Full Press Release Details
Reports $43.9 million in revenue and cash balance of $122 million
Company expects to achieve cash flow breakeven during 2026
BILLERICA, Mass.--(BUSINESS WIRE)--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
Full Year 2025 Financial Highlights
Operational and Business Highlights
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 athttps://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 atwww.quanterix.com.
Financial Highlights
| QUANTERIX CORPORATIONCONSOLIDATED 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 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 CORPORATIONCONSOLIDATED 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 CORPORATIONCONSOLIDATED 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 | ) | — | ||||
| 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 CORPORATIONReconciliation 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 CORPORATIONReconciliation of Gross Profit, Gross Margin, Total Operating Expenses and Loss from Operations toNon-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.