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BRANFORD, Conn. - Quantum-Si Incorporated (NASDAQ:QSI), known as The Protein Sequencing Company™, has announced its participation in the upcoming 26th Annual H.C. Wainwright Global Investment Conference. The event is scheduled to take place from September 9-11, 2024, in New York City.
Quantum-Si's CEO, Jeff Hawkins (NASDAQ:HWKN), is set to engage in a fireside chat on September 10th, at 4:00 PM ET. Interested parties can access a live webcast, as well as a replay of the chat, on the company's website under the Investors section's Events & Presentations.
The company specializes in proteomics, the study of proteins, which is considered a vital part of the biotechnology sector. Quantum-Si's proprietary technology includes a semiconductor chip designed for single-molecule protein sequencing, aiming to digitize proteomic research. This advancement is expected to have significant implications for drug discovery and diagnostics, potentially surpassing the capabilities of current DNA sequencing techniques.
Quantum-Si's participation in the conference is anticipated to provide investors with insights into the company's latest developments and its role in the proteomics industry. The information for this report is based on a press release statement.
In other recent news, Quantum-Si Incorporated has released its Q2 2024 financial results, with a focus on innovation and commercial expansion. The company reported a revenue of $622,000 and a gross profit of $354,000, maintaining a gross margin of 57%. In the face of economic challenges, Quantum-Si has managed to reduce its operating expenses to $24.4 million on an adjusted basis.
The company has announced the upcoming release of two new products, an updated library prep kit and a barcoding application kit, as part of its innovation roadmap. Quantum-Si is also expanding its sales team and distribution network to accelerate commercial adoption. The company's cash and cash equivalents, along with investments in marketable securities, stand at $218.1 million as of June 30, 2024.
Quantum-Si anticipates a revenue range of $3.7 million to $4.2 million for 2024 and aims to keep net cash usage under $100 million for the year. Despite the potential delay in immediate revenue growth due to sales professional ramp-up time in new territories, Quantum-Si remains committed to investing in innovation and commercialization efforts while maintaining fiscal discipline. These are part of the recent developments in Quantum-Si.
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