Quanterix Corporation Reports Q4 and Full Year 2025 Results

Key Financial Highlights, Strategic Milestones, and Forward-Looking Guidance

Executive Overview

Quanterix Corporation (NASDAQ: QTRX), a leader in ultra-sensitive biomarker detection, announced its financial results for the fourth quarter and full year ended December 31, 2025. The company’s President & CEO, Everett Cunningham, emphasized Quanterix’s strong position for long-term growth, noting outperformance in revenue expectations, progress toward profitability, and significant milestones in its Alzheimer’s Diagnostics business. With major integration milestones now substantially complete, the focus is shifting to consistent, profitable revenue growth and achieving cash flow breakeven in 2026.

Q4 2025 Financial Highlights

• Revenue: \$43.9 million, up 25% from \$35.2 million in Q4 2024.
• GAAP Gross Margin: 45.7% (down from 63.0% in Q4 2024).
• Adjusted Gross Margin (Non-GAAP): 50.0% (down from 57.7%).
• Adjusted EBITDA (Non-GAAP) Loss: \$7.9 million (vs. \$5.9 million loss prior year).
• Cash Position: \$121.6 million in cash, cash equivalents, marketable securities, and restricted cash, slightly above guidance.
• Adjusted Cash Usage: \$3.0 million in Q4, after one-time deal and restructuring costs.

Full Year 2025 Financial Highlights

• Revenue: \$138.9 million, up 1% from \$137.4 million in 2024.
• GAAP Gross Margin: 46.8% (down from 60.5%).
• Adjusted Gross Margin (Non-GAAP): 47.3% (down from 54.6%).
• Adjusted EBITDA (Non-GAAP) Loss: \$44.9 million (vs. \$23.6 million loss prior year).
• Adjusted Cash Usage: \$30.9 million, improved from \$32.2 million in 2024.
• Net Loss: \$107.2 million (\$2.51 per share), compared to \$38.5 million (\$1.00 per share) in 2024.

Operational and Business Milestones

• Alzheimer’s Diagnostic Test: In January 2026, Quanterix submitted a 510(k) premarket notification to the FDA for its multi-analyte algorithmic blood test for Alzheimer’s disease. This is a major milestone in the company’s mission to deliver superior, non-invasive diagnostics for patients with cognitive symptoms.
• Reimbursement for LucentAD Complete: CMS established a reimbursement rate of \$897 for Quanterix’s LucentAD Complete test, facilitating claims under the Clinical Lab Fee Schedule. This provides a nationally recognized reference price, crucial for coverage decisions and broad adoption by payers.
• Akoya Biosciences Integration: Quanterix has realized \$74 million of cost savings from its Akoya transaction, with 94% of integration milestones completed. Remaining synergies are expected by end of Q1 2026.
• Product Expansion: Launched 13 new assays in 2025, including two new Simoa tau assays (pTau 205 and pTau 212), and two new Phenocode Discovery panels (Metabolism Spike In Panel and Mouse Neurology Panel).

2026 Business Outlook

• Revenue Guidance: \$169 to \$174 million.
• GAAP Gross Margin: 45-49%.
• Adjusted Gross Margin (Non-GAAP): 49-53%.
• Cash Flow: Expecting breakeven performance in the second half of 2026.
• Year-End Cash Position: Projected to exit 2026 with ~\$100 million in cash and no debt.

Balance Sheet & Cash Flow Details

• Assets: \$418.8 million as of December 31, 2025 (up from \$406.5 million in 2024).
• Inventory: \$54.8 million, up from \$32.8 million.
• Goodwill: \$26.4 million (related to acquisitions).
• Liabilities: \$123.0 million (up from \$76.5 million in 2024).
• Total Stockholders’ Equity: \$295.7 million (down from \$330.0 million).
• Cash Flows: Net cash used in operating activities was \$77.2 million; investing activities provided \$50.2 million (largely due to Akoya acquisition); financing activities used \$0.7 million.

Important Shareholder Information & Price-Sensitive Developments

• FDA Submission for Alzheimer’s Test: The regulatory submission for a novel blood test for Alzheimer’s disease could significantly expand Quanterix’s addressable market and drive future revenues. Approval and adoption would be a major catalyst.
• CMS Reimbursement Rate: Establishment of a high reimbursement rate (\$897) for LucentAD Complete test is a key milestone, providing leverage for payer negotiations and potentially accelerating adoption and revenue growth.
• Akoya Integration and Cost Savings: The \$74 million in realized cost savings and near-completion of integration milestones should improve profitability and operational efficiency, supporting the company’s move toward breakeven.
• 2026 Guidance: Expectations for substantial revenue growth (up to \$174 million), improved margins, and cash flow breakeven are positive signals for investors. The company expects to end 2026 with substantial liquidity (\$100 million) and no debt.
• Adjusted EBITDA and Cash Usage: Despite ongoing losses, Quanterix’s adjusted cash usage has improved, and the company is actively managing one-time costs related to acquisitions and restructuring.
• Risks: The company highlights numerous risks, including regulatory approval timing, market adoption, integration of acquisitions, supply chain reliability, potential for unforeseen costs or product recalls, and financial control risks. Investors should monitor these closely.

Strategic Positioning

Quanterix’s acquisition of Akoya Biosciences has expanded its portfolio to include multiplexed tissue imaging with single-cell resolution, creating a uniquely integrated platform for precision medicine. With 1,439 installed instruments and a strong publication base (6,300+ peer-reviewed papers), Quanterix is well-positioned to advance both discovery and diagnostics.

Investor Communication

The company will host a conference call on March 2, 2026, at 4:30 PM ET to discuss these results and outlook. Investors can access the call via phone or webcast, with an archived replay available for one year.

Conclusion

The Q4 and FY2025 report contains several price-sensitive developments, including FDA regulatory progress, reimbursement milestones, acquisition synergies, and strong forward guidance. With expanding products and improving financial metrics, Quanterix appears poised for a transformative 2026. However, risks remain, and investors should monitor regulatory and operational developments closely.

Disclaimer

This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any securities. All forward-looking statements are subject to risks and uncertainties. Please refer to Quanterix’s filings with the SEC for additional risk factors. Investors should conduct their own due diligence before making any investment decisions.

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