment, with strong performance in service revenue through the Accelerator program while instrument revenue remained flat at around $2.5 million per quarter.

• Consumables saw a moderate uptick, but not as robust as services; guidance for the remainder of the year assumes continued flat instrument sales and corresponding consumables impact.

• Transition to new assays is not impacting demand or revenue guidance, but is expected to be margin accretive as conversions progress.

• Investments for growth are on track, with $10 million allocated to diagnostics and $10 million to research-use business in 2024, focusing on new assay and multiplex development.

• Cash flow breakeven for the research business is targeted closer to 2026, with continued investment in growth priorities through 2025.

Product innovation and pipeline

• Launched a redevelopment program to remake existing assays, improving shelf life and availability, and established a product development engine to accelerate new biomarker launches.

• On track to launch 20 new assays in 2024, including both single and multiplex formats, with brain-derived tau and cytokine markers among the highlights.

• Multiplexing is a strategic focus, with a four-plex brain-derived tau assay launching in Q3 and additional neuroinflammation and immunology markers planned for the back half of the year.

• New assays are margin accretive and support the company's leadership in neurology, with a commitment to ongoing innovation and expansion into adjacencies like immunology and oncology.

Diagnostics and partnerships

• Recent FDA approval of new Alzheimer's therapies is driving focus on blood-based diagnostics, with partnerships established with hospital networks covering over 10 million patients.

• Partnerships involve placement of HD-X platforms and research assays for laboratory-developed tests, with more partnerships expected in the second half of the year.

• Simoa platform's high sensitivity and digital capabilities differentiate it in the market, enabling reliable results across the patient spectrum and supporting adoption in clinical settings.

• Multi-marker tests are being developed to improve diagnostic accuracy and enable differential diagnosis for neurodegenerative diseases, with clinical trials like CANTATE and Bio-Hermes supporting regulatory submissions.

• Reimbursement for single and multi-marker tests is expected to reflect their clinical and economic value, with CPT codes in place and pricing anticipated by year-end.