Quanterix Corporation

Thank you for standing by. Welcome to Quinterix Corporation Q1, 2026 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press the star one again. Thank you. I would now like to turn the conference over to Joshua Young. You may begin.

Thank you, Priya, and good afternoon, everybody. With me on today's call are Everett Cunningham, Quintero's President and CEO, and Vandana Sriram, Quintero's Chief Financial Officer. Today's call is being recorded, and a replay of the call will be available on the Investors section of our website. During the course of today's presentation, we will make forward-looking statements covered under the U.S. Private Securities Litigation Reform Act. These forward-looking statements are based on management's beliefs and assumptions as of today, May 6, 2026. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that might cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. To supplement our financial statements presented on a GAAP basis, we have provided certain non-GAAP financial measures. These non-GAAP measures are used to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that such measures are important in comparing current results with other periods' results and assessing our operating performance within our industry. Non-GAAP financial information presented herein should be considered in conjunction with, not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliations of these non-GAAP measures to the most directly comparable GAAP financial measures set forth in the presentation posted to our website and in the earnings release issued today. Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted. Now I'd like to turn the call over to Everett Cunningham.

Everett. Thanks, Josh. Hey, I'm happy to be here with all of you this afternoon. My time at the company has been very exciting and informative, and I'm more confident than ever about the future of Quantarix. Now, in that spirit, I'd like to start off by sharing some of my key observations in my first 100 days with the company. First, we have a passionate employee base full of people who want Quantarix to win and be successful for the long term. Now, based on our customers' feedback, we remain the market leader in early detection of critical disease biomarkers, and that's a great position to be in, one that we must capitalize on. Next, we have an install base of over 2,300 instruments across passionate customers who appreciate the value of our products and services. Our market-leading technologies include Samoa, where we are the leaders in ultrasensitive digital immunoassays for protein biomarker quantification, and Spatial, where we have the highest Plex proteomic platform on the market. Now, these are both businesses where we can generate strong growth and build solid businesses moving forward. Next, our strong foundation positions us to be a leader in the Alzheimer's diagnostics industry. Now, it's early innings. But I believe in our capabilities, and I want to invest in them now. So in summary, I believe that we have a clear path towards profitability for our research tool business and a balance sheet to support our growth ambitions for our Alzheimer's disease diagnostics, with approximately $100 million in cash and no debt. Now, this journey I'm here to undertake is exciting, and I couldn't be more excited to be here. Now, moving from a high-level observation to more of a detailed strategic and tactical consideration, I've gathered a lot of feedback in my first three months here. The company has many strengths to build upon, but we're not currently fulfilling our potential. So as a result, I'm making some operational as well as strategic changes now and in the future quarters that will help us better capitalize on our compelling opportunities. One overriding philosophical change that we must move the company from a mode of integrating and realizing synergies to a mode of investing and growing our business for long-term growth. We are allocating resources to growth opportunities where we see compelling near-term returns while ensuring that we continue to hit our annual operating targets in 2026 and beyond. just as we delivered our $85 million of cost synergies from the ACOIA acquisition. In the first quarter of 2026, we reported $36.4 million in revenue as our end markets remained difficult. While our consumable revenues performed as planned, our revenues from our instrumentation business was slightly softer than expected. Now, some of the shortfalls related to timing issues. but there's also some changes that we're going to be implementing to bring more focus to our sales efforts. These changes will bring benefits as the year progresses. Now, in addition to investing in growth opportunities, we are hard at work at creating a culture of operational execution and delivering quarterly expectations as a key tenant of our organization we are building here at Quantarix. We've established good operational rigors. which can be seen in our gross margin performance, our disciplined approach to spending, and in our ability to consistently hit our cash usage targets. Now, during the last call, I shared details of my 30-year commercial background at companies, such as Illumina, Quest Diagnostics, and Exact Sciences. I know what best-in-class commercial organizations look like. and I've identified multiple opportunities to take Quantarix to the next level of operational performance. As a result, we're making several investments to improve our commercial effectiveness in 2026 and beyond. Now, these investments include we're going to elevate our pharma partnerships in our accelerator business with an experienced senior leader. This important business has slipped in recent quarters, and we are changing that now. I expect that myself, the new leader, and our current professionals in this space will have frequent and candid dialogues with our pharma clients to understand how we can better solve for their needs. Now with our best-in-class technology and solutions, we expect significant improvement this year. Next, we are expanding our team of lead generation representatives to improve our outbound targeting and drive net new business. We're also going to hire new market development leaders that will support the sales team in training, systematic value propositions, and competitive positioning. This is intended to refocus our sales force on their customers while clarifying Quantarix's many advantages of our overall value propositions and our key in markets. We will be harder hitting on differentiation. For example, we will highlight our ability to detect proteins more accurately than others while doing it more consistently. Next, we're leveraging Thermo Fisher's distribution capabilities to improve our online presence. Now, this will have a dual benefit of helping our customers by easing their barriers to access for our products while reducing the manual work of our commercial team to provide pricing quotes. Everything that we're doing is centered on investments that will yield near-term returns to sharpen our focus, expand our opportunity set, and grow our top-line performance in 2026 and beyond. Now, our customers have told me repeatedly that we are the market leader. Armed with this feedback, we're adjusting our course, and importantly, we're moving quickly with a sense of urgency. Now, we're also increasing our investment in our Alzheimer's diagnostics business. Healthcare providers who treat Alzheimer's want a reliable, non-invasive test to drive earlier intervention of this terrible disease. We firmly believe, and industry leaders concur, that we have the best performing and most comprehensive Alzheimer's diagnostics test available today in Lucent AD Complete. And we expect to garner meaningful market share as blood-based biomarker testing continues to grow. So we're making the following investments in our diagnostics business. First, we are hiring a new diagnostics leader reporting directly into me to build and invest in our emerging diagnostics business. With this move, We are bringing in strong leadership to expand and strengthen our diagnostics portfolio as part of our commitment to advancing our position in the nascent Alzheimer's testing market. Next, we are upgrading our next-generation Samoa HDX platform and expect to file for IBD status with the FDA in 2027. Now, this will position us not only to serve research customers who increasingly request IBD solutions for their clinical trials, but it will also set us up to support the distributed IBD model for our lab customers. Next, we are investing in lab infrastructure and implementing new targeted sales and marketing tactics to increase mind share for our Lucent AD complete test in anticipation of FDA clearance in the second half of this year. Now, these investments will build on the strong momentum that we have in our diagnostics business. As a matter of fact, today, we just announced an important and exciting partnership with Tempest AI. Under this agreement, Lucent AD Complete will be integrated into EHR systems at select Tempest partner health system locations as part of the Tempest Next program. Now, patients who meet the clinical criteria will be flagged using a proprietary algorithm, and testing will be available for order at a clinician's discretion. Now, to help fund these investments, we're streamlining our product roadmap. Now, my engagement with customers and collaborators in this sector over the past three months has led us to prioritize our Samoa HDX platform and other investments, both on the research tools and diagnostic sides of the business. Also, we're incorporating learnings and enhancements from our next generation platform into the HDX upgrade. And additionally, We are continuing to gather feedback from our early access launch program that we expect to incorporate over time into the next generation Samoa program. Now on the spatial side of our business, our two key priorities for 2026 are to expand our PCF biomarker panels for discovery applications and to release new reagents for the AT platform to better support clinical applications. Now, from a financial perspective, we continue to expect to reach cash flow break-even performance by the fourth quarter this year. The entire company is committed to building a profitable and sustainable research tools business that are leaders in both spatial and ultra-sensitive proteomics. Now, we expect the investments that I discussed today will help drive commercial effectiveness in the second half of 2026. We are not waiting for better markets. Instead, we're making thoughtful and deliberate decisions to drive quantarics to where the industry is going. And finally, we are excited about our diagnostics business as we are delivering on key milestones this year while welcoming in a proven seasoned business leader to accelerate our performance in this space. Now let me turn it over to our Chief Financial Officer, Bandana Sriram.