olivLaw · US equity research
Quanterix Corporation QTRX
Laboratory Analytical Instruments · SIC 3826 · Vertical: Laboratory Analytical Instruments (SIC 3826)
Quanterix is a life sciences company selling ultra-sensitive instruments for biomarker detection in blood and spatial biology in tissue, serving research, pharmaceutical and diagnostic customers. The company is in a difficult stretch: revenue fell in 2025 due to macroeconomic conditions and its 2026 guidance was cut, while investment in Alzheimer diagnostics continues.
At the close of 04 Nov 2026, Quanterix Corporation (QTRX) stock was 3.04 USD (+3.40% on the day), with market capitalisation 143.8 m USD, beta 1.89, 52-week range 2.42–8.06 USD. Latest reported quarter (Q2 2026): revenue of 32.9 m USD (+34.4% YoY), net income of -48.9 m USD, diluted EPS -1.04 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.9
- neutral
- Bollinger (20, 2)
- 2.65 – 3.30
- in the upper half of the band · %B 0.60 · band width 21.9%
- SMA 50 / 200
- 2.98 / 3.82
- mixed trend
- MACD (12, 26, 9)
- -0.05 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −20.2% | −1.1% | −19.1 pp | — |
| 3 months | −19.1% | −0.5% | −18.7 pp | — |
| 6 months | −7.6% | +4.4% | −12.0 pp | — |
| Year to date | −52.2% | +12.3% | −64.5 pp | — |
| 1 year | −41.7% | +13.5% | −55.2 pp | +15.7% |
| 3 years | −86.7% | +76.4% | −163.1 pp | +1.8% |
| 5 years | −94.7% | +63.7% | −158.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 35.8 m | 35.2 m | 30.3 m | 24.5 m | 40.2 m | 43.9 m | 36.4 m | 32.9 m |
| Cost of revenue | 15.7 m | 13.0 m | 15.5 m | 14.5 m | 23.0 m | 23.8 m | 20.8 m | 20.2 m |
| Gross profit | 20.2 m | 22.2 m | 14.8 m | 10.0 m | 17.2 m | 20.0 m | 15.6 m | 12.7 m |
| Research & development | 8.1 m | 8.1 m | 10.0 m | 9.1 m | 8.0 m | 8.8 m | 7.3 m | 7.8 m |
| SG&A | 22.9 m | 28.6 m | 31.2 m | 30.4 m | 39.1 m | 35.1 m | 29.8 m | 27.4 m |
| Operating income | -11.7 m | -14.8 m | -26.4 m | -37.1 m | -37.3 m | -24.8 m | -41.4 m | -49.4 m |
| Depreciation & amortisation | 1.6 m ≈ | 1.7 m | 2.2 m | 2.0 m ≈ | 5.4 m ≈ | 6.2 m | 5.6 m | 6.1 m ≈ |
| Pre-tax income | -8.2 m | -11.6 m | -23.4 m | -30.1 m | -36.0 m | -22.8 m | -17.5 m | -49.0 m |
| Income tax | 145.0 k | -8.0 k | -2.9 m | -73.0 k | -2.5 m | 345.0 k | -7.0 k | -54.0 k |
| Net income | -8.4 m | -11.6 m | -20.5 m | -30.0 m | -33.5 m | -23.1 m | -17.5 m | -48.9 m |
| Diluted EPS | -0.22 | -0.30 ≈ | -0.53 | -0.77 | -0.73 | -0.49 ≈ | -0.37 | -1.04 |
| Operating cash flow | -5.7 m ≈ | -4.3 m | -13.9 m | -5.7 m ≈ | -41.2 m ≈ | -16.4 m | -18.1 m | -5.1 m ≈ |
| Capex | 851.0 k ≈ | 412.0 k | 1.3 m | 777.0 k ≈ | 677.0 k ≈ | -98.0 k | 87.0 k | 96.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 37.6 m | 56.7 m | 86.4 m | 110.6 m | 105.5 m | 122.4 m | 137.4 m | 138.9 m |
| Revenue YoY | +64.5% | +50.8% | +52.2% | +28.0% | −4.6% | +16.0% | +12.3% | +1.1% |
| Net income | -31.5 m | -40.8 m | -31.5 m | -55.5 m | -99.6 m | -28.4 m | -38.5 m | -107.2 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | -1.63 | -1.07 | -1.54 | -2.69 | -0.75 | -1.00 | -2.51 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -83.8% | -71.9% | -36.5% | -50.2% | -94.4% | -23.2% | -28.0% | -77.1% |
| Free cash flow | -30.2 m | -37.0 m | -27.3 m | -61.3 m | -60.2 m | -22.7 m | -38.5 m | -79.8 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 29.8 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 295.7 m USD
- Total assets
- 418.8 m USD
- Debt / equity
- unavailable
- Current ratio
- 2.84x
- ROE
- -34.2%
- ROA
- -26.0%
- FCF margin
- -57.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 86.4 m | 110.6 m | 105.5 m | 122.4 m | 137.4 m | 138.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Cost of revenue | 38.2 m | 45.8 m | 60.2 m | 48.1 m | 54.3 m | 73.9 m | SEC (XBRL)· 02 Mar 2026verified |
| Gross profit | 48.2 m | 64.8 m | 45.4 m | 74.2 m | 83.1 m | 65.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Research & development | 20.2 m | 28.4 m | 26.8 m | 26.1 m | 31.1 m | 35.9 m | SEC (XBRL)· 02 Mar 2026verified |
| SG&A | 59.6 m | 92.9 m | 91.9 m | 89.1 m | 101.6 m | 138.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Operating income | -31.6 m | -56.5 m | -104.3 m | -46.0 m | -52.6 m | -125.5 m | SEC (XBRL)· 02 Mar 2026verified |
| Depreciation & amortisation | 4.3 m | 4.9 m | 5.4 m | 6.3 m | 6.5 m | 15.8 m | SEC (XBRL)· 02 Mar 2026verified |
| EBITDA | -27.3 m ≈ | -51.6 m ≈ | -98.9 m ≈ | -39.7 m ≈ | -46.2 m ≈ | -109.7 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Pre-tax income | -31.9 m | -55.6 m | -99.4 m | -27.6 m | -38.1 m | -112.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Income tax | -376.0 k | -36.0 k | 164.0 k | 719.0 k | 434.0 k | -5.1 m | SEC (XBRL)· 02 Mar 2026verified |
| Net income | -31.5 m | -55.5 m | -99.6 m | -28.4 m | -38.5 m | -107.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Diluted EPS | -1.07 | -1.54 | -2.69 | -0.75 | -1.00 | -2.51 | SEC (XBRL)· 02 Mar 2026verified |
| Weighted average diluted shares | 29.6 m | 36.0 m | 37.0 m | 37.6 m | 38.4 m | 42.6 m | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 181.6 m | 396.5 m | 338.7 m | 174.4 m | 56.7 m | 29.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Receivables | 17.2 m | 23.8 m | 19.0 m | 25.4 m | 32.1 m | 30.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Inventories | 14.9 m | 22.2 m | 17.0 m | 26.1 m | 32.8 m | 54.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Current assets | 219.6 m | 449.0 m | 381.5 m | 382.1 m | 363.6 m | 212.3 m | SEC (XBRL)· 02 Mar 2026verified |
| Property, plant & equipment, net | 13.9 m | 18.0 m | 19.8 m | 17.9 m | 17.2 m | 23.7 m | SEC (XBRL)· 02 Mar 2026verified |
| Goodwill | 10.5 m | 9.6 m | 0 | 0 | 0 | 26.4 m | SEC (XBRL)· 02 Mar 2026verified |
| Intangibles (excl. goodwill) | 13.7 m | 10.5 m | 7.5 m | 6.0 m | 4.0 m | 131.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total assets | 271.0 m | 501.5 m | 433.6 m | 428.6 m | 406.5 m | 418.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Accounts payable | 6.8 m | 9.2 m | 3.8 m | 5.0 m | 7.0 m | 13.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Short-term debt | 7.7 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Long-term debt | 7.7 m | — | — | — | — | — | SEC (XBRL)· 05 Mar 2021verified |
| Current liabilities | 39.8 m | 37.0 m | 31.3 m | 39.0 m | 42.0 m | 74.8 m | SEC (XBRL)· 02 Mar 2026verified |
| Total liabilities | 64.9 m | 60.6 m | 75.7 m | 78.6 m | 76.5 m | 123.0 m | SEC (XBRL)· 02 Mar 2026verified |
| Equity | 205.8 m † | 442.8 m † | 357.9 m † | 350.0 m † | 330.0 m † | 295.7 m † | SEC (XBRL)· 02 Mar 2026verified |
| Shares outstanding at year end | — | — | — | — | 38.5 m | — | SEC (XBRL)· 26 Dec 2024verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -23.4 m | -47.6 m | -48.6 m | -18.8 m | -35.2 m | -77.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Capex | 3.9 m | 13.7 m | 11.6 m | 3.8 m | 3.4 m | 2.6 m | SEC (XBRL)· 02 Mar 2026verified |
| Free cash flow | -27.3 m ≈ | -61.3 m ≈ | -60.2 m ≈ | -22.7 m ≈ | -38.5 m ≈ | -79.8 m ≈ | SEC (XBRL)· 02 Mar 2026derived |
| Investing cash flow | -626.0 k | -6.4 m | -11.1 m | -148.5 m | -82.3 m | 50.2 m | SEC (XBRL)· 02 Mar 2026verified |
| Financing cash flow | 96.2 m | 270.8 m | 2.3 m | 2.7 m | 456.0 k | -708.0 k | SEC (XBRL)· 02 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 143.8 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -80.2% | 32 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 9.6% | 80 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -56.8% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial80/100 · 1/2 factors with a value
- Quality· partial32/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Quanterix Corporation (QTRX). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 138.9 m USD in 2025; YoY growth 1.1%; net margin -80.2%; ROE -46.5%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Revenue CAGR 3Y: 9.6%
- Current ratio: 3.4x
What contradicts it
- FCF yield: -56.8%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Laboratory Analytical Instruments (SIC 3826) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AAgilent Technologies, Inc. | 49.9 bn | 34.9 | 21.0% | 19.5% | +6.7% | +15% / +39% |
| WATWaters Corporation | 45.9 bn | 116.6 | 1.9% | 3.6% | +7.0% | +16% / +67% |
| MTDMettler-Toledo International Inc. | 34.5 bn | 38.8 | — | 21.9% | +4.0% | +17% / +58% |
| ILMNIllumina, Inc. | 34.3 bn | 38.8 | 32.4% | 19.7% | −0.7% | +72% / +128% |
| RVTYRevvity, Inc | 17.8 bn | 76.0 | 3.2% | 8.2% | +3.7% | +53% / +79% |
| AVTRAvantor, Inc. | 10.6 bn | 31.5 | 5.9% | 5.1% | −3.4% | +33% / −26% |
| BRKRBruker Corporation | 9.7 bn | — | -3.4% | -2.0% | +2.1% | +31% / −2% |
| TXG10x Genomics, Inc. | 8.6 bn | — | -9.4% | -12.2% | +5.2% | +259% / +55% |
| PACBPacific Biosciences of California, Inc. | 792.6 m | — | -929.3% | -82.5% | +3.9% | +10% / −70% |
| CTKBCytek Biosciences, Inc. | 769.0 m | — | -23.2% | -39.1% | +0.5% | +4% / −15% |
| MASS908 Devices Inc. | 457.6 m | — | -25.2% | -57.0% | +17.7% | +74% / +39% |
| NAUTNautilus Biotechnology, Inc. | 291.7 m | — | -41.0% | — | unavailable | +2% / −17% |
| QTRXQuanterix Corporation | 143.8 m | — | -46.5% | -80.2% | +1.1% | −42% / −87% |
| SEERSeer, Inc. | 94.1 m | — | -26.4% | -478.0% | +17.0% | −11% / +6% |
| HBIOHarvard Bioscience, Inc. | 39.2 m | — | -89.9% | -11.9% | −8.1% | +13% / −80% |
| PRPOPrecipio, Inc. | 35.0 m | — | -9.0% | -4.5% | +29.8% | −20% / +187% |
| EYPTEyePoint, Inc. | 34.1 m | — | -148.7% | -10,994.7% | −27.5% | −97% / −94% |
| BNGOBionano Genomics, Inc. | 14.0 m | — | -83.6% | -106.6% | −7.4% | −36% / −99% |
| ASTCAstrotech Corporation | 9.1 m | — | -75.4% | -1,580.2% | −8.7% | +41% / −44% |
| RPIDRapid Micro Biosystems, Inc. | — | — | -141.6% | -145.6% | +19.7% | −84% / −42% |
| BIOBio-Rad Laboratories, Inc. | — | 10.0 | 14.3% | 39.5% | +0.7% | +17% / +25% |
1- and 3-year price returns: for QTRX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Quanterix is a life sciences company selling ultra-sensitive instruments for biomarker detection in blood and spatial biology in tissue, serving research, pharmaceutical and diagnostic customers. The company is in a difficult stretch: revenue fell in 2025 due to macroeconomic conditions and its 2026 guidance was cut, while investment in Alzheimer diagnostics continues.
SWOT
Strengths
- The Simoa technology offers high sensitivity that differentiates the company in detecting biomarkers in fluids.
- A large installed base and numerous publications citing its platforms create a scientific validation advantage.
- The portfolio combines instruments, recurring consumables and spatial biology, giving several revenue sources.
Weaknesses
- The company has recorded persistent net losses and had to cut costs and staff after the Akoya acquisition.
- Commercial execution fell short of expectations in 2026, and management has reorganized the sales team.
- Reliance on a few large customers and single suppliers for some components exposes the company to disruption.
Opportunities
- Alzheimer's diagnostics could become an important revenue source if the test obtains the necessary clearances and reimbursement.
- Extending spatial biology into clinical applications could open new markets in pharma and diagnostics.
- Coverage secured from private insurers could widen patient access to the company's tests.
Threats
- Lower federal research funding and reduced pharma R&D spending could prolong weak demand.
- Import tariffs and policy uncertainty could raise costs and delay customer orders.
- Competition from groups with greater resources could limit market share and pricing pressure.
Risks
- Persistent net losseshigh
The company has reported net losses across several consecutive years and cannot guarantee reaching profitability, which could require additional funding if targets slip.
- Reduced 2026 guidancehigh
The downward revision of revenue and margin expectations for 2026 shows that commercial execution and demand may differ from plans, with effects on investor confidence.
- Goodwill impairmentmedium
The impairment of goodwill linked to the Akoya acquisition shows that the value of acquired assets can fall if market conditions worsen.
- FDA regulationmedium
Diagnostic development could be delayed if the FDA requires additional studies or changes rules applicable to laboratory tests.
- Supplier and manufacturer dependencemedium
Certain instruments are made by a single contract manufacturer and some materials come from one supplier, which could interrupt deliveries.
Investment thesis
What would need to be true (bull case)
- The company could benefit if the new commercial team returns sales to growth and if Alzheimer's diagnostics win broader clearances and reimbursement.
- Akoya integration synergies and cost cuts could improve margins and bring the company closer to cash flow breakeven.
- Its ultra-sensitive detection technology and large publication base could strengthen its position in translational research.
What would break the thesis
- If academic and pharma demand stays weak, revenue could remain below the revised guidance and cash targets could slip further.
- Continued net losses and a falling cash balance could force the company to scale back investment in new products.
- If Alzheimer's diagnostics are delayed or receive insufficient coverage, long-term growth plans could be hurt.
What to watch
- Quarterly revenue recovery after the commercial reorganizationQ3 2026
- FDA decision on the 510(k) submission for the Alzheimer's test2026
- Cash balance trajectory and progress toward cash flow breakeven2027
- Status of clinical utility studies for the Alzheimer's testnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Quanterix Corporation (NASDAQ: QTRX) describes itself as a life sciences company accelerating biomarker discovery through to diagnostics using instruments, consumables and services. Its Simoa technology detects proteins at very low concentrations, in the femtomolar range, in blood and other fluids where conventional analog immunoassays fall short. The company sells worldwide to research laboratories, CROs, academic institutions and biopharma companies, and through its CLIA-certified Accelerator Laboratory it offers clinical testing including four LDTs. Total revenues were 138.9 million USD in fiscal 2025 1 and 69.3 million USD for the six months ended June 30, 2026 2.
The model combines instrument sales with recurring consumables and assay revenue, since installed instruments run assays bought over time. The installed base exceeds 2,500 instruments and the platforms have been cited in more than 6,800 scientific publications 2. The company also pursues diagnostics, notably for Alzheimer's disease, and submitted a 510(k) notification to the FDA for a multi-analyte blood test on January 31, 2026 1.
Revenue has two lines: product revenue covering instruments and consumables, and service and other revenue. For the six months ended June 30, 2026, product revenue was 48,956 thousand USD and service and other revenue was 19,394 thousand USD 3.
Segments
Simoa platforms
The Simoa platforms, including the HD-X, SR-X and SP-X, detect proteins with ultra-high sensitivity and sell consumables and assay kits for blood and other fluids. This segment supports the company's recurring revenue base 1.
Spatial biology
The spatial biology platforms, such as PhenoCycler, PhenoImager Fusion and PhenoImager HT, measure many biomarkers at single-cell resolution within intact tissue. The acquisition of Akoya in July 2025 expanded this segment 1.
Diagnostics and laboratory services
This segment includes the LucentAD Complete test for Alzheimer's disease, for which CMS approved a reimbursement rate of 897 USD in November 2025 2, and contract services from the CLIA-certified laboratory in Bedford. The company aims to complete clinical utility studies and advance its FDA roadmap 3.
Market context
Alzheimer's diagnostics is a long-term growth area but requires clinical studies, clearances and reimbursement, which can delay adoption. The company expects that if these steps are completed, the revenue impact could become more visible in 2027 2.
Trends
- Cuts to federal research fundingheadwind
Changes in US government policy and reductions in federal research funding have weakened academic demand, which could continue to affect instrument sales.
- Import tariffsheadwind
New import tariffs have raised costs and affected demand, and the company names them among the factors behind lower revenue in 2025.
- Alzheimer's diagnosticstailwind
The multi-analyte test has Breakthrough Device Designation and partial commercial coverage, which could open new demand if clearances and reimbursement are confirmed.
- Akoya integrationmixed
Integration has delivered significant cost synergies, but net losses continue and the cash flow breakeven target was pushed out to 2027.
Competitive position
Quanterix operates in competitive markets where rivals include laboratory instrument makers and diagnostics companies. The company acknowledges that research and diagnostic markets are contested by several suppliers with larger resources 1.
In spatial biology and protein diagnostics, Quanterix's position depends on assay sensitivity and on winning reimbursement. Differentiation from rivals is the company's main argument, but competitive pressure could limit pricing power 1.
- Bio-TechneTECH
Supplier of instruments and reagents for protein analysis and spatial biology, named as a rival in research tools.
- Thermo Fisher ScientificTMO
Large laboratory instruments and diagnostics group active in the same research and clinical segments.
- DanaherDHR
Diversified laboratory instruments and diagnostics group with competing product lines in biomarker analysis.
- Roche Diagnostics
Diagnostics division of a European pharmaceutical group, competing in biomarker testing and neurological diagnostics.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report10 Aug 2026
- Current report10 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report10 Jun 2026Shareholder vote
- Current report09 Jun 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report26 May 2026Departure or appointment of officers · Financial statements and exhibits
- Current report12 May 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report06 May 2026
- Current report06 May 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Proxy statement24 Apr 2026
- Annual report02 Mar 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Quanterix Corporation · 02 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Quanterix Corporation · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Quanterix Corporation · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.