Quanterix (QTRX) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Technology differentiation and clinical expansion

• Simoa technology enables digital protein detection with higher sensitivity than analog competitors, allowing measurement in healthy patients and shifting focus from sick care to healthcare.

• Over 3,000 publications and 500 unique biomarkers have been identified using the platform, with increasing clinical interest from pharma for disease monitoring and therapy efficacy.

• Redeveloped assays for clinical-grade, high-quality longitudinal studies, increasing reagent manufacturing output by over 300% and Accelerator program capacity by 75%.

• Launched a product development engine, enabling the introduction of 20 new assays in 2024, up from zero new NPIs a few years ago.

Business performance and market dynamics

• Achieved double-digit growth for five consecutive quarters, with 11% growth in Q2 despite macro headwinds affecting instrument demand.

• Service lab model effectively offsets instrument sales weakness, maintaining strong demand for Simoa sensitivity.

• Revenue guidance for 2024 was revised to $134M–$138M due to continued capital constraints, with instrument sales expected to remain flat in the second half.

• Gross margins improved from 29% in 2022 to 53% in 2024 YTD, with a target of 60%+ in coming years driven by volume and operational improvements.

Product innovation and pipeline

• Focused on neurology, with BD-Tau and multiplex neuro markers leading the new assay launches; immunology multiplex markers to be released soon.

• Advantage Plus assays offer extended shelf life and improved availability, with gradual customer adoption due to ongoing clinical trials.

• New platform development aims to double plex capacity, expanding into immunology and oncology to reach broader research and clinical markets.