Quanterix Corp (QTRX) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Quanterix Corporation Q2 2023 Earnings Call. At this time, all participants are in a listen-only mode. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Ed Joyce, VP of Investor Relations. Ed, the floor is yours.

美好的一天，感謝您的支持。歡迎參加 Quanterix Corporation 2023 年第二季度財報電話會議。此時，所有參與者都處於只聽模式。 （操作員指示）請注意，今天的會議正在錄製中。現在，我想將會議交給今天的第一位發言人，投資者關係副總裁埃德·喬伊斯 (Ed Joyce)。艾德，地板是你的。

Thank you, Stacy, and good morning. With me on today's call is Masoud Toloue, President and CEO of Quanterix and Michael Doyle, Chief Financial Officer. Before we begin, I'd like to remind you of a few things. The call will be recorded and will be available on the Investor Resources section of our website. Today's call will contain 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 and on information available as of the date of the call.

謝謝你，史黛西，早上好。參加今天電話會議的有 Quanterix 總裁兼首席執行官 Masoud Toloue 和首席財務官 Michael Doyle。在開始之前，我想提醒您幾件事。電話會議將被錄音，並將在我們網站的投資者資源部分提供。今天的電話會議將包含美國私人證券訴訟改革法案含義內的前瞻性陳述。這些前瞻性陳述基於管理層的信念和假設以及截至電話會議之日的可用信息。

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.

我們實際上可能無法實現前瞻性聲明中披露的計劃、意圖或期望。前瞻性陳述涉及已知和未知的風險、不確定性、假設和其他因素，可能導致我們的實際結果、業績或成就與前瞻性陳述明示或暗示的任何未來結果、業績或成就存在重大差異。

The risks and uncertainties that we face are described in our most recent filings with the Securities and Exchange Commission. To supplement the company's financial statements presented on a GAAP basis, the company has provided certain non-GAAP financial measures. Management uses these non-GAAP measures to evaluate operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in its business.

我們最近向美國證券交易委員會提交的文件中描述了我們面臨的風險和不確定性。為了補充公司按 GAAP 基礎編制的財務報表，公司提供了某些非 GAAP 財務指標。管理層使用這些非公認會計準則衡量標準來評估經營業績，以便對其業務趨勢進行有意義的期間比較和分析。

The company believes that such measures are important to comparing current results to the other period results and are useful in assessing the company's operating performance. The non-GAAP financial information presented here 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 their most directly comparable GAAP financial measures set forth in the appendix of the presentation posted to our website and in the earnings release issued today.

該公司認為，此類指標對於將當前業績與其他期間業績進行比較很重要，並且有助於評估公司的經營業績。此處提供的非 GAAP 財務信息應與根據 GAAP 提供的財務信息結合考慮，而不是替代根據 GAAP 提供的財務信息。我們鼓勵投資者審查這些非公認會計準則衡量指標與我們網站上發布的演示文稿附錄和今天發布的收益報告中列出的最直接可比的公認會計準則財務衡量指標的調節情況。

With that, I'll turn the call over to Masoud.

這樣，我會將電話轉給馬蘇德。

Thank you, Ed. Good morning. Before getting to results, I would like to start by acknowledging the intense effort and progress the talented Quanterix team has made with our corporate transformation started last year. The magnitude of the improvements made while continuing strong operational execution is testament to the capabilities of our people, and these improvements have set a solid foundation to drive long-term future growth.

謝謝你，艾德。早上好。在得出結果之前，我首先要感謝才華橫溢的 Quanterix 團隊在我們去年開始的企業轉型中所付出的巨大努力和取得的進展。在持續強大的運營執行力的同時所取得的巨大改進證明了我們員工的能力，這些改進為推動未來的長期增長奠定了堅實的基礎。

This quarter, those strides became more apparent in our business and financial performance. Second quarter revenue increased 32% to $31 million, and our non-GAAP gross margin increased to 56.4% versus prior year, with significant sequential improvement. We're seeing strong customer demand, driven by Consumables and Accelerator Lab business with increases of 65% and 94%, respectively.

本季度，這些進步在我們的業務和財務業績中變得更加明顯。第二季度收入增長 32%，達到 3100 萬美元，非 GAAP 毛利率比上年增長至 56.4%，環比顯著改善。我們看到在消耗品和加速器實驗室業務的推動下，客戶需求強勁，分別增長了 65% 和 94%。

Our corporate transformation is also already positively impacting bottom line performance. This quarter, we achieved a breakeven cash flow milestone. With our accelerating redevelopment progress, we increased our full year '23 revenue guidance to be in the range of $110 million to $116 million, and full year non-GAAP gross margin percentage in the high 40s. We also expect less cash burn and now estimate to be in the range of $30 million to $35 million this year.

我們的企業轉型也已經對盈利績效產生了積極影響。本季度，我們實現了現金流盈虧平衡的里程碑。隨著重建進度的加快，我們將 23 年全年收入指導提高到 1.1 億美元至 1.16 億美元之間，全年非 GAAP 毛利率提高到 40 多美元。我們還預計今年的現金消耗會減少，目前估計在 3000 萬至 3500 萬美元之間。

To remind you, we initiated our corporate transformation a year ago following a strategic business review with the prime objective of maximizing the potential of our Simoa technology and delivering high-quality assays at scale with strong margins. We're now in the last 2 quarters of our transformation process and remain on track. Work that remains includes launching new assay kit SKUs and further implementation of newly scaled systems and modern processes in our operations lines. The intensity at which our team at Quanterix have made progress is remarkable. These efforts will directly impact our long-term growth and drive future positive cash flow.

在此提醒您，我們在一年前進行了戰略業務審查後啟動了公司轉型，其主要目標是最大限度地發揮 Simoa 技術的潛力，並以豐厚的利潤大規模提供高質量的檢測。我們現在正處於轉型過程的最後兩個季度，並將繼續走上正軌。剩下的工作包括推出新的檢測試劑盒 SKU，以及在我們的運營線中進一步實施新擴展的系統和現代流程。我們的 Quanterix 團隊取得的進步是驚人的。這些努力將直接影響我們的長期增長並推動未來的正現金流。

In early July, we launched LucentAD, a test to aid in the Alzheimer's disease diagnostic process. This blood-based biomarker test measures an isoform of phosphorylated tau protein 181. Using our high-sensitivity platform, this protein has been positively correlated with the presence of amyloid pathology in brain, a hallmark of Alzheimer's disease. LucentAD provides measurements with cut points to indicate unlikely or possible amyloid pathology. With the recent approval of Leqembi, one of the first promising therapies for Alzheimer's disease, we anticipate this test will enable access to quick and scalable screening. There's a lot of attention on Alzheimer's disease, and we will deploy focused effort on building global infrastructure, as well as patient and provider education around these tests.

7 月初，我們推出了 LucentAD，這是一項有助於阿爾茨海默病診斷過程的測試。這種基於血液的生物標誌物測試可測量磷酸化tau 蛋白181 的同種型。使用我們的高靈敏度平台，該蛋白與大腦中澱粉樣蛋白病理的存在呈正相關，澱粉樣蛋白病理是阿爾茨海默病的標誌。 LucentAD 提供帶有切點的測量，以指示不太可能或可能的澱粉樣蛋白病理。隨著 Leqembi（阿爾茨海默病首批有前景的療法之一）最近獲得批准，我們預計該測試將能夠實現快速且可擴展的篩查。阿爾茨海默氏病引起了很多關注，我們將集中精力建設全球基礎設施，以及圍繞這些測試對患者和提供者進行教育。

Moving to recent events. There were 2 notable announcements from the Alzheimer's Association International Conference that I'd like to bring to your attention. First, new guidelines were recommended by the National Institute of Ageing and the Alzheimer's Association for the use of blood biomarkers to detect and diagnose Alzheimer's disease. All of the biomarkers listed are available on Simoa. This makes a lot of sense, being able to screen large numbers of people with suspected cognitive symptoms require scalable, cost-effective testing.

轉到最近發生的事件。我想提請您注意阿爾茨海默病協會國際會議上發布的兩項值得注意的公告。首先，美國國家老齡化研究所和阿爾茨海默病協會推薦了使用血液生物標誌物檢測和診斷阿爾茨海默病的新指南。列出的所有生物標誌物均可在 Simoa 上獲得。這很有意義，因為能夠篩查大量患有疑似認知症狀的人需要可擴展的、具有成本效益的測試。

Numerous studies using our Simoa technology have demonstrated high correlation between blood-based biomarkers like those measured by LucentAD to the more expensive and invasive methods of testing in Alzheimer's such as spinal fluid analysis and amyloid PET scans. Any lab anywhere in the globe can order the Simoa platform and begin running every biomarker listed in the guidelines today. That reach along with the scale of our CLIA Lab, puts us in a great position to help build the global testing infrastructure needed for Alzheimer's therapies.

使用我們的Simoa 技術進行的大量研究表明，基於血液的生物標誌物（例如LucentAD 測量的生物標誌物）與更昂貴和更具侵入性的阿爾茨海默病檢測方法（例如脊髓液分析和澱粉樣蛋白PET 掃描）之間存在高度相關性。全球任何地方的任何實驗室都可以訂購 Simoa 平台並開始運行指南中列出的所有生物標記物。這種影響力以及我們 CLIA 實驗室的規模，使我們處於有利地位，可以幫助建立阿爾茨海默病治療所需的全球測試基礎設施。

Second, data from a study was presented demonstrating the possibility for home blood collection for Alzheimer's biomarkers. Researchers at the University of Gothenburg in Sweden used Simoa technology to test for biomarkers from dry blood spot cards collected from a finger prick. That's not a lot of blood. We're talking tens of microliters. Starting card samples were shipped to a testing facility without temperature control and results showed high correlation to regular blood drawn samples for all biomarkers tested, including p-Tau 181, p-Tau 217, NfL and GFAP. Although this was an early study, it demonstrates the ultrasensitive capabilities of our Simoa platform as well as promise for patients and providers as the potential for a home test would be a significant advance over traditional blood collection, pretty incredible events.

其次，一項研究數據表明了家庭血液採集阿爾茨海默病生物標誌物的可能性。瑞典哥德堡大學的研究人員使用 Simoa 技術測試從手指刺破收集的干血斑卡中的生物標記物。那不是很多血。我們說的是幾十微升。起始卡樣本被運送到沒有溫度控制的測試機構，結果顯示所有測試的生物標誌物（包括 p-Tau 181、p-Tau 217、NfL 和 GFAP）與常規抽血樣本高度相關。儘管這是一項早期研究，但它展示了我們Simoa 平台的超靈敏功能，以及對患者和提供者的承諾，因為家庭測試的潛力將比傳統血液採集取得重大進步，這是相當令人難以置信的事件。

This decade, we expect a number of emerging disease-modifying neurological therapies. And most of these will need early cascade diagnosis and routine monitoring, which will require ultrasensitivity to identify biomarkers in blood. As we discussed last quarter, with the approval of tofersen measuring neurofilament light chain, or NfL, we're seeing increasing attention of this biomarker for neuro injury conditions.

這十年，我們預計會出現一些新興的緩解疾病的神經療法。其中大多數需要早期級聯診斷和常規監測，這需要超靈敏性來識別血液中的生物標誌物。正如我們上季度所討論的，隨著 tofersen 測量神經絲輕鏈 (NfL) 的批准，我們看到這種神經損傷情況的生物標誌物越來越受到關注。

However, normal NfL levels vary between adults and adolescents, and there's a need for comprehensive reference data set by age. Recently published in Lancet Neurology, Simoa enabled a study to produce a robust data set for pediatric NfL levels. This data set will provide a foundation for the clinical use and management of neuro conditions in children. This work was a significant step forward and further establishs Simoa as the go-to test for blood NfL measurements.

然而，成人和青少年的正常 NfL 水平有所不同，因此需要按年齡設置全面的參考數據。 Simoa 最近發表在《柳葉刀神經病學》雜誌上，使一項研究能夠為兒科 NfL 水平生成可靠的數據集。該數據集將為兒童神經疾病的臨床使用和管理提供基礎。這項工作是向前邁出的重要一步，進一步確立了 Simoa 作為血液 NfL 測量首選測試的地位。

Moving to our clinical efforts, this quarter, we achieved a positive top line readout of our Bio-Hermes clinical trial, which was a 1,000-patient prospective validation study done in collaboration with the global Alzheimer's platform Foundation. The study had 18 sites and aimed for a diverse demographic to better represent the entire base of potential patients, an important consideration by physicians and regulators. I'm pleased to announce our primary objective for the study to show high correlation between 181 and amyloid positive PET scans was achieved. This work supported both our new LucentAD LDT and is expected to support our IVD filing with the FDA.

轉向我們的臨床工作，本季度，我們的Bio-Hermes 臨床試驗取得了積極的頂線讀數，該試驗是與全球阿爾茨海默病平台基金會合作進行的一項1,000 名患者的前瞻性驗證研究。該研究有 18 個地點，旨在針對不同的人群，以更好地代表潛在患者的整個基礎，這是醫生和監管機構的一個重要考慮因素。我很高興地宣布，我們的研究主要目標是顯示 181 和澱粉樣蛋白陽性 PET 掃描之間的高度相關性。這項工作支持我們新的 LucentAD LDT，並有望支持我們向 FDA 提交的 IVD 備案。

Now before I turn the call over to Mike, I want to take a moment to recap. Our corporate transformation, while not yet complete, is bearing accelerated gains because of the focus, discipline and execution of people at all levels of the organization at Quanterix. Discoveries in the next 10 years will change the way we currently understand, test and treat neurological disease, and we expect that much of that work will be performed on Quanterix' Simoa platform. Mike?

現在，在將電話轉給邁克之前，我想花點時間回顧一下。我們的企業轉型雖然尚未完成，但由於 Quanterix 組織各級人員的專注、紀律和執行力，正在加速取得成果。未來 10 年的發現將改變我們目前理解、測試和治療神經系統疾病的方式，我們預計大部分工作將在 Quanterix 的 Simoa 平台上進行。麥克風？

Thanks, Masoud. For your reference, for those following along, I'm starting on Slide 8. Our total revenue for the second quarter of 2023 was $31 million, an increase of 32% from the second quarter of 2022. This quarter's revenue includes $1 million for onetime revenue related to our agreement with UltraDX Limited in China and $0.5 million related to an Abbott license deal. We had product revenue of $19.7 million in the second quarter, an increase of 33% over the second quarter of 2022.

謝謝，馬蘇德。作為參考，我從幻燈片 8 開始。我們 2023 年第二季度的總收入為 3100 萬美元，比 2022 年第二季度增長 32%。本季度的收入包括一次性 100 萬美元與我們與中國UltraDX Limited達成的協議相關的收入以及與Abbott 許可交易相關的50 萬美元。我們第二季度的產品收入為 1970 萬美元，比 2022 年第二季度增長 33%。

Within product revenue, instrument revenue was $3.5 million, a decline of 38% over the second quarter of 2022.

產品收入中，儀器收入為 350 萬美元，比 2022 年第二季度下降 38%。

As described last quarter and similar to other life science instrument providers, we continue to see global macroeconomic pressures on capital purchases. Offsetting this decline, our consumable revenue increased $6 million or 65% compared to the second quarter of last year and up 8% versus the prior quarter. While we continue to manage production and demand for consumables as we address asset quality, we have made improvements that have allowed us to increase capacity.

正如上季度所述，與其他生命科學儀器提供商類似，我們繼續看到全球宏觀經濟對資本購買的壓力。我們的消費品收入與去年第二季度相比增加了 600 萬美元，即 65%，與上一季度相比增加了 8%，抵消了這一下降。在解決資產質量問題的同時，我們繼續管理消耗品的生產和需求，同時我們也做出了一些改進，使我們能夠提高產能。

Services and other revenue was $10.6 million for the quarter, increasing $2 million or 23% from the second quarter of 2022, driven by strong demand for Accelerator services. Our Accelerator services continue to be valuable -- a valuable customer offering, particularly when biotech and pharma experience pressure on CapEx purchases. While we don't expect further decline in instruments for the second half of the year, we do expect both consumables and Accelerator services to fully offset for the second half until biotech and pharma returned to normal purchasing patterns.

在加速器服務強勁需求的推動下，本季度服務和其他收入為 1060 萬美元，較 2022 年第二季度增加 200 萬美元，即 23%。我們的加速器服務仍然很有價值——這是一項有價值的客戶服務，特別是當生物技術和製藥公司面臨資本支出採購壓力時。雖然我們預計下半年儀器不會進一步下降，但我們確實預計下半年消耗品和加速器服務將完全抵消，直到生物技術和製藥恢復正常採購模式。

Now let's move on to gross margin for the quarter. Our GAAP gross profit margin was $19.1 million and 61.7% for the second quarter of 2023 compared to $8.7 million and 37.1% in the second quarter of 2022. Our non-GAAP gross profit margin, which includes shipping and handling costs for product sales within cost of goods sold instead of within SG&A expenses was $17.5 million and 56.4% in the second quarter as compared to $6.8 million or 29.1% in the second quarter of last year.

現在讓我們看看本季度的毛利率。 2023 年第二季度我們的 GAAP 毛利率為 1,910 萬美元，61.7%，而 2022 年第二季度為 870 萬美元，37.1%。我們的非 GAAP 毛利率，包括成本內產品銷售的運輸和處理成本第二季度銷售商品的銷售費用為1,750 萬美元，佔56.4%，而去年第二季度為680 萬美元，佔29.1%。

Overall, we're very pleased with our redevelopment progress and it is reflected in better than targeted gross margin performance. Our overall GAAP operating expenses declined $5 million from $33.7 million in the second quarter of 2022 to $28.7 million in the second quarter of 2023. Our net loss declined from $24.9 million in the second quarter of 2022, and to $6.1 million in the second quarter of 2023 due to improvements from our redevelopment program, the impact of our restructuring in 2022 and improved interest income.

總體而言，我們對重建進展感到非常滿意，這反映在優於目標的毛利率表現上。我們的總體GAAP 運營費用從2022 年第二季度的3370 萬美元下降到2023 年第二季度的2870 萬美元，減少了500 萬美元。我們的淨虧損從2022 年第二季度的2490 萬美元下降到2023 年第二季度的610 萬美元。由於我們的再開發計劃的改進、2022 年重組的影響以及利息收入的提高，我們將在 2023 年實現這一目標。

Moving on to cash, which is on Slide 9. We had a healthy cash burn improvement. We ended the second quarter with $332.2 million in cash, a small net decrease of about $100,000 from our Q1 cash balance. We essentially burned no cash during the quarter, driven by revenue mix, efficiency gains and operating expense management. Our balance sheet remains in excellent shape and remain well positioned to make internal investments and be opportunistic for inorganic investment.

接下來是幻燈片 9 上的現金問題。我們的現金消耗有了健康的改善。第二季度末，我們的現金餘額為 3.322 億美元，比第一季度現金餘額小幅淨減少約 10 萬美元。在收入組合、效率提升和運營費用管理的推動下，本季度我們基本上沒有燒錢。我們的資產負債表保持良好狀態，並保持良好的狀態，可以進行內部投資，並為無機投資提供機會。

Let's turn to guidance, which is highlighted on Slide 10. As Masoud mentioned, we're increasing our guidance for 2023. We now expect our revenues to be in the range of $110 million to $116 million from a previous range of $104 million to $111 million. As a reminder, we're still managing our demand and shipments as we continue our assay redevelopment efforts. Due in part to our redevelopment program as well as our anticipated revenue mix for the full year of 2023, we are adjusting our margin outlook. We now anticipate GAAP gross margin percent to be in the low 50s and our non-GAAP gross margin percent to be in the high 40s.

讓我們轉向幻燈片10 中強調的指導。正如Masoud 提到的，我們正在提高2023 年的指導。我們現在預計我們的收入將在1.1 億至1.16 億美元之間，而之前的範圍為1.04 億美元至111 美元百萬。提醒一下，在我們繼續進行檢測重建工作的同時，我們仍在管理我們的需求和發貨。部分由於我們的重建計劃以及 2023 年全年的預期收入組合，我們正在調整利潤率前景。我們現在預計 GAAP 毛利率將在 50 左右，非 GAAP 毛利率將在 40 左右。

We do anticipate some headwind impact in the second half of the year with the launch of our new assay kit SKUs, but feel confident with our ability to execute on plan. We expect our cash burn for the full year to be in the range of $30 million to $35 million, a significant improvement from last year in our previous guidance. I will turn it back over to Masoud before we take your questions. Masoud?

我們確實預計下半年新檢測試劑盒 SKU 的推出會帶來一些不利影響，但我們對按計劃執行的能力充滿信心。我們預計全年現金消耗將在 3000 萬美元至 3500 萬美元之間，這比我們之前的指導去年有顯著改善。在回答你的問題之前，我會將其轉交給馬蘇德。馬蘇德？

Thank you, Mike. I want to provide an update in regard to our financial leadership transition plans. As previously announced, Mike is planning to retire in early '24, and we've been searching for a new CFO and it's an exciting time clearly to join Quanterix. And I'm thrilled to say that we found someone amazing to join our team. So we'll be making a formal announcement tomorrow morning, and the official transition is set for August 21st.

謝謝你，邁克。我想提供有關我們財務領導層過渡計劃的最新信息。正如之前宣布的那樣，Mike 計劃在 24 年初退休，我們一直在尋找新的首席財務官，加入 Quanterix 顯然是一個激動人心的時刻。我很高興地說我們找到了一個很棒的人加入我們的團隊。因此，我們將在明天早上發布正式公告，正式過渡定於 8 月 21 日進行。

At that time, Mike is going to transition to Executive Director of Finance, supporting our strategic growth until his retirement in March. So I want to take a moment to acknowledge the pivotal role Mike has played in the transformation of Quanterix, specifically his guidance, dedication and financial leadership over the past 2 years has put us in a strong position. He has made a lasting impact on our business. We're appreciative of his service, thankful for the solid transition period and look forward to what's had in the coming months.

屆時，Mike 將轉任財務執行總監，支持我們的戰略增長，直至 3 月份退休。因此，我想花點時間承認 Mike 在 Quanterix 轉型中發揮的關鍵作用，特別是他在過去兩年中的指導、奉獻和財務領導使我們處於有利地位。他對我們的業務產生了持久的影響。我們對他的服務表示讚賞，感謝他給我們帶來的堅實的過渡期，並期待未來幾個月的發展。

Operator, let's take some questions.

接線員，我們來回答一些問題。

(Operator Instructions) Our first question comes from Puneet Souda of Leerink Partners.

（操作員說明）我們的第一個問題來自 Leerink Partners 的 Puneet Souda。

Masoud, Mike, Thanks again and congrats on the quarter here. Mike and really great working with you and good luck on what's ahead. And maybe if I could -- first one, maybe if I could ask on the guide and then I have a follow-up on Lucent and on the biomarker set. We look at the full year guide, if you go to the higher end of the guide, it still implies a step down in 3Q and 4Q. I know you talked a little bit about, obviously, the biotech funding situation that is well understood and known on the Street. Is that largely part of the conservatism in your assumptions here? Or is there something else that we ought to keep in mind for the second half? I just want to clarify on the top line and also on the gross margins?

馬蘇德、邁克，再次感謝並祝賀本季度的業績。邁克，與您合作非常愉快，祝您未來一切順利。也許如果我可以的話——第一個，也許我可以在指南上詢問，然後我會對朗訊和生物標記集進行跟進。我們看全年指南，如果你轉到指南的高端，它仍然意味著第三季度和第四季度的下降。我知道你顯然談到了華爾街眾所周知的生物技術融資情況。這在很大程度上是您的假設中保守主義的一部分嗎？或者說下半年還有什麼需要注意的嗎？我只想澄清一下營收和毛利率？

Sure. I think a couple of things. I think we obviously had some onetime revenue in this quarter. And so when I look at the $31 million, I really look it at about a $29.5 million quarter. So I think we're still balancing our redevelopment effort and this last couple of quarters, which I'm sure Masoud is going to get into is when we really -- it's the last big push. So we expect a little bit of noise, and we're trying to just sort of make sure that we've given ourselves some room there. Clearly, our goal is to exceed that.

當然。我認為有幾件事。我認為本季度我們顯然有一些一次性收入。因此，當我看到 3100 萬美元時，我實際上看到的是大約 2950 萬美元的季度。因此，我認為我們仍在平衡我們的重建工作和最後幾個季度，我確信馬蘇德將在我們真正——這是最後一次重大推動時介入。因此，我們預計會有一點噪音，並且我們正在努力確保我們在那裡給自己留出了一些空間。顯然，我們的目標是超越這個目標。

But that's how we're looking at it. I don't think there's anything else out there than what we've chatted about that we would see impacting our revenues.

但這就是我們的看法。我認為除了我們討論的內容之外，沒有其他事情會影響我們的收入。

Yes, I think that's right. Puneet, we -- clearly, there's a backdrop of this macroeconomic situation. I think Mike highlighted on the call that we've been able to offset that pretty effectively. And we'll see what happens in the second half. And then as Mike said, a lot of implementation of key processes in the production lines that we want to be conservative about.

是的，我認為這是對的。普尼特，我們——顯然，這是宏觀經濟形勢的背景。我認為邁克在電話會議上強調我們已經能夠非常有效地抵消這一影響。我們將看看下半場會發生什麼。然後，正如邁克所說，我們希望對生產線中的許多關鍵流程的實施保持保守。

Got it. Okay. And then wondering on Lucent, can you clarify if this -- when this platform is going to have p-Tau 217 as well beyond 181 and when do you think we'll see a marker set that involves 181, 217 AB40, AB42, both as an LDT and then eventually as an IVD and potentially maybe one more marker, let's say, GFAP in it. So just trying to understand what the final marker set could look like? When do you think you'll be able to launch that as an LDT and then eventually into IVD?

知道了。好的。然後想知道朗訊科技，你能否澄清這一點——這個平台何時將有 p-Tau 217 以及超過 181，你認為我們什麼時候會看到一個涉及 181、217 AB40、AB42 的標記集？作為LDT ，然後最終作為IVD，可能還有一個標記，比方說，其中有GFAP。那麼只是想了解最終的標記集會是什麼樣子？您認為什麼時候能夠將其作為 LDT 推出，然後最終進入 IVD？

Great question, Puneet. So we -- our plan is to have 217 LDT this year. So some other future announcement, we'll talk about including that into our Lucent series of testing. And then on your question about the multi-marker test, just as you know, the multi-marker test today already exists at Quanterix, as an RUO offering. And then to your point, we intend to add that to the LucentAD offering after we complete some of our clinical trial work.

好問題，普尼特。所以我們——我們的計劃是今年有 217 個 LDT。因此，未來的一些其他公告，我們將討論將其納入我們的朗訊系列測試中。然後，關於您關於多標記物測試的問題，正如您所知，多標記物測試今天已經作為 RUO 產品存在於Quanterix。然後就您的觀點而言，我們打算在完成一些臨床試驗工作後將其添加到 LucentAD 產品中。

So we have -- we talked about the results of Bio-Hermes, specific to 181. We're expanding that and looking at multi-marker with that study. And then we have a very exhaustive large study with ADDF, where we're looking at all the markers that you just mentioned with an algorithm to look at amyloid pathology for patients. So that's also upcoming. And again, on the regulatory side, our intention is that we'll be submitting these to the FDA along with the clinical trial findings.

因此，我們討論了 Bio-Hermes 的結果，特別是 181。我們正在擴展該研究，並通過該研究研究多標記物。然後我們對 ADDF 進行了一項非常詳盡的大型研究，我們正在使用一種算法來研究您剛才提到的所有標記物，以研究患者的澱粉樣蛋白病理學。這也即將到來。同樣，在監管方面，我們的目的是將這些數據與臨床試驗結果一起提交給 FDA。

Got it. Super. And then last one for me. Can you talk a little bit about the level of validation that you have currently with your assays? And what is needed for the diagnostic assay for the LDT and potentially for the IVD as well. And sort of -- what sort of level of readiness that you have as Leqembi and donanemab, these drugs get on the market? How do you think scalability, if rapid scalability is required? Just want to get a sense of if you -- validation and other things that might be needed for those assays, how positioned are those assays from both a validation point of view and a scalability point of view?

知道了。極好的。然後是我的最後一張。您能談談您目前的檢測驗證水平嗎？以及 LDT 和 IVD 診斷檢測所需的條件。 Leqembi 和 donanemab 這些藥物上市的準備程度如何？如果需要快速的可擴展性，您如何看待可擴展性？只是想了解一下，如果您——驗證和這些分析可能需要的其他東西，從驗證的角度和可擴展性的角度來看，這些分析的定位如何？

Yes. So when we -- I would say that foundation -- first, let's talk to the foundation of the assays. We're talking about hundreds and hundreds of publications over peer-reviewed publications over the last several years, that have shown the biomarkers that we're talking about 181, 217, NFL, GFAP together, incredible correlation to amyloid pathology. This is really robustly shown. And that's kind of a -- that's our RUO basis. We take that one step further, and we're working on these prospective clinical trials.

是的。因此，當我們——我想說的是基礎——首先，讓我們談談分析的基礎。我們談論的是過去幾年中成百上千的同行評審出版物，這些出版物顯示了我們談論的181、217、NFL、GFAP 等生物標誌物與澱粉樣蛋白病理學之間令人難以置信的相關性。這確實得到了有力的證明。這就是我們的 RUO 基礎。我們更進一步，我們正在開展這些前瞻性臨床試驗。

So the Bio-Hermes, for example, trial that is used to support our ptau-181 LDT was an 18 site U.S. trial, over 20 of the samples were from underserved populations, critical for Alzheimer's testing as you'll probably hear about more and more in the news. And we looked at imaging, clinical and other key data to support our LDT. And we look at patients that are cognitively unimpaired, MCI and mild AD patients and we compare each of our tests to imaging and to CSF. And that's the data and the backing we have for 181, and we expect to continue to do that for each of our tests that come out as an LDT.

例如，用於支持我們的ptau-181 LDT 的Bio-Hermes 試驗是在美國進行的18 個試驗點的試驗，其中20 多個樣本來自服務不足的人群，這對於阿爾茨海默氏症測試至關重要，因為您可能會聽到更多和更多新聞。我們研究了影像、臨床和其他關鍵數據來支持我們的 LDT。我們觀察認知未受損的患者、MCI 和輕度 AD 患者，並將每項測試與影像學和腦脊液進行比較。這就是我們對 181 的數據和支持，我們希望繼續為我們以 LDT 形式推出的每項測試提供這些數據和支持。

And we think the data and robustness is also sufficient to support future regulatory filings. So from a clinical trial, from utility perspective, we have great work that's ongoing by the team. And then from a scale perspective, we believe that scaling these assays are going to be critical. Blood-based testing is going to be critical for entry to therapy. And how do you scale the test as in a robust way as possible. We think, number one, you heard about the guidelines. All of the markers in the guideline today can be run in Simoa, and we'd support any lab globally who would purchase a Simoa platform to get their lab up and running for them to do testing.

我們認為數據和穩健性也足以支持未來的監管備案。因此，從臨床試驗來看，從效用的角度來看，我們團隊正在進行出色的工作。然後從規模的角度來看，我們相信擴大這些檢測的規模將是至關重要的。血液檢測對於接受治療至關重要。以及如何以盡可能穩健的方式擴展測試。我們認為，第一，您聽說過這些指導方針。今天指南中的所有標記都可以在 Simoa 運行，我們將支持全球任何購買 Simoa 平台來啟動和運行實驗室以進行測試的實驗室。

The second, we can do thousands of samples here in our CLIA laboratory on a weekly basis. And we think that will take some level of support for building this global infrastructure. So I think we have a plan. We have a good clinical trial plan and a good go-to-market plan on this NAD. So we're really excited about the next several months.

第二，我們每周可以在 CLIA 實驗室中製作數千個樣品。我們認為，建設全球基礎設施需要一定程度的支持。所以我認為我們有一個計劃。我們對此 NAD 有一個很好的臨床試驗計劃和一個很好的上市計劃。所以我們對接下來的幾個月感到非常興奮。

Our next question comes from Kyle Mikson of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的凱爾·米克森 (Kyle Mikson)。

Congrats on the quarter and congrats on the progress on this redevelopment program. On the program, Masoud, I just wanted to ask how you've been able to convey to customers that reproducibility, the scalability of your assay has now improved. And how that approach and how the customer response kind of differs between those RUO and the biopharma customers?

祝賀本季度，並祝賀該重建計劃取得的進展。在這個項目中，Masoud，我只是想問一下您如何向客戶傳達您的檢測的可重複性和可擴展性現在已經得到了改善。 RUO 和生物製藥客戶之間的這種方法以及客戶反應有何不同？

Yes. Kyle, thanks for the kind words. We -- I would say that if you look at our -- whether it's our consumables, Kyle or our Accelerator, I mean, we're hitting levels of demand that the company has never seen before. So -- and I would say that what we're able to manage and ensure is that if it's a product that's leaving the doors at Quanterix, it's a quality product in the customers' hands. So I'd say we've done a great job at doing that.

是的。凱爾，謝謝你的客氣話。我們——我想說，如果你看看我們的——無論是我們的消耗品、凱爾還是我們的加速器，我的意思是，我們正在達到公司以前從未見過的需求水平。因此，我想說的是，我們能夠管理和確保的是，如果產品在 Quanterix 出廠，那麼它在客戶手中就是優質產品。所以我想說我們在這方面做得很好。

And then over the next several quarters, we're going to ensure that those SKUs that are leaving the door also scalable and accretive to our margins. So couple of quarters of work left, but right now, today, we're getting good assays to customers, and we're providing solid work through our Accelerator program. And I think the results speak for themselves.

然後在接下來的幾個季度中，我們將確保那些即將退出的 SKU 也具有可擴展性並能增加我們的利潤。還剩下幾個季度的工作，但現在，今天，我們正在為客戶提供良好的檢測，並且我們正在通過我們的加速器計劃提供紮實的工作。我認為結果不言而喻。

Okay. That was great. And then just following up on the Bio-Hermes, So are we completely done with readouts for that trial? And then did you comment on the timing for the IVD approval?

好的。那很棒。然後只是跟進 Bio-Hermes，那麼我們完全完成了該試驗的讀數嗎？那麼您對 ​​IVD 批准的時間有何評論？

Yes. So we are complete with our 181 study. And so that the Bio-Hermes trial data supported both our LDT and the FDA filing we have that exists for our ptau-181 test. Now what we're going to do next is we're taking a look at other biomarkers with that data set. And there'll probably be more news in the future on Bio-Herme.

是的。這樣我們的 181 研究就完成了。因此，Bio-Hermes 試驗數據支持了我們的 LDT 和 FDA 備案的 ptau-181 測試數據。現在我們接下來要做的是用該數據集研究其他生物標誌物。未來可能會有更多關於 Bio-Herme 的消息。

But with regard to 181, our intention is for peer-reviewed publication on those testing results, but you can already see the data for that and our sense and specs on the LucentAD website.

但對於 181，我們的目的是對這些測試結果進行同行評審，但您已經可以在 LucentAD 網站上看到相關數據以及我們的感覺和規格。

And then the on the second trial that we've been talking about is this multi-marker test with ADDF, that's a global test, global trial, and that's going to be to support the multi-marker. We haven't mentioned any sort of timing on regulatory filings.

然後，我們一直在談論的第二個試驗是使用 ADDF 的多標記測試，這是一個全局測試、全局試驗，這將支持多標記。我們沒有提到監管備案的任何時間安排。

As you know, we have a breakthrough designation for 181, and we've talked about doing more work with the FDA as we progress.

如您所知，我們對 181 進行了突破性的指定，並且我們已經討論了隨著我們的進展與 FDA 開展更多工作。

Okay. Awesome. And then maybe, Mike, if you want to comment on this, and I guess, congrats on the next steps and look forward to kind of chatting about it soon. On the prioritization of cash, you have cash of $330 million. Net cash flow in the quarter was breakeven, which is great. I mean, it's fantastic. I think in the past, you estimated that you will achieve positive cash flows at the $170 million to $190 million range for revenue, that's like 2026 maybe. I guess I want to ask, is that pushed up now? Is that -- or I guess, pulled forward, could you kind of reach that point earlier and just given all what's cushion now, I mean, how do you kind of anticipate using cash going forward? Could you kind of crank up the spending to drive revenue growth or really scale, LucentAD or something along those lines?

好的。驚人的。然後，邁克，如果你想對此發表評論，我想，恭喜你採取了下一步行動，並期待很快就此事進行討論。按現金優先順序，您擁有 3.3 億美元的現金。本季度的淨現金流量實現了盈虧平衡，這非常棒。我的意思是，這太棒了。我認為過去，您估計您將實現 1.7 億至 1.9 億美元收入範圍內的正現金流，大概是 2026 年。我想我想問一下，現在漲價了嗎？是不是——或者我猜，向前推進，你能不能早點達到那個點，並且考慮到現在的所有緩衝，我的意思是，你如何預計未來使用現金？你能否增加支出以推動收入增長或真正擴大規模，LucentAD 或類似的東西？

Thanks, Kyle. I think first, we haven't adjusted our projection longer term from what would be, I would say, cash flow positive consistently, I'd say, we still keep our current guidance in place, probably updating in February. Look, and we were -- look, super happy with the quarter.

謝謝，凱爾。我認為首先，我們還沒有調整我們的長期預測，我想說的是，現金流持續為正，我想說，我們仍然保持當前的指導，可能會在二月份更新。看，我們對這個季度非常滿意。

And I think what it's demonstrated is we are running ahead from a financial standpoint and I think that we've been very focused on the assay redevelopment. I think what you're going to start to see, and you've touched on some of it, Kyle, is investments in -- organic investments in the business also funding more for LucentDX (sic) [LucentAD]. So I expect we're going to see cash go out. CapEx was light in the first half of the year as we stayed focused on the assay redevelopment, it's going to pick up in the second half of the year.

我認為這表明我們從財務角度來看正在領先，而且我認為我們一直非常專注於檢測方法的重新開發。我想你將開始看到，凱爾，你已經觸及了其中的一些，是對業務的有機投資，也為 LucentDX（原文如此）[LucentAD] 提供了更多資金。所以我預計我們會看到現金流出。由於我們繼續專注於檢測方法的重新開發，今年上半年的資本支出較少，下半年資本支出將會有所增加。

And I think we're looking at because we have the cash we do a number of things both organically and down the road inorganically that will help us accelerate our ability to grow. So -- and like I said, we'll probably be updating guidance in February on the call, and we'll probably update our targets for cash flow breakeven as well.

我認為我們正在考慮，因為我們有現金，所以我們可以有機地和無機地做一些事情，這將有助於我們加快增長能力。因此，正如我所說，我們可能會在 2 月份的電話會議上更新指導，並且我們也可能會更新現金流盈虧平衡的目標。

(Operator Instructions) Our next question comes from Matt Sykes with Goldman Sachs.

（操作員說明）我們的下一個問題來自高盛的馬特·賽克斯（Matt Sykes）。

Congrats on the quarter. And Mike, congrats on the next chapter. It's been great working with you. Maybe just a first question for you, Mike. You've previously talked about double-digit top line growth for '24, just given the guidance raised last quarter and this quarter, are you still kind of thinking about that as a range for next year? And any kind of clarity on double digits, it could mean a lot of different things.

恭喜本季度。邁克，祝賀下一章。和你一起工作真是太好了。也許這只是你的第一個問題，邁克。您之前曾談到 24 年的兩位數營收增長，剛剛考慮到上季度和本季度提出的指導，您是否仍然認為這是明年的範圍？兩位數的任何清晰度都可能意味著很多不同的事情。

Yes, it can. You're right, Matt. It's -- because we're obviously -- we've had a good quarter, and the point of the guidance would suggest is our core product that we're there. And I think our goal is to accelerate from there. We haven't fleshed out yet a '24 forecast to get more specific about what double-digit looks like and feels like. But clearly, our intent is to accelerate off of where we are today.

是的，它可以。你是對的，馬特。這是——因為我們顯然——我們度過了一個不錯的季度，指導的重點是我們的核心產品。我認為我們的目標是從那裡加速。我們還沒有充實 24 年的預測，以更具體地了解兩位數的樣子和感覺。但顯然，我們的目的是加速實現今天的目標。

So that's probably all we're going to say on it right now, but I expect again, in February, we'll be giving a more robust view of the year and what double digit is going to look like. But clearly, we're in a good place right now and are feeling pretty good about where we sit this year, and we're obviously on the core products cracking double digit right now.

這可能就是我們現在要說的全部內容，但我再次預計，在二月份，我們將對今年以及兩位數的情況給出更強有力的看法。但顯然，我們現在處於一個很好的位置，並且對今年的情況感覺非常好，而且我們的核心產品現在顯然正在突破兩位數。

Got it. And then just you mentioned in the prepared comments about the Abbott collaboration and some of the revenue you received from that. Can you just maybe provide a little bit more color? I apologies if I've missed this, in the past, But just a little more color on what you're doing with Abbott.

知道了。然後，您在準備好的評論中提到了與雅培的合作以及您從中獲得的一些收入。你能提供更多一點的顏色嗎？如果我過去錯過了這一點，我深表歉意，但請多介紹一下您與雅培所做的事情。

Yes. Actually, the Abbott is an expiration of an old license deal. So it's not in active. Essentially, we received funds some time ago for a license that's now expired, so we're recognizing it in revenue. So it's not new activity per se with Abbott. And then the $1 million from UltraDX is a reflection of shares that we were issued in the UltraDX venture in China.

是的。事實上，雅培是舊許可協議的到期日。所以它不處於活動狀態。本質上，我們不久前收到了許可證的資金，但現在已經過期，所以我們在收入中確認了它。因此，這本身並不是雅培的新活動。 UltraDX 提供的 100 萬美元反映了我們在中國 UltraDX 合資企業中發行的股票。

So in both instances, those are onetime revenue, and they're not going to repeat. So they impact margin in a favorable way this quarter by about 250 basis points, Matt, just to give you some perspective there.

因此，在這兩種情況下，這些都是一次性收入，並且不會重複。因此，他們本季度以有利的方式影響了利潤率約 250 個基點，馬特，只是為了給你一些看法。

Got it. And then just one last one for you, Masoud. You talked about the study that looked at finger prick testing in the blood cards. And could you maybe just talk longer term about what you think that could do in terms of accessibility, but also kind of what the time line potentially for that could be and how it be incorporated into your logistics and technology, if that were to happen?

知道了。最後一張是給你的，馬蘇德。您談到了一項針對血卡中的指尖採血測試的研究。您能否從長遠角度談談您認為這在可訪問性方面可以做些什麼，以及潛在的時間表是什麼，以及如果發生的話，如何將其納入您的物流和技術中？

Yes, absolutely, Matt. So just say that we're sort of on the heels of all this excitement on blood draw and traditional collection methods. But keep bringing up this concept of global scale and global infrastructure. And while in the U.S., let's say, 90% of the population, is near a place where you can do a blood draw, we have to think globally. And there are a lot of places where low temperature storage, transportation, centrifugation, those are all issues. And what we're really, really excited about by this study was that demonstrated the ability to do remote collection and quantification of all the biomarkers that we have.

是的，絕對是，馬特。所以只能說，我們對抽血和傳統採集方法的所有這些興奮都緊隨其後。但要繼續提出全球規模和全球基礎設施的概念。假設在美國，90% 的人口都住在可以抽血的地方，但我們必須放眼全球。而且有很多地方低溫儲存、運輸、離心，這些都是問題。這項研究讓我們真正非常興奮的是，它證明了我們擁有的所有生物標記物進行遠程收集和量化的能力。

And so we can see this as a screening and monitoring tool in secondary care in therapeutic trials. So expanding access to therapeutic trials to underserved population, which is going to be important for future therapies as well as the storage concept and being able to monitor progression of treatment response in an easy way. So you don't have someone coming in on a regular basis for a blood draw, and you can do this more at home. So it's early days in the study and the cohort and the population was a small population. So I do want to say that.

因此，我們可以將其視為治療試驗中二級護理的篩查和監測工具。因此，將治療試驗的機會擴大到服務不足的人群，這對於未來的治療以及存儲概念以及能夠以簡單的方式監測治療反應的進展都非常重要。因此，您不需要有人定期來抽血，您可以在家中進行更多抽血。所以現在還處於研究的早期階段，隊列和人群還很小。所以我確實想說。

But incredibly promising data on the correlations with PET and CSF. And so we're very excited about what this study could be and I think that there's a lot of interesting work that could come in the next -- within the next year or so for detecting these biomarkers. And then the final point I'll make is that this sort of goes to show -- I mean we're talking a blood draw, hundreds and hundreds of microliters. Now we're talking about tens of microliters and the need for a platform that has high sensitivity to detect that in those tens and tens of microliters is what's required to enable blood card testing. And so again, very excited about the prospect of these results.

但有關 PET 和 CSF 相關性的數據令人難以置信。因此，我們對這項研究的內容感到非常興奮，我認為接下來可能會出現很多有趣的工作——在明年左右的時間內檢測這些生物標誌物。然後我要說的最後一點是，這種情況表明——我的意思是我們正在談論抽血，數百微升。現在我們討論的是幾十微升，並且需要一個具有高靈敏度的平台來檢測這幾十微升，這是實現血卡測試所需要的。再次，我對這些結果的前景感到非常興奮。

And our final question comes from Dan Brennan with Cowen.

我們的最後一個問題來自丹·布倫南和考恩。

Congrats on the quarter. Maybe one on placements and one back on Alzheimer's. Just can you speak to instrument placements in the quarter? Sorry, if I missed it. What are the expectations throughout the year, how much of softness was due to APAC. I think you called out a distributor show in 1Q. Just maybe some color there.

恭喜本季度。也許一個是關於安置的，另一個是關於阿爾茨海默氏症的。您能談談本季度的工具佈局嗎？抱歉，如果我錯過了。全年的預期是什麼，亞太地區的疲軟程度有多少？我認為您在第一季度舉辦了經銷商展。也許只是有一些顏色。

Yes, Dan. I mean placements in the quarter were -- net placements were 22%, which is -- that's a low for us. Historically, we've run high 30s to 40s, and it started to drift late last year, Q1 placements were 32%. So we're down. I think Asia PAC was our issue in Q1 I think more broadly, and I think Masoud mentioned, I did as well, we're seeing it really across the board. I think there's just a macro effect on CapEx that's impacting us, and we're seeing it in North America, Europe and in Asia PAC. Asia PAC actually in the quarter performed better than they did a year ago. So it bounces around.

是的，丹。我的意思是，本季度的淨安置率為 22%，這對我們來說是一個低水平。從歷史上看，我們的排名一直在 30 到 40 之間，去年年底開始出現漂移，第一季度的安置率為 32%。所以我們就下來了。我認為亞太地區是我們第一季度的問題，我認為更廣泛，我認為馬蘇德提到過，我也這樣做了，我們確實全面看到了這一點。我認為資本支出的宏觀影響正在影響我們，我們在北美、歐洲和亞太地區都看到了這種影響。事實上，亞太區在本季度的表現比一年前要好。所以它會彈來彈去。

Now the good news for us is we get -- we still are getting revenue from people who would otherwise purchase. I think Masoud referenced, I think folks are running more through our Accelerator lab as opposed to purchasing an instrument. So I think as the broader macro improves, we're going to see instruments pick up, which is encouraging. But right now, it's -- we're kind of at a -- it's going to be soft. I don't expect it's going to degrade from where we are. That's how we're projecting and building out the balance of our year. And we expect in 2024, a return to something more normal.

現在對我們來說好消息是——我們仍然可以從本來會購買的人那裡獲得收入。我認為馬蘇德提到，我認為人們更多地通過我們的加速器實驗室運行，而不是購買儀器。因此，我認為隨著更廣泛的宏觀經濟的改善，我們將看到金融工具的回升，這是令人鼓舞的。但現在，我們的情況是會變得疲軟。我不認為它會比我們現在的情況惡化。這就是我們如何預測和構建今年的餘額。我們預計 2024 年會恢復正常。

Yes. Dan, one of the really unique capabilities that we have is that when we've seen biotech or pharma capital equipment pressure or kind of macroeconomic challenge, we tend to see these companies outsource more and more of their work to our Accelerator Lab. And we're clearly seeing more of that and expect this to continue for the second half of the year. So Accelerator for us is both try before you buy, but it's also outsourcing a lot of R&D work. And in the future, we expect those customers will -- once there's less pressure, come back and purchase those platforms.

是的。丹，我們擁有的真正獨特的能力之一是，當我們看到生物技術或製藥資本設備壓力或某種宏觀經濟挑戰時，我們傾向於看到這些公司將越來越多的工作外包給我們的加速器實驗室。我們顯然看到了更多這樣的情況，並預計這種情況將在今年下半年持續下去。所以Accelerator對我們來說既是先試后買，同時也外包了很多研發工作。未來，我們預計一旦壓力減輕，這些客戶就會回來購買這些平台。

Great. And then maybe just kind of a bigger picture one on Alzheimer's. Apologize maybe this was mentioned a little bit throughout, but just maybe you could get a list. What are the -- if we look at over the next 12 months, like what would you say the key milestones to watch that would be kind of most important just to kind of check progress and see the opportunity is materializing for Quanterix?

偉大的。然後也許只是關於阿爾茨海默氏症的更大的圖景。抱歉，也許整個過程中都提到了這一點，但也許你可以獲得一份清單。如果我們展望未來 12 個月，您認為最重要的關鍵里程碑是什麼，只是為了檢查進展並看到 Quanterix 的機會正在實現？

Yes. So Dan, I think the -- we talked about the readout on this Bio-Hermes test and how it's supporting our LDT and also our IVD filing. I think it was a question earlier on the call related to 217 that Puneet asked. I think that's pretty important, 217 is a biomarker that you just can't measure on any platform, right?

是的。所以丹，我認為我們討論了 Bio-Hermes 測試的讀數以及它如何支持我們的 LDT 和 IVD 備案。我認為這是 Puneet 早些時候在電話會議中提出的與 217 有關的問題。我認為這非常重要，217 是一種無法在任何平台上測量的生物標誌物，對嗎？

And so Simoa is one of the platforms that you can detect 217. And so the interest and demand for 217 is important. And one of the reasons you're kind of hearing about that importance is because as these drugs and these therapies come out, we're seeing data that shows the earlier you can identify a patient in the disease cascade, the better the therapy works.

所以Simoa是你可以檢測217的平台之一。所以對217的興趣和需求很重要。您聽說這種重要性的原因之一是，隨著這些藥物和療法的出現，我們看到的數據表明，您越早識別出疾病級聯中的患者，治療效果就越好。

And so 217 is one of those early markers. And so from a standpoint of a screen or a diagnosis the better -- you can get a better patient cohort, and it looks better from a rule-in perspective. So we're very excited about that. I think that will be a big milestone. And then the second is on the multi-marker. Can we do differential diagnosis. Can we use a near a multi-marker to get more information on these patients that might get a negative result.

所以 217 是那些早期標記之一。因此，從篩查或診斷的角度來看，效果越好——您可以獲得更好的患者隊列，並且從規則的角度來看，它看起來更好。所以我們對此感到非常興奮。我認為這將是一個重要的里程碑。然後第二個是在多標記上。可以做鑑別診斷嗎？我們可以使用近多標記來獲取有關這些可能獲得陰性結果的患者的更多信息嗎？

And they're asking, "Hey, I have cognitive symptoms, but I'm getting a negative result. Now what? " And so behind what we're talking about here is an intensive program to build solutions for patients. And so I think I would view those 2 as the next 2 key milestones. And then externally, I think if you look at the guidelines, some of the biomarker promise and blood biomarkers is incredible. And so we expect in the next several months there to be more discussion about blood biomarkers and their adoption from not just the screen, but more and more towards diagnosis of patients instead of a spinal tap or a PET scan.

他們問，“嘿，我有認知症狀，但我得到了陰性結果。現在怎麼辦？”因此，我們在這裡談論的是一個為患者建立解決方案的強化計劃。因此，我認為我會將這兩個視為接下來的兩個關鍵里程碑。然後從外部來看，我認為如果你看看指南，一些生物標誌物的前景和血液生物標誌物是令人難以置信的。因此，我們預計在接下來的幾個月裡，將會有更多關於血液生物標誌物及其採用的討論，不僅從屏幕上進行，而且越來越多地用於對患者進行診斷，而不是通過脊椎穿刺或PET 掃描。

So I kind of would view those sort of 3 areas as key milestones for us and for the field.

因此，我認為這三個領域是我們和該領域的關鍵里程碑。

I am showing no further questions at this time. This concludes today's conference call. Thank you for participating. You may now disconnect.

我目前沒有提出任何進一步的問題。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。