Quanterix Corporation (QTRX) 2026 Q1 法說會逐字稿

Thank you for standing by. Welcome to Quanterix Corporation Q1 2026 earnings call. All lines have been placed on you 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.

感謝您耐心等候。歡迎參加 Quanterix Corporation 2026 年第一季財報電話會議。為避免任何背景雜音，所有線路均已設為靜音。於講者致詞結束後，將進行問答環節。若您希望在此期間提問，請在電話鍵盤上按下星號鍵後再按數字 1。若您希望撤回提問，請再按一次星號鍵。

Thank you. I would now like to turn the conference over to Joshua Yang. You may begin.

謝謝。現在我想將會議交給 Joshua Yang。您可以開始了。

Thank you, Preyila, and good afternoon, everybody. With me on today's call are Everett Cunningham, Quanterix' President and CEO; and Vandana Sriram, Quanterix' Chief Financial Officer.

謝謝你，Preyila，各位下午好。今天與我一同參與電話會議的有：Everett Cunningham，Quanterix 總裁暨執行長；以及 Vandana Sriram，Quanterix 財務長。

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.

今天的電話會議將被錄音，會議重播將於我們網站的「投資人」專區提供。在今天簡報過程中，我們將發表受《美國私人證券訴訟改革法》規範的前瞻性陳述。這些前瞻性陳述係基於管理層截至今日（2026 年 5 月 6 日）的信念與假設。我們未必能實際達成前瞻性陳述中所揭露的計畫、意圖或預期。

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.

前瞻性陳述涉及已知與未知的風險、不確定性、假設及其他因素，可能導致我們的實際結果、表現或成就與前瞻性陳述所明示或暗示的任何未來結果、表現或成就存在重大差異。

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 period 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.

為補充以 GAAP 基礎呈列的財務報表，我們提供若干非 GAAP 財務衡量指標。這些非 GAAP 指標用於評估我們的營運表現，使其能進行有意義的期間對期間比較並分析我們業務及競爭對手的趨勢。我們相信，這類指標對於將當期結果與其他期間結果比較，以及評估我們在產業內的營運表現相當重要。本文所呈列的非 GAAP 財務資訊應與依 GAAP 呈列的財務資訊一併考量，而非作為其替代。建議投資人查閱我們網站上所發布簡報以及今日發布的財報新聞稿中，所列示之非 GAAP 指標與最直接可比 GAAP 財務指標之調節表。

Finally, any percentage changes we discuss will be on a year-over-year basis unless otherwise noted.

最後，除非另有說明，我們所討論的任何百分比變動皆以年對年為基礎。

Now I'd like to turn the call over to Everett Cunningham. Everett?

現在我想把電話會議交給 Everett Cunningham。Everett？

Thanks, Josh. 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 Quanterix.

謝謝，Josh。很高興今天下午能與各位在此相聚。我在公司的這段時間非常令人振奮且收穫良多，我對 Quanterix 的未來比以往任何時候都更有信心。

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 Quanterix 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 installed base of over 2,300 instruments across passionate customers who appreciate the value of our products and services. Our market-leading technologies include Simoa, 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.

秉持這樣的精神，我想先分享我加入公司前 100 天的一些關鍵觀察。首先，我們擁有一群充滿熱情的員工，大家都希望 Quanterix 能夠勝出並在長期取得成功。其次，根據客戶回饋，我們仍是關鍵疾病生物標記早期偵測領域的市場領導者，這是非常有利的位置，我們必須善加把握。再者，我們在熱情的客戶群中已安裝超過 2,300 台儀器，客戶認同我們產品與服務的價值。我們的市場領先技術包括 Simoa——我們在用於蛋白質生物標記定量的超高靈敏度數位免疫分析方面居於領先地位；以及 spatial——我們擁有市場上最高 plex 的蛋白質體平台。

Now these are both businesses where we can generate strong growth and build solid businesses moving forward.

這兩項業務都是我們能夠創造強勁成長並在未來建立穩健事業的領域。

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 tools 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.

接下來，我們堅實的基礎使我們有條件成為阿茲海默症診斷產業的領導者。雖然目前仍在早期階段，但我相信我們的能力，也希望現在就投入資源加以強化。總結而言，我相信我們的研究工具業務有清晰的獲利路徑；同時，我們的資產負債表也能支持我們在阿茲海默症診斷方面的成長企圖——我們約有 1 億美元現金且無負債。我即將展開的這段旅程令人振奮，我非常高興能在這裡。

Now moving from a high-level observation to more of a detailed strategic and tactical consideration. I gathered a lot of feedback in my first 3 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.

接著，從高層次觀察轉向更具體的策略與戰術考量。我在這裡的前三個月收集了大量回饋。公司有許多可延伸的優勢，但我們目前尚未充分發揮潛力。因此，我現在以及未來幾季將推動一些營運面與策略面的調整，以協助我們更好地把握具吸引力的機會。其中一項最核心的理念轉變，是我們必須讓公司從「整合並實現綜效」的模式，轉向「投資並推動業務成長以實現長期成長」的模式。

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 Akoya acquisition.

我們正將資源配置到我們認為短期回報具吸引力的成長機會，同時確保我們在 2026 年及之後仍能達成年度營運目標，就如同我們已從 Akoya 併購案中實現 8,500 萬美元的成本綜效一樣。

In the first quarter of 2026, we reported $36.4 million of revenue as our end markets remain difficult. While our consumable revenues performed as planned, our revenues from our instrumentation business was slightly softer than expected. Now some of the shortfall is 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 tenet of our organization we are building here at Quanterix.

2026 年第一季，我們在終端市場仍然艱困的情況下，報告營收為 3,640 萬美元。雖然耗材營收如計畫表現，但儀器業務營收略低於預期。其中部分落差與時點因素有關，但我們也將推動一些變革，以讓銷售工作更聚焦。這些變革將在今年進程中逐步帶來效益。此外，除了投資成長機會之外，我們也正努力打造一種重視營運執行的文化，並將達成每季預期作為我們在 Quanterix 所建立組織的關鍵信條。

We've established good operational rigor, 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.

我們已建立良好的營運紀律，這可從我們的毛利率表現、對支出的嚴謹管理，以及我們持續達成現金使用目標的能力中看出。

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 Quanterix 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.

在上次電話會議中，我分享了我在 Illumina、Quest Diagnostics 與 Exact Sciences 等公司累積的 30 年商業背景。我了解一流的商業組織應具備的樣貌，也已辨識出多項機會，能將 Quanterix 的營運表現提升到下一個層級。因此，我們將在 2026 年及之後進行數項投資，以提升我們的商業效能。這些投資包括：我們將由一位具經驗的資深領導者來提升我們加速器（accelerator）業務中的製藥合作夥伴關係。這項重要業務在近幾季有所下滑，而我們現在就要改變這一點。

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.

我預期我本人、新任領導者以及我們目前在此領域的專業團隊，將與製藥客戶進行頻繁且坦誠的對話，以了解我們如何能更好地滿足他們的需求。憑藉我們一流的技術與解決方案，我們預期今年將有顯著改善。

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 Quanterix' many advantages of our overall value propositions in our key end 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.

接下來，我們將擴編潛在客戶開發（lead generation）代表團隊，以提升對外拓客的精準度並帶動淨新增業務。我們也將聘請新的市場開發主管，支援銷售團隊在訓練、系統化價值主張與競爭定位方面的工作。此舉旨在讓銷售團隊重新聚焦於客戶，同時更清楚地傳達 Quanterix 在主要終端市場中整體價值主張的多項優勢。我們將更強勢地凸顯差異化。例如，我們將強調我們能比其他人更精準地偵測蛋白質，且能更一致地做到這一點。

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.

再者，我們正運用 Thermo Fisher 的通路分銷能力來提升我們的線上能見度。這將帶來雙重效益：一方面透過降低客戶取得我們產品的門檻來協助客戶；另一方面也能減少我們商業團隊提供報價所需的人工作業。我們所做的一切都聚焦於能帶來短期回報的投資，以強化聚焦、擴大機會集合，並在 2026 年及之後推動營收成長。客戶一再告訴我，我們是市場領導者。有了這些回饋作為依據，我們正在調整方向，更重要的是，我們正以高度緊迫感快速推進。

Now we're also increasing our investment in our Alzheimer's diagnostics business. Health care providers who treat Alzheimer's want a reliable noninvasive 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 LucentAD Complete, and we expect to garner meaningful market share as blood-based biomarker testing continues to grow.

此外，我們也將加大對阿茲海默症診斷業務的投資。治療阿茲海默症的醫療照護提供者希望有一項可靠、非侵入性的檢測，以推動更早介入這種可怕的疾病。我們堅信，且產業領導者也認同，我們的 LucentAD Complete 是目前表現最佳且最全面的阿茲海默症診斷檢測；隨著血液型生物標記檢測持續成長，我們預期將取得具意義的市占率。

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.

因此，我們將在診斷業務進行以下投資。首先，我們將聘請一位新的診斷業務負責人，直接向我匯報，以打造並投入資源於我們新興的診斷業務。透過此舉，我們將引進強而有力的領導，以擴大並強化我們的診斷產品組合，作為我們致力於提升在新興阿茲海默症檢測市場地位的一部分。

Next, we are upgrading our next-generation Simoa HD-X platform and expect to file for IVD status with the FDA in 2027. Now this will position us not only to serve research customers who increasingly request IVD solutions for their clinical trials, but it will also set us up to support the distributed IVD 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 LucentAD Complete test in anticipation of FDA clearance in the second half of this year.

接下來，我們正在升級我們的下一代 Simoa HD-X 平台，並預期於 2027 年向 FDA 提交 IVD 身分申請。這將使我們不僅能服務於日益在臨床試驗中要求 IVD 解決方案的研究客戶，也能讓我們為實驗室客戶的分散式 IVD 模式提供支援做好準備。接著，我們正投資於實驗室基礎設施，並導入新的精準銷售與行銷策略，以在今年下半年預期取得 FDA 核准之前，提高我們 LucentAD Complete 檢測的市場心佔率。

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 Tempus AI. Under this agreement, LucentAD Complete will be integrated into [ EHR ] systems at select Tempus Partner Health System locations as part of the Tempus 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.

這些投資將建立在我們診斷業務的強勁動能之上。事實上，就在今天，我們剛宣布與 Tempus AI 建立一項重要且令人振奮的合作夥伴關係。依據本協議，LucentAD Complete 將作為 Tempus Next 計畫的一部分，整合至特定 Tempus 合作醫療體系據點的 [ EHR ] 系統中。符合臨床條件的病患將透過專有演算法被標記，並可由臨床醫師依其裁量開立檢測。

Now to help fund these investments, we're streamlining our product road map. Now my engagement with customers and collaborators in this sector over the past 3 months has led us to prioritize our Simoa HD-X platform and other investments, both on the research tools and diagnostics sides of the business. Also, we're incorporating learnings and enhancements from our next-generation platform into the HD-X 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 Simoa program.

為了協助資助這些投資，我們正在精簡我們的產品路線圖。過去 3 個月我與該領域的客戶與合作夥伴互動後，我們已將 Simoa HD-X 平台及其他投資列為優先事項，涵蓋研究工具與診斷兩大業務面向。此外，我們也把下一代平台的學習成果與改良納入 HD-X 升級之中。同時，我們持續蒐集早期試用（early access）上市計畫的回饋，並預期隨時間逐步納入下一代 Simoa 計畫。

Now on the spatial side of our business, our 2 key priorities for 2026 are to expand our PCS biomarker panels for discovery applications and to release new reagents for the HD platform to better support clinical applications.

在我們業務的空間（spatial）面向，2026 年的兩項關鍵優先事項是：擴充我們用於探索型應用的 PCS 生物標記面板，以及為 HD 平台推出新試劑，以更好地支援臨床應用。

Now, from a financial perspective, we continue to expect to reach cash flow breakeven performance by the fourth quarter of this year.

從財務角度來看，我們仍預期在今年第四季達到現金流損益兩平的表現。

The entire company is committed to building a profitable and sustainable research tools business that are leaders in both spatial and ultra-sensitive proteomics.

全公司致力於打造一個獲利且可持續的研究工具業務，並在空間蛋白體學與超高靈敏度蛋白體學兩個領域都成為領導者。

Now, we expect the investments that I discussed today will help drive commercial effectiveness in the second-half of 2026.

我們預期我今天所討論的投資，將有助於在 2026 年下半年提升商業執行效能。

We are not waiting for better markets. Instead. We're making thoughtful and deliberate decisions to drive Quanterix to where the industry is going.

我們不會等待市場變好。相反地，我們正在做出周全且審慎的決策，推動 Quanterix 朝產業發展方向前進。

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.

最後，我們對診斷業務感到振奮，因為我們今年正達成關鍵里程碑，同時也迎來一位經驗豐富、已被驗證的資深業務領導者，以加速我們在此領域的表現。

Now, let me turn it over to our Chief Financial Officer, Vandana Sriram.

接下來，讓我把時間交給我們的財務長 Vandana Sriram。

Thank you, Everett, and good afternoon. Total revenue for the first quarter was $36.4 million, an increase of 20% from the previous year. Organic revenue declined by 21%. Revenue from our diagnostics partners was $2.9 million, up meaningfully year-over-year from $1.6 million in the first quarter of 2025. This reflects increasing volume for our single biomarker test from our diagnostics enablement partners.

謝謝你，Everett，大家午安。第一季總營收為 3,640 萬美元，較去年同期成長 20%。有機營收下滑 21%。來自我們診斷合作夥伴的營收為 290 萬美元，較 2025 年第一季的 160 萬美元顯著增加。這反映出我們診斷賦能（enablement）合作夥伴對我們單一生物標記檢測的需求量正在增加。

During the quarter, both of our end markets and our consumables revenue were largely in line with our expectations, but we saw slightly weaker-than-expected results in instrumentation with a handful of instrument transactions getting pushed into the second quarter. From a product perspective, Simoa contributed $24 million, a 21% organic revenue decline and spatial reported $12.4 million, down 26% year-over-year. Instruments revenue was $4 million, comprised of $2.3 million from Simoa and $1.7 million from spatial instruments. We placed 16 Simoa and 11 spatial instruments in the quarter. Consumables revenue was $21.4 million.

本季，我們兩個終端市場以及耗材營收大致符合預期，但儀器業務略低於預期，因為少數儀器交易被延後到第二季。從產品角度來看，Simoa 貢獻 2,400 萬美元，有機營收下滑 21%；空間（spatial）業務為 1,240 萬美元，年減 26%。儀器營收為 400 萬美元，其中 Simoa 為 230 萬美元、空間儀器為 170 萬美元。本季我們安裝（placed）了 16 台 Simoa 儀器與 11 台空間儀器。耗材營收為 2,140 萬美元。

This consisted of $14.5 million in Simoa and $6.9 million in spatial consumables. Accelerator Lab services were $4.3 million, $3.5 million in Simoa and $800,000 in spatial. Our customer mix was meaningfully skewed to academia, which represented approximately 65% of the business in Q1. On a pro forma basis, assuming Quanterix and Akoya were combined for the full year, academic revenue for the first quarter declined approximately 16%. Pharma revenue declined 33% year-over-year, primarily due to fewer large accelerator projects and spatial instruments placed.

其中包括 Simoa 耗材 1,450 萬美元與空間耗材 690 萬美元。Accelerator Lab 服務為 430 萬美元，其中 Simoa 為 350 萬美元、空間為 80 萬美元。我們的客戶組合明顯偏向學術界，約占第一季業務的 65%。以擬制（pro forma）基礎計算，假設 Quanterix 與 Akoya 全年合併，第一季學術營收約下滑 16%。製藥客戶營收年減 33%，主要因大型 accelerator 專案減少以及空間儀器安裝數下降。

As Everest already mentioned, we are adding resources and refocusing strategies towards the pharma end market, and we expect to see better results here in the coming quarters.

如 Everett 先前提到的，我們正在增加資源並重新聚焦於製藥終端市場的策略，並預期在接下來幾季看到更好的結果。

Moving on to the P&L. Gross profit and margin for the first quarter were $15.6 million or 42.7%. Non-GAAP gross profit was $18.5 million and non-GAAP gross margin was 50.9%. The synergies from the Akoya transaction are apparent here. Even with a reduction in pro forma revenue, we are maintaining non-GAAP gross margin over 50%.

接著看損益表。第一季毛利與毛利率為 1,560 萬美元或 42.7%。非 GAAP 毛利為 1,850 萬美元，非 GAAP 毛利率為 50.9%。Akoya 交易帶來的綜效在此已清楚可見。即使擬制營收下降，我們仍維持非 GAAP 毛利率在 50% 以上。

Operating expenses for the quarter were $56.9 million. Included in operating expenses are approximately $22 million of costs related to acquisition, integration, restructuring and purchase accounting. Notably, this includes a $19 million onetime write-off from an intangible asset related to the termination of an Akoya Diagnostics development agreement. Offsetting this, other income contains $22 million of liabilities written off, resulting in net noncash income of $2.3 million from this termination. Non-GAAP operating expenses were $34.7 million, a decrease of roughly $2.3 million sequentially as a result of the synergies.

本季營業費用為 5,690 萬美元。營業費用中包含約 2,200 萬美元與併購、整合、重組及購買會計相關的成本。值得注意的是，其中包含因終止一項 Akoya Diagnostics 開發協議而產生、與某項無形資產相關的 1,900 萬美元一次性沖銷。與此相抵，其他收入包含沖銷 2,200 萬美元負債，使得本次終止帶來 230 萬美元的淨非現金收益。非 GAAP 營業費用為 3,470 萬美元，因綜效而較前一季約減少 230 萬美元。

We are now operating the new Quanterix entity at roughly the same level of operating expenses we had when we were a stand-alone company.

我們目前營運新的 Quanterix 實體，其營業費用水準大致與我們仍為獨立公司時相當。

As Everett mentioned, as a result of the Akoya integration actions taken to date, at the end of Q1, we have delivered the $85 million of annualized cost synergies that we committed to as part of the acquisition. The combined entity is operating as expected. And while there are a few remaining actions to complete, we will not continue to report these synergies after this quarter.

如 Everett 所提到，基於迄今採取的 Akoya 整合措施，截至第一季末，我們已實現併購時承諾的 8,500 萬美元年度化成本綜效。合併後的實體運作符合預期。雖然仍有少數剩餘措施待完成，但在本季之後，我們將不再持續揭露這些綜效。

Our adjusted EBITDA was a loss of $9.8 million, a sequential improvement of $1.5 million despite lower revenues versus the prior quarter.

我們的調整後 EBITDA 為虧損 980 萬美元，儘管營收較前一季降低，仍較前一季改善 150 萬美元。

We ended the quarter with $102.6 million of cash, cash equivalents, marketable securities and restricted cash. During the quarter, we used $19 million of cash, of which $4.2 million was related to onetime integration and employee-related costs. Adjusted cash usage during the quarter was $14.7 million. The first quarter is our highest quarter of cash usage, similar to many companies due to approximately $11 million of annual payments such as insurance renewals and annual bonuses. As we look ahead, we expect our cash usage to move meaningfully lower as these annual payments are behind us and we make progress towards our cash flow breakeven target.

本季末，我們持有現金、約當現金、可出售證券及受限制現金合計 1.026 億美元。本季我們使用了 1,900 萬美元現金，其中 420 萬美元與一次性整合及員工相關成本有關。本季調整後現金使用額為 1,470 萬美元。第一季通常是我們現金使用最高的季度，與許多公司類似，主要因約 1,100 萬美元的年度性付款，例如保險續約與年度獎金。展望未來，隨著這些年度付款已完成，且我們朝現金流損益兩平目標推進，我們預期現金使用額將明顯下降。

Finally, turning to guidance for 2026. We are maintaining our guidance for the full year 2026, and we continue to expect to report approximately $169 million to $174 million of revenue. We expect GAAP gross margin to be in a range of 41% to 45% and non-GAAP gross margins to be in a range of 49% to 53%. In the first quarter, we changed our accounting policy for classifying shipping and handling costs for product sales to record them within gross margin. Historically, they were recorded in SG&A expenses.

最後，談到 2026 年財測。我們維持 2026 全年指引不變，仍預期營收約為 1.69 億至 1.74 億美元。我們預期 GAAP 毛利率區間為 41% 至 45%，非 GAAP 毛利率區間為 49% 至 53%。第一季我們變更了會計政策，將產品銷售的運輸與處理成本改列於毛利之中；過去則列在銷售、一般及行政（SG&A）費用。

We believe this classification is preferable because it better aligns costs with related revenue and is consistent with our peers. We reflected this reclassification in our GAAP margin guidance, but there is no change to the underlying non-GAAP margin expectation.

我們認為這樣的分類更為合適，因為能更好地將成本與相關收入配對，且與同業一致。我們已在 GAAP 毛利率指引中反映此重分類，但非 GAAP 毛利率的基本預期並未改變。

We continue to anticipate achieving cash flow breakeven in the second half of the year and expect to end the year with cash in the range of $100 million with no debt. And finally, in terms of our quarterly cadence, we expect second quarter revenues to be roughly in line to slightly ahead of Q1, and we expect that the commercial initiatives that we're investing in will help to drive increased revenues in the second half of 2026.

我們仍預期在今年下半年達成現金流損益兩平，並預期年底現金約為 1 億美元且無負債。最後，就季度節奏而言，我們預期第二季營收大致與第一季相當或略高於第一季，並預期我們正在投資的商業化措施將有助於推動 2026 年下半年營收成長。

I will now turn it back over to Everett for closing remarks.

我現在把時間交還給 Everett 進行結語。

Thanks, Vandana. We're moving quickly. We're making decisions that will improve our commercial effectiveness, streamline our product management priorities. And also enable Quantarix to capitalize on a compelling opportunity in the Alzheimer's diagnostics market.

謝謝你，Vandana。我們正在快速推進。我們正在做出能提升商業執行效能、精簡產品管理優先事項的決策，同時也讓 Quanterix 能把握阿茲海默症診斷市場中一個極具吸引力的機會。

And we're doing all this while moving Quantarix closer to cash flow break-even performance. And with that said, I'd like to turn it over back to Josh for questions and answers.

我們在做這一切的同時，也讓 Quanterix 更接近現金流損益兩平的表現。接下來，我想把時間交回 Josh 進行問答。

Thank you. Preela, please assemble the Q&A roster.

謝謝。Preela，請整理問答名單。

And your first question comes from the line of Kyle Nixon with Canaccord. Please go ahead.

第一個問題來自 Canaccord 的 Kyle Nixon 專線。請發問。

Hey, guys. Thanks for the questions. Good to hear all these updates here, changes and so forth. I guess, Everett, the one that sticks out to me is the preparation for the IVD submission for HD-X in '27.

嗨，各位。謝謝讓我提問。很高興聽到這些更新、變動等等。我想，Everett，最讓我注意的是你們在為 2027 年 HD-X 的 IVD 送件做準備。

I guess the question is kind of like, why do you need IVD for that system? You talked about the things pharma. Important there as well as a distributed model, but maybe just dive into is that, is this needed more for Alzheimer's, neurology, or oncology? Is that part of the aspiration here? And then maybe like a decentralization strategy internationally? I'm curious if that's in the works as well, because when you think like this compared to some other platforms that we know of, it could be interesting to think about long-term. Thanks.

我的問題大概是：為什麼那套系統需要 IVD？你提到藥廠端的事情，那也很重要，還有分散式模式；但能否再深入說明一下：這是否更是為了阿茲海默症、神經科，或腫瘤科？這是否是你們的目標之一？另外，像是國際上的去中心化策略？我也好奇這是否也在規劃中，因為當你把它和我們知道的其他一些平台相比，從長期來看可能會很有意思。謝謝。

I appreciate the question. And I can just go back to my last three months of being out in the market, talking to customers. We're investing in our HD-X platform because it's our workhorse. We have a really good, robust install base. It's our install base.

謝謝你的問題。我可以回到我過去三個月在市場上、和客戶交流的經驗。我們投資 HD-X 平台，因為它是我們的主力機種。我們有非常好、非常穩健的裝機基礎；那是我們的裝機基礎。

The timing of it fits nicely to our diagnostics build-out. And also, with making the machine more reliable, it's also going to benefit our research customers too. So, when we build the machine ups for two reasons. First of all, it will solidify our research-only business. It will get us ready for diagnostics. And it will give us what I would just say optionality to have a distributed plan, for our lab partners, both domestically and internationally.

這個時點也很適合我們診斷業務的建置。同時，讓機器更可靠，也會讓我們的研究客戶受益。所以我們升級這台機器有兩個原因：第一，它會鞏固我們僅供研究（RUO）的業務；第二，它會讓我們為診斷做好準備；此外，它也會讓我們具備我所說的「選擇權」，能為我們的實驗室合作夥伴（無論國內或國際）制定分散式的規劃。

And that's why we've made the choice of really prioritizing our focus in getting that machine IVD ready in 2027.

這就是為什麼我們選擇把重點放在讓這台機器在 2027 年達到 IVD 就緒。

Yeah, okay, that was great. And then maybe just a follow-up, what's the status of the Simoa One platform? And H1stly, I think you were talking about like an early access last quarter, and that platform, I believe, was -- had some translational use. Cases, like maybe higher Plex. And so I feel like given the focus on pharma going forward, it could have actually aligned with that. So could you just give us some update there?

好的，了解，這很棒。那再追問一下，Simoa One 平台目前的狀態如何？首先，我記得你們上季提到早期使用（early access），而且我相信那個平台——有一些轉譯用途的案例，比如可能更高的 plex。考量你們未來更聚焦藥廠端，我覺得它其實可能也很契合。能否請你們更新一下進度？

Yes, absolutely, and thanks. We're still very focused on being technology leaders in the marketplace, and Simoa 1 is part of our next generation. We are still doing early access with Samoa One. We're getting feedback from our customer, and we're looking to take that feedback and actually help us with our HD-X next generation and our HD-X upgrade. So Samoa One still is part of our portfolio, and we're getting really good feedback.

可以，當然，謝謝。我們仍然非常專注於成為市場上的技術領導者，而 Simoa 1 是我們下一代產品的一部分。我們仍在進行 Samoa One 的早期使用，正在收集客戶回饋，並希望把這些回饋用來協助我們的下一代 HD-X 以及 HD-X 升級。因此 Samoa One 仍是我們產品組合的一部分，而且我們收到非常好的回饋。

Awesome. And then finally, on proteomics competition, relevant recently, obviously, you guys obviously targeting low plex, a little bit of mid plex. And you got the sensitivity advantage that probably is driving this firm hold on the low Plex market, we would hope. Can you just talk about what you're seeing competitively over the last few months and maybe going forward and just speak to your conviction level that you're going to maintain this share or increase it?

太好了。最後一題，關於蛋白質體學的競爭：最近這個議題很相關。你們顯然鎖定 low plex，還有一點 mid plex。你們的靈敏度優勢，應該是支撐你們在 low plex 市場穩固地位的原因，我們也希望如此。能否談談過去幾個月你們看到的競爭態勢、以及未來展望？也請談談你們維持或提升市占的信心程度。

Yeah, we feel and I'll have Bon going to help me too. We feel really good about our position in the spatial low Plex market. We have 10 times the number of low Plex assays available in the marketplace compared to our competition.

是的，我們——我也會請 Bon 一起補充——我們對自己在空間（spatial）low plex 市場的定位非常有信心。相較於競爭對手，我們在市場上可提供的 low plex assay 數量是他們的 10 倍。

Our install base in this space is larger than our competition. Quantarix focuses on part of the translational research market that includes later stage clinical trials of which reproducibility is really important. Again, feedback from our customers, we lead in that space.

我們在這個領域的裝機基礎也比競爭對手更大。Quanterix 聚焦於轉譯研究市場的一部分，其中包含後期臨床試驗，而在那裡可重現性非常重要。再次強調，從客戶回饋來看，我們在那個領域是領先的。

Where I see benefits of our spatial business moving forward, our tools, our technology is market-leading, we're going to improve our reach to our customers. We're putting in more marketing investments, we have amazing, exciting launches in the spatial space, and we feel that that's going to give us a boost in the second-half. I don't know if you want to mention anything else.

我認為我們的空間業務未來的優勢在於：我們的工具與技術是市場領先的；我們會提升觸達客戶的能力；我們正在加大行銷投資；我們在空間領域也有非常令人振奮的新產品上市；我們相信這會在下半年帶來助力。我不知道你是否還想補充什麼。

No, I think that's exactly right. On the similar front, while there's been a lot of talk of competition, I think all of the data and all of the research suggests that we have the broadest menu as well as the greatest level of sensitivity, as well as lot-to-lot and lab-to-lab reproducibility versus anyone in the market. And then on the spatial side, with a concentration both in the research and in the clinical side, there's a lot of exciting things going on there, as Everett said, we're now going.

不，我覺得你說得完全正確。就 Simoa 這邊而言，雖然市場上有很多關於競爭的討論，但所有數據與研究都顯示：我們擁有最廣的檢測選單、最高的靈敏度，以及相較於市場上任何一家更好的批次間（lot-to-lot）與實驗室間（lab-to-lab）可重現性。至於空間端，因為同時聚焦研究與臨床兩端，那裡有很多令人興奮的進展；如 Everett 所說，我們現在要——

Turbocharge that to make sure we're getting the right share of market that we deserve. All right.

加速推進，確保我們拿到我們應得的市占。好。

Super helpful, guys. Thanks.

非常有幫助，各位。謝謝。

The next question comes from the line of Puneet Souda with Leerink Partners. Please go ahead.

下一個問題來自 Leerink Partners 的 Puneet Souda 專線。請發問。

Yeah. Hi, Everett and team. Thanks for taking my question. So I'll ask my questions in one. First, Everett, great to see the actions you're taking on the diagnostic side, bringing in leadership and investing into that business. Just wanted to get a sense of the level of investment that you need there. And how should we expect, what should we expect for Alzheimer's in the overall guide here? This looks like a second-half weighted.

是的，嗨，Everett 和團隊。謝謝讓我提問。我把問題合在一起問。第一，Everett，很高興看到你們在診斷端採取的行動：引進領導人才並投資這項業務。我想了解你們在那邊需要的投資規模大概是多少？以及在整體指引中，阿茲海默症相關應該如何看待？看起來指引是偏向下半年。

Guide. So just wanted to get a sense there. And then could you maybe also elaborate, as you transition some of the business or the focus from the core tool side to the diagnostic side, is there a chance for any, air pocket? Obviously, that's a question that we, frequently get from investors.

所以想請你們說明一下。另外，當你們把部分業務或重心從核心工具端轉向診斷端時，是否可能出現任何「空窗期」（air pocket）？這顯然是我們常常從投資人那邊被問到的問題。

Thank you.

謝謝。

Yeah, maybe I'll start out with just the diagnostics investments, Puneet. Listen, I feel good about bringing in a seasoned leader. I'll give you a little bit of background. I can't name the person specifically yet, but in a couple of weeks, we'll be able to name it. This leader has 25 plus years in diagnostics. I've worked with this leader before. They know not only the sales side, but they know important customers in this space. They've had really good payer and reimbursement interactions.

好，Puneet，我先從診斷投資談起。聽著，我對引進一位資深領導者很有信心。我補充一點背景：我現在還不能具名，但再過幾週我們就能公布。這位領導者在診斷領域有 25 年以上經驗；我以前和他/她共事過。他/她不只了解銷售端，也認識這個領域的重要客戶；在保險給付方（payer）與報銷（reimbursement）的互動上也有很好的經驗。

They know the blood-based biomarker business. And so it's like the perfect fit for Quanterix and where we are now. So that's one. And this person, along with many others here at Quanterix, are going to help me build out that end-to-end plan. What we're investing this year I feel is really appropriate.

他/她了解血液型生物標記（blood-based biomarker）業務。所以這對 Quanterix 以及我們目前所處階段來說，是非常完美的契合。這是第一點。第二，這位人士會和 Quanterix 的許多同仁一起，協助我建立端到端（end-to-end）的計畫。我認為我們今年的投資規模是非常恰當的。

We're adding right now feet on the street that will help us. Cell Lucent AD Complete, and also help with our lab partnership that we have going now.

我們目前正在增加一線人力（feet on the street），以協助推動 Lucent AD Complete，同時也支援我們正在進行的實驗室合作夥伴關係。

We're investing in clinical utility studies. Those clinical utility studies will read out in the second-half. And we're thinking about what is the next phase that we need also to continue to move this forward. And then just, to me, I look at this as a surround sound type thing when I think of diagnostics. Our lab infrastructure needs to be ready.

我們也在投資臨床效用（clinical utility）研究。這些臨床效用研究將在下半年讀出結果。我們也在思考下一階段還需要做什麼，才能持續推進。再者，對我而言，談到診斷，我把它視為一種「環繞音」式的整體工程：我們的實驗室基礎設施必須就緒，

For order to cash. And so we're investing in our lab infrastructure too. We will be ready once we get FDA clearance in the second-half, we will be ready to what I would say scale. The last thing I'll mention for a diagnostic standpoint, and I've always thought this way, even back in my Exact Sciences and Quest Diagnostics days, we're not going to do this alone. We're going to have smart, unique partnerships to help us scale this business. And we started now. Our partnership with Tempus AI is a great example of what we're doing and how we're creating scale in the business.

涵蓋從接單到收款（order to cash）。因此我們也在投資實驗室基礎設施。一旦我們在下半年取得 FDA 核准/許可（clearance），我們就會準備好進行我所說的規模化（scale）。最後我想提到的是，從診斷的角度，我一直都這麼想——甚至在我以前在 Exact Sciences 和 Quest Diagnostics 的時候也是——我們不會單打獨鬥。我們會透過聰明且獨特的合作夥伴關係來協助我們把這項業務做大。我們現在已經開始了；我們與 Tempus AI 的合作就是很好的例子，展現我們在做什麼，以及我們如何在業務上創造規模。

We have Lifeline Screening. Again, more scale in helping us get our Lucent AD and our Lucent AD complete test out there. We'll do the same once we get FDA clearance of how do we organically build scale, but how do we create really smart partnerships moving forward.

我們也有 Lifeline Screening。同樣地，這能在協助我們把 Lucent AD 與 Lucent AD Complete 檢測推向市場方面帶來更大的規模。等我們取得 FDA 許可後，我們也會用同樣方式思考：如何透過自身有機成長建立規模，同時又如何在未來建立非常聰明的合作夥伴關係。

Yeah, and Puneet, to address your questions on what this means from a financial perspective, we've always had a baseline level of investment in Alzheimer's diagnostics, frankly, for the last three or four years at this point. What we're doing in this plan right now is being very deliberate on where our investments go. We've streamlined projects in other parts of the business where perhaps that payback was not as immediate as these are, and that's what's helping us fund both the commercial acceleration. As well as the acceleration in the diagnostics platform.

是的，Puneet，針對你問到這在財務面代表什麼：坦白說，過去三到四年，我們在阿茲海默症診斷上一直都有一個基準投資水位。我們現在這個計畫所做的，是非常審慎地決定投資要放在哪裡。我們已在業務的其他部分精簡了一些專案——那些專案的回收期可能沒有像這些這麼即時——而這正是幫助我們同時為商業加速、以及診斷平台加速提供資金的方式。

And then from a revenue perspective, as we did almost 10 million of revenue from our partners in 2025. Our expectation is that we'd have about the same level in 2026. We'll probably have less instrument sales, but an increase in consumable sales as our partners start to do more tests.

接著從營收角度來看，我們在 2025 年從合作夥伴那裡取得了將近 1,000 萬美元的營收。我們預期 2026 年大約會維持在相同水準。我們的儀器銷售可能會較少，但隨著合作夥伴開始進行更多檢測，耗材銷售將會增加。

We're not counting on revenues from direct testing in 2026. We think it'll take some time for that to inflect. If that happens sooner, that'll be helpful to us, but we're not counting on that picking up very quickly.

我們並未將 2026 年直接檢測帶來的營收納入預期。我們認為那需要一些時間才會出現拐點。如果更早發生，對我們會有幫助，但我們不指望它會很快明顯回升。

And Puneet, the last part of your question in terms of how do you balance both? My first three months here, I've had a lot of interaction with our commercial colleagues, with Ben Meadows, our new Chief Commercial Officer. We have a solid research business, research tools business.

另外，Puneet，關於你問題的最後一部分：你問我們如何在兩者之間取得平衡？我到任的前三個月，與我們的商業同仁有很多互動，包括我們新任首席商務長 Ben Meadows。我們擁有穩健的研究業務、研究工具業務。

The relationship that they have with the customers and the academic space and the research space, it's really deep. And we're going to help them get even deeper with the enhancements that I talked about during my remarks.

他們與客戶、學術界以及研究領域之間的關係非常深厚。我們也會透過我在發言中提到的各項強化措施，協助他們把這些關係做得更深。

It's an and we're going to build up that same expertise on the diagnostic side. Today we have the appropriate size of our diagnostics business just based on where we are, but the new leader that's coming in will build a plan. That will assume, again, FDA clearance.

同時，我們也會在診斷端建立同樣的專業能力。以目前我們所處的階段來看，我們的診斷業務規模是合適的，但即將到任的新領導者會制定一個計畫，而該計畫同樣會以取得 FDA 核准為前提。

We have a good price crosswalk. We're going to get scalable reimbursement. We will be able to toggle very quickly to build out scale in our diagnostics. We're going to balance on both research tools and diagnostics.

我們有良好的價格對照（crosswalk）。我們將取得可擴展的給付（reimbursement）。我們也能非常快速地切換，來擴建診斷業務的規模。我們會在研究工具與診斷兩端取得平衡。

Puneet, are you still there? Why don't we go to the next question, please?

Puneet，你還在線上嗎？不然我們進入下一個問題，好嗎？

Yes. The next question comes from the line of Dan Brennan with TD Cowen. Please go ahead.

是的。下一個問題來自 TD Cowen 的 Dan Brennan。請發問。

Great. Thank you. Thanks for the questions. Maybe first one just was already kind of asked in one way in terms of the guide. So if you're kind of flattish in Q2, it implies almost like a 40% back half sequential, like second-half, first half. So could you just break down a little bit more?

好的，謝謝。謝謝你們回答問題。第一個問題可能已經以某種方式問過了，關於指引。如果你們第二季大致持平，那就意味著下半年相較上半年幾乎是約 40% 的連續增長（sequential）。你們能否再多拆解一下？

What would be the drivers of that? Do you want to share any color, maybe instruments, consumables, and service, maybe core Quantarix versus spatial? And then I can have a few more questions. Thank you.

驅動因素會是什麼？能否分享一些細節，例如儀器、耗材與服務，或核心 Quantarix 相較於空間（spatial）業務？然後我還有幾個問題。謝謝。

Yeah, Dan, let me talk about the investments that we're making that these aren't investments that have a year ROI. And I'm just taking this from my past experience of, hey, we need to build out momentum. Within the next few quarters, these are the investments that we're making. Let me just maybe give a couple of in color to give confidence of our second-half ramp.

好的，Dan，我先談談我們正在進行的投資。這些不是一年就能回收（ROI）的投資。我只是根據我過去的經驗：我們需要建立動能。在接下來幾個季度，這些就是我們要做的投資。我想提供幾點補充說明，讓大家對我們下半年的爬坡更有信心。

Our lead generation reps are critical to our growth. Our lead generation reps are working with our marketing team and taking our robust leads that we have and making them credible, making phone calls to ensure that when they hand them over to our sales reps, those leads are ready to buy.

我們的潛在客戶開發（lead generation）代表對成長至關重要。他們與行銷團隊合作，把我們手上大量的潛在名單做得更可信，透過電話聯繫確認，確保在交給業務代表之前，這些名單已經具備購買準備。

We've already instituted lead generation reps, and in the first three weeks, we're seeing a market difference in terms of net new opportunities. So I look at, in the second-half, our net new opportunity growth to be absolutely better than it was in Q1.

我們已經導入潛在客戶開發代表，而在前三週，我們就看到在淨新增商機方面出現明顯差異。因此我認為，下半年我們的淨新增商機成長將會絕對優於第一季。

Secondly, our marketing. We have appropriately put investment in marketing on both the Samoa and spatial side of the business to develop more of a multi-channel approach. So I always like to say we're selling when people are sleeping.

第二是行銷。我們已在 Samoa 與空間（spatial）兩個業務面向適度加大行銷投資，以建立更多元的多通路策略。我常說，我們要做到「人們在睡覺時我們也在銷售」。

So we feel that that's going to be a major benefit to our business. And then lastly, what I'll add is we are looking strategically at areas to where we could put just more feet on the street.

因此我們認為這將對業務帶來重大助益。最後我想補充的是，我們也在策略性地評估哪些領域可以投入更多一線人力（more feet on the street）。

On the commercial team today. And Ben, like I said, Ben Meadows and team have done a good job of, again, not overhauling, so we create disruption, but strategically putting more feet on the street so we can get it more opportunities in the second-half.

在目前的商業團隊方面。正如我所說，Ben Meadows 與團隊做得很好：再次強調，不是大幅改造以免造成干擾，而是策略性地增加更多一線人力，讓我們在下半年能取得更多商機。

And I think the only thing I'd add there, Dan, is there's also a lot happening on the product side. We recently announced a new molecular barcoding option for customers. Which gives our spatial customers a whole new channel for self-serve opportunities on the assays. We also have a handful of assay launches, as we generally do, that are now coming online and are expected to have more of an impact in the second-half of the year.

我想我唯一要補充的是，Dan，產品端也有很多進展。我們最近宣布為客戶推出新的分子條碼（molecular barcoding）選項，這讓我們的空間客戶在檢測（assays）上有了全新的自助式（self-serve）商機管道。我們也如同以往推出了一系列檢測產品，現在正陸續上線，預期會在下半年對業績帶來更明顯的影響。

Great, okay.

很好，了解。

Are you guys assuming end markets improve as part of the outlook? Obviously, it's been challenging, but we've heard various signs of things getting a little bit better here. Just wondering how you think about that as you contemplate like the improvement in addition, obviously, all the critical company-specific things you're doing?

你們在展望中是否假設終端市場會改善？顯然目前一直很具挑戰，但我們也聽到一些跡象顯示情況正在稍微好轉。想請教你們在評估改善時，除了公司自身的關鍵措施之外，對終端市場的看法是什麼？

Yes, so on the end markets, on the pharma side, we do think that the end markets are strong. It's really been a little bit of the focus that's been lacking on our side, which we've already started to correct and we're starting to see the results on.

是的，關於終端市場，在製藥端我們確實認為終端市場很強。真正缺少的是我們這邊的投入焦點，而我們已經開始修正，也開始看到成果。

The academic side was a little bit slow in the first three, four months of the year. As overall funding flowdown has been a little bit slow. So we're not counting on a big rebound over there, but we do think there might be a small amount of improvement as we get towards the end of the year.

學術端在今年前三、四個月稍微偏慢，因為整體資金下撥（flowdown）有些遲緩。因此我們不指望那邊會有大幅反彈，但我們確實認為接近年底時可能會有小幅改善。

But we're not assuming markets change materially. We're really assuming that a lot of the growth is going to happen from our actions, both on the product side, as well as on the commercial side.

但我們並未假設市場會出現實質性變化。我們真正假設的成長，主要會來自我們自身的行動，包括產品端以及商業端。

And the only thing I'll add, again, just from an execution standpoint, in the first quarter, started the second quarter.

我唯一要再補充的是，從執行面來看，在第一季、進入第二季之初，

The communications, the sales calls, the KOL kind of interaction has been very solid on our side. We're not waiting for markets to improve. And I think those conversations, that consistent relationship connection that we have with our critical customers, when markets do improve, we will be there to capitalize on that.

我們在溝通、銷售拜訪、以及與 KOL 的互動方面表現非常扎實。我們不會等市場改善。我認為這些對話、以及我們與關鍵客戶之間持續一致的關係連結，當市場真的改善時，我們就能把握機會。

Great. And then you list, I think, four studies in the press release, or maybe in the deck. Are any of those going, I mean, obviously, I'm sure they're all important, otherwise you wouldn't have listed them. But do any of them stand out more than not in terms of either that'll play in the FDA, play into the label, or they all just be pieces of the puzzle as you build the marketing plan on your diagnostic assay?

很好。接著你們在新聞稿或簡報中列了四項研究。我想它們顯然都很重要，不然你們也不會列出來。但其中是否有任何一項更突出，例如對 FDA、對標籤（label）更有幫助？還是它們都只是你們建立診斷檢測行銷計畫時的拼圖之一？

Yeah, listen, I like the studies that we have. First of all, they're with three credible partners. The study dynamics that I've been reviewing on a weekly basis, we're hitting really good enrollment. The settings are mostly in that where people are being treated in the specialty care and primary care setting.

是的，聽著，我很喜歡我們目前的研究。首先，它們是與三個可信的合作夥伴共同進行。我每週都在檢視研究進展，受試者招募（enrollment）達成得非常好。研究場景多半是在專科照護與基層照護（primary care）的治療環境中。

It demonstrates how Lucent AD Complete. Changes clinical decision-making and patient outcomes. So we're looking at the right things from a clinical utility everyday diagnostic standpoint. I will also add, too, I'm excited about the timing. The timing is spot on for us to read out in the second-half of 2026. And that will just bolster our meetings with payers to get widespread reimbursement.

這些研究展示了 Lucent AD Complete 如何改變臨床決策與病患結果。因此，從臨床效益（clinical utility）的日常診斷角度來看，我們正在看對的指標。我也要補充，我對時程感到興奮：時程對我們來說非常到位，預計在 2026 年下半年讀出（read out）。這將強化我們與保險支付方（payers）的會議，以取得廣泛的給付。

If I can see one final in, just on the Spatial side for Akoya, since you do break it out, like is there an implicit assumption, and maybe you've already done this at 4Q when you set the initial guidance, but how are you thinking about kind of the contribution organically for Spatial in 2026?

如果我可以再問最後一個問題，關於 Akoya 的空間（Spatial）業務，因為你們確實有拆分揭露：那麼在 2026 年，你們對 Spatial 的有機貢獻是怎麼思考的？是否有隱含假設？也許你們在第四季提出初始指引時已經談過。

Yeah, we didn't break out the guide between Samoa and spatial just because, they are starting to -- we are starting to kind of report them all together. Our expectation of mix between Samoa and spatial between 2025 and 2026 was relatively consistent, though.

是的，我們沒有在指引中把 Samoa 與空間（spatial）拆開，因為它們開始——我們開始把它們合併一起報告。不過，我們對 2025 年到 2026 年之間 Samoa 與空間的組合占比（mix）預期大致一致。

Terrific. Thank you very much.

太好了。非常感謝。

Thank you, and there are no further questions at this time. Ladies and gentlemen, this now concludes today's conference call.

謝謝。目前沒有其他問題。各位女士、先生，今天的電話會議到此結束。

Thank you all for joining. You may now disconnect.

感謝各位參與。您現在可以斷線。