BILLERICA, Mass. - Quanterix (NASDAQ:QTRX) Corporation (NASDAQ: QTRX), a pioneer in ultrasensitive biomarker detection, has announced significant advancements in Alzheimer's disease (AD) diagnostics. Presenting at the Alzheimer's Association International Conference, the company revealed a new multi-marker approach that enhances the accuracy of AD blood tests. This method notably reduces inconclusive results by refining the intermediate zone of a two-cutoff p-Tau 217 test, which is critical for diagnosing Alzheimer's.
The traditional two-cutoff p-Tau 217 test, recommended by the Alzheimer's Association, aims to differentiate patients with or without AD pathology. However, this method leaves a gray area that indicates uncertain amyloid status, leading to inconclusive results for many patients.
Quanterix's research demonstrates that adding a panel of Alzheimer's-associated plasma biomarkers to p-Tau 217 can significantly decrease this zone of uncertainty, from 31.2% to 10.5% of cases, thereby providing clearer diagnostic outcomes for individuals being evaluated for AD.
The study involved a diverse cohort of symptomatic individuals and showed that the multi-marker approach could accurately classify amyloid status in 151 of 228 previously uncertain cases.
Quanterix's CEO, Masoud Toloue, emphasized the company's commitment to leveraging the sensitivity of their Simoa technology and digital p-Tau 217 assay, which consistently delivers readable results with over 90% accuracy.
The new multi-marker findings are expected to not only improve AD testing but also aid in identifying non-Alzheimer's neurodegenerative diseases, which are present in about 30% of AD patients.
Quanterix is planning further studies to evaluate the multi-marker testing and anticipates launching a laboratory developed test later this year through its LucentAD product line.
This news is based on a press release statement by Quanterix Corporation.
In other recent news, Quanterix Corporation has 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 by 52%, the company maintained its full-year 2024 revenue guidance of $139 million to $144 million. Quanterix ended the quarter with a cash balance of $304.5 million.
In the wake of significant developments in Alzheimer's disease treatment, Canaccord Genuity maintained its Buy rating on Quanterix, highlighting the growing demand for diagnostics. The firm projected a likely expansion in the Alzheimer's disease diagnostics market, benefiting companies like Quanterix.
Similarly, Scotiabank reiterated its Sector Outperform rating on Quanterix, 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
As Quanterix Corporation (NASDAQ: QTRX) continues to make strides in Alzheimer's disease diagnostics with their innovative multi-marker approach, the company's financial health and stock performance provide additional insights for investors. A key InvestingPro Tip highlights that Quanterix holds more cash than debt on its balance sheet, which is a positive sign of financial stability and may provide the company with the flexibility to continue investing in research and development.
Investors should note, however, that Quanterix is not expected to be profitable this year, and net income is projected to decline. This aligns with the company's focus on advancing its technology and expanding its diagnostic capabilities, which could lead to higher costs in the short term but potentially valuable returns in the future. Additionally, Quanterix has seen a strong return over the last month, indicating a positive market response to their recent developments and announcements.
Looking at the InvestingPro Data, Quanterix has a market capitalization of $595.48 million USD, reflecting its standing in the industry. The company's revenue growth over the last twelve months as of Q1 2024 stands at 20.64%, showcasing its ability to increase sales despite the competitive landscape. Furthermore, Quanterix's gross profit margin during the same period is an impressive 58.22%, which is a testament to the company's ability to manage its production costs effectively.
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