Quanterix (QTRX) grows Q4 revenue, deepens 2025 loss, eyes 2026 cash breakeven
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Quanterix reported fourth quarter and full-year 2025 results and issued its 2026 outlook. Q4 2025 revenue was $43.9 million, up from $35.2 million, while full-year revenue was $138.9 million versus $137.4 million in 2024. GAAP gross margin fell to 46.8% for 2025 from 60.5%, and the company recorded a net loss of $107.2 million, wider than $38.5 million a year earlier. Adjusted EBITDA loss was $44.9 million.
Quanterix ended 2025 with $121.6 million in cash, cash equivalents, marketable securities and restricted cash and has implemented $74 million of an $85 million cost-synergy target tied to the Akoya acquisition. The company submitted a 510(k) to the FDA for its multi-analyte Alzheimer’s blood test and CMS set a $897 reimbursement rate for the LucentAD Complete test. For 2026, Quanterix guides to revenue of $169–$174 million, GAAP gross margin of 45–49%, adjusted gross margin of 49–53%, and expects to reach cash flow breakeven in the second half of 2026 and exit the year with about $100 million in cash and no debt.
Positive
- Alzheimer’s diagnostics milestones: Submitted a 510(k) for a multi-analyte blood test and secured a
$897 CMS reimbursement rate for the LucentAD Complete test, potentially strengthening the company’s diagnostics revenue opportunity. - Cost synergies and breakeven target: Implemented
$74 million of an$85 million cost-synergy program linked to the Akoya acquisition and guided to cash flow breakeven in the second half of2026 with roughly$100 million year-end cash and no debt.
Negative
- Margin compression and larger losses: GAAP gross margin declined from
60.5% to46.8% in 2025, while net loss increased to$107.2 million from$38.5 million , and adjusted EBITDA loss rose to$44.9 million , signaling significantly weaker profitability despite stable revenue.
Insights
Quanterix shows strong Q4 growth but sharply weaker margins and higher losses while targeting 2026 breakeven.
Quanterix delivered solid top-line momentum in Q4 2025 with revenue of
Profitability deteriorated meaningfully. GAAP gross margin dropped to
Management highlights execution on integration and cost synergies, with
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 2, 2026
QUANTERIX CORPORATION
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
(Address of principal executive offices) | (Zip Code) | ||||
(617 ) 301-9400
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging Growth Company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Item 2.02 Results of Operations and Financial Condition.
On March 2, 2026, Quanterix Corporation (“Quanterix”) issued a press release announcing its financial results for the fourth quarter and year ended December 31, 2025 (the “Earnings Release”). A copy of the Earnings Release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K (including Exhibit 99.1 and 99.2) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Earnings Release dated March 2, 2026 | |||||||
| 99.2 | Slides from March 2, 2026 Earnings Call | |||||||
| 104 | Cover Page Interactive Data File (embedded within the inline XBRL document) | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| QUANTERIX CORPORATION | ||||||||
| By: | /s/ VANDANA SRIRAM | |||||||
| Vandana Sriram | ||||||||
| Chief Financial Officer | ||||||||
Date: March 2, 2026
Exhibit 99.1
Quanterix Releases Financial Results for the Fourth Quarter and Full Year 2025
Reports $43.9 million in revenue and cash balance of $122 million
Company expects to achieve cash flow breakeven during 2026
BILLERICA, Mass. – March 2, 2026 - Quanterix Corporation (NASDAQ: QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced financial results for the fourth quarter and full year ended December 31, 2025.
“I am thrilled to be joining Quanterix at a time when the company is well-positioned to deliver long-term growth,” said Everett Cunningham, President & CEO of Quanterix. “During the fourth quarter, we exceeded our revenue expectations, we continued to move the company closer to profitability, and we achieved key milestones in our Alzheimer’s Diagnostics business. With most of the major integration milestones now behind us, our focus now turns to driving consistent profitable revenue growth and achieving cash flow breakeven performance in 2026. My immediate focus is on spending time with the Quanterix team, customers, shareholders, and partners as I evaluate the Company’s strategy and future potential and ensure that we have the resources, support and capabilities to deliver on our operational priorities. I am extremely optimistic for what the future holds for Quanterix.”
Fourth Quarter Financial Highlights
•Revenue of $43.9 million, an increase of 25% compared to $35.2 million in the prior year.
•GAAP gross margin of 45.7%, as compared to 63.0% in the prior year. Adjusted gross margin (non-GAAP) of 50.0% as compared to 57.7% in the prior year.
•Adjusted EBITDA (non-GAAP) loss of $7.9 million, compared to a loss of $5.9 million in the prior year.
•The Company ended the fourth quarter with $121.6 million of cash, cash equivalents, marketable securities, and restricted cash, compared to its guidance of $120 million. Adjusted cash usage, after accounting for one-time deal and restructuring costs, was $3.0 million in the fourth quarter.
Full Year 2025 Financial Highlights
•Revenue of $138.9 million, an increase of 1% compared to $137.4 million in the prior year.
•GAAP gross margin of 46.8%, as compared to 60.5% in the prior year. Adjusted gross margin (non-GAAP) of 47.3% as compared to 54.6% in the prior year.
•Adjusted EBITDA (non-GAAP) loss of $44.9 million, compared to a loss of $23.6 million in the prior year.
•The Company ended the fourth quarter with $121.6 million of cash, cash equivalents, marketable securities, and restricted cash. Adjusted cash usage, after accounting for one-time deal and restructuring costs, was $30.9 million in 2025 compared to $32.2 million in the prior year.
Operational and Business Highlights
•In January 2026, Quanterix submitted a 510(k) premarket notification to the U.S. Food and Drug Administration for its multi-analyte algorithmic blood test for Alzheimer’s disease. This submission represents a significant milestone in the Company’s mission to provide superior, non-invasive, high-performance diagnostic tools to aid in the evaluation of patients with cognitive symptoms for possible Alzheimer’s disease.
•The Centers for Medicare & Medicaid Services ("CMS") established a reimbursement rate of $897 for Quanterix’s LucentAD Complete test, facilitating claims submissions under the Clinical Lab Fee Schedule. This milestone provides a nationally recognized reference price, an important step for coverage decisions with payers, and supports efforts to bring this multiplex diagnostic solution to patients across the country.
•The Company announced that it has already implemented $74 million of cost savings related to its Akoya transaction. With 94% of the integration milestones now complete, the Company expects to capture its remaining cost synergies by the end of the first quarter of 2026.
•Launched 13 new assays in 2025, including two new Simoa tau assays, pTau 205 and pTau 212, and two new Phenocode Discovery panels, in Q4 2025 – Metabolism Spike In Panel and Mouse Neurology Panel.
2026 Business Outlook
Quanterix is issuing its initial guidance for 2026. The Company expects revenues of $169 to $174 million, GAAP gross margin of 45-49%, and adjusted gross margin (non-GAAP) of 49% to 53%.
Quanterix expects to achieve cash flow breakeven performance in the second half of 2026. The Company expects to exit the year with approximately $100 million in cash and no debt.
Conference Call
In conjunction with this announcement, the Company will host a conference call on March 2, 2026, at 4:30 PM E.T. The dial-in number for USA & Canada is Toll-Free (800) 715-9871 or (646) 307-1963 and the conference ID is 7904928.
Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at https://ir.quanterix.com. An archived webcast replay will be available on the Company’s website for one year.
About Quanterix
Quanterix is a global leader in ultra-sensitive biomarker detection, enabling breakthroughs in disease research, diagnostics, and drug development. Its proprietary Simoa® technology delivers industry-leading sensitivity, allowing researchers to detect and quantify biomarkers in blood and other fluids at concentrations far below traditional limits. With approximately 6,300 peer-reviewed publications, Quanterix has been a trusted partner to the scientific community for nearly two decades. In 2025, Quanterix acquired Akoya Biosciences, The Spatial Biology Company®, adding multiplexed tissue imaging with single-cell resolution to its portfolio and 1,439 installed instruments. Together, the combined company offers a uniquely integrated platform that connects biology across blood and tissue—advancing precision medicine from discovery to diagnostics. Learn more at www.quanterix.com.
Financial Highlights
QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(amounts in thousands, except per share data)
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Product revenue | $ | 29,218 | $ | 20,489 | $ | 92,941 | $ | 79,740 | |||||||||||||||
| Service and other revenue | 14,406 | 11,922 | 44,212 | 51,244 | |||||||||||||||||||
| Collaboration and license revenue | 153 | 1,696 | 1,501 | 4,452 | |||||||||||||||||||
| Grant revenue | 78 | 1,055 | 243 | 1,985 | |||||||||||||||||||
| Total revenues | 43,855 | 35,162 | 138,897 | 137,421 | |||||||||||||||||||
| Costs of goods sold and services: | |||||||||||||||||||||||
| Cost of product revenue | 16,543 | 7,843 | 50,981 | 33,304 | |||||||||||||||||||
| Cost of service and other revenue | 7,274 | 5,149 | 22,957 | 21,013 | |||||||||||||||||||
| Total costs of goods sold and services | 23,817 | 12,992 | 73,938 | 54,317 | |||||||||||||||||||
| Gross profit | 20,038 | 22,170 | 64,959 | 83,104 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 8,796 | 8,067 | 35,922 | 31,082 | |||||||||||||||||||
| Selling, general and administrative | 35,136 | 28,591 | 138,008 | 101,618 | |||||||||||||||||||
| Other lease costs | (26) | 279 | 844 | 3,020 | |||||||||||||||||||
| Impairment and restructuring | 883 | — | 15,727 | — | |||||||||||||||||||
| Total operating expenses | 44,789 | 36,937 | 190,501 | 135,720 | |||||||||||||||||||
| Loss from operations | (24,751) | (14,767) | (125,542) | (52,616) | |||||||||||||||||||
| Interest income | 1,157 | 3,491 | 8,567 | 14,655 | |||||||||||||||||||
| Change in fair value of contingent liabilities | 595 | — | 4,547 | — | |||||||||||||||||||
| Other income (expense), net | 227 | (357) | 157 | (136) | |||||||||||||||||||
| Loss before income taxes | (22,772) | (11,633) | (112,271) | (38,097) | |||||||||||||||||||
| Income tax benefit (expense) | (345) | 8 | 5,121 | (434) | |||||||||||||||||||
| Net loss | $ | (23,117) | $ | (11,625) | $ | (107,150) | $ | (38,531) | |||||||||||||||
| Net loss per common share, basic and diluted | $ | (0.49) | $ | (0.30) | $ | (2.51) | $ | (1.00) | |||||||||||||||
| Weighted-average common shares outstanding, basic and diluted | 46,780 | 38,551 | 42,639 | 38,367 | |||||||||||||||||||
QUANTERIX CORPORATION
CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except per share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 29,839 | $ | 56,709 | |||||||
| Marketable securities | 88,393 | 232,413 | |||||||||
| Accounts receivable, net of allowance for expected credit losses | 29,972 | 32,141 | |||||||||
| Inventory | 54,763 | 32,775 | |||||||||
| Prepaid expenses and other current assets | 9,290 | 9,556 | |||||||||
| Total current assets | 212,257 | 363,594 | |||||||||
| Restricted cash | 3,341 | 2,610 | |||||||||
| Property and equipment, net | 23,672 | 17,150 | |||||||||
| Intangible assets, net | 131,787 | 4,031 | |||||||||
| Goodwill | 26,376 | — | |||||||||
| Operating lease right-of-use assets | 16,664 | 16,339 | |||||||||
| Other non-current assets | 4,669 | 2,809 | |||||||||
| Total assets | $ | 418,766 | $ | 406,533 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 13,568 | $ | 6,953 | |||||||
| Accrued compensation and benefits | 14,979 | 12,620 | |||||||||
| Accrued expenses and other current liabilities | 17,571 | 8,851 | |||||||||
| Deferred revenue | 20,728 | 8,827 | |||||||||
| Operating lease liabilities | 7,916 | 4,756 | |||||||||
| Total current liabilities | 74,762 | 42,007 | |||||||||
| Deferred revenue, net of current portion | 5,830 | 1,073 | |||||||||
| Operating lease liabilities, net of current portion | 29,323 | 32,615 | |||||||||
| Non-current portion of contingent liabilities | 5,024 | — | |||||||||
| Other non-current liabilities | 8,097 | 800 | |||||||||
| Total liabilities | 123,036 | 76,495 | |||||||||
| Total stockholders’ equity | 295,730 | 330,038 | |||||||||
| Total liabilities and stockholders’ equity | $ | 418,766 | $ | 406,533 | |||||||
QUANTERIX CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(amounts in thousands)
| Twelve Months Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net loss | $ | (107,150) | $ | (38,531) | |||||||
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
| Depreciation and amortization expense | 15,844 | 6,463 | |||||||||
| Credit losses on accounts receivable | 628 | 588 | |||||||||
| Accretion of marketable securities | (2,078) | (6,833) | |||||||||
| Operating lease right-of-use asset amortization | 3,081 | 1,893 | |||||||||
| Stock-based compensation expense | 20,718 | 19,987 | |||||||||
| Impairment | 7,752 | — | |||||||||
| Change in fair value of contingent liabilities | (4,547) | — | |||||||||
| Recognition of off-market liability | (2,726) | — | |||||||||
| Deferred taxes | (5,867) | (290) | |||||||||
| Other operating activity | (540) | 345 | |||||||||
| Changes in assets and liabilities: | |||||||||||
| Accounts receivable | 10,609 | (7,704) | |||||||||
| Inventory | 4,033 | (6,679) | |||||||||
| Prepaid expenses and other current assets | 3,521 | (443) | |||||||||
| Other non-current assets | 252 | (1,215) | |||||||||
| Accounts payable | (528) | 723 | |||||||||
| Accrued compensation and benefits, accrued expenses, and other current liabilities | (7,914) | 1,398 | |||||||||
| Net change in other operating assets and liabilities | (12,324) | (4,866) | |||||||||
| Net cash used in operating activities | (77,236) | (35,164) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchases of marketable debt securities | (69,757) | (295,606) | |||||||||
| Proceeds from sales and maturities of marketable securities | 215,829 | 216,709 | |||||||||
| Purchases of property and equipment | (2,612) | (3,368) | |||||||||
| Acquisitions, net of cash acquired | (93,229) | — | |||||||||
| Net cash provided by (used in) investing activities | 50,231 | (82,265) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from common stock issued under stock plans | 738 | 3,066 | |||||||||
| Payments for employee taxes withheld on stock-based compensation awards | (1,446) | (2,610) | |||||||||
| Net cash provided by (used in) financing activities | (708) | 456 | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (27,713) | (116,973) | |||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 1,574 | (734) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 59,319 | 177,026 | |||||||||
| Cash, cash equivalents, and restricted cash at end of period | $ | 33,180 | $ | 59,319 | |||||||
Use of Non-GAAP Financial Measures
To supplement our financial statements presented on a U.S. GAAP basis, we present the following non-GAAP financial measures:
Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income (loss) adjusted to exclude interest income, income tax (expense) benefit, depreciation and amortization expense, stock-based compensation expense, acquisition and integration related costs, impairment and restructuring, and certain other items which include other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. These items are discussed in more detail below the tables reconciling the GAAP to non-GAAP measures. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total revenues.
Adjusted cash usage: We calculate cash usage as the total change in cash, cash equivalents, and restricted cash adjusted to include the net change from purchases, sales, and maturities of marketable securities (excluding any interest receivable). Adjusted cash usage is calculated as cash usage further adjusted to exclude cash payments related to transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations.
Adjusted gross profit, adjusted gross margin, adjusted total operating expenses, and adjusted loss from operations: We calculate these non-GAAP financial measures by including shipping and handling costs for product sales within cost of product revenue instead of within selling, general and administrative expenses. Additionally, we exclude amortization of certain acquired intangible assets, acquisition and integration related costs, and certain other items which include other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues.
We believe that presentation of these non-GAAP financial measures provides supplemental information useful to investors in understanding our underlying operating results and trends. We use these non-GAAP financial measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that presentation of these non-GAAP financial measures provides useful information to investors in assessing our operating performance within our industry and to allow comparability with the presentation of other companies in our industry.
The non-GAAP financial measures presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with U.S. GAAP. For example, adjusted EBITDA excludes a number of expense items that are included in net loss and adjusted cash usage excludes certain actual cash payments. As a result, positive adjusted EBITDA or positive adjusted cash usage may be achieved even where we record a significant net loss or reduction in our cash and marketable securities balances in accordance with U.S. GAAP.
Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth in the tables captioned “Reconciliation of GAAP to Non-GAAP Financial Measures” in the section below.
Additionally, we make certain forward-looking statements about our future financial performance that include non-GAAP financial measures, which are difficult to predict for future periods because the nature of the adjustments pertains to events that have not yet occurred. We do not forecast many of the excluded items for internal use and therefore information reconciling forward-looking non-GAAP financial measures to U.S. GAAP financial measures is not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from U.S. GAAP to calculate non-GAAP financial measures could significantly impact our U.S. GAAP results.
QUANTERIX CORPORATION
Reconciliation of Net Loss to Adjusted EBITDA (non-GAAP) and Adjusted EBITDA Margin (non-GAAP)
(Unaudited, amounts in thousands except percentages)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net loss | $ | (23,117) | $ | (11,628) | $ | (107,150) | $ | (38,531) | |||||||||||||||
| Interest income | (1,159) | (3,490) | (8,567) | (14,655) | |||||||||||||||||||
| Income tax expense (benefit) | 345 | (8) | (5,121) | 434 | |||||||||||||||||||
| Depreciation and amortization | 6,226 | 1,723 | 15,844 | 6,463 | |||||||||||||||||||
| Stock-based compensation expense | 4,415 | 4,837 | 20,718 | 19,987 | |||||||||||||||||||
| Acquisition and integration related costs (1) | 1,384 | 1,612 | 16,416 | 1,612 | |||||||||||||||||||
| Earnout recorded as compensation expense (2) | 1,871 | — | 10,000 | — | |||||||||||||||||||
| Changes in contingent liabilities (3) | (595) | — | (4,547) | — | |||||||||||||||||||
| Impairments and employee separation costs (4) | 2,687 | — | 17,531 | — | |||||||||||||||||||
| Restatement costs (5) | — | 1,067 | — | 1,067 | |||||||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | (7,943) | $ | (5,887) | $ | (44,876) | $ | (23,623) | |||||||||||||||
| Total revenues | $ | 43,855 | $ | 35,161 | 138,897 | 137,421 | |||||||||||||||||
| Adjusted EBITDA margin (non-GAAP) (adjusted EBITDA as a % of revenue) | (18.1) | % | (16.7) | % | (32.3) | % | (17.2) | % | |||||||||||||||
(1)Represents acquisition and integration costs directly related to the Company's business combinations. Acquisition costs include professional and consulting fees supporting due diligence, legal, and accounting activities to execute a transaction. Integration costs include third party and internal direct costs to integrate acquired companies, employees, and their customers.
(2)Consists of the earnout recognized as compensation expense related to the Emission acquisition.
(3)Consists of fair value adjustments for contingent consideration liabilities related to acquisitions.
(4)Impairment charges for goodwill and acquired leased facilities not in use, as well as one-time severance and related costs.
(5)Costs associated with the restatement of previously issued financial statements, which was completed at the end of 2024.
Reconciliation of Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash to Adjusted Cash Usage (non-GAAP)
(Unaudited, amounts in thousands)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | $ | (8,527) | $ | 28,123 | $ | (27,713) | $ | (116,973) | |||||||||||||||
| Effect of exchange rate changes on cash, cash equivalents, and restricted cash | 73 | (752) | 1,574 | (734) | |||||||||||||||||||
| Net change in marketable securities | (8,118) | (31,771) | (144,020) | 85,511 | |||||||||||||||||||
| Cash usage | (16,572) | (4,400) | (170,159) | (32,196) | |||||||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Cash acquired from acquisitions | — | — | (16,822) | — | |||||||||||||||||||
| Acquisition and integration related payments (1) | 12,860 | — | 147,247 | — | |||||||||||||||||||
| Payments of employee separation costs (2) | 669 | — | 7,744 | — | |||||||||||||||||||
| Payments related to restatement costs (3) | — | — | 1,102 | — | |||||||||||||||||||
| Adjusted cash usage (non-GAAP) | $ | (3,043) | $ | (4,400) | $ | (30,888) | $ | (32,196) | |||||||||||||||
(1)Represents cash payments towards acquisition and integration related activities, including the cash purchase price of an acquired business.
(2)Represents cash payments for one-time severance and related costs.
(3)Payment of costs associated with the restatement of previously issued financial statements that was completed at the end of 2024.
QUANTERIX CORPORATION
Reconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations to
Non-GAAP Financial Measures
(Unaudited, amounts in thousands except percentages)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Gross profit | $ | 20,038 | $ | 22,169 | $ | 64,959 | $ | 83,104 | |||||||||||||||
| Shipping and handling costs | (1,400) | (1,885) | (5,581) | (8,113) | |||||||||||||||||||
| Purchase accounting impact on inventory and property and equipment (1) | 356 | — | 391 | — | |||||||||||||||||||
| Amortization of acquired intangible assets (2) | 2,953 | — | 5,946 | — | |||||||||||||||||||
| Adjusted gross profit (non-GAAP) | $ | 21,947 | $ | 20,284 | $ | 65,715 | $ | 74,991 | |||||||||||||||
| Total revenues | $ | 43,855 | $ | 35,161 | $ | 138,897 | $ | 137,421 | |||||||||||||||
| Gross margin (gross profit as % of total revenues) | 45.7% | 63.0% | 46.8% | 60.5% | |||||||||||||||||||
| Adjusted gross margin (non-GAAP) (adjusted gross profit as % of total revenues) | 50.0% | 57.7% | 47.3% | 54.6% | |||||||||||||||||||
| Total operating expenses | $ | 44,789 | $ | 36,938 | $ | 190,501 | $ | 135,720 | |||||||||||||||
| Shipping and handling costs | (1,400) | (1,885) | (5,581) | (8,113) | |||||||||||||||||||
| Purchase accounting impact on property and equipment (1) | (416) | — | (628) | — | |||||||||||||||||||
| Amortization of acquired intangible assets (2) | (80) | — | (153) | — | |||||||||||||||||||
| Acquisition and integration related costs (3) | (1,384) | (1,100) | (16,416) | (1,100) | |||||||||||||||||||
| Earnout recorded as compensation expense (4) | (1,871) | — | (10,000) | — | |||||||||||||||||||
| Impairments and employee separation costs (5) | (2,687) | — | (17,531) | — | |||||||||||||||||||
| Adjusted total operating expenses (non-GAAP) | $ | 36,951 | $ | 33,953 | $ | 140,192 | $ | 126,507 | |||||||||||||||
| Loss from operations | $ | (24,751) | $ | (14,769) | $ | (125,542) | $ | (52,616) | |||||||||||||||
| Purchase accounting impact on property and equipment (1) | 772 | — | 1,019 | — | |||||||||||||||||||
| Amortization of acquired intangible assets (2) | 3,033 | — | 6,099 | — | |||||||||||||||||||
| Acquisition and integration related costs (3) | 1,384 | 1,100 | 16,416 | 1,100 | |||||||||||||||||||
| Earnout recorded as compensation expense (4) | 1,871 | — | 10,000 | — | |||||||||||||||||||
| Impairments and employee separation costs (5) | 2,687 | — | 17,531 | — | |||||||||||||||||||
| Adjusted loss from operations (non-GAAP) | $ | (15,004) | $ | (13,669) | $ | (74,477) | $ | (51,516) | |||||||||||||||
(1)Represents the amortization of the purchase price fair value increase of acquired inventory and property and equipment.
(2)Consists only of the amortization of intangible assets acquired in 2025.
(3)Represents acquisition and integration costs directly related to the Company's business combinations. Acquisition costs include professional and consulting fees supporting due diligence, legal, and accounting activities to execute a transaction. Integration costs include third party and internal direct costs to integrate acquired companies, employees, and their customers.
(4)Consists of the earnout recognized as compensation expense related to the Emission acquisition.
(5)Impairment charges for goodwill and acquired leased facilities not in use, as well as one-time severance and benefit costs.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Statements included in this press release that are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements about Quanterix’s future business outlook, operations, strategy and financial performance, including statements related to our expectations about consistent profitable revenue growth and achieving cash flow breakeven performance, the development and commercialization of our products, the benefits and synergies we may realize from the acquisition of Akoya Biosciences Inc., and under the header “2026 Business Outlook.”. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks and uncertainties include, among others, the following possibilities with respect to Quanterix’s future business, operations, strategy and financial performance: risks related to the impact of changes in U.S. government policies, including impacts of tariffs and reductions in federal research funding; risks associated with the anticipated timing for launch of, and features of, Quanterix’s next-generation instruments to upgrade its existing platforms; risks related to Quanterix’s ability to improve existing diagnostics and develop new diagnostic tests and tools; risks related to Quanterix’s ability to successfully penetrate the diagnostics market; risks related to Quanterix’s ability to retain and expand its customer base and achieve sufficient market acceptance of its products; risks related to the ability of Quanterix’s contract manufacturers and suppliers to reliably and consistently manufacture and supply our instruments; risks that Quanterix may fail to realize the anticipated benefits and synergies of its recent acquisitions of Emission, Inc. and Akoya Biosciences Inc.; risk that integrating Quanterix’s business with that of Akoya could be more difficult, costly or time-consuming than expected; risks that Quanterix’s estimates regarding expenses, future revenues, capital requirements, and needs for additional financing could be incorrect; risks related to Quanterix’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; and risks related to defects or other quality issues in Quanterix’s products that could lead to unforeseen costs, product recalls, adverse regulatory actions, negative publicity and litigation. Additional factors that could cause results to differ materially from those described above can be found in the periodic reports filed by Quanterix with the SEC, including the “Risk Factors” sections contained therein, which are available on the SEC’s website at www.sec.gov.
All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein. If one or more events related to these or other risks or uncertainties materialize, or if Quanterix’s underlying assumptions prove to be incorrect, actual results may differ materially from what Quanterix anticipates. Quanterix cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and are based on information available at that time. Quanterix does not assume any obligation to update or otherwise revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.
Contacts
Media Contact:
media@quanterix.com
Investor Relations Contact:
Joshua Young
(508) 846-3327
ir@quanterix.com
1 Fourth Quarter & Full Year 2025 Earnings Presentation March 2, 2026
2 Legal Information USE OF NON-GAAP FINANCIAL MEASURES To supplement Quanterix's preliminary financial information presented on a GAAP basis, Quanterix has provided certain non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted cash usage, adjusted gross profit, adjusted gross margin, adjusted total operating expenses, and adjusted loss from operations. Management uses these non-GAAP financial measures to evaluate our operating performance in manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. Management believes that presentation of these non-GAAP financial measures provides useful information to investors in assessing our operating performance within our industry and in order to allow comparability to the presentation of other companies in our industry. The non-GAAP financial measures presented herein should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. For example, adjusted EBITDA excludes a number of expense items that are included in net loss and adjusted cash usage excludes certain actual cash payments. As a result, positive adjusted EBITDA or positive adjusted cash usage may be achieved even where we record a significant net loss or reduction in our cash and marketable securities balances in accordance with U.S. GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth herein. Quanterix does not forecast many of the excluded items for internal use and therefore information reconciling forward-looking non-GAAP financial measures to U.S. GAAP financial measures is not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from U.S. GAAP to calculate non-GAAP financial measures could significantly impact our U.S. GAAP results. Please refer to our fourth quarter 2025 earnings release for additional discussion of non-GAAP financial measures. Unless otherwise specified, all information contained herein is provided as of Dec 31, 2025. CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS Statements included in this presentation that are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements about Quanterix’s future business outlook, operations, strategy and financial performance, including statements related to our expectations about consistent profitable revenue growth and achieving cash flow breakeven performance, the development and commercialization of our products, the benefits and synergies we may realize from the acquisition of Akoya Biosciences Inc., and under the header “2026 Business Outlook.”. Words and phrases such as “may,” “approximately,” “continue,” “should,” “expects,” “projects,” “anticipates,” “is likely,” “look ahead,” “look forward,” “believes,” “will,” “intends,” “estimates,” “strategy,” “plan,” “could,” “potential,” “possible” and variations of such words and similar expressions are intended to identify such forward- looking statements. Forward-looking statements are subject to certain risks and uncertainties that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks and uncertainties include, among others, the following possibilities with respect to Quanterix’s future business, operations, strategy and financial performance: risks related to the impact of changes in U.S. government policies, including impacts of tariffs and reductions in federal research funding; risks associated with the anticipated timing for launch of, and features of, Quanterix’s next-generation instruments to upgrade its existing platforms; risks related to Quanterix’s ability to improve existing diagnostics and develop new diagnostic tests and tools; risks related to Quanterix’s ability to successfully penetrate the diagnostics market; risks related to Quanterix’s ability to retain and expand its customer base and achieve sufficient market acceptance of its products; risks related to the ability of Quanterix’s contract manufacturers and suppliers to reliably and consistently manufacture and supply our instruments; risks that Quanterix may fail to realize the anticipated benefits and synergies of its recent acquisitions of Emission, Inc. and Akoya Biosciences Inc.; risk that integrating Quanterix’s business with that of Akoya could be more difficult, costly or time-consuming than expected; risks that Quanterix’s estimates regarding expenses, future revenues, capital requirements, and needs for additional financing could be incorrect; risks related to Quanterix’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; and risks related to defects or other quality issues in Quanterix’s products that could lead to unforeseen costs, product recalls, adverse regulatory actions, negative publicity and litigation. Additional factors that could cause results to differ materially from those described above can be found in the periodic reports filed by Quanterix with the SEC, including the “Risk Factors” sections contained therein, which are available on the SEC’s website at www.sec.gov. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein. If one or more events related to these or other risks or uncertainties materialize, or if Quanterix’s underlying assumptions prove to be incorrect, actual results may differ materially from what Quanterix anticipates. Quanterix cautions readers not to place undue reliance on any such forward- looking statements, which speak only as of the date they are made and are based on information available at that time. Quanterix does not assume any obligation to update or otherwise revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.
3 Q4-25: Key Messages Revenue stabilization and execution of cost synergies demonstrate that cash flow breakeven performance is achievable in 2nd half of 2026 • Reported fourth quarter 2025 revenue of $43.9M and adjusted cash usage of $3M • Captured $74M of $85M cost synergy target Hitting key milestones and gaining momentum in Alzheimer’s Diagnostics • Filed 510K with FDA, gained approval from CMS for reimbursement rate of $897 Material weaknesses remediated • Sets stronger foundation for growth Delivered on guidance for year-end cash balance • Reported $122M of cash, significantly reduced adjusted cash usage
4 $74M of the total $85M cost reduction already implemented Synergies Leading to Cash Flow Breakeven in 2026 Major Milestones Cost Reduction Implemented (annualized) Complete physical consolidation Implement one commercial team Eliminate duplicate G&A Implement one manufacturing team Combine Lab Services • Systems and Financial integration $74M $85M $29M $64M Cost Reduction Realized (in the quarter) $3M $12M Pre-close cost actions in commercial and operations $15M $18M Q2 2025 Q3 2025 Q4 2025 Q1 2026
5 Meaningful progress in Alzheimer's Disease Testing ENABLING PARTNERS • Submitted FDA 510(k) in Jan’26 • 3 ongoing clinical utility studies (anticipated to complete in Q3’26) to support Payor engagement, and that will drive reimbursement • Continue to build the Order-to- Cash lab infrastructure supporting our dedicated commercial organization $3.1M in Q4’25 and $9.6M for full year 2025 • Continuing success in lab enablement with Single-Marker pTau 217 • Added 13 labs in 2025 (25 Partners today) OUR LAB • with the best Multi-Marker test (pTau 217, Aβ42/40, GFAP, NfL) • Received final CMS price of $897 per test • Publication of Landmark JAMA Study1 Highlighting Prognostic Value of Multi- Analyte Approach 1JAMA Study
6 Scientific Validation Driving Adoption Spatial Simoa Number of Drug Trial Projects (Simoa Only) 493 772 1160 1733 2370 1,575 2021 2,141 2022 2,781 2023 3,278 2024 3,948 2025 2,068 2,913 3,941 5011 6,318 63 104 111 134 189 480 2021 538 2022 559 2023 568 2024 579 2025 543 642 670 702 768 708 876 972 697 934 1183 1330 1439 2021 2022 2023 1,035 2024 1,099 2025 1,405 1,810 2,155 2,365 2,538 14.8 23.6 27.8 38.0 19.9 2.5 7.3 16.7 15.8 6.1 149 168 256 283 2021 2022 2023 2024 2025 17.3 30.9 44.5 53.8 26.0 Publications CumulativeCumulative Projects & Revenue ($M) Placements # of units placed, cumulative Biomarkers Instruments Lab Services
7 Q4’25 Results vs PYQ4 (in $M) Q4 GAAP Q4 Non-GAAP 2024 2025 2024 2025 Var % Revenue 35.2 43.9 35.2 43.9 25% Gross Margin $ 22.2 20.0 20.3 21.9 8% Gross Margin % 63.0% 45.7% 57.7% 50.0% -764 bps Operating Expense 36.9 44.8 34.0 37.0 -8% Operating Loss -14.8 -24.8 -13.7 -15.0 -9% Adj’d EBITDA -5.9 -7.9 -26% Cash Usage -4.4 -16.6 -4.4 -3.0 45% 14% 52% 19% 15% Instruments Consumables Accelerator Other Q4’25 Revenue Mix * Includes $2.5M related to a terminated diagnostics development agreement 3.1 3.2 2.9 $6.1 Q4'24 Q4'25 Instruments 17.4 15.4 7.6 $23.0 Q4'24 Q4'25 Consumables 8.6 5.3 3.0 $8.3 Q4'24 Q4'25 Lab Services* 6.0 3.4 3.0 $6.4 Q4'24 Q4'25 Other Q4’25 Revenue Spatial Simoa
8 FY’25 Results vs PYQ4 (in $M) FY GAAP FY Non-GAAP 2024 2025 2024 2025 Var % Revenue 137.4 138.9 137.4 138.9 1% Gross Margin $ 83.1 65.0 75.0 65.7 -12% Gross Margin % 60.5% 46.8% 54.6% 47.3% -726 bps Operating Expense 135.7 190.5 126.5 140.2 -10% Operating Loss -52.6 -125.5 -51.5 -74.5 -31% Adj’d EBITDA -23.6 -44.9 -47% Cash Usage -32.2 -170.2 -32.2 -30.9 4% 13% 54% 19% 15% Instruments Consumables Accelerator Other FY’25 Revenue Mix * Includes $5.6M related to a terminated diagnostics development agreement 10.5 10.3 7.5 $17.8 FY24 FY25 Instruments 69.3 60.7 14.1 $74.8 FY24 FY25 Consumables 38.0 19.9 6.1 $26.0 FY24 FY25 Lab Services* 19.7 14.2 6.1 $20.3 FY24 FY25 Other FY’25 Revenue Spatial Simoa
9 FY’25 Revenue – Comparative Information * Includes $0.6M revenue recorded in the 1st week of July, prior to Quanterix’s acquisition of Akoya As part of the acquisition of Akoya, the Company assumed a diagnostics development agreement, which had unfavorable terms, and was recorded as an off-market contract. In Q1 2026, Quanterix and this diagnostics customer terminated the agreement. To provide a meaningful period-to-period comparison, the table below summarizes total revenues as reported quarterly from January 1, 2024 by Quanterix (“Simoa”) and Akoya (“Spatial Biology”), with an adjustment showing the impact as if the agreement had terminated on January 1, 2024. in $M 2024 2025 YOY V% Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Simoa 32.1 34.4 35.8 35.2 137.4 30.3 24.5 23.0 27.3 105.2 -5% -29% -36% -22% -23% Spatial Biology 18.4 23.2 18.8 21.3 81.7 16.6 18.2 17.8* 16.5 69.2 -9% -21% -5% -23% -15% Total Revenue 50.4 57.5 54.6 56.5 219.1 47.0 42.7 40.9 43.9 174.4 -7% -26% -25% -22% -20% Spatial Diagnostics Program (1.4) (1.9) (1.7) (4.5) (9.6) (0.5) (0.3) (2.4) (2.5) (5.6) -66% -86% 37% -45% -41% Adjusted Revenue 49.0 55.6 52.9 52.0 209.5 46.5 42.4 38.5 41.4 168.8 -5% -24% -27% -20% -19% Revenue as Reported 32.1 34.4 35.8 35.2 137.4 30.3 24.5 40.2 43.9 138.9 -5% -29% 12% 25% 1%
10 2026 Guidance Full Year Revenue: $169 to $174 million 0–3% revenue growth after the effect of a terminated diagnostics development agreement Gross Margin GAAP gross margin between 45 to 49% Adjusted gross margin (Non-GAAP) between 49% to 53% Anticipate cash flow breakeven in the 2nd half of 2026 Exit the year with ~$100 million in cash, and no debt
11 Adjusted EBITDA (non-GAAP)
12 Adjusted Cash Usage (non-GAAP)
13 Additional Non-GAAP Financial Measures
Contact Us General inquiries 900 Middlesex Turnpike, Billerica, MA 01821 USA 617.301.9400 info@quanterix.com www.quanterix.com
FAQ
How did Quanterix (QTRX) perform financially in Q4 2025?
Quanterix reported Q4 2025 revenue of $43.9 million, up from $35.2 million a year earlier. GAAP gross margin was 45.7%, and the company recorded a net loss of $23.1 million with an adjusted EBITDA loss of $7.9 million.
What were Quanterix’s full-year 2025 results?
For 2025, Quanterix generated revenue of $138.9 million versus $137.4 million in 2024. GAAP gross margin declined to 46.8% from 60.5%, and net loss widened to $107.2 million, with an adjusted EBITDA loss of $44.9 million for the year.
What 2026 guidance did Quanterix (QTRX) provide?
Quanterix expects 2026 revenue between $169 million and $174 million, GAAP gross margin of 45–49%, and adjusted gross margin of 49–53%. Management also expects to achieve cash flow breakeven in the second half of 2026 and finish the year with about $100 million in cash and no debt.
How strong is Quanterix’s cash position after 2025?
Quanterix ended 2025 with $121.6 million in cash, cash equivalents, marketable securities and restricted cash. Adjusted cash usage was $30.9 million for 2025, and the company guides to exiting 2026 with roughly $100 million in cash and no debt.
What progress has Quanterix made in Alzheimer’s diagnostics?
Quanterix submitted a 510(k) premarket notification for its multi-analyte algorithmic blood test for Alzheimer’s disease and obtained a CMS reimbursement rate of $897 for the LucentAD Complete test. Three clinical utility studies are ongoing to support payer engagement and broader reimbursement.
What cost synergies has Quanterix realized from the Akoya acquisition?
Quanterix reports implementing $74 million of its targeted $85 million in annualized cost reductions tied to the Akoya transaction. With 94% of integration milestones completed, management expects to capture remaining synergies by the end of the first quarter of 2026.
How did the Akoya acquisition affect Quanterix’s 2025 results?
The Akoya transaction added spatial biology revenue and significant integration costs. Intangible assets and goodwill increased, contributing to higher operating expenses, lower GAAP gross margin of 46.8%, and a wider net loss of $107.2 million, while enabling substantial cost-synergy potential.
Filing Exhibits & Attachments
5 documents
Quanterix
NASDAQ:QTRX
QTRX Rankings
QTRX Latest News
QTRX Latest SEC Filings
Mar 2, 2026
[10-K] Quanterix Corp Files Annual Report
Feb 18, 2026
[Form 4] Quanterix Corp Insider Trading Activity
Feb 6, 2026
[Form 4] Quanterix Corp Insider Trading Activity
Jan 21, 2026
[Form 4] Quanterix Corp Insider Trading Activity