Ladies and gentlemen, thank you for standing by, and welcome to the Quanterix Corporation Q4 2021 earnings call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask your question during the session, you will need to press star one on your telephone. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker for today, Mike Doyle. Please go ahead.
Thanks very much. Good morning, everyone, and thanks for joining us today. With me on today's call is Kevin Hrusovsky, our Chairman and CEO, and Masoud Toloue, our President. Before we begin, I'd like to remind you about a few things. The call will be recorded and will be available on the investor resources section of our website. Today's call will contain forward-looking statements that are based on management's beliefs and assumptions and on information available as of the date of this call. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
The risks and uncertainties that we face are described in our most recent filings with the Securities and Exchange Commission. During today's conference call, we will discuss some financial measures that are not presented in accordance with U.S. generally accepted accounting principles or non-GAAP financial measures. In the Q4 earnings release and in the appendix of our presentation, which are available on our website, you will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures to comparative GAAP measures. We believe that these non-GAAP financial measures provide investors with relevant period-to-period comparison of our operations. These financial measures are not recognized under GAAP and should not be considered in isolation or as a substitute for a measure of financial performance prepared in accordance with GAAP. With that, I will turn the call over to Kevin.
Thank you very much, Mike. Looking forward to today's call. We have a very full agenda. We're gonna start by describing a really exciting opportunity where we're gonna be further expanding our leadership with Masoud going to be taking the CEO role from me starting on April 25th. This is just an announcement to let you know that this is a very orderly plan that we're gonna be rolling out over the next month and a half. With that, after we talk through the transition, I'd like to go through our very significantly positive full-year results and Q4 results for 2021. The major announcement this morning on our collaboration with Eli Lilly , which I think is a seminal announcement that has been a major focus for our company for the last several years.
Also like to describe the neurodiagnostic therapy evolution. It's a concept that we laid out and rolled out about a year ago, and it's moving very productively along and close off with just the precision health proteomics, the role that we're playing and the role that we think we're gonna be able to play over the next several years. Then, Mike, I was gonna ask you to do financial results, and then I'll close with just finalizing some of the compelling dimensions of our current equity. Masoud, you know, really excited to have you evolve. You and I met each other a couple years ago, and I just really believe that you have all the capability. You and I have been together kinda nonstop for the last year.
Really excited for you to evolve into the CEO role and give me a chance to continue evolving strategically at a pretty important moment for our company as the Executive Chairman of the Board and focusing and obviously advising and working closely with you, Masoud, but also working on some of the more important strategic initiatives that we see coming over the next year or so. Now, with that, Masoud, would you like to make some comments?
Thanks, Kevin, for the kind words. You know, I wanna thank you and the board for this incredible opportunity to lead Quanterix in this next phase of growth. You know, Kevin and I have been discussing this moment since he recruited me and I joined last year. I've had the privilege to be mentored by a pioneer in the field of proteomics and be part of such an incredible group of people here at Quanterix, where the precision health mission continues to be a guiding principle. You know, I look forward to continuing to work with Kevin as Executive Chair, our board, and I'm looking forward to speaking further with our employees, customers, and investors to provide updates on our success and growth on the future calls.
With that, I'll hand it back to you, Kevin, to discuss the earnings results.
Excellent. Thanks so much, Masoud, and this is gonna be a really great next chapter. But just by way of summary, looking back at 2021 on slide five, we did say we would have this 30%-40% CAGR based on a strong 2019, and we continue to progress very productively. You'll see that our product growth actually in 2021 was 84% year-over-year. Getting the breakthrough device designation is really key for Alzheimer's for diagnostic and triaging with the p-tau181, that occurred several months ago and really is a way for future differentiation of our technology. The number of publications is truly amazing.
We're getting more than one a day, 465 of them in 2021, and now we're close to 1,600 publications, third party, giving us a lot of validation. Our instrument growth is a key leading indicator, and we were able to grow at 32%. More importantly, got a lot of the HD-Xs into the installed base, which has a greater pull-through and throughput, and then the traditional HD-1. You know, both what we've done with Lilly is obviously game-changing, but also there's advances with other pharmas, including Biogen, who's now presented data showing our p-tau181 and its correlation to many dimensions of Alzheimer's, even a four cognitive score. We're pretty excited about a very low-cost scalable blood-based technology being able to provide this kind of correlation.
We did raise $287 million, also in 2021, with a balance sheet of nearly $400 million at the end of Q4. We look at a crossover for our RUO business, fourth quarter 2023. We've really been improving our growth much faster than our OpEx percentage, allowing us to really start shifting towards a value opportunity longer term. We've been talking a lot about 100x sensitivity, and we do believe that it was demonstrated in the field in 2021 with Henrik Zetterberg, one of the pioneers in the neuro research landscape. He's a neurologist with a very strong team over there. We do plan to have that in our offering in Accelerator by year-end.
You know, in summary, if you look at the next slide, our 84% growth for product revenue. Our overall RUO growth was 50+%. Our gross margins went up another 600 basis points, from 49%-55%. Our productivity, as we mentioned, continuing to improve on our OpEx. Since the IPO, I should tell you it's been up four years now. Since that time, we've been growing our product at an annual rate of 55%, and our RUO revenue growth this four-year period was about 47%. Margin expansion has been averaging about 300 basis points a year. We've increased it from up you know 1,200 basis points, 44%-56% over that time period.
Productivity has improved, as we've pointed out on OpEx from 157% down to 111% for RUO. That's the percent of revenue. That's a really good sign that we're continuing to create the leverage that the business needs to demonstrate. The next slide just shows the Q4 results. You can see the 36% growth overall. We also believe that, you know, the record consumable growth was quite amazing at 100%. You know, we also did put 211 instruments into the field this past year, which again is an incredible achievement. You know, on an overall level, Q4 at 36% growth also represents a two-year CAGR of 36%.
Most importantly, when you look over at the components, we knew going into the year that this was gonna be a product year in 2021. Accelerator had grown very rapidly the previous year, but we now know that in 2021, it stayed pretty flat, which we expected after that strong growth in 2020. We do think going forward, we're gonna start to see stronger growth in Accelerator, at least for the next year, versus products just because of some of the catch-up, some of the COVID dimensions to the business, and what we think is a really game-changing deal with Lilly that does bring a lot of revenue into the 2022 Accelerator.
We'd also like to just say that overall growth has been about 48%, since the IPO, and this is something that we do feel with this higher base, we're gonna continue to grow it. Mike will give more dimensions on our strong Q4 as well as our 2021 in a few minutes. When you look at the overall distribution, our geography, we still have a very strong North America presence. Our growth was actually strongest in North America this past year, probably with all the breakthrough designation, a lot of the COVID work that also then led into us getting EUAs for COVID that then led into the Alzheimer's opportunity. Once Aduhelm was approved earlier in the year, it created a lot of interest from our other pharma customers looking at Alzheimer's drugs.
Our customers today, you know, continue to be 50/50 between pharma and academic, and we do think that that's a pretty good place. We get a lot of pull-through for publications from academia. When we look at the overall growth in the disease categories, you know, we continue to have a very strong position in neuro, and we also, as we pointed out, had a very strong consumables growth in 2021. This next slide basically illustrates that a lot of our focus is taking what we're doing in the powering precision health ecosystem that has all the top thought leaders, includes investors who are actually helping us sell a lot of our technologies to pharmas that have neuro pipelines that they're trying to get those drugs approved for their valuations on those stocks.
They help us by calling those neuro customers up, and I'll show a letter that we recently sent to the 80 companies that are running 300 different drug trials in Alzheimer's and the role we can play for them. We're also linking together not just the pharma relationship, but also the payers. We mentioned in 2021, UnitedHealth Group has used our technology. Then the FDA and the NIH are you know very strong partners now given the EUA advances and now the Alzheimer's breakthrough designation for 181. Getting samples and publications from the ecosystem has been a big piece of us being able to evolve very efficiently at a low cost, and we think this will continue to serve us very well moving forward.
Now summarizing what we think is one of the most important advances, because what we've achieved with Lilly, we think will also further spur on and catalyze the similar relationships with other pharma customers. We were able to license the marquee antibody pair, p-tau217, from Lilly that we'll initially put into our RUO in the near term, and longer term have the ability to move it into IVD. They're also going to fund $11 million in 2022 of accelerator services, not only for neuro, but the overall framework of the collaboration expands and extends into broader categories.
You can see at the top of this slide 12, there's a lot of advances this past year in the Alzheimer's landscape between Lilly and the AAIC, many customers presenting, and then our breakthrough designation, and then now the advances that we're having with 217. The data that Lilly has continues to have a lot of correlation between you know slowing down disease progression with the p-tau217. We're real interested to continue that collaboration. Slide 13 now just shifts back to what we've been showing for quite a while. We know that Abbott, Roche, and Siemens are three companies that are measuring about 200+ proteins and collecting about $25 billion annually. Most of what they measure using immunoassays are based on patients that already have symptoms.
A lot of our advance here is looking at sensitivities that are 1,000 to potentially 100,000 times greater. It expands the field, we believe, of proteins that are highly relevant, but allows you to see disease, we believe earlier, less invasively. That is an overall opportunity that we show on slide 15 that significantly increases the TAM of this overall landscape. By seeing disease before symptoms, we believe we could significantly improve outcomes. The sensitivity not only allows, in case of neuro, to see it before symptoms, but also to see it less invasively in blood. That allows the scalability of a low-cost opportunity for the payers to be able to track the progress of the drug. We believe that COVID has further expanded the interest in home care sampling.
The less invasive sampling that can see disease before symptoms, longer term, we think will play a role in diagnostics as well as in this strong RUO opportunity. The more we do in diagnostics, symbiotically, the more we think it'll create interest in pharma for drug trials using our technology. Slide 17 just basically shows the three categories. Discovery, where many of the new entrants in proteomics have been playing. SomaLogic, Olink, Seer, very good companies creating a lot of interest around large multiplex panels. Quanterix is playing in the translation more in what we would call the 10- plex and less, and then translating that ultimately into diagnostics is the overall goal that we see.
Again, we think 10-plex and less is gonna yield a lot of value because today that $25 billion that's being collected from Abbott, Roche, and Siemens on running immunoassays, they're all single-plex, to give you a sense of how valuable those proteins are in that category. The next slide just shows you our rapid ascent over the last several years, starting in neuro and research. We started there, and then we advanced into doing the antigen and serology tests for COVID as part of our pivot and research. Then that allowed us to cross over into diagnostics and getting the two EUAs for both antigen and serology and some label claim expansions.
Taking that infrastructural build, the NIH's $20 million of investment to try to further build out our diagnostics capability, hiring Masoud, who had a lot of diagnostic experience, building a team with Dawn Mattoon dedicated to Alzheimer's work as well as diagnostics, and filling out a team. This is now our focus of an ability to do both RUO and diagnostics with a focus on Alzheimer's. The p-Taus are the primary area of this interest. Interestingly, we started off thinking that NfL and MS would be our primary focus for diagnostics. But with the COVID, that did shift the priority of the FDA. We still believe that this is a very important area. In fact, in 2020, two drugs from Novartis and Roche were approved using our NfL as an endpoint.
We do believe that MS and NfL still has a great role, and we're planning to use LDT entry for not only Alzheimer's, but also MS. This is a key to our future focus. Slide 25 just shows the publications, the biomarkers, and the number of instruments that we've placed. 26 shows this overall menu that we now have for neurology across Alzheimer's, Parkinson's, ALS, MS, and even concussion. Most of these customers in the industry are now utilizing our technology. The neuro field continues to expand very rapidly with a lot of investment. There's the number of trials in all phases that have been initiated, interventional trials in neurodegeneration, has gone from less than 100 in 2016 to over 1,500 in 2021.
Even the amount of spending by the NIH has significantly increased from about 6% of their spend up to nearly 10%. That overall spend has gone up as well. We do see worldwide a very strong focus on the neuro landscape. Many of the pharma diagnostic companies have great antibody technology, as evidenced by Lilly and what's just occurred, and many of these companies are playing in both pharmaceutical and diagnostics. A lot of the focus we're having on the brain with many of these new biomarkers is this neurodiagnostic therapy, where you have to apply the therapy early in the disease cascade, many times before symptoms, to create the potential for greater outcomes.
Those greater outcomes, we think, increases the probability of drug approvals and potentially even allows you to use less toxic dosing levels because you're getting to the disease when it's still very early in its pathology. In the area of Alzheimer's, we look at the size of the TAM for research being less than half a billion, but the TAM, if you could break across into diagnostics, could be 20 times that size at $11 billion. We're looking at, you know, if you could just get 10% share of each of those two markets, it's $50 million for the research side, it's $1 billion of revenue for a 10% position of the larger TAM for doing what we would call drug screens and diagnostics for Alzheimer's as being a significant global opportunity.
This slide 35, is just us showing a letter that we sent to the top 80 customers that are running 300 pharma trials right now on Alzheimer's. We tried to lay out what we can do for them with the breakthrough designation. We can do clinical discrimination better. We can actually, with 181, stratify out Lewy bodies and frontotemporal dementia, increasing and enhancing the cohort fertility for approvals. That increase in fertility improves the probability of a drug being approved significantly, and it significantly can reduce the recruiting trials for patients by using blood versus PET scans or spinal taps. Overall, what we did with MS, with Roche and Novartis, with NFL, is now looking like it's got real potential for Alzheimer's using these p-Taus and also NfL and GFAP.
We're working very closely. Any investors that have positions in companies that have neuro and Alzheimer pipeline trials going on, we would encourage you to help us further educate those pharmas to utilizing our technology. Because we do see, as we had talked earlier, a very significant opportunity to be symbiotically both in RUO and diagnostics in the neuro field with these TAMs being the size they are. I'm gonna close by just saying we laid out last time, the last few times we've talked about three steps that we're taking to move into diagnostics. The first is LDT, the second is single-site IVD based on the breakthrough designation, and then the third could be at some point distributed IVD. We either go direct and we show investment levels or we partner.
This is a key to the future of our strategy, is trying to go direct, keeping the value in our company, but there's a lot of partnerships that have been established already with Abbott and Siemens on the distributed IVD. But also, we believe that some of the CROs could play a role with us in LDT labs, reference labs in the earlier stages if we can't get sufficient worldwide capacity to support the opportunity we see in these different neurodegenerative disease areas. With that, I'm gonna close by just finalizing our objectives for 2022, starting with something that we have never done before in Quanterix. We're gonna provide guidance. We know this is the first time we're providing guidance. We do wanna make sure we stay very conservative.
Then, you know, I have a track record and our company has a track record for many, many years in different companies of trying to stay conservative on our guidance. Given the geopolitical forces that are out there right now, plus COVID, who knows if there'll be any kind of relapse. There's concerns potentially around inflation and supply chain. We wanna make sure we stay conservative. Our midpoint does show 22%, which is above consensus. We wanted to make sure we laid out a guidance that's above consensus but stayed conservative. Significantly, you know, we believe the Lilly deal de-risks this guidance in a very formidable way, and that's a lot of what we wanted to deliver in 2022 as we're also going through the leadership transitions.
We also believe the neuro LDT validation for p-Tau and for NfL for MS will occur this year. We also are gonna start an Alzheimer's clinical trial for p-Tau181 and other AD markers potentially in a panel. We wanna scale and grow our RUO business as diagnostic entry increases our differentiation, as we mentioned, and consider these p-Taus even in panels that we've now got the license to the 217 from Lilly. We wanna expand our pharma partnerships, similar, find other Lilly-like deals that we think we're very well poised and positioned for over the next several years. We do want to continue to expand the plexity with our sensitivity.
We are looking by 2024 of getting to 20-plex with various technology expansions, keeping the sensitivity or even further improving it, and then to utilize you know this greater plex primarily in our RUO to land other markers in LDT and single-site IVD penetration. The HD-X that we've talked a lot about that we demonstrated in the field, we will by year-end put that into Accelerator. Mike Doyle, we'd like to now turn it over to you for a financial discussion.
Thanks very much, Kevin. I'm gonna provide some additional financial details about our fourth quarter 2021 performance. For your reference, for those following on the call, it's, I'll be on slide 39. As Kevin noted, our GAAP revenue in the fourth quarter of 2021 was $30.3 million and included $1 million of revenue from our RADx awards. RADx award revenue is now complete as of 12-31-2021. Excluding this non-recurring item, our non-GAAP fourth quarter 2021 revenue was $29.3 million, a 36% increase versus the prior year fourth quarter non-GAAP revenue. Once again, we had record product revenue in the fourth quarter of $23.5 million, an increase of 49% versus fourth quarter of 2020.
Within product revenue, consumables revenue grew 66% in the fourth quarter versus the prior year fourth quarter to a record of $16.8 million, driven by strong demand for p-tau181, p-tau217, and our neuro multiplex assays. Like Q3, our services revenue performance in Q4 may include some recovery of previously deferred demand due to the pandemic as customers return to more normal operations. Fourth quarter of 2021 service revenue increased 3% versus the prior year fourth quarter to $5.7 million. 2020 was a strong year for services revenues, one-time COVID-related activities, lab closures, and drove increased activity to our Accelerator lab. Full year 2021 company revenues were $110.6 million. Excluding revenue from our non-recurring RADx awards, non-GAAP total revenues were $105.3 million, a 53% increase from 2020 non-GAAP revenue.
Customer activity has returned to pre-COVID levels. However, a potential spread of new variants could force renewed lockdowns. In addition, global uncertainty with rising inflation and the war in Ukraine could potentially impact our 2021 performance, 2022 performance, I'm sorry. On a GAAP basis, our Q4 gross margin was 53.7% compared to 57.6% in the fourth quarter of 2020. During the fourth quarter, we scrapped COVID-related inventory we had built in the beginning of 2021 based on anticipated need, as well as writing off older arrayer equipment. Our fourth quarter 2020 GAAP gross margin was positively impacted by revenue from our RADx awards of $4.5 million, as compared to $1 million of revenue from our RADx awards during Q4 2021 as the project finished up.
Our non-GAAP gross margin was 53.5% in the fourth quarter of 2021, which is an approximate 270 basis point improvement compared to non-GAAP gross margin of 50.8% in the same quarter of last year. Non-GAAP gross margin was 55.4% for the full year 2021 period and is an approximate 620 basis point improvement from non-GAAP gross margin in the same period of 2020. Our non-GAAP gross margin excludes the impact of our RADx awards, a 2021 one-time license fee from Abbott, a non-cash acquisition-related purchase accounting adjustments relating to our 2019 acquisition of Uman. We believe this provides investors with the relevant period-to-period comparison for our operations. Gross margin expansions have been driven by volume, particularly in consumables, productivity gains, and pricing.
GAAP operating expenses totaled $36.2 million in the fourth quarter of 2021. Non-GAAP operating expenses, which primarily exclude non-recurring expenses associated with RADx re-grant revenues, totaled $36.1 million for the fourth quarter of 2021, an increase of $13.5 Million versus non-GAAP operating expenses in the fourth quarter of 2020. Major expense drivers were volume-related activity, personnel increases, outside services, and laboratory expansion as we scale the organization and invest in process improvements. During the fourth quarter of 2021, our cash balance decreased by $13.4 million, ending unrestricted cash balance was $396.5 million at December 31, 2021, and basic weighted average shares outstanding for EPS totaled 36.7 million for the fourth quarter 2021 period.
Overall, we're pleased with our fourth quarter and full year 2021 performance and the progress made on our strategic priorities and remain committed to delivering solid 2022 results in line with expectations. With that, I'll turn it back to Kevin.
Thanks a lot, Mike. I'd like to close by just summarizing that we do believe there's a very strong 2-3 times value creation opportunity in a low risk RUO side of our business. We also believe there's a 10-15 times value creation opportunity as we traverse and symbiotically move into diagnostics. We don't believe that the diagnostics is something that you should be buying our company based on, however. We think that there's plenty of value opportunity, and the more we do in diagnostics, the more we're gonna be able to do in RUO with differentiation. Because the RUO opportunity with pharma, when they see us in diagnostics and having a way to the clinic and to try to get to payers to help support drug reimbursement, this further causes them to want to standardize on our technology.
Having the unrivaled sensitivity has been key and having this very methodical market penetration strategy in RUO, we believe has been key. We believe that proteomics brings so much more value than only DNA and RNA alone. The validation of having 22 of the top 25 pharmas using our technology, over 1,000 drug trials and having that PPH ecosystem with over 1,500 peer-reviewed pubs gives strong validation. Continuing to penetrate with a razor blade approach. We mentioned the consumables grew nearly 100% in 2021. We do think that this is a low risk opportunity for good, solid returns.
There's an incredible track record with the management team, with Masoud now coming in with his great track record and experience coupled with a highly experienced board. We feel really well positioned for the future value creation for investors. With that, we'd like to use the second half of this call, the remaining 30 minutes to discuss questions.
Thank you. As a reminder, if you would like to ask a question, please press star then one on your telephone keypad. Once again, that's star one on your telephone keypad. If you would like to withdraw a question, please press the pound key. Our first question comes from the line of Kyle Mikson of Canaccord Genuity. Your line is open.
Thanks. Hey, guys. Thanks for taking the questions. And obviously, congratulations to Masoud and Kevin. You know, sorry to see you go, but looking forward to the future. So congratulations on that. I just wanted to start on the guidance. Great that you're gonna be providing that now. Maybe you could just talk about like the mix between instruments and consumables for the year, for the RUO business. And then I also wanted to understand if this includes the $11 million in Accelerator revenue and I guess pharma trial revenue from Lilly. And I wanted to just mention that without Lilly, though, it's only 11% growth year-over-year, so just wanted to get the clarification. And then finally, are you expecting any incremental revenue from diagnostics in 2022?
I mean, obviously you have LDT validation possibly, but that's not gonna be included in this revenue guide. Just wanted to kind of walk through those factors, if you could. Thanks a lot.
Sure. Thanks, Kyle. I'll start off by saying you said you're sorry to see me go. Appreciate your comment, but I'm not going. I'm just evolving into a different capacity role, so I do want to just reinforce that. Masoud and I have been working very closely together for quite a while here, so it's a tag team approach. It's just that I call this an additive approach to governance so that we can continue to evolve the ecosystem, the PPH ecosystem, as well as the strategic opportunities while Masoud takes over complete operational control. We know that that's something that will allow us to continue to really ascend in our growth. You're right. On the guidance, first time we've guided, so we definitely wanted to guide conservatively.
We definitely also wanted to show that we're higher than consensus. We definitely wanted to guide at a way that says we're growing. We believe we're gonna grow faster than the current consensus. But to your point, yes, the Lilly revenue of $11 million in 2022, the way to look at that, Kyle, we have a track record for really delivering but not over-promising. Given that this is our first guidance, we have a little bit larger range, plus we are very conservative, and we know there's a lot of geopolitical forces out there, as well as COVID still has some uncertainties.
We wanted to guide in a way that would suggest conservatism, but at the same time, we wanna make sure that you see that there is an upper end to the range and opportunities for us to outperform. As time goes on throughout the year, if we outperform, we certainly will, we see the future outperformance opportunity, we're gonna be, you know, changing the guidance accordingly. RUO does have the Lilly in it. It significantly de-risks obviously our current guide. When you look at the different types of categories, whether it be, you know, instruments and consumables being our product categories or accelerator. As I mentioned earlier, we think Accelerator did not really grow in 2021. It grew 80%+, I believe, in 2020.
We had a very strong comp year due to COVID and a lot of lab shutdowns. People used our Accelerator. We do think our growth will be greatest likely in Accelerator this year based on what we would call an attractive comp plus a lot of work. We brought Masoud in initially to focus on the Accelerator. We brought some very talented people in individuals and leaders into the accelerator group, continue to invest in LIMS and a lot of the infrastructure for growing that part of our business because it also plays a strategic role as an LDT lab. We are looking at the Accelerator as a key part of the future investment and growth.
I would not be surprised it'll grow the quickest, and I would think that you'll still see, you know, good, strong instrument and consumable growth. But I would predict the Accelerator will be the fastest in 2022. Hopefully that gives you the answer to your question.
Yeah, that was great. Thanks, Kevin, and thanks for the clarification earlier. Just moving on, kind of pivoting a little bit. You have obviously $400 million in cash. I'm just kind of wondering, you have this kind of dry powder, how are you thinking about investing strategically versus organically? You have these partnerships with Lilly, Abbott, Siemens. It sounds like you're not done there yet, though. Could you, are you thinking about taking a pause on those new collaborations, or are you still kind of interested in partnering with some of the, pharma companies or maybe leading IVD companies as well?
Yeah. There's no question that our balance sheet is strong, and we've had, I think, we've raised over $700 million from the time I joined, and each of them have been very strong up rounds. We continue to feel like that kind of war chest of balance sheet is gonna be very carefully deployed because you could also see a lot of focus on our OpEx productivity to make sure we're not one of these companies that's growing OpEx faster than revenue. There's a lot of companies in our sector, by the way, that have been growing OpEx much quicker than revenue. For the last four or five years, we've grown our revenue significantly faster than our OpEx. We're gonna be very careful with that war chest.
I would say that we see crossover in late 2023 for the RUO business on cash flow basis. We don't really need the level of cash for our operations that we have, but we will continue to look strategically. We have acquired two companies. They were low investment. One of them was the NfL company, UmanDiagnostics . I do think that our focus right now is building out the laboratory capability for LDT and potentially single-site IVD. Will some of our funds be utilized with you know creative innovative acquisitions in that landscape? Potentially. I would say that acquisitions is not something we see in the short term, and we'll be very judicious with that like we've done in the past. I do think you will see us continuing to partner.
We do feel Siemens and Abbott are great partners. We think there's other partnership opportunities. We do think that that's more for distributed IVD, and so our first, you know, waves of penetrating diagnostics will be LDT and single-site IVD. There are partnership possibilities there too with Abbott. I'm sorry, with Labcorp, Quest and Mayo Clinic. There's a lot of, you know, installed base capability already in place. We'll be looking, obviously, to see if we can evolve in our Accelerator Laboratory, but partnerships will also continue to play a role for us.
All right, that was great. If I could just ask one really quick follow-up, like a confirmation. Will the analyzer with the HD-X sensitivity eventually have the 20-plex capability like after 2024? Or is it going to have the current kind of multiplexing capability of, I guess, 10-plex or so? Kevin, I just wanted to ask you if you think the 10-20 plex is enough for discovery applications? Thanks.
Yes, hopefully you can still hear me here. I wanna say first, the plex initially for HD-X will not be greater than our current plex, but we never rule out the potential that whatever we do with 20-plex could ultimately have advances in sensitivity similar to what we're planning for our base technology today. Do we need greater than 20-plex for RUO? We don't think that we do right now. Our view is that there's a lot of strong players in Olink and SomaLogic and others upstream. We do think that this is an important area for discovery, that these companies identify proteins that we then wanna go seamlessly into our technology. Antibodies, and the correlation with antibodies is also key and core.
Some of our antibodies that we utilize are utilized by these discovery partners upstream. We think 20- plex will be more than enough for translational purposes as well as diagnostics will probably not even require 20- plex. We think that, you know, most of today's is single plex, and so we probably will see some level of plexity, we think, in the area of Alzheimer's. A four or five plex could significantly increase the area under the curve, both for those that can see dementia today as well as those that are pre-dementia in the future.
You know, Masoud, you might wanna make some comments here too, if you're on the phone around the concepts of diagnostics and increasing the area under the curve by, you know, bringing in more than a single plex.
Yeah. Thanks, Kevin. Thanks for the words, Kyle. You know, when I think of the diagnostics opportunity, as Kevin mentioned, you know, when you look at single plex, you know, there's a large, obviously, screening opportunity, when you look at one or two biomarkers. Then when you begin to start to put a few biomarkers together, you know, two, three, four, five, you begin to improve area under the curve and ability to create something that could eventually, what we believe, replace imaging in the future, as a true, you know, diagnostic test. You know, do we have the plex to be able to do that? Yes. Is this a great discovery tool as well? Absolutely.
We think we're well prepared, both on the single and then the multiplex.
Great. Makes sense. Thanks a lot, guys, and congrats again.
Thanks a lot.
Thanks, Kyle.
Thank you. Next question comes from the line of Tycho Petersen of JP Morgan. Your line is open.
Hi, this is Noah on for Tycho. I just wanna dig in a little bit into the central changes in the neurology landscape. Have you seen any potential changes in regards to research interest after the changes in the reimbursement landscape for Alzheimer's drugs? Thanks.
Yeah, absolutely. You know, I would say that this is something that we've talked a lot about in previous webcasts, and we've had some podcasts too with some of the leaders in the field. I think that the concern around getting reimbursement for Aduhelm has further enlightened the fact that PET scans and spinal taps are an incredibly costly and invasive way to diagnose Alzheimer's. If you're a payer and you wanna ensure that the drug is having the appropriate effect, it's hard to have a longitudinal efficient approach using PET scans, MRIs or spinal taps.
Having a blood-based approach is something that CMS has actually already commented on, and we believe is gonna be a very important part of the future of not just neuro, but all fields, is to track whether a drug is having appropriate efficacy using biomarkers, so that if a patient is not benefiting from the drug, you can get them off of that drug very quickly because there's normally a lot of lethal side effects to many of these drugs. It's not only a benefit of cost improvement, but it could even be patient life extension by getting someone off a drug that's not working. Many times in oncology, these drugs only work 10% of the time. There's a lot of pain going on today for inefficient and even potentially lethal, you know, immunotherapies that could trigger cytokine storm.
Then there's questions, too, in the cardiac field, even around things like, you know, cholesterol in the statins, paying $1 trillion for cholesterol reduction. What role is it really playing in heart health and that correlative benefit? I do think that there's a lot of new questions that's been raised. The more we can link our blood biomarkers to actual clinical benefit to the patient in delaying dementia or reducing it, we think that this is a key to the future of how reimbursement is going to work. I do think the field has been awakened by Aduhelm not getting, you know, initial approval for reimbursement.
Awesome. Just in relation to the $11 million from Lilly, just digging into that a little bit more, how do you think about potential for recurrence for multiple years there? Kind of how do you think about possibly projecting any possible revenue from that?
Yeah, in general, Noah, I think that it's really important to establish that we see Lilly as a leader in the field that's really started using biomarkers with us seven years ago. They've really spent a lot of time investing. As we mentioned previously, they bought a lot more HD-Xs, so they're doing a lot in-house. Then there's also a role for services. We actually think it's a model relationship where we do believe other pharmas will benefit by having a very strong relationship, both with installed base instruments as well as Accelerator services to find biomarkers that are linked to their drugs to either help with endpoints or help with recruitment. We could significantly improve efficiency of drug trials with those two categories.
Ultimately, we think the pharma benefits if the payers like UnitedHealth Group and others utilize the technology and can see its benefits for screening, early access to patients with the pathology, utilizing the drug and then using the biomarkers and the test to monitor whether the drug is working. We see a very powerful vision here that will evolve over the next several years. $11 million is an example of what's possible in the Accelerator when you have a very strategic customer like a Lilly. We do think that there's absolutely potential for that to continue in future years because the new collaborative agreement is a framework that allows for all the disease categories.
As you know, Lilly is very prominent not only in neuro but also in oncology and other categories. We're very excited about the framework of this type of agreement. The license that we got from them for the p-tau217, we know there's a lot of pharmas that are very interested in 217. What's really encouraging about that relationship is we're gonna be able to deploy that 217 once it's an RUO product that we launch to other pharmas and to help the overall field of Alzheimer's. I give Lilly a lot of credit for giving us that access and giving us the potential to move the field, the whole field forward in the area of Alzheimer's.
Awesome. Thanks so much.
My pleasure.
Thank you. Next question comes from the line of Puneet Souda of SVB Leerink. Your line is open.
Yeah, hi, Kevin. Masoud, thanks for taking the questions. First of all, Kevin, really appreciate your leadership here over the years and all the work you've done in neurology, proteomics and Quanterix, and driving Quanterix to what it is today. Congratulations, Masoud. I really look forward to working with you, being in the seat now. Thanks again, guys, for that update. Maybe, if I could touch on, you know, if you could take a step back here and maybe paint a picture of the business sort of going forward. You know, how should we think about the portfolio of Quanterix and its operating profile? You're obviously strong in biopharma, academics, and now diagnostic customers that are emerging on the horizon.
You know, I believe the question from investors that we frequently get is, you know, how do you plan to balance the core instrumentation and consumables growth, and focusing on that part of the business while driving, you know, the diagnostics and the Alzheimer's and the neurology opportunity that you have, because the company has traditionally not focused, you know, on diagnostic product launches, per se. Traditionally, we have seen that, you know, in research tools, companies that are emerging into diagnostic, that takes some time for that to work and find success. I wanted to maybe get your thoughts on how should we imagine Quanterix a few years from now, maybe if you can talk about that vision going forward.
Absolutely. Masoud, I'm gonna make a few comments, and it'd be great for you to follow up. Puneet, you've been an incredible partner over the last, you know, six years or so, and I wanna thank you for all that you do for our company and, you know, our overall understanding out there in the marketplace. You know, you hit it right on the head. We are moving strategically and evolving strategically, and that's actually a lot of what this move is intended to do between Masoud and I, is that we do see incredible opportunity for a higher level strategic approach here.
We've been articulating that vision for quite a while, and you saw moves in 2021 to bring Masoud in, who had a diagnostic experience, and dedicate some of our top leadership in our company to diagnostics because of what we see as the future opportunity. We've continued to stay very conservative, however, and say you don't need to, you know, buy us for what you think we're gonna be able to do in diagnostics. Buy us for what we know we have a very strong position to achieve in RUO. There's plenty of value creation there.
What we're gonna do in diagnostics is we're gonna be very conservative, but we believe that pharma relationships could play a big role in helping us capital efficiently get into diagnostics, particularly by going into neuro, where many of these drugs couldn't get approved without, you know, some level of our approach and technological approach, which we're starting to see play out now. In the area of Alzheimer's, there hasn't been any approved drugs, and so pharma really wants to invite us in, and they benefit by having payers have tools that are scalable, low cost, like, you know, blood biomarker testing. We look at our product sales being primarily RUO in 2022 and 2023. We look at Accelerator being the area where the strategy is gonna play out.
We're gonna continue RUO relationships like we have at Lilly, but we're gonna also be devising some of that investment in Accelerator into LDT and single-site IVD, even with the pharmas who can benefit, particularly in neuro, by having us equipped to play a role in LDT and a single-site IVD to help them get support for payers for their drugs. In the end, our payer relationships, we think are the ones that are creating the most value opportunity because the pharmas really wanna get reimbursement for their drugs, and they need to have an efficient way to interact with the payers to achieve that. We believe that the pharma companies have a mutually aligned motivation with us to advance this field with CMS and others, the biomarker field.
I would expect that three years from now, you'll start to see the beginnings of diagnostic revenue, either from LDT or single-site IVD. We laid out those timelines and stayed very conservative with them with the levels of investment that we also think are not quite that high given the level of relationship we have with pharma. You should continue to see the RUO growth with product sales and with what we do in Accelerator for the next three years as well. I do think you'll start to see both revenue streams in those outbound years, but it's gonna take time to get there, and we're being very careful.
I would think you'll still see us continue to hire some of the best in the world, you know, in the diagnostics landscape because of that opportunity, like we've done with Masoud and some of the dedicated leadership that we now have, you know, in diagnostics. Masoud, did you have any additional color?
Yeah. Thanks, Kevin. Thanks for the kind words, Puneet. You know, I think first I would say that, Puneet, Kevin's been instrumental from both vision and execution and getting us to what you describe as a excellent position both in pharma, RUO, academia, and now in this new front of diagnostics. Again, echoing what Kevin said, I think the way you look at that transition is through the transition from RUO into getting into diagnostics is exactly through our CLIA Lab, our Accelerator Lab, and as Kevin mentioned, LDT and single-site IVD, which will be our kinda first foray into sorta diagnostics-based testing.
We continue to focus and have a strong position in the research space with pharma, because, you know, that's frankly what's happening in the neuro field. A lot of work and research is being done in this new emerging area. Hope that answered the question.
Got it. Yeah. That's super helpful. Then just a brief follow-up, Masoud. You know, on neurology, when you look at the overall landscape, specifically, maybe with Alzheimer's diagnostics, I mean, we're seeing a number of questions being raised about CMS and the payers and what value do they ascribe to some of these drugs. When you sort of step back and look at the broader landscape, obviously great to see the Lilly agreement that you have here. Maybe tell us about the sort of pipeline there for, you know, interest for p-tau181, 217, Aβs and other overall, from the you know, biopharma and the drug developers that are looking at this, growing that Alzheimer's landscape.
Sure, absolutely. Yeah, I think, you know, when you look, as I said a little earlier with Kyle on the phone, I think you look at some of these single biomarkers in neurology, and you see this large, you know, screening opportunity and this whole approach of, you know, decentralized testing as opposed to having to go to a clinic and do imaging. You know, fundamentally, we think, you know, the principle of doing this with a blood test makes a lot of sense. And then, you know, when you look at the overall sort of neuro market, you know, where we are, you see Biogen with what they've done with Aduhelm and then Lilly coming here.
I think a lot of this is gonna be on the clinical trials and a lot of the work that we're doing, this announcement with Lilly. Obviously, we're gonna be closely working with them through the Accelerator Laboratory and identifying key aspects of the biomarker. Then, you know, from there, it's gonna become, hey, is this a screening opportunity in an LDT lab? You can't just have one without the other. You sort of have to have the three steps that I described and, you know, we're very fortunate to be positioned to have all three.
Hey, Puneet, I would.
Got it. Yes, please.
Hey, Puneet, I would also add something to Masoud's comment here, and that is that we see different roles for these phosphorylated taus. Like, the 217 has, we think, potential for a greater dynamic range and more specificity. Where the 181, where we have the already breakthrough designation, there's some comorbidity challenges where it isn't quite as specific potentially as what a 217 can be. We also see evidence that potentially 217 and work we're doing with J&J as well, and you've seen some publications on 217 using even the J&J antibody pair, is showing a lot of potential, even earlier opportunity to see greater specificity. Now there's a 231 that's coming as well.
There's a lot of new publication work from Henrik that has many of our Simoas, Henrik Zetterberg, that it might even allow you to see the pathology even earlier. There are these different types of biomarkers that, when you put them into a plex, give you different shots on goal of seeing Alzheimer's in different levels and different time horizons in the overall pathology. I think this is where our sensitivity gives us the versatility to get at all those markers. In the end, we think that that sensitivity is key to being able to get to the panel. That's why I would say that keep an eye out on our RUO product development because it could inform around what ultimately might play out in the diagnostic landscape.
Got it. All right. Thanks, guys. It's super helpful.
Thank you. Next question comes from the line of Sung Ji Nam of BTIG. Your line is open.
Hi. Thanks for taking the questions, and congratulations on many fronts. I just have two quick ones. First of all, for the Accelerator, do you have sufficient capacity currently to accommodate all the growth opportunities over the next year or the next couple of years?
Yeah. You know, I think this has been an area that Masoud has focused on when he's come in and, you know, overall, we absolutely believe this is a very scalable area of our company. I would say in 2021, it was probably a challenge that we had so much product growth that we didn't have the bandwidth to really accommodate the level of Accelerator growth without Masoud's leadership. That was a key hire for us. Masoud, you might wanna comment, looking forward on how you view the Accelerator capacity.
Thanks, Kevin. Sung Ji Nam , you know, the way we look at it, in 2021, it was an opportunity for us to grow that capacity. With that capacity, obviously, you know, we're gonna be interested in taking more incoming opportunities. You know, we wanna be able to scale that with the growth that we have. You know, I think we're gonna continue and try to not let capacity be an inhibitor for us.
Gotcha. Thank you. You know, obviously realizing that you have significant opportunities still for your RUO products as well as for single-site IVD and LDT programs for the current partnership with Abbott and Siemens, as well as with UnitedHealthcare, just curious if there are certain interim milestones that we could look forward to or we should be paying attention to over the next few years.
Yeah. You know, I actually would say that those relationships, particularly with Abbott and Siemens. Siemens is around NfL, and they are clearly advancing our NfL opportunity from an IVD perspective, and that ultimately would play very valuable role for us even in a panel where NfL is included, for ailments beyond MS. I think initially, Siemens was focused primarily on MS, NfL. Then, you know, Abbott has a non-exclusive license to use the Simoa technology. So I think their interest is how do they take their installed base and could they do any kind of an upgrade to give the sensitivity that a Simoa brings, but keep the distribution opportunity that they have with the large installed base.
I would say that there's nothing immediate there that you should look to as a milestone, but it is a very productive relationship and gives us, you know, more validation that the Simoa does bring value. The Simoa sensitivity brings value to the traditional singleplex distributed IVD market that ultimately, you know, I don't see Abbott becoming multiplex in the short term. I see them primarily singleplex. The sensitivity of singleplex is something that could be very valuable to them, particularly around troponin and some of the markers that they have strong positions in.
Great. Thank you so much.
Our pleasure.
Thank you. Next question comes from the line of Max Masucci of Cowen . Your line is open.
Hey, thanks for taking the questions. Wanna first congratulate Kevin on what's just been a fantastic transformation for Quanterix under your leadership, and also congrats to Masoud Toloue for taking the reins.
Thanks, Max.
Kicking off here, I'll keep these brief. Other than the $11 million in Accelerator revenues, can you just share whether the remaining structure of the agreement with Lilly is more, you know, milestone-based, or, you know, are there any revenue or cost-sharing components?
You know, we aren't disclosing, but I would say it's minor from the standpoint that we licensed from them their antibody pair. That antibody pair is highly sought after. As many commented, it was in The Wall Street Journal and USA Today and Bloomberg back about 18 months ago, seeing Alzheimer's 15 years before dementia. We know that antibody pair, highly sought after. We licensed it from them. It's a minor level of investment from us to them, primarily because our relationship is so strong and they are very much advocates to try to move the industry.
They see what we did with NfL in creating a global standard where you have one NfL test that now is used comparatively across all publications. Their interest would be for us to work with them to do something similar for the p-tau217. 'Cause, you know, there are different antibody approaches today and we would like to work with them and create this, you know, the quality standards that they have incredible levels of commitment to to jointly launch at some point here an RUO product that jointly utilizes their quality insights and know-how. It would be our product, but they would allow that to be sold to other pharma. I do think that this is an important advance that gives a lot of interest to the way Lilly's approaching this.
There's minor financial implications other than the $11 million, and that is something that can be ongoing as well. I do think that, you know, they have bought a lot of instruments, probably will continue buying instruments as well as products. This $11 million doesn't include any of those additional sales that, you know, they've been very robust with us over the last year or two, and we expect that to continue as well.
Yep, makes sense. Maybe can you just give us a bit more detail around, you know, the demand you're seeing from the CROs, you know, how the Quest and Labcorp of the world fit into the longer term strategy and, you know, whether you see the Accelerator lab or, you know, or your relationship with, you know, CROs as being, you know, a bigger driver of participating in a wider range of neuro trials during 2022?
Yep, absolutely, Max. Thanks again for your comments. You've also been incredibly helpful, as all of the analysts that have been on this call, Sung Ji and Tycho Peterson, all of you've been, and Kyle Mikson, very supportive of us over the years, and really, we're gonna continue this. It's gonna be the next chapter of Quanterix. You know, in general, we're going to continue to evolve the productive output. Max, could you just re-comment on that question?
Yeah, definitely. Just curious how the, you know, the Quest, Labcorp of the world, you know, sort of fit in-
Oh, okay. I'm sorry.
Term strategy. Appreciate the comment.
Yep. Hey, Max. The Labcorp and Quest, very significant. They both got large installed base with us. Frontage is another CRO. Interestingly, Quest through, you know, their CRO arm bought Rules-Based Medicine and Ralph McDade , who was actually the founder of Luminex and was their chief technology officer for many years, was the CEO of Rules-Based Medicine when they spun it out. He is to this day been one of our largest customers and so we do think that the CROs, there's a very strong cooperation with them. Now, the question I think becomes how does a CRO evolve into an LDT? We have not granted any LDT licenses as we speak to allow that to evolve.
We also think that Mayo Clinic and there's many places where there's opportunities for us to team up and build a larger infrastructure sooner, if needed, for the overall opportunity in Alzheimer's on an LDT front. Even single site, you know, LDT or single site IVD, there are opportunities to have multiple sites in a single site IVD with the FDA. What that does for us is it gives us, if we get this approval, would give us dual coverage of the regulatory approval plus the national coverage, and that gives some reimbursement opportunities. We will absolutely continue to look at those companies as potential partners.
What we do in our accelerator today, we actually sometimes get business from them where they need us to be a swing capacity to support trials because there's a lot of demand right now on them for trials using the Simoa technology. We see those cooperative relationships only increasing as time goes on. This is, you know, to take down Alzheimer's, which is our big goal, to help do that, as well as cancers and cardiac. We feel like it does take a village, and that's why the ecosystem of PPH allows us to cooperate and collaborate across all of these different boundaries to enable partnerships to expand and accelerate the potential of scaling this worldwide.
We think that, you know, scaling the ability to see disease before symptoms noninvasively is probably one of the biggest ideas to transform medicine that has come around for quite a while. You know, our founder is David Walt, one of the premier luminaries who also founded Illumina. Having him as well on our board and giving us a lot of perspective and insights around how to disrupt medicine is really sits very, very well with all of the corporations and Labcorp and Quest are very central to that.
Great. Well, congrats on four consecutive fantastic years in the public arena, and looking forward to the next chapter.
Excellent, Max. Thank you.
Thank you. Our next question comes from the line of Dan Brennan of Goldman Sachs. Your line is open.
Yeah, take off mute. Hey, can you hear me?
Yes, we can.
Oh, sorry. Sorry about that, Kevin. Congrats on the success in the quarter. I just wanted to ask about the decision point for pharma companies with Lilly doing in-house and Accelerator. As you kind of continue these partnerships and grow on the pharma side, do you expect it to be kind of split between in-house buying their own, your instruments and Accelerator, or do you expect them to go into one area or the other? Just would love to get your thoughts on that.
Absolutely. You know, we mentioned there's been a lot of top talent recruited. We just brought in also a new Chief Commercial Officer, Darren. We actually think that a lot of the secret sauce here is selling to the senior levels of pharma, which the investors themselves have helped us with. We shared the letter today in our call that we're asking investors to reach out to anyone that you have ownership positions in neuro that you're trying to get those drugs approved for your value creation. You can help us educate those pharmas to utilize our technology. We do think that there's a role for both in-house and Accelerators. Sometimes, we have customers, pharmas that will buy several units in-house, and they'll rely on us for assay development.
Relationships around expanding the biomarkers that they utilize in drug trials, either for efficient recruitment of more enhanced cohorts or for the actual endpoints, as we've seen in MS for NfL. Either one of those categories plays a big role with pharma, and many times they will run those trials in-house. I remember one year Novartis bought Genoptix and turned it into Navigate, and we had three years ago significant NfL sales where they bought and used their in-house systems by buying a diagnostics company to evolve that. We actually see Lilly being incredibly capable in diagnostics. Some of the personnel that we've met with over there has been just really insightful and advanced and experienced. I think the more that pharma has some diagnostics presence in-house, it further can increase the pace of their approvals.
Longer term, the key here is getting payment and reimbursement. The more they can link biomarkers with the payers, the better chance I think they're gonna get for reimbursement. I do think you'll see both in-house as well as, pharma, navigating our accelerator relationship opportunities.
Great. That was really helpful, Kevin. Then just kind of similar to Max's question on CROs, I thought it was really interesting, the UnitedHealthcare, you know, relationship you have. Could you just talk about where you see the market opportunity for payers in working with payers going forward?
I think that the payers are at the top of the value chain in many respects. Their goal is to improve life expectancy. But do it efficiently. Better outcomes, more efficient outcomes is their goal. We started to really form our UnitedHealth Group relationship over COVID, where they were intrigued by the fact that we could see COVID before symptoms, which is when COVID was most contagious. That then led, you know, them discovering us and utilizing us for some of their COVID work with actual, you know, dried blood spot type testing. That evolved to the NIH discovering us and RADx program and giving us the $20 million to further evolve this. I think that I had a slide in previous decks that shows the relationship with payers. Some of it is already, I think, actionable today.
For areas like MS, where we know that there's biomarkers that can reveal MS earlier and can reveal whether a drug is being efficacious earlier than an MRI is key, and it can be done much less expensive. Getting an MS patient on the right drug is the difference between them dying standing up versus dying in a wheelchair. They know that there's some actionable biomarkers today. COVID would be another one. There's another category where you know there's the opportunity where we might have a disease that they know is very lethal and expensive, like pancreatic cancer or breast cancer, that there's not sufficient biomarkers to reveal it early enough for there to be good therapies. That is an area where biomarker research with the payers is important.
Finally, we think that the payers themselves are getting creative with pharma in running trials, like in Alzheimer's. If they can use their membership to participate in a trial before dementia occurs, that could, you know, further create efficiency in the drug trials. We see all three of those categories being an important area of focus. I think Aetna as well as even CMS is an area that Masoud and the execution side of our company is really building out and planning to utilize moving forward.
Great. Really appreciate the time. Thanks, guys.
Our pleasure.
Thank you. There are no further questions at this time, and I would like to turn the call over to Kevin for closing remarks.
Thank you very much. You know, I would say our last slide is basically the visionary slide, that we think that the concept of biomarkers, non-invasive ways to measure chemistries in blood, coupled then with wearable devices, is the long-term opportunity to not only create better therapy and intercept disease early, but someday to even prevent the disease by better managing your environmental factors. We see biomarkers and wearables someday being the longer term opportunity. Masoud and I are very linked in on the longer term prospects for how to create value in a company like this that we think has tremendous potential. We feel like we're sitting in a platform type of position right now for future expansion.
With Masoud's very capable leadership, me working very closely with him across all the constituencies, we're really very optimistic about the future, and we wanna thank everybody for your support and help. I wanna close by just thanking the employees of Quanterix. People is what makes these companies tick. Culture and making sure the people that get the job done and move the needle feel great about what they do and the impact they can make on the world is a lot of what the people of Quanterix represents. That passion is a lot of what leads to the kind of progress points that we have.
That's the secret sauce of any great company, is its people, and I just wanna end by congratulating, thanking our team for all that they do to take down Alzheimer's and someday cancers and heart disease. Thank you very much, and we'll talk to you in our next conference call.
Ladies and gentlemen, this concludes.
Goodbye
Today's conference call. Thank you for participating. You may now disconnect. Have a great day.