Q2 2024 Quanterix Corp Earnings Call Transcript
Key Points
- Quanterix Corp (QTRX) reported a total revenue of $34.4 million for Q2 2024, marking an 11% increase year-over-year.
- The Accelerator lab revenue grew by 35%, indicating strong demand for Simoa sensitivity without the need for capital expenditure.
- The company maintains a strong balance sheet with nearly $300 million in liquidity, supporting ongoing investments in growth.
- Quanterix Corp (QTRX) has commercialized three new assays this quarter, with plans to complete 20 by the end of the year, enhancing their leadership in neurology.
- The company has established new partnerships with major healthcare systems and labs, including Mount Sinai and UCSF, to expand Alzheimer's diagnostics.
- Instrument revenue decreased by 29%, reflecting a challenging capital budget environment.
- The Asia Pacific region, particularly China, saw a 36% decline in business, highlighting regional market challenges.
- Non-GAAP gross margin decreased by approximately 410 basis points compared to the previous year, due to investments in operations and quality framework.
- The company anticipates higher cash usage at the upper end of their previous guidance due to lower revenue impacts.
- Revenue from patient testing under the loosened platform was immaterial for the quarter, indicating slower-than-expected uptake.
Good day and thank you for standing by. Welcome to the Quanterix Q2 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to our first speaker today Francis Pruel, Head of Investor Relations.
Thank you, and good afternoon. With me on today's call are Masoud Toloue, Quanterix is President and CEO, as well as Vandana Sriram, Chief Financial Officer.
Before we begin, I would like to remind you of a few things. This call will be recorded and a replay will be available on the Investors section of our website. Today's call will contain forward-looking statements within the meaning of the US Private Securities Litigation Reform Act. These forward-looking statements are based on management's beliefs and assumptions and on information available as of the date of this call. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements.
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