Quanterix (QTRX) Goldman Sachs 45th Annual Global Healthcare Conference summary

Key industry developments and market trends

• Recent Adcom support for new Alzheimer's therapies is expected to boost demand for blood-based diagnostics and early detection, removing PET testing as a barrier to drug uptake.

• Blood-based biomarkers are positioned as cost-effective, accessible, and accurate for both initial screening and ongoing monitoring of Alzheimer's therapy.

• Uptake of Leqembi has been slower than anticipated, but the introduction of additional therapies and increased disease awareness are seen as catalysts for diagnostic infrastructure growth.

• Monitoring patients throughout therapy and after discontinuation is expected to become standard, with blood-based tests playing a central role.

• Early diagnosis and detection remain critical, with tests capable of identifying disease before advanced symptoms viewed as highly differentiated.

Business performance and operational highlights

• RUO (research use only) business posted 13% top-line growth in Q1, outperforming peers in a challenging environment.

• Gross margins improved by 800 basis points sequentially, reflecting benefits from a recent transformation and cost restructuring.

• Five new assays were released in Q1, with a target of 20 new assays for the year, supporting a focus on innovation.

• Accelerator Lab, the CLIA-certified lab, has become a strong revenue stream, with 80% of Q1 volume from repeat customers and growth rates above 50% in recent quarters.

• Accelerator Lab and instrument sales are seen as complementary, with the lab serving as a "try before you buy" channel and surge support for large trials.

Technology and competitive positioning

• Simoa platform offers femtogram-level sensitivity, about 1,000 times more sensitive than competitors, and is central to neurology-focused diagnostics.

• p-Tau 217 is the leading biomarker for Alzheimer's, with two tests on the platform showing over 90% sensitivity and specificity.

• Extensive published data and clinical trials support the platform's credibility, with early detection capabilities seen as a key differentiator.

• Multi-marker testing is in development, aiming to provide differential diagnosis and greater clinical utility, with new data to be presented at AAIC in July.

• Multi-marker tests are expected to offer improved economics due to shared collection costs and higher reimbursement potential.