Quanterix : Q1 2025 Earnings Presentation

Published: 2025-05-12 16:33:14 ET QTRX

Published on 05/12/2025 at 16:33

M a y 1 2, 20 25

‌Legal Information

IMPORTANT ADDITIONAL INFORMATION

In connection with the proposed acquisition of Akoya Biosciences, Inc. ("Akoya") by Quanterix (the "Merger"), Quanterix will file with the U.S. Securities and Exchange Commission (the "SEC") a post-effective amendment to its registration statement on Form S-4 (as so amended, the "Registration Statement"), which will contain a preliminary proxy statement of Akoya and a preliminary prospectus of Quanterix (the "Proxy Statement/Prospectus"), and each of Quanterix and Akoya have filed, and may in the future file, with the SEC other relevant documents regarding the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT AND THE PROXY STATEMENT/PROSPECTUS CAREFULLY AND IN THEIR ENTIRETY AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BY QUANTERIX AND AKOYA, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS WHEN THEY

BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT QUANTERIX, AKOYA AND THE PROPOSED TRANSACTION. A definitive copy of the Proxy Statement/Prospectus will be mailed to Akoya stockholders when that document is final. Investors and security holders will be able to obtain the Registration Statement and the Proxy Statement/Prospectus, as well as other filings containing information about Quanterix and Akoya, free of charge from Quanterix or Akoya or from the SEC's website when they are filed. The documents filed by Quanterix with the SEC may be obtained free of charge at Quanterix's website, at https://www.quanterix.com, or by requesting them by mail at Quanterix Investor Relations, 900 Middlesex Turnpike, Billerica, MA 01821. The documents filed by Akoya with the SEC may be obtained free of charge at Akoya's website, at https://www.akoyabio.com, or by requesting them by mail at Akoya Biosciences, Inc., 100 Campus Drive, 6th Floor, Marlborough, MA 01752 ATTN: Chief Legal Officer.

PARTICIPANTS IN THE SOLICITATION

Quanterix and Akoya and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Akoya in respect of the proposed transaction. Information about Akoya's directors and executive officers is available in the Proxy Statement/Prospectus and in Amendment No. 1 to Akoya's Annual Report on Form 10-K filed with the SEC on April 28, 2025, and other documents filed by Akoya with the SEC. Other information regarding the persons who may, under the rules of the SEC, be deemed participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction when they become available. Investors should read the definitive Proxy Statement/Prospectus carefully when it becomes available before making any voting or investment decisions. You may obtain free copies of these documents from Quanterix or Akoya as indicated above.

NO OFFER OR SOLICITATION

This communication shall not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval with respect to the Merger, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

USE OF FINANCIAL PROJECTIONS

This presentation contains projected financial information with respect to the combined company that will result from the proposed transaction, if consummated. Such projected financial information constitutes forward-looking information, is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such projected financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive and other risks and uncertainties that could cause actual results to differ materially from those contained in the projected financial information. Actual results may differ materially from the results contemplated by the projected financial information contained in this presentation, and the inclusion of such information in this presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. Neither Quanterix's nor Akoya's independent auditors have audited, reviewed, compiled or performed any procedures with respect to the projections for purposes of their inclusion in this presentation, and accordingly, neither of them expressed an opinion or provided any other form of assurance with respect thereto for purposes of this presentation.

‌Legal Information

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements included in this presentation which are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements about Quanterix's future business outlook, operations, strategy and financial performance, including statements under the header "2025 Guidance," and statements about the Merger. Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks and uncertainties include, among others, the following possibilities with respect to Quanterix's future business, operations, strategy and financial performance: risks related to the impact of recent U.S. government policies, including reductions in federal research funding and increased tariffs; risks that we may not realize the expected benefits of our cost reduction actions; risks associated with the anticipated timing for launch of, and features of, Quanterix's next-generation instrument, Simoa ONE; risks that Quanterix may fail to realize the anticipated benefits and synergies of its recent acquisition of Emission, Inc.; risks that Quanterix's estimates regarding expenses, future revenues, capital requirements, and needs for additional financing could be incorrect; risks related to the restatement of Quanterix's consolidated financial statements, including risks of increased costs and the increased possibility of legal proceedings and regulatory inquiries, sanctions, or investigation; risks related to Quanterix's ability to maintain effective internal control over financial reporting and disclosure controls and procedures, including its ability to remediate existing material weaknesses in its internal control over financial reporting and the timing of any such remediation; Quanterix's ability to realize the intended benefits of its assay redevelopment program; and Quanterix's ability to retain and expand its customer base and achieve sufficient market acceptance of its products. Such risks and uncertainties include, among others, the following possibilities with respect to the Merger: the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Quanterix and Akoya; the outcome of any legal proceedings that may be instituted against Quanterix or Akoya; the failure to obtain necessary Akoya

stockholder approval or to satisfy any of the other conditions to the Merger on a timely basis or at all; the possibility that the anticipated benefits and synergies of the Merger are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Quanterix and Akoya do business; the possibility that the Merger may be more expensive to complete than anticipated; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Merger; changes in Quanterix's share price before the closing of the Merger; risks relating to the potential dilutive effect of shares of Quanterix common stock to be issued in the Merger; and other factors that may affect future results of Quanterix, Akoya and the combined company. Additional factors that could cause results to differ materially from those described above can be found in the Proxy Statement/Prospectus, and in periodic reports filed by Quanterix and Akoya with the SEC, including the "Risk Factors" sections contained therein, which are available on the SEC's website at https://www.sec.gov.

All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by the cautionary statements contained or referred to herein. If one or more events related to these or other risks or uncertainties materialize, or if Quanterix's or Akoya's underlying assumptions prove to be incorrect, actual results may differ materially from what Quanterix and Akoya anticipate. Quanterix and Akoya caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and are based on information available at that time. Neither Quanterix nor Akoya assumes any obligation to update or otherwise revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.

USE OF NON-GAAP FINANCIAL MEASURES

To supplement Quanterix's preliminary financial information presented on a GAAP basis, Quanterix has provided certain non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted cash burn, adjusted gross profit, adjusted gross margin, adjusted total operating expenses, and adjusted loss from operations. Management uses these non-GAAP financial measures to evaluate our operating performance in manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP financial measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry. The non-GAAP financial measures presented herein should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. For example, adjusted EBITDA excludes a number of expense items that are included in net loss and adjusted cash burn excludes certain actual cash payments. As a result, positive adjusted EBITDA or positive adjusted cash burn may be achieved even where we record a significant net loss or reduction in our cash and marketable securities balances in accordance with U.S. GAAP.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth herein. Quanterix does not forecast many of the excluded items for internal use and therefore information reconciling forward-looking non-GAAP financial measures to U.S. GAAP financial measures is not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from U.S. GAAP to calculate non-GAAP financial measures could significantly impact our U.S. GAAP results.

Please refer to our first-quarter 2025 earnings release for additional discussion of non-GAAP financial measures. Unless otherwise specified, all information contained herein is provided as of March 31, 2025.

‌Q1-25: Key Messages

Record consumables performance with solid momentum for new assays

Exceeded revenue expectations in first quarter

Adjusted cash burn reduced by half

$9.0M of adjusted cash burn in Q1-25 compared to $19.4M in previous year

Early-access program, Simoa® ONE assay kits

will become compatible with over 20,000 existing flow cytometers worldwide

Amended Akoya transaction due to weaker environment

Equity value decreased by 67% from $201M to $66M

Stable quarter; guidance revised to more conservative reflecting broader macro funding environment

Taking actions to align costs with lower revenue outlook: $30M of annualized savings

‌Well-positioned to deliver solutions meeting increasing demand in human health

Early detection

Accelerate new therapies

Precise monitoring

Real-time insight

Complement genetic data

Expand into Immunology and Oncology

Lead through early biomarker detection

Create high sensitivity diagnostic tools that meet early detection needs

Priorities

Building on Top of our Base

Grow Menu

Extend #1 position in Neuro

Expand

into Adjacencies

Immunology and Oncology

Translate

into Diagnostics

Clinical applications and Alzheimer's Disease testing

‌Continued progress in growing menu portfolio

Launched

20 new assays

Launched

4 new assays

Announced new dried-blood spot extraction (DBS) kit part of Quanterix's industry-leading Simoa® assay kits

One Multi-marker

Expect to launch 15

new assays in 2025

Growing consumables to highest consumables quarter

Harmonized processes driving rapid menu expansion

Assay development times reduced from >18 months to <6 months

Breaking past detection

limits set by Simoa

NE W P L AT F O RM L A UNCH E ND O F 2 0 2 5

Adjacencies

10x more sensitive

Up to 10-plex capability

Enhanced specificity with Emission beads

Simple, efficient workflow (3 hr. result)

‌Simoa in every lab: Access to ultra-sensitive biomarker detection

Adjacencies

Compatible with over 20,000 existing flow cytometers worldwide

Early access program

Breakthrough in reagent design: Simoa's digital, ultra-sensitive detection now operates with kinetic dye-encoded beads

Reduce customer need for capital purchase

Expand Quanterix's access to a large installed base globally

‌Akoya and Quanterix: Compelling combination to Expand into Oncology Adjacencies

Biomarkers originating in tissue identified by Akoya's spatial organization tools

Tissue leaks biomarkers into blood in ultra-low quantities

SIMOA ultra-sensitivity detecting those markers in blood

O R F 1p IF N - γ

s P D - L1 H E r2 - Low

PDL-

E V s

First Tissue / Blood Complementary Biomarker Kits Coming in 2025

Best-in-class tissue and blood detection combination is expected to drive early detection and monitoring in Oncology … Quanterix has already begun developing these tests

‌Customers Are Excited About the Combination Adjacencies

We at Dana Farber/Brigham and Women's Cancer Center and MGB are very excited about the prospect of combining information from blood plasma and from tissue to provide comprehensive, longitudinal profiling of cancer patients."

Jon Christopher Aster, MD, PhD Michael A. Gimbrone Jr., MD, Endowed Chair in Pathology Brigham and Women's Hospital

Biomarker studies that span both tissue and blood assays are optimal for advancement of total care of cancer patients from primary diagnosis (tissue) through disease monitoring (blood-based biomarkers) to disease recurrence when a second tissue-based analysis may be warranted."

Michael Feldman, MD, PhD Chair, Department of Pathology & Laboratory Medicine

Indiana University

I am most excited about tissue-based profiling for pre-treatment assessments - assigning the right patient to the right drug from the beginning- followed by tissue-based profiling of the definitive surgical specimen after neoadjuvant therapy - to decide who needs to continue to receive drugs or a different therapy. And I strongly believe that blood-based profiling will be the best approach for monitoring early disease recurrence. Over time, I also anticipate that blood-based profiling may help inform who even goes on to receive surgery in the first place."

Janis M. Taube, MD Professor of Dermatology Director, Division of Dermatopathology

Johns Hopkins School of Medicine

‌Building a global infrastructure for Alzheimer's Disease Testing AD Dx

PART 1 : ENABLEMENT

PART 2 : OUR LAB

3 new diagnostics collaborations in the quarter including:

a leading national reference laboratory in the United States

DEMONSTRATING EARLY

SUCCESS IN LAB ENABLEMENT

> 15 PARTNERS TO DATE

PLA Codes approved for LucentAD & LucentAD Complete

PRICING EXPECTED in Q 3 2025

‌Preliminary Q1 2025 Results vs PYQ1

(In millions)

Q1 GAAP Q1 Non-GAAP

Revenue Mix

60%

18%

13%

I NS T R UM E N T S CO N S U M A B L E S A C CE L E R A T O R O T HE R

2024

2025

2024

2025

Var %

Revenue

32.1

30.3

32.1

30.3

-5%

Gross Margin $

18.5

16.4

15.1

-8%

Gross Margin %

57.8%

54.1%

51.2%

49.7%

-150

bps

Revenue

Q1 2024

Q1 2025

Operating Expense

Operating Loss

Cash Burn

33.7

-15.2

-19.4

42.8

-26.4

-22.2

31.6

-15.2

-19.4

33.8

-18.8

-9.0

-24%

54%

2.5

2.6

17.1

18.1

-36%

8.7

5.6

3.7

4.0

Adjusted EBITDA Margin

% of Revenue

-25.4%

-37.4%

-1200

bps

Instruments Consumables Accelerator

Projects

Other

Neurology

Immunology & Oncology

Infectious Diseases Others

‌Scientific Validation Driving Adoption

I NS T RUM E NT S

P UBL I CAT I O NS

Cumulative

3,278

3,445

BI O M ARKE RS

Cumulative

559 568 575

538

Placements

# of units placed

Cumulative

972

1,035 1,052

In millions USD

Number of Drug Trial Projects

205

38.0

256

264

2,141

2,781

480

708

876

149

168

23.6

27.8

1,575

14.8

5.6

2021

2022

2023

2024

2021

2022

2023

2024

2021

2022

2023

2024

2021

2022

2023

2024

2025

‌2025 Guidance - Standalone Quanterix

Full Year Revenue: $120 to $130 million

Excludes revenue from Lucent Diagnostics testing.

Gross Margin

GAAP Gross Margin between 55% to 59% and Adjusted Gross Margin (Non-GAAP) between 50% to 54%.

$35 to $45 million of adjusted cash burn

$20 million payment for Emission acquisition

$55 to $65 million of total cash burn

Standalone Quanterix guidance does not assume any contribution from Akoya

‌Robust Balance Sheet

2026

Cash1

$155M cash1 at close (Q2'25)

Cash flow positive in 2026

>$100 million cash1 on hand by the time we turn cash flow positive

>$100M

2025

~$120M

1. Includes Cash, Cash Equivalents, Marketable Securities, and Restricted Cash balances from the Consolidated Balance Sheet.

‌Adjusted EBITDA (non-GAAP)

‌Adjusted Cash Burn (non-GAAP)

‌Additional Non-GAAP Financial Measures

Disclaimer

Quanterix Corporation published this content on May 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2025 at 20:32 UTC.