On this page of StockholderLetter.com we present the latest annual shareholder letter from Quanterix Corp — ticker symbol QTRX. Reading current and past QTRX letters to shareholders can bring important insights into the investment thesis.

 •  8/25/2025 Letter Continued (Full PDF)
 •  4/19/2023 QTRX Stockholder Letter
 •  4/15/2024 QTRX Stockholder Letter
 •  More "Medical Instruments & Supplies" Category Stockholder Letters
 •  QTRX Benford's Law Stock Score = 88

QTRX Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT


Dear Fellow Quanterix Stockholders,
2024 marked an important step forward for Quanterix. We made significant progress in
advancing our strategy     which is focused on growing our assay menu, expanding into adjacent
markets and translating our technology into diagnostic applications     further positioning the
Company for continued leadership in providing the tools that improve health outcomes.
We launched 20 new assays while reducing our assay development time; we further expanded
our offerings beyond neurology and grew our immunology portfolio, launching three multiplex
assays in new markets; and we made meaningful progress towards advancement of new
diagnostic tests for Alzheimer   s disease. We see Alzheimer   s disease as an important business
and one of our most significant growth opportunities, with a potential market approaching $8
billion. With our launch of LucentAD Complete and the formalization of 15 partnerships with
leading hospital labs, we are well on our way to securing a leadership position in this growing
market.
Our Ambition
At Quanterix, our ambitions extend beyond modest growth and steady progress; we are driven
by a bold vision to change the way disease is detected, understood and treated. Our acquisition
of Akoya Biosciences, which was announced in January 2025 and completed in July 2025,
advances that goal and marks an important milestone in our journey to becoming the market
leader in biomarker detection.
Diseases like cancer originate in tissue, spread through the bloodstream and often affect other
organs. To effectively detect and treat these diseases, researchers and clinicians need tools that
can measure biological signals as they travel along this path. By combining Quanterix   s ultrasensitive platform for detecting proteins in blood with Akoya   s world-class technology for
detecting biomarkers in tissue, we are creating the first platform capable of monitoring disease
signals as they travel from tissue to blood. We believe this powerful combination will help solve
critical health challenges and improve the lives of millions of patients. The combination also
creates an opportunity to significantly increase our installed base, grow revenue and accelerate
our path to delivering positive free cash flow.
The Akoya transaction marks the beginning of a new era for Quanterix     one that we believe will
be defined by broader scientific impact, deeper clinical relevance and greater value for our
stockholders. We also recognize that effective governance and oversight are critical to realizing
this potential.
Our Governance
To that end, we have recently made important changes to our Board composition and
leadership. In March 2025, as part of a planned Board leadership transition, Bill Donnelly was
appointed as the new Chair of our Board, succeeding Martin D. Madaus, Ph.D. Following the
closing of the Akoya transaction in July 2025, two of our longer-serving directors, Sarah
Hlavinka and Dr. Madaus, retired from the Board, while we welcomed two new directors from
Akoya with deep expertise in diagnostics, integration and public company operations.
Stockholders will have the opportunity to vote on one of these directors, Myla Lai-Goldman, MD,
at this year   s Annual Meeting, along with our CEO and our founder, both of whom are also on
the ballot.

The Board is also seeking stockholder approval at the Annual Meeting for amendments to the
Company   s governing documents to provide for annual elections of all our directors and adopt a
majority voting standard for amendments to the Company   s Bylaws and Certificate of
Incorporation. These proposed changes, together with the Board   s recent adoption of a majority
voting standard for uncontested director elections, reflect stockholder feedback and underscore
our commitment to strong corporate governance and accountability.
The Market Environment and Our Strategic Goals
There is no doubt that the industry environment in 2025 has been extremely challenging, and
we have not delivered the level of performance or returns to which we aspire. The Board and
management team are working diligently on your behalf to overcome these challenges and
position Quanterix for future growth.
Industry headwinds notwithstanding, the Board remains confident in our future opportunity and
focused on executing a clear and bold vision: to build the leading platform for biomarker
detection, capable of tracking diseases from tissue to blood, from discovery to diagnosis.
We believe Quanterix has all of the ingredients necessary to achieve this goal, and we believe
that the diligent execution of our strategy to Grow our menu, Expand into adjacencies and
Translate into diagnostics will support sustained success. Alongside the core objectives of our
G.E.T. strategy, we will place particular emphasis on:

Launching the Simoa One platform, delivering a significant leap forward in sensitivity
and functionality for our customers;

Integrating Akoya   s operations and positioning the combined Quanterix and Akoya
businesses for sustained growth; and

Advancing our LucentAD five-marker test toward commercialization, establishing a
strong leadership position in the early detection of Alzheimer   s disease.
It is an ambitious plan     but in our judgment, the right one     and we are confident that its
successful implementation will deliver meaningful value for patients, partners, stockholders and
other stakeholders.
We encourage you to support our efforts by voting for each of our director nominees and the
other proposals on the agenda at this year   s Annual Meeting using the enclosed proxy card.
Thank you for your continued trust and support.
Sincerely,
Bill Donnelly
Chair of the Board of Directors
Masoud Toloue, Ph.D.
Chief Executive Officer and Member of the Board of
Directors
2



 8/25/2025 Letter Continued (Full PDF)