Quantum-Si Inc Q4 FY2023 earnings call

• Commercialization: Executed controlled launch of Platinum system in 2023, expanding commercial infrastructure and preparing for full commercial launch by end of March 2024. Utilizes mix of direct sales in US and direct/distribution in EMEA.
• Innovation: Launched Version 2 sequencing kit with improvements, working on Version 3 kit expected by end of third quarter 2024. Progress in library prep and instrument development programs.
• Financial strength: Committed to fiscal discipline, provided 2024 financial guidance based on full commercial launch and R&D pipeline visibility.

In the fourth quarter of 2023, revenue was $400,000 from Platinum Instrument and associated consumable kits, with gross profit of $178,000 and a 45% gross margin. For the full year 2023, revenue was $1.1 million, gross profit was $488,000, and gross margin was 45%. For 2024, management guides revenue in the range of $3.7 million to $4.2 million, adjusted operating expenses to be less than $103 million, and net cash usage less than $100 million.

• 2024 revenue expected to be between $3.7 million and $4.2 million.
• Adjusted operating expenses for 2024 to be less than $103 million.
• Net cash usage for 2024 to be less than $100 million.
• Guidance includes accelerated R&D innovation and full funding of commercialization ramp-up with minor increase in adjusted operating expenses in cash.

Q: Could you discuss particularly what the cadence of placements might be sequentially across the year? And more specifically, could there be a step down in 1Q from 4Q?

A: Jeff Hawkins stated he expects a consistent rate of revenue in the first quarter with some step up into Q2 and acceleration in the back half of the year, not anticipating a step down from Q4.

Q: Between the webinar that happened a couple of days ago and the posters that are upcoming – the poster and publication that’s coming up in the conferences during a quarter, what’s the takeaway?

A: Jeff Hawkins said it's a small sampling of what the technology and Platinum instrument are capable of, with different applications expected to be discussed at future conferences and webinars as more data becomes available