Quanterix Corporation - QTRX STOCK NEWS

Quanterix Corporation (NASDAQ: QTRX) announces the resignation of Executive Chairman E. Kevin Hrusovsky, who has led the company since June 2014. Martin D. Madaus, previously serving as Executive Chairman and CEO, is appointed as the new Chairman of the Board. Hrusovsky, who played a pivotal role in Quanterix's growth into a leading biomarker detection firm, emphasized the need for board evolution to support future growth. The transition follows a leadership succession plan, with an optimistic outlook on the company's future developments and market position.

Quanterix Corporation (NASDAQ: QTRX) reported a Q2 2022 total revenue of $23.5M, down 7.4% from $25.4M in Q2 2021. Product revenue fell by 20.8% to $14.8M, while service and other revenue increased 51.3% to $8.5M. The gross margin declined to 37.1% from 54.7%, primarily due to assay quality challenges. The company is implementing a strategic restructuring plan, including a $10M charge and a reduction in workforce by 130 employees, aiming for $25M in annual savings. FY2022 revenue is expected to remain flat with a plan to return to double-digit growth by 2024.

Quanterix Corporation (NASDAQ: QTRX) announced that CEO Masoud Toloue will present at the Canaccord Genuity 42nd Annual Growth Conference on August 10, 2022, at 1:30 p.m. ET in Boston, MA. He will also hold one-on-one and group meetings with institutional investors. A live webcast of the presentation will be available on the Quanterix website, with replays accessible for 90 days post-conference. Quanterix focuses on digitizing biomarker analysis to enhance disease detection and treatment across various therapeutic areas.

Quanterix Corporation (NASDAQ: QTRX) will host a conference call on August 8, 2022, at 4:30 PM ET to discuss its Q2 2022 financial results. The company will release its earnings report prior to the call, accessible on its website. This call will be led by President and CEO Masoud Toloue and CFO Michael Doyle. Quanterix focuses on ultrasensitive biomarker detection to advance precision health, impacting various therapeutic areas like oncology and neurology. More information is available at www.quanterix.com.

Quanterix Corporation (NASDAQ: QTRX) announced the validation of its laboratory developed test (LDT) for measuring phospho-Tau 181 (pTau-181) in plasma, aiding Alzheimer's disease diagnosis. This is the first pTau-181 plasma test for clinical use in the U.S., focusing on adults with cognitive impairment. The test enhances diagnostic sensitivity and specificity alongside existing markers like amyloid beta. Results will be presented at the Alzheimer’s Association International Conference in San Diego from July 31 to August 4. The LDT will be offered through Quanterix’s Accelerator Laboratory.

Mercy BioAnalytics has appointed Dr. Dawn Mattoon as Chief Operating Officer, effective immediately. With a 20-year career in biotechnology, Dr. Mattoon previously led Clinical Diagnostics at Quanterix Corporation, overseeing the launch of COVID-19 tests and securing FDA Breakthrough Device designations for Alzheimer's and Multiple Sclerosis diagnostics. Her expertise will bolster Mercy's efforts in commercializing the Mercy Halo™ early cancer detection platform, which targets hard-to-detect ovarian and lung cancers. CEO Paul Blavin expressed optimism for growth under her leadership.

Quanterix Corporation (NASDAQ: QTRX) announced that CEO Masoud Toloue will participate in a fireside chat at the Goldman Sachs 43rd Annual Global Healthcare Conference on June 16, 2022, at 8:40 a.m. EST. Attendees can register for the live webcast here. Toloue will also conduct one-on-one meetings with institutional investors on the same day. Replays will be available for 90 days on Quanterix's investor relations website. Quanterix focuses on digitizing biomarker analysis to enhance precision health.

Quanterix Corporation (NASDAQ: QTRX) has appointed Karen A. Flynn, Chief Commercial Officer of Catalent Pharma Solutions (NYSE: CTLT), to its Board of Directors effective June 6, 2022. With over 35 years in the pharmaceutical services industry, Flynn's experience includes leadership roles at Catalent and West Pharmaceutical Services. Her expertise in commercial strategy and operations is expected to drive Quanterix's growth and enhance its impact in healthcare research and diagnostics.

Quanterix (NASDAQ: QTRX) announced a 9% year-over-year revenue growth for Q1 2022, totaling $29.6M, driven by a 13% increase in product revenue. However, the company's gross margin dropped to 49.3% from 60.1% in the prior year, prompting a reevaluation of inventory management. Significant business milestones include new agreements with Lilly for Alzheimer's diagnostics, funding from the Alzheimer's Drug Discovery Foundation, and notable academic publications utilizing Quanterix's Simoa technology.