425: Quanterix Announces Preliminary Q4 and Full Year 2024 Financial Results; Highlights Acquisition of Akoya Biosciences

Quanterix reports preliminary Q4 2024 revenue of $34.9 million and full year 2024 revenue of $137.2 million, representing 12% year-over-year growth for the full year, and discusses the pending acquisition of Akoya Biosciences.

Summary

• Quanterix Corporation announced preliminary, unaudited financial results for the fourth quarter and full year ended December 31, 2024.
• Q4 2024 revenue is approximately $34.9 million, an 11% increase year-over-year.
• Full year 2024 revenue is approximately $137.2 million, a 12% increase year-over-year.
• The company used approximately $4.4 million of cash in Q4 2024 and $32 million for the full year.
• Quanterix ended the year with approximately $292 million in cash, cash equivalents, marketable securities, and restricted cash.
• The company is acquiring Akoya Biosciences and anticipates creating significant value through new growth and robust execution.
• Quanterix will release its full Q4 and year-end 2024 financial results on March 17, 2025.

Sentiment

Score: 7

Explanation: The sentiment is positive due to the reported revenue growth and the strategic acquisition of Akoya Biosciences, but tempered by the preliminary nature of the results and the inherent risks associated with acquisitions and market conditions.

Positives

• Quanterix achieved double-digit revenue growth for the seventh consecutive quarter.
• Full year revenue increased by 12% year-over-year, reaching approximately $137.2 million.
• Accelerator revenue showed strong growth, increasing by 36% for the full year.
• The company maintains a strong cash position with approximately $292 million in cash, cash equivalents, and marketable securities.
• The acquisition of Akoya Biosciences is expected to drive new growth and value.

Negatives

• Instruments revenue declined by 6% in Q4 2024 and 33% for the full year.
• Consumables revenue remained flat year-over-year in Q4 2024.
• The company used $32 million of cash in the twelve months ended December 31, 2024.

Risks

• The preliminary financial information is unaudited and subject to change.
• The acquisition of Akoya Biosciences is subject to regulatory and stockholder approvals and may not be completed.
• The integration of Akoya Biosciences may present challenges and may not result in the anticipated synergies.
• The company faces risks related to the capital spending environment and competitive factors.
• Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially.

Future Outlook

Quanterix expects to build on its operational resiliency and enter 2025 from a position of strength, with the anticipation of creating tremendous value through the acquisition of Akoya Biosciences.

Management Comments

• Masoud Toloue, PhD, President and Chief Executive Officer of Quanterix, stated that he is pleased with the team's execution in delivering the seventh consecutive quarter of double-digit revenue growth.
• Masoud Toloue also expressed excitement about the recently announced acquisition of Akoya Biosciences, believing it will create tremendous value.

Industry Context

The announcement comes as Quanterix seeks to expand its capabilities and market presence through strategic acquisitions, reflecting a broader trend in the life sciences industry towards consolidation and diversification of technology platforms.

Comparison to Industry Standards

• While specific competitor data isn't provided, the 12% revenue growth for the full year 2024 places Quanterix in a competitive position compared to other companies in the biomarker detection and diagnostics space.
• Companies like Bio-Techne and Luminex (prior to its acquisition by DiaSorin) have historically been benchmarks in this sector, and Quanterix's growth rate should be compared against their performance to gauge relative success.
• The acquisition of Akoya Biosciences is a strategic move similar to other consolidations in the industry, such as Danaher's acquisition of Cytiva, aimed at offering more comprehensive solutions to customers.

Stakeholder Impact

• Shareholders can expect potential value creation through the acquisition of Akoya Biosciences and continued revenue growth.
• Employees may experience changes related to the integration of the two companies.
• Customers can anticipate enhanced solutions and services from the combined entity.
• Suppliers may see changes in procurement strategies as a result of the merger.
• Creditors should monitor the financial performance of the combined company.

Next Steps

• Completion of financial closing procedures, internal reviews, and annual audit procedures.
• Finalization of the acquisition of Akoya Biosciences, subject to regulatory and stockholder approvals.
• Integration of Akoya Biosciences into Quanterix.
• Presentation at the J.P. Morgan Healthcare Conference on January 15, 2025.
• Release of full Q4 and year-end 2024 financial results on March 17, 2025.

Key Dates