Masoud Toloue: Thanks Dan. So, well first, I am going to do an ultra zoom out and say that first, when if you think of the field of diagnostics, and your company that’s interested in doing something that’s differentiated in the market and you want to have a test or solution, that’s not me too. It’s going to come down to sensitivity. Can you detect disease early, and that’s the fundamental paradigm of healthcare versus sick care. Can you measure something early and can you detect it so that you can do something about it? And Quanterix has been working on this on several disease fronts. And when it comes to Alzheimer’s, we are putting this into practice, because there is now therapies in the market and testing early we believe is going to be important.
Specific to sort of market conditions and also what’s happening, we think that adoption is going to be of the testing is going to be paced by therapy. It’s going to be paced by additional clinical work, clinical trials. As we look at the limit of detection, that we are at today and future clinical cut offs, I think there is going to be more and more interest in testing earlier. As we see additional readouts from clinical trials that show better efficacy for patients that are measured early, I think that’s also going to be a positive sign for testing. And there are complicated problems in the clinic which 30% of symptomatic patients have pathologies other than Alzheimer’s disease and that needs to be assessed through differential diagnosis.
So, at a very high level, I would say there is a lot of research work that has to be done and that would be done in conjunction with these pharma companies through our accelerator program. There is a lot of clinical trials that we are performing, but our partners are also performing with our platform that has to be done to progress the field. And as patients make the decision of whether they want to get into the therapy, there is going to be testing that has to happen for those patients. And we think that, Quanterix is going to play a role in each of those categories.
Dan Brennan: Great. So, maybe there is a follow-up and I know you mentioned a few of the trials that are going to be reporting after yourselves. Could you just give us a little more color on the timing around those trials? And could you also update us on kind of where things stand with the FDA?
Masoud Toloue: Yes. So, we talked about on the FDA front. So, we are excited about the breakthrough designation we are working, obviously, with the FDA on the trial and the testing, on the results that we are going to be providing throughout the year. And so, as we get, as we make more progress, we can provide an update. The trial work has been great. We are going to announce multi-marker data. That’s coming from both BioHermes and CANTATE late July at AAIC. And we will probably save some of the highlights for that meeting. But that trail work has been great. It’s supported our 217 work. Both BioHermes and the VUMC cohort of CANTATA, we have done some early publications of that and we expect peer reviewed publication to be submitted in May.
So, strong progress, very happy with the results. I think I just – I mentioned that we are measuring, of the 2,000 samples that we measured in BioHermes and VUMC cohorts of which a large number of those, where had normal levels, we were able to detect all of those patients. And so I guess couldn’t be going better in terms of a clinical trial perspective for both CANTATA and BioHermes, more to come in July.
Dan Brennan: Great. And maybe one for Vandana, maybe just on the gross margin, solid beat, just maybe what drove the strength? How do we think about the progression? And I know there was a question earlier on kind of the components of your revenue growth, and I know you kind of gave some qualitative thoughts. But would you be willing to kind of give us some more granularity like, how we think about like kind of full year components for instruments, consumables and accelerated projects. Thank you.
Vandana Sriram: Sure. Let me do gross margin for the quarter, then we will do revenue. So, for the quarter, there were a handful of factors that really helped on the gross margins side. Revenue mix was favorable. Higher accelerator sales with the individual projects that were at really good margins. We talked about the price list that we implemented at the beginning of the year, as well as the fixes that we put through in the transformation. So, overall, more productive process, better cost control in the process. And then lastly, our inventory management costs were also low. Recall that Q4 is our quarter for physical inventory and there is normally some noise that comes out of there. So, that’s kind of the profile on the gross margin.
