BILLERICA, Mass. - Quanterix (NASDAQ:QTRX) Corporation (NASDAQ: QTRX), known for its ultra-sensitive biomarker detection, announced today the commercial availability of its Simoa p-Tau 217 Planar Kit. The kit, designed for research use, incorporates p-Tau 217 antibody technology licensed from pharmaceutical giant Eli Lilly and Company (NYSE:LLY) and is compatible with Quanterix's SP-X platform.
The move comes after Quanterix's initial license and collaboration agreements with Lilly in March 2022, which aimed to develop a test for the Eli Lilly Clinical Diagnostics Laboratory (ELCDL). The company is now set to broaden the accessibility of this technology by offering research-use-only instrumentation and consumables to customers. These tools will enable the development of blood tests and services for Alzheimer's Disease (AD) using the p-Tau 217 antibody technology.
Masoud Toloue, CEO of Quanterix, expressed enthusiasm about increasing access to this non-invasive testing for Alzheimer's Disease. "With the broader availability of the Lilly antibody technology and Simoa's sensitivity, we are prepared to lead Alzheimer's Disease testing for groundbreaking new research and therapies, ultimately supporting the advancement of care and outcomes for patients," Toloue stated.
Anthony Sireci, M.D., Msc., Head of the Diagnostics Development & Commercialization for Lilly, also commented on the collaboration, highlighting Lilly's commitment to the development of high-quality diagnostics for Alzheimer's Disease.
Quanterix's Simoa technology has been recognized for its ability to detect biomarkers earlier than traditional methods, allowing for the quantification of proteins below the conventional Limit of Quantification (LoQ). The company's instruments, immunoassay technology, and CLIA-certified laboratory have supported research across various fields, including neurology, oncology, and cardiology.
The Simoa p-Tau 217 Planar Kit is available immediately, marking a significant step in the availability of advanced diagnostic tools for Alzheimer's Disease research. This announcement is based on a press release statement.
In other recent news, Quanterix Corporation reported a 13% increase in total revenue to $32.1 million for Q1 2024, primarily driven by a 57% rise in Accelerator Lab revenue and a 22% boost in consumables business. The company maintained its full-year 2024 revenue guidance of $139 million to $144 million, despite a significant decrease in instrument revenue. In the same report, Quanterix announced the appointment of Jeffrey Elliott, a veteran in the medical diagnostics field, to its board of directors. This development comes as the firm advances its infrastructure for Alzheimer’s Disease testing to facilitate early diagnosis.
In terms of recent advancements, Quanterix has made significant progress in Alzheimer's disease diagnostics, introducing a new multi-marker approach that enhances the accuracy of AD blood tests. This method notably reduces inconclusive results, providing clearer diagnostic outcomes. The company is planning further studies and anticipates launching a laboratory developed test later this year through its LucentAD product line.
Analyst firms Canaccord Genuity and Scotiabank have maintained their positive ratings on Quanterix, highlighting the growing demand for diagnostics and anticipating further progress in the company's neuro-Dx menu development. Quanterix is also planning to launch approximately 20 new biomarker assays in neurology, immunology, and oncology.
InvestingPro Insights
Quanterix Corporation's recent announcement of the commercial availability of its Simoa p-Tau 217 Planar Kit aligns with the company's focus on innovative biomarker detection technology. However, investors should consider some key financial metrics and insights from InvestingPro when evaluating the company's potential.
According to InvestingPro Data, Quanterix's revenue for the last twelve months as of Q2 2023 stood at $129.33 million, with a revenue growth of 15.52% over the same period. This growth indicates that the company's products, including the newly released Simoa p-Tau 217 Planar Kit, are gaining traction in the market.
Despite the revenue growth, InvestingPro Tips reveal that Quanterix is not currently profitable, with analysts not anticipating profitability this year. This aligns with the company's reported operating income of -$52.55 million for the last twelve months as of Q2 2023. The negative profitability may be attributed to ongoing research and development costs, which are crucial for maintaining Quanterix's position in the competitive biomarker detection market.
On a positive note, an InvestingPro Tip highlights that Quanterix holds more cash than debt on its balance sheet, suggesting financial stability. This strong liquidity position could be beneficial as the company continues to invest in new product development and commercialization efforts, such as the Simoa p-Tau 217 Planar Kit.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. Currently, there are 8 additional InvestingPro Tips available for Quanterix, providing a deeper understanding of the company's financial health and market position.
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