Quanterix — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the three months ended September 30, 2026, was $35.0 million, an increase of 6.3% sequentially from the second quarter.
• Year-over-year revenue for the quarter was $40.2 million in 2025, representing a decline compared to the current period.
• GAAP gross margin was 38.6%, down 90 basis points compared to the prior year; adjusted gross margin (non-GAAP) was 47.4%, up 150 basis points year-over-year.
• Net loss for the quarter was $21.6 million, an improvement of 35.6% compared to the prior year's loss of $33.5 million.
• Adjusted EBITDA (non-GAAP) loss was $12.2 million, a decline of 2.4% compared to the prior year.
• The company ended the quarter with $80.7 million in cash, cash equivalents, marketable securities, and restricted cash.
• Nine-month revenue through September 30, 2026, totaled $104.3 million, compared to $95.0 million in the same period of 2025.
• Nine-month net loss was $88.1 million, compared to $84.0 million in the prior year.
• Deferred revenue was $14.5 million at the end of the quarter, down from $20.7 million at the end of 2025.
• The company reported no debt as of the reporting period.

Guidance and Future Outlook:

• The company narrowed its 2026 total revenue expectation to a range of $142–146 million.
• Adjusted gross margins (non-GAAP) for 2026 are expected to remain in the range of 48–50%.
• Quanterix expects to end 2026 with a cash balance of approximately $70 million.
• Management anticipates that initiatives to improve commercial performance will accelerate execution in the fourth quarter and beyond.

Business Segments and Product Lines:

• Quanterix appointed Jim Gute as Chief Commercial Officer in mid-August and Dr. Yuri Fesko as Chief Medical Officer in September to strengthen the diagnostics business.
• Expanded insurance coverage for blood-based Alzheimer's disease testing began November 1, 2026, for traditional Medicaid members and state employees in Florida.
• New commercial partnerships were established with Sherman Abrams Lab in New York and TruPath in Mississippi to generate diagnostics revenue.
• Regulatory approvals advanced access to neurology biomarker testing in China using HD-X and SR-X instruments and testing kits for four biomarkers, in partnership with Innovita Biological Technology Co.
• New assay menu options for the SIMOA® platform were launched to expand research tools for Alzheimer's and other neurodegenerative diseases.
• Three new spatial products were announced: the PhenoCode™ 2.0 Molecular Barcoding Kit is in full commercial release, while the TIME panel and a high-plex ADC panel are scheduled to ship in early 2027.
• The Accelerator Lab is now accepting requests for custom ADC panel development.

Market and Competitive Landscape:

• Management noted continued market softness despite the sequential revenue increase.
• The company leverages its SIMOA® technology for ultra-sensitive protein detection in blood and high-plex spatial analysis in tissue to maintain market advantages in targeted discovery and translational research.
• Strategic investments and partnerships have established a strong foundation for the diagnostics business, specifically targeting Alzheimer's disease testing milestones.

Risks and Challenges:

• Forward-looking statements highlight risks related to changes in U.S. government policies, including tariffs and reductions in federal research funding.
• Risks include the timing and features of next-generation instruments and the ability to improve existing diagnostics and develop new tests.
• Potential challenges involve market penetration, customer base retention, and reliance on contract manufacturers for reliable supply.
• Risks exist regarding the realization of benefits from recent acquisitions of Emission, Inc. and Akoya Biosciences Inc.
• Potential for product defects, recalls, adverse regulatory actions, and litigation remains a concern.

Management Commentary and Tone:

• President & CEO Everett Cunningham stated that the company delivered higher-than-expected topline growth despite market softness, viewing it as a first step in restoring growth.
• Management expressed confidence in the differentiated positioning of research tools and diagnostics businesses, citing new commercial leadership focused on sustained growth.
• The tone reflected optimism regarding the benefits of reorganizing teams, adding experienced leadership, and the strong foundation established in diagnostics.

Other Key Points:

• A conference call was hosted on November 9, 2026, at 8:30 AM ET, with webcast availability.
• The company reported a $46.8 million net cash provided by investing activities for the nine months ended September 30, 2026, driven by proceeds from sales and maturities of marketable securities.
• Net cash used in operating activities was $39.4 million for the nine months ended September 30, 2026.
• The balance sheet shows a reduction in goodwill from $26.4 million at December 31, 2025, to zero at September 30, 2026.
• Intangible assets decreased from $131.8 million to $102.4 million over the same period.
• Stock-based compensation expense was $12.5 million for the nine months ended September 30, 2026.