Hello and thank you for standing by. My name is Tiffany and I will be your conference operator today. At this time I would like to welcome everyone to the Quanterix Corporation Q3 2025 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 that time, simply press star then the number one on your telephone keypad. I would now like to turn the call over to Joshua Young, Head of Investor Relations. Joshua, please go ahead. Thank you, Tiffany, and good afternoon, everybody. With me on today's call are Masoud Toloue, Quanterix President and CEO, and Vandana Sriram, Quanterix 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 within the meaning of the U.S. Private Securities Litigation Reform Act. These forward-looking statements are based on management's beliefs and assumptions. As of today, November 10th, 2025, 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 may 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 and not as a substitute for the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation 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 Masoud Toloue. Masoud. Masoud. T hank you, Joshua. We're pleased with how we executed in the third quarter, especially given the significant integration work underway and the challenging industry conditions we continue to navigate. This quarter reflects the strong execution, focus, and resiliency of the Quanterix team. We've continued to deliver results while driving major integration milestones and advancing key strategic initiatives. I characterize the third quarter around a few key themes. First, we delivered on our revenue expectations in a demanding environment. Second, we're moving fast and hitting key integration milestones following our acquisition of Akoya in just over three months. Since the closing of the transaction, we're operating as one company under one common infrastructure and leadership team. We've created meaningful scale, built a stronger foundation for growth, and already realized $67 million of the $85 million in synergies we're targeting. Third, we continue to invest for growth. We're making significant investments in Alzheimer's diagnostics and in new assays across our Simoa Spatial franchises. Year to date, we've invested roughly $27 million in R&D, just under 30% of our revenue, which underscores our conviction in the opportunities ahead and the innovation pipeline we're building. Finally, we remain disciplined in managing our cash. We're on track to finish the year with around $120 million in cash and no debt and will be cash flow breakeven in 2026. We generated $40 million in revenue in Q3, a solid start to our first quarter operating Simoa and Spatial portfolios under one umbrella. While demand across the broader industry remains uneven, we're seeing signs of stabilization, particularly in academic, government, and pharma markets. Instrumentation and Accelerator revenues were both up sequentially, signaling a gradual recovery that we expect to continue over the next few quarters. Since bringing Simoa and Spatial together, we're already seeing early commercial momentum. Customers are increasingly interested in combining tissue and blood insights and we're starting to see real cross selling opportunities between both portfolios. This is expanding our presence across leading pharma and academic customers where multimodal biomarker strategies are becoming an important focus. We're also seeing early activity in oncology where both platform sensitivity and reproducibility are proving valuable in emerging liquid biopsy and tumor profiling applications. These are still early days, but the traction we're seeing reinforces the strategic power of bringing these two technology platforms together and the potential to unlock entirely new growth avenues for Quanterix. The integration itself is progressing very well. We had three clear goals when we started. First, build one Quanterix organization under a unified leadership team. Second, continue delivering on our core revenue expectations while positioning to capture tissue to blood based opportunities and third, capture meaningful cost synergies from the transaction. We've made substantial progress on all three fronts. We've consolidated four manufacturing and lab service operations into two Quanterix sites. We're fully aligned under one structure and as I said, we've already implemented $67 million of the $85 million in targeted cost synergies. That's a strong start and it gives us the flexibility to keep investing in growth while improving profitability. We're also making some of the most significant R&D investments in our history. We're developing our next-gen platform, advancing our Alzheimer's diagnostics programs and expanding our assay portfolio across Simoa and Spatial. We'll soon launch an early access program for Simoa One to give key partners hands-on experience with the technology and gather feedback ahead of a broader launch. We believe this will be an important catalyst for future instrument growth in Alzheimer's diagnostics. We received a positive pricing recommendation to crosswalk our LucentAD test at $897 with a final approval decision expected later this quarter. We also added four diagnostics partners in Asia, extending our reach and making high sensitivity, clinically relevant biomarker testing available to more patients worldwide. Diagnostics related revenue was $2.4 million in the quarter, another step in the right direction on the balance sheet. We remain in a strong position. The cost reductions from our integration activities are driving real improvements in cash performance. We expect to exit the year with about $120 million in cash and no debt. Supported by improved working capital and a full quarter benefit from the synergies in place, we're building a stronger, more agile and more scalable company. With integration advancing ahead of plan, early commercial synergies taking hold, and continued leadership in neurology and diagnostics innovation, we're laying the foundation for sustained growth, profitability and impact. Our progress this quarter is a testament to the dedication and talent of the Quanterix team and the momentum we're building together positions us well for long term success. Now I'll turn over the call to Vandana. Thank you Masoud and good afternoon. As a reminder, we closed Akoya on July 8th, so the following results represent a partial quarter of Akoya's operating performance and exclude $600,000 of revenue recognized by Akoya. In the first week of July, total revenue for Q3 was $40.2 million, an increase of 12% year-over-year. From a product perspective, Simoa contributed $23 million, a 36% organic revenue decline, and Spatial reported $17.2 million, down 9% year-over-year. Spatial revenues include $1.2 million of non-cash revenue from an off-market contract. Instrument revenue was $7.2 million, $2.5 million in Simoa and $4.7 million in Spatial instruments. We placed 16 Simoa and 27 Spatial instruments in the quarter as compared to 13 Simoa instruments in Q3 2024. Consumable revenue was $18.8 million, which consisted of $12.3 million in Simoa and $6.5 million in Spatial consumables. Accelerator Lab revenue was $8 million, $5 million in Simoa and $3 million in spatial Simoa. Accelerator Lab revenue of $5 million increased sequentially by $1 million in the quarter. Our organic revenue decline was driven by weakness in the U.S. academic and pharmaceutical end markets for consumables. The number of orders this quarter were consistent year-over-year and we had a net increase in the number of Accelerator projects. In both cases the dollars per order or project were lower than last year, driving the decline in revenue. Our customer mix was evenly split between pharma and academia in the quarter on a pro pharma basis, including spatial revenues. U.S. academic revenue declined approximately 30%, which is tracking to the decline in academic grants. Pharma revenue declined 23% year-over-year. Gross profit and margin were $17.2 million and 42.8% respectively. Non-GAAP gross profit was $18.5 million and non-GAAP gross margin was 45.9%. The alignment of Akoya's accounting policies to Quanterix resulted in the reallocation of certain Akoya expenses into cost of sales, causing a reduction of approximately 900 basis points to the combined company's gross margins, which was then offset by the favorable impact of synergies. Operating expenses for the quarter were $54.5 million. Included in operating expenses are approximately $15 million of costs related to acquisition, integration, restructuring and purchase accounting and $1.3 million of shipping and handling costs. Non-GAAP operating expenses were $38.2 million, an increase of $7.1 million sequentially. I'd like to comment here on the synergy realization from the Akoya transaction. These synergies are in three areas. Firstly, the alignment of the commercial organizations into one, secondly, the integration of the supply chain into one manufacturing operation and one lab, and thirdly, the elimination of duplicate public company costs. Prior to the acquisition, Akoya had a run rate of nearly $20 million of quarterly operating expenses. So the $7.1 million sequential increase in spending for the combined company really highlights the impact of the swift action we've taken to capture cost synergies. Our adjusted EBITDA was a loss of $11.9 million as compared to a loss of $5.5 million in the third quarter of the prior year. We ended the quarter with $138 million of cash, cash equivalents, marketable securities, and restricted cash. During the quarter we paid approximately $126 million in deal related cost, which includes the debt paydown, shareholder payments, severance, and other expenses. We acquired $16.8 million in cash from Akoya. Adjusted cash usage during the quarter was $16.1 million. I will now turn to our updated guidance for the year. We continue to expect to report $130 million-$135 million of revenue for 2025. This assumes approximately $100 million-$105 million of similar revenue and implies pro forma revenue of $165 million-$170 million for 2025. Assuming the two companies were combined for the full year, we expect GAAP gross margin to range between 45%-47% and non-GAAP gross margin to be in the same range. We have tightened the gross margin ranges versus our prior guide as we know more about the effects of integrating Akoya and these account for the allocation changes I touched upon earlier. None of the allocation changes impact our cash construct. Finally, onto cash, we continue to expect adjusted cash usage of $34 million-$38 million for the full year. We ended the third quarter with $138 million in cash. For the fourth quarter we expect to pay $10 million for the Emission acquisition which was completed earlier this year, and to use approximately $8 million cash in operations. The sequential cash improvements from $16 million of adjusted cash usage in Q3 is expected to come from incremental synergy realization in the quarter as well as working capital improvements. This keeps us on track to end 2025 with approximately $120 million in cash and with no debt. With that I will now turn it back over to Masoud. Thank you, Vandana. Operator, let's take some q uestions. At this time, i f you would like to ask a question, press star then the number one on your telephone keypad. To withdraw your question, simply press star one again. We will pause for just a moment to compile the Q& A roster. Your first question comes from the line of Kyle Mikson with Canaccord. Please go ahead. Thanks for the questions. Just looking at the core, the Quanterix business, Simoa consumables were down, I think, 30% or so year-over-year. I know there were a similar number of orders, but there were lower dollars per order. Could you just really kind of dive into that and elaborate on what's happening there competitively and macro wise, and if you're confident that can rebound maybe next year. Hey Kyle, so I'll take that first question. Yeah, on the consumable side for Simoa, as you articulated, the order volume was consistent with last year, but the order size was smaller, which explained the entire decline. What we're seeing on the academic side are project sizes that weren't the same size as they were last year. From a customer perspective, we're getting the same number of customers ordering the products. Just project sizes is smaller than it was in the prior year. We're really attributing that to the basic academic grant environment that we're in, which we saw less of in the prior year. I think we're seeing also the same thing on the Accelerator side. We saw an actual double-digit increase in total number of Accelerator projects this quarter, but those projects are smaller in scope versus 2024. It's still a sticky business and we expect those smaller projects to scale in 2026. All right, got it. As I look to the 4Q 2025 kind of plans to implement more synergies, I think one aspect is building out this one manufacturing team. Another is the combining of the lab services. I feel like that's probably an Accelerator Lab allusion. Spatial has already done $3 million in the quarter, which was good to hear. Could you just again kind of walk through what the plan holds for 4Q just because it seems like the last leg of the stretch here and it seems like it could be more challenging than it seems on the surface. Kyle, I think you're referring to the integration chart that we put together with Simoa and Spatial. In Q4, we've already implemented the single manufacturing team and we're now combining lab services. When we say combining lab services, we're already in under one footprint and we've combined both labs. We're operating out of a single building and what we're looking for is some additional synergy opportunities as we get down the final stretch. Those include, you know, synergies that we see, opportunities we see in the lab side. Also, as we enter the beginning of next year, we'll have, you know, the company running on a single ERP with all systems and financials integrated into one organization. We expect to pick up the remaining part of our synergies as we round out the first quarter. You know, you mentioned it could be difficult. You know, I think we're ahead of schedule with what we've done so far. I would call the implementation of the operating lines probably some of the most challenging parts of the integration. Now we're actually seeing good line of sight towards the end and the full $85 million of synergy. All right, great. Then finally just on diagnostics, $2.4 million in revenue in the quarter. You know, as we think about the CLFs later this month or this quarter, you know, how should we think about kind of durable Medicare coverage and the payment rate being close to that. And then maybe next year again. Is this like an inflection year for that business for LucentAD? Yeah, that's a great point. You know, we got the preliminary reimbursement recommendation. We expect to hear back by the end of this quarter on something definitive. You know, you make a good point. We're now, I think for the first time, basically setting up providers, taking orders. We didn't have that in the beginning of the year. We do expect to gain some traction based on this pricing. This is the beginning part of our diagnostic journey. What we need to do is continue to deliver on our clinical utility studies, which show that a five marker algorithmic test outperforms single marker tests and gets the value that we've initially been assigned. We think it's a beginning part of the journey, but a lot more traction in 2026 versus 2025. Your next question comes from the line of Dan Brennan with TD Cowen. Please go ahead. Great, thank you. Congrats on the quarter. Maybe just on the Akoya business. Can you just walk through kind of the assumptions kind of in the fourth quarter? I guess so what you did $17 million this quarter and it's $30 million for the back half, is that right? So it's $13 million in the fourth quarter, is that right? Just kind of. I know it's simple math, but just walk through what you're assuming in the fourth quarter for Akoya. Yeah, so we got off to a really good start on the Akoya transaction and you know, $17 million of revenue in the third quarter. For the fourth quarter we've modeled a slight step down simply because there's a level of uncertainty in the market still. There's still questions on when funding will really start to flow down. So we've de-risked Q4 just given the uncertainty in the market. Now of course, if that were to change, then Spatial would be in a position to take advantage of that. Got it. I mean, were there any like one-off issues in the quarter where you had more success maybe getting some orders in, like any pull forwards, or you just executed really well and kind of got that $17 million in the door? Yeah, again it was just solid execution from the team. There was not anything material or anything pull forward. It was good traction. This is the first quarter we had both teams, everything, all product lines were under the same umbrella. Even in that circumstance, when you combined two organizations, I would say that our commercial team did a fantastic job. Got it. And then just on the kind of high level core Quanterix, I mean I guess the fourth quarter guide assumes kind of flat to down or at the higher end a decent step up. Just kind of, y ou commented in the prepared remarks you're seeing improvement in improving signs in pharma and academia. Maybe can you just speak to a little bit of what you're specifically seeing and kind of how you've tried to characterize that in kind of the core Quanterix fourth quarter guide? Yeah. When we look at the full year, you'll notice we haven't changed the full year guide. I think what you see is us being prudent and we're still under a government shutdown and there's just some uncertainty. We want to be realistic and conservative. On the fourth quarter, on your commentary along the lines of performance, I think we were very happy with the outcome of Q3 and going into Q4 we saw sequential, actually going into Q3 we saw sequential improvement in both accelerator and instruments. We saw a greater number of projects coming in through our pharma customers in accelerator. I hope that basically continues going into the fourth quarter and going into 2026 so we can keep that momentum going up. We're excited about 2026 even in the pressured environment. Maybe one other, just in terms of the cross selling opportunity, which I do not think you had formally baked in anything, but you made a bunch of comments early in the prepared remarks about early success. There just maybe a little bit more on that and you kind of look ahead like are you already starting to see some incremental wins or how do we think about that cross selling opportunity? Yeah, early days it's been positive. Dan, if you take a look at both consumables portfolio, Simoa has the number one liquid biomarker franchise everywhere. Spatial, we have the number one protein tissue biomarker panels versus anything else out there. What we did immediately was that we talked to our neurology customers and they're interested in understanding where these proteins are moving along the brain and the early signs of Alzheimer's and how this grows from tau tangles to plaque to conditions for a patient. We're seeing some of our Simoa customers interested in actually making purchases for the Spatial product line. On the other side, we're seeing on the oncology or immuno-oncology side, formerly Akoya customers wanting to measure and track these biomarkers in blood. Let's say we have probably a double digit list of opportunities that we're tracking and early days have been positive. Sorry, truly final one. Like 2026, will we get the first updated JPMorgan? Will it be on the fourth quarter call? Most companies are kind of saying something at this point. Any early read, I don't know if you see where consensus has landed. Just wondering kind of how you might think about an early look at next year. Thank you. Yeah, we're not going to provide sort of the 2026 guidance on this call. We typically do it on our last quarter call for the year. I think we'd continue to wait there. I just want to reiterate, 2025 was a big investment year for the company. We've made a lot of investments in the product and service portfolio and we expect to enter 2026 with real momentum. Okay, great. Thank you. Your next question comes from the line of Puneet Souda with Leerink Partners. Please go ahead. Yeah, hi guys. Just wondering what you're accounting for the government shutdown. If there was any impact that you're thinking about in the fourth quarter and then just, you know, how should we think about, you know, if the shutdown is over now, how should we think about the recovery or potential for maybe slight upside if the government shutdown was to end and normalcy was to reverse in the academic accounts? Yeah, thanks for the question, Puneet. We did take the government shutdown into account as we set our Q4 guide and that was the primary reason for the slight deceleration on a quarter- over- quarter basis. You know, Q4 tends to be a tough quarter with all of the holidays et cetera. We are about halfway through the quarter already. We thought it prudent to hold the guide and reflect that impact. We do not think it gets worse than that. If there is any kind of year end flush or if, you know, the government opens up sooner than expected, that would be favorable to us from a revenue perspective. We do think we have bottomed out the risk here. Okay, thank you. Massoud, a bigger high level question for you around competition. I mean, I hear your comments on academic weakness, backdrop is tough, we all know that. How do you plan to address the significant market competition that is emerging from high sensitivity, high multiplex platform on the discovery side and academic discovery side as well, especially in neurology and pharma and biotech as well? At least on the discovery side, I could say we're seeing more of that. Just wondering, how do you think about that? I appreciate your clinical trial business is not impacted, but how do you compete more aggressively on the discovery side of the business? Yeah, Puneet, thanks for the question. Just for clarity, we really compete in the four or five marker space, which is a lot more of a translational segment. If a customer is interested in looking at something that's a 20- 1,000 plex, we really do not play in that part of the market. We acknowledge that that's a fast growing segment and that's great for Quanterix because as discovery accelerates, as new markers are identified by customers doing 1,000 or 100 plex, that really translates. Usually four or five markers come out of those studies and that translates to more business for Quanterix. We are very happy with that discovery progress and expect new markers to come into our pipeline. You know, overall, from a competitive standpoint, you know, I think basically orders were on the consumer side flat, which, you know, is good, a good performance given sort of some of this academic shutdown and grant instability. Overall, you know, we're not losing any share. In fact, we're gaining share in some of the diagnostic segments and clinical trial studies as we are able to do four markers, five markers with our algorithm. We provide unique insights that you just can't get with a single marker. High plex discovery, good for Quanterix, translational single marker. We've been able to identify a great solution on the clinical side. Okay, and then thanks for that. The last one for me. Could y ou remind us what was the volume for you in LucentAD in the quarter, and how should we think about the volume ramp in 2016? Wondering if you can provide an update on the commercial end of that. Just related, o ut of that volume, how should we think about the new pricing applying to what portion of that volume? Thank you. Yes, I'll let Vandana answer the question on the revenue. For diagnostics, we're going to be entering 2026 with an established pricing recommendation. It's just something we didn't have this year. That positions us really for stronger traction and growth in the segment. When you look at current revenue, it's mainly through partner enablement, where basically customers buying a platform, buying consumables, buying tests and running it through their own LDT laboratories or reference hospitals and reference laboratories, and that really makes up the majority of our diagnostics revenues. We are, as I said on the call, running patient samples through our own CLIA LDT lab. That continues to increase and we expect with established pricing that to, as I said, give us more traction and growth next year. Yeah, maybe just to add to that, we don't disclose our direct testing revenues and volumes just yet, but as they start to get meaningful and material, most likely next year, we'll start to talk about that. The one point I'd make on the enablement side is this is an area where we are starting to see a really steady business. Now over the last several quarters, it's been a little bit lumpy, depending on one deal or the other, but we're now reaching a point where our enablement partners are regularly starting to buy consumables, and that is helping to hold the revenue at a fairly steady level each quarter. Year to date, we've done about slightly north of $6 million of revenue already, versus $6 million for the whole of last year. We are definitely seeing an uptick in our partners using our single market test for testing as well. All right. Okay. All right, thanks guys. Your next question comes from the line of Thomas DeBourcy with Nephron Research. Please go ahead. Hey guys, thanks for taking the question. Just first I was just wondering if. You clarify the difference between, I guess, cost, your cost reductions implemented versus I. Guess cost reductions realized. Because even if I annualize those, there's a little bit of a gap. Can you help me reconcile the two? Yeah, sure, I can take that. The cost reductions annualized is the full year impact of an action that you'll see in the 2026 timeframe. What's realized in the quarter is true dollar savings that fell through within the quarter. For example, if you take some of the leadership changes that happened, two months worth of impact is captured in that $12 million number. When you look to next year, that would really be a full 12 months worth of impact. Understood. Just I guess on the instrument side, you know, obviously that's been difficult for pretty much everyone in the market. Just in terms of kind of as you look at improvement in the end market, you know, hopefully in the near future, would you expect to see, I guess, more of a rebound in lab services ahead of potential instrument placements? Or just how are you thinking about how that might materialize? Yeah, Tom, you know, we were already seeing increase in numbers of projects through the Accelerator Lab program. Now there's certainly some quarterly ups and downs on services. As those smaller projects become larger, we expect some smoothing out of that volume. So we're already seeing an uptick on the Accelerator side. It's just a matter of time. As these projects become larger or more spending happens, that'll improve and I do expect it to perform that way to see services outperform sort of consumable instrument uptick in the following quarters. Instruments performed well. We obviously want to place those, you know, across the franchise. Now both our HD-X, our HT, and the PhenoCycler, they're all high volume instruments with the capacity to run high volumes of consumables. We are going to continue our work in making sure we get these placed globally. Great. That was all my questions. Thanks for the time. Thank you. Your next question is a follow-up from Kyle Mikson with Canaccord. Please go ahead. On the point there about instruments on Simoa One, just wanted to ask about the timeline there because I thought it was supposed to be launched by the end of 2025, but it sounds like now there's an early access program for that. Again, how should we think about this product as being an incremental inorganic source of revenue growth like next year? Sounds like it could be, but I mean what's the funnel kind of look like? What do you expect for that, Masoud? Yeah, we've been working with a handful of customers and they're certainly excited to get access to higher sensitivity compared to where we are today and the ability to plex even further. We are going to be kicking off an early access program before the end of the year where we're going to give early access, get feedback from our customers before we go and move forward with a full launch revenue contribution. We haven't talked about that in 2026. We'll provide an update on our next quarter call. All right, great. Finally, on the Asia kind of updates for LucentAD, when does that become material? What are the steps of sort of unlocking revenue overseas internationally for that test given it's obviously unprecedented. Yeah, I think what you see in some of the collaborations we've done right now in Southeast- Asia, we're basically kind of early stages, but we're already seeing opportunity in China. We have a couple partners there. Partners have already received IVD approval for the platform and they're moving ahead with testing patients and getting the system out to laboratories across the country. Good signs there. The drug is available, patients want access and they're using our tests. That's been a decent contributor to our diagnostics revenue. Got it. Finally, you've reduced R&D spending quite a bit. I'm just kind of curious if you aim to sort of increase that next year. As you think about, again, the Simoa One, you have other products coming out just to maintain a competitive stance and sort of drive growth as well over time because you have a lot of synergies you've taken out or, sorry, investments you've taken out of the business. You need kind of invested to drive more growth. What do you think about that kind of a concept? Yes. We have been pretty disciplined about the synergies and we have been careful to make sure that we maintain all of our investment in our growth areas. R&D is down a hair, but that is mainly because there is some reallocation of some of Akoya's R&D cost into cost of sales. On the Simoa side, there has been a little bit of pruning and a little bit of housekeeping. All of our strategic investments are very much intact. We are still allocating capital to Simoa One, as well as diagnostics, as well as on asset development, both for Simoa and Spatial. As we go into 2026, some of these programs will come to a natural end. Other programs will start off, but our intention is that we will continue to balance R&D as a priority item, even going into 2026. Great. Thanks, guys. Thanks, Kyle. We have reached the end of our question-and-answer session. Ladies and gentlemen, this concludes today's call. Thank you all for joining. You may now disconnect.