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BILLERICA, Mass. - Quanterix (NASDAQ:QTRX) Corporation (NASDAQ: QTRX), known for its ultra-sensitive biomarker detection technology, announced today the appointment of Jeffrey Elliott to its Board of Directors. Elliott, with a notable two-decade tenure in the medical diagnostics field, has recently served as Chief Financial Officer and Chief Operating Officer at Exact Sciences (NASDAQ:EXAS) Corp.
Elliott's experience at Exact Sciences, which spanned from November 2016 to May 2024, was marked by significant revenue growth and strategic acquisitions. His prior role as a senior equity research analyst at Robert W. Baird & Co. provided him with extensive knowledge of health care companies, particularly in diagnostics and life science tools.
With a Bachelor of Science in business administration from the University of Illinois at Urbana-Champaign and an M.B.A. from the University of Chicago Booth School of Business, Elliott is also a CFA® charterholder.
Quanterix's CEO, Masoud Toloue, expressed confidence in Elliott's addition to the board, particularly as the company advances its infrastructure for Alzheimer’s Disease testing to facilitate early diagnosis. Martin Madaus, Chairman of the Board, echoed this sentiment, anticipating the benefits of Elliott's industry expertise to Quanterix's growth.
Elliott himself acknowledged the innovative and opportune period in life sciences and diagnostics, expressing enthusiasm about contributing to Quanterix's mission to scale its Simoa technology.
Quanterix's Simoa technology has set a high bar for early biomarker detection in various biological samples, contributing to research across numerous medical fields. The company's precision instruments and digital immunoassay technology, coupled with its CLIA-certified Accelerator laboratory, have supported over 2,900 peer-reviewed journal publications.
This announcement is based on a press release statement from Quanterix Corporation. The company's forward-looking statements indicate a continuation of its trajectory in scientific discovery and diagnostic breakthroughs, as it remains a significant player in the diagnostics industry.
In other recent news, Quanterix Corporation has made significant advancements in Alzheimer's disease diagnostics, revealing a new multi-marker approach that enhances the accuracy of AD blood tests. This method notably reduces inconclusive results, providing clearer diagnostic outcomes. Quanterix's research involved a diverse cohort of symptomatic individuals and showed that the multi-marker approach could accurately classify amyloid status in a majority of previously uncertain cases. The company is planning further studies and anticipates launching a laboratory developed test later this year through its LucentAD product line.
Quanterix reported a 13% increase in total revenue to $32.1 million for the first quarter of 2024, primarily driven by a 57% rise in Accelerator Lab revenue and a 22% boost in consumables business. Despite a significant decrease in instrument revenue, the company maintained its full-year 2024 revenue guidance of $139 million to $144 million.
Analyst firms Canaccord Genuity and Scotiabank 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. The company's p-Tau 217 blood test for Alzheimer's disease has received FDA breakthrough designation.
InvestingPro Insights
Quanterix Corporation's (NASDAQ: QTRX) recent appointment of Jeffrey Elliott to its Board of Directors comes at a time when the company is navigating through a challenging financial landscape. InvestingPro data shows a market capitalization of approximately $512 million, underscoring the company's competitive stance in the diagnostics sector. Despite a tough market environment, Quanterix's technology continues to gain traction, as evidenced by its revenue growth of over 15% in the last twelve months as of Q2 2024.
An InvestingPro Tip highlights that Quanterix holds more cash than debt on its balance sheet, a reassuring sign of financial stability that may support the company's strategic initiatives and infrastructure advancements. Additionally, Quanterix's liquid assets exceed its short-term obligations, providing further evidence of the company's solid financial footing.
However, it's important to note that the company's net income is expected to drop this year, and analysts do not anticipate Quanterix will be profitable within the same timeframe. This outlook is reflected in the company's negative P/E ratio of -12.39. For those interested in a deeper dive into Quanterix's financial health and future prospects, InvestingPro offers additional tips to help investors make informed decisions. Currently, there are 8 more InvestingPro Tips available for Quanterix at https://www.investing.com/pro/QTRX.
The appointment of a seasoned executive such as Jeffrey Elliott could be a strategic move to navigate the complex financial and operational challenges that Quanterix faces. His expertise may be pivotal in steering the company towards a more profitable future and in enhancing shareholder value over the long term.
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