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Quanterix Corp (NASDAQ:QTRX), a life sciences company with annual revenue of $135.69 million, reported Monday that it has committed to a plan to terminate certain executives at its recently acquired subsidiary, Akoya Biosciences, Inc. The move is part of an integration plan intended to reduce costs and streamline operations following the acquisition, as InvestingPro data shows the company is quickly burning through cash with an EBITDA of -$53.68 million.
According to a statement released in the company’s SEC filing, Quanterix expects the executive terminations to result in annualized cash savings of approximately $2.8 million. The company anticipates incurring expenses of about $3.3 million related to the terminations, with most of the costs expected to be paid in 2025 as severance under Akoya’s Executive Severance Plan.
Quanterix noted that these estimates are based on several assumptions and that actual results may differ. The company also stated it may file an amendment to the report if charges or cash payments differ materially from these estimates.
This information is based on a press release statement included in the company’s Form 8-K filing with the Securities and Exchange Commission.
In other recent news, Quanterix Corporation reported its Q1 2025 earnings, revealing a revenue of $30.3 million, which fell short of expectations and marked a 5% year-over-year decline. The company also reported an earnings per share (EPS) of -$0.53, missing the forecast of -$0.43. In a significant development, Quanterix completed its acquisition of Akoya Biosciences, issuing approximately 7.8 million shares and paying $20 million in cash. This acquisition expands Quanterix’s addressable market from $1 billion to $5 billion. Meanwhile, Quanterix’s HD-X Simoa Immunoassay Analyzer received Class 1 Medical (TASE:BLWV) Device registration in South Korea, highlighting the company’s ongoing efforts to expand its global footprint.
Additionally, Canaccord Genuity maintained its Buy rating on Quanterix, citing potential growth from new product launches and the Akoya acquisition despite lowering its 2025 estimates due to funding challenges. In a move to address financial oversight, Quanterix appointed KPMG as its new auditor, replacing Ernst & Young LLP after reports of material weaknesses in internal controls. The company remains focused on achieving profitability by 2026, with strategic initiatives including the development of its Simoa One platform and expansion into Alzheimer’s diagnostics. These recent developments indicate Quanterix’s strategic efforts to strengthen its market position and financial stability amidst ongoing challenges.
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