What Quanterix (QTRX) Said on Its Q3 Earnings Call

Key Points

• Q3 revenue was $35 million, up 6.3% sequentially but down 13.1% year over year; stronger spatial consumables sales helped beat the company’s expectations. Net loss narrowed year over year to $21.6 million, while cash stood at about $80.7 million.
• LucentAD test volume more than doubled sequentially, and Quanterix added two clinical reference-lab partners. Florida Medicaid coverage for eligible blood-based Alzheimer’s testing pays $484 per test; the company did not disclose a clearance timeline for its five-biomarker test.
• Quanterix narrowed its 2026 revenue outlook to $142 million–$146 million and maintained its target of cash-flow breakeven in 2027. It expects commercial changes to have a greater effect in 2027 and plans to ship two new spatial panels early that year.

Quanterix NASDAQ: QTRX reported third-quarter revenue of $35 million, up 6.3% from the previous quarter but down 13.1% from a year earlier, as stronger spatial consumables sales helped the company exceed its own expectations.

President and CEO Everett Cunningham said the results marked an early step toward restoring growth despite continued market softness. The company narrowed its 2026 revenue outlook to $142 million to $146 million and said it expects commercial changes made during the third quarter to have a more substantial impact in 2027.

Revenue improves sequentially

Third-quarter revenue declined from $40.2 million in the same period of 2025. On a pro forma basis, adjusting for a terminated diagnostics development program and pre-acquisition Akoya revenue, the decline was 8.6%, Chief Financial Officer Jason Faessler said.

Spatial revenue rose by a double-digit percentage sequentially, led by consumables sales that reached their second-highest level, Faessler said. The Americas posted high-teens percentage growth from the second quarter, while Europe, the Middle East and Africa declined amid seasonal softness. Asia-Pacific sales were roughly flat.

Quanterix’s Accelerator Lab recorded a second consecutive quarter of bookings growth, with its book-to-bill ratio approaching 2. Cunningham said the business generated about $2.9 million in third-quarter revenue and that bookings typically take four to six months to convert to billings. Management expects Accelerator revenue to rise in the fourth quarter.

The company reported a net loss of $21.6 million, an improvement of $11.9 million from a year earlier. Adjusted EBITDA was a loss of $12.2 million, compared with a loss $0.3 million smaller in the prior-year quarter.

Non-GAAP gross margin improved by 150 basis points to 47.4%, which Faessler attributed largely to acquisition synergies and cost optimization. Cash usage was $16.2 million during the quarter, leaving the company with approximately $80.7 million in cash.

Alzheimer’s testing and reimbursement

Quanterix said LucentAD test volume more than doubled sequentially in the third quarter. Cunningham attributed the growth to the company’s dedicated diagnostics team, its five-biomarker test and commercial partnerships.

The company announced agreements with clinical reference laboratories Sherman Abrams, serving the New York and New Jersey tri-state area, and Mississippi-based TruPath, which spans more than 14 states. Cunningham said both partnerships would soon be operational.

Faessler said revenue from diagnostic partners was $1.2 million, down year over year, reflecting fewer instrument placements that had not yet been offset by recurring lab-testing revenue. Asked whether LucentAD revenue also doubled, executives did not provide a figure; Faessler said it remained relatively immaterial.

Cunningham also highlighted Florida Medicaid coverage for blood-based Alzheimer’s biomarker testing when medical necessity criteria are met. He initially cited a $480 reimbursement rate before correcting it to $484 per test during the question-and-answer session. He said coverage was effective retroactively to July 2026.

The company continues to discuss its five-biomarker Alzheimer’s test with the U.S. Food and Drug Administration. Cunningham called the discussions productive but did not provide a clearance date. Quanterix is also awaiting publication of completed clinical utility studies by three major health organizations.

Outlook and product development

For 2026, Quanterix maintained its forecast for non-GAAP gross margin of 48% to 50% and expects to end the year with approximately $70 million in cash and no debt. Faessler said the company’s view of achieving cash flow breakeven in 2027 was unchanged, with revenue a key factor.

Cunningham said the fourth-quarter outlook was not “a layup,” but pointed to more detailed pipeline reviews under Chief Commercial Officer Jim Gute. Faessler said Accelerator services and consumables were expected to increase, while instrument placements would be a factor in where results fall within the guidance range.

On the product side, Quanterix launched ApoE4 proteotyping and IL-18 kits for its SIMOA platform during the quarter. It also released its PhenoCode 2.0 molecular barcoding kit and expects two additional spatial panels, focused on the tumor immune microenvironment and antibody drug conjugates, to ship in early 2027.

Separately from the Alzheimer’s test review, Cunningham said the company remains on track to submit a 510(k) application in 2027 for its HD-X instrument as an in vitro diagnostic platform.

About Quanterix (NASDAQ:QTRX)

Quanterix Corporation NASDAQ: QTRX is a life sciences company that develops ultra-sensitive digital immunoassay technologies for detecting and measuring biomarkers in blood and other biological samples. Its platform is designed to identify proteins and other molecules at very low concentrations, supporting research into disease biology, diagnosis, treatment response and drug development.

The company's principal technology, Simoa, uses digital detection methods to improve the sensitivity of immunoassays.

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