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Alamar Biosciences (ALMR) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 10, 2026

Source: earnings call transcript

Executive summary

Alamar Biosciences Q2 FY26 — Strong Consumable Growth and Strategic Expansion

Alamar Biosciences reported a strong second quarter, driven by exceptional consumable revenue growth and expanding platform adoption in neurodegenerative and inflammation research. The company is strategically investing in commercial expansion, manufacturing capacity, and R&D to support future growth, while also laying the groundwork for clinical diagnostics with planned FDA marketing authorization for ARGO HT/DX and new partnerships.

Highlights

5

  • Total revenue grew 82% year-over-year to $29.4 million, reflecting rapid and broad-based adoption.

  • Consumable revenue increased 147% year-over-year to $15.5 million, accounting for 53% of total revenue.

  • Achieved an all-time high gross margin of 60% in Q2 2026, up from 53% in Q2 2025.

  • Expanded strategic partnership with Alzheimer's disease data initiative and Gates Ventures to profile an additional 86,000 plasma samples.

  • Launched three new RUO products, including the Neuro 220 panel, eMTBR-tau immunoassay, and Immune 340 panel, expanding platform utility.

Concerns

3

  • Operating expenses increased significantly to $31.2 million, up from $16.5 million in the prior year, reflecting investments and public company costs.

  • Net loss widened to $13.2 million in Q2 2026 compared to $7 million in Q2 2025.

  • Gross margin is expected to fluctuate in the mid-to-high 50s in the near term, despite hitting 60% this quarter.

Guidance & targets

CategoryTargetConfidence
Full-year 2026 Revenue
$116 million to $120 million
high materiality
High
Q3 2026 Revenue
modest sequential increase from Q2
medium materiality
Medium
Full-year 2026 Installed Base Growth
at least 100 instruments
high materiality
High
Full-year 2026 Per Instrument Pull-Through
above $400,000
high materiality
High
ARGO HT/DX FDA Marketing Authorization Submission
submit for FDA marketing authorization
high materiality
High
New Disease Area Multiplex Panel Launch
launching the multiplex panel targeting a new disease area
medium materiality
High
Clinical and Diagnostic Enablement Partnerships
establish partnerships to drive our clinical and diagnostic enablement strategy
high materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Americas
Represented 69% of total revenue in Q2 2026.
69%———
EMEA
Represented 22% of total revenue in Q2 2026. Company is actively building international presence and sees meaningful runway.
22%———
APAC
Represented 9% of total revenue in Q2 2026. Company is actively building international presence and sees meaningful runway.
9%———
Academic and Research Institutions
Accounted for 52% of second quarter revenue, showing strong growth, especially in neuro.
52%———
Biopharmaceutical Companies
Accounted for 42% of second quarter revenue. Continued strength is encouraging as these customers drive meaningful consumables pull-through.
42%———
Distributors
Accounted for 6% of second quarter revenue.
6%———

Product announcements

ProductTypeDetails
NULISAseq Neuro 220 panellaunch
eMTBR-tau immunoassaylaunch
NULISAseq Immune 340 panellaunch
NULISAseq Dried Blood Spot extraction kitslaunch

Deals & partnerships

Alzheimer's disease data initiative and Gates Ventures Expansion of strategic partnership for profiling plasma samples. expected to complete in 2027

Expanded agreement includes a national scale initiative co-led by researchers at 3 universities, providing approximately 21,000 plasma samples from 10,000 Alzheimer's disease research center participants across the US.

SVB First Citizens Bank Refinanced existing debt facility into a new, more flexible revolving credit facility. $60 million available at closing, with an additional $40 million uncommitted accordion for a total of $100 million.

Deepening relationship with a valuable partner supporting growth since before IPO.

Risks & headwinds

Increased operating expenses due to investments and public company costs Q2 2026, ongoing

Total operating expenses increased to $31.2 million in Q2 2026 from $16.5 million in Q2 2025 (up 89%). SG&A up 129% YoY.

Mitigation:Deliberate investments in people, infrastructure, and R&D capabilities to support future growth; focus on maintaining a disciplined path towards profitability.

Near-term pressure on per instrument pull-through from new instrument placements Near term

Fluctuations expected quarter-to-quarter on quarterly pull-through.

Mitigation:Company expects to maintain pull-through above $400,000 for FY26; new placements are seen as supporting future recurring consumable revenue.

Fluctuation in gross margin Near term

Expected to be in the neighborhood of mid- to high 50s in the near term, despite hitting 60% in Q2.

Mitigation:Anticipated to trend upward over time as consumables become a larger share of revenue and manufacturing scale benefits continue.

Slower growth rate for Technology Access Program (TAP) services Future

Expected to grow at a slower rate than other areas of the business.

Mitigation:TAP is not intended to be a long-term service business; goal is conversion to instrument purchase or CRO, indicating a strategic shift rather than a negative.

What to watch in Q3 FY26

Q3 Revenue Growth

Q3 FY26
Current $29.4 million in Q2 2026
Target low single-digit sequential growth

Why it matters

Indicates the immediate trajectory of revenue following a strong Q2 and provides insight into the company's ability to achieve its full-year guidance.

For the third quarter, we expect our revenue to be a modest sequential increase from Q2. ... to me, that means like low single-digit sequential growth from Q2 to Q3.

Find out whether ALMR delivers this. Inve re-checks your case every morning.

Q&A highlights

Seeking clarity on growth drivers by customer segment and whether new instrument placements are primarily with new or existing clients.

Yuling Luo noted strong growth from both academic and biopharma segments, with exceptional adoption in neuro. Justin McAnear clarified that the majority of Q2 instrument placements were with new customers, though existing customers are also expanding.

“the majority of instrument placements are going to -- are going to new customers.”

asked by Casey Woodring · answered by Yuling Luo

2 min read 7 chapters

Detailed narrative

Platform Differentiation and Adoption

Alamar's platform combines ultra-high sensitivity, high specificity, flexible multiplexing, broad time range, and seamless automation, eliminating trade-offs found in existing technologies. Since its January 2024 launch, adoption has been phenomenal, driving significant revenue growth and reflecting the company's ability to close the technology gap in proteomics.

Neurodegenerative Research Leadership

The company has built a strong position in neurodegenerative research, highlighted by the launch of the Neuro 220 panel and the eMTBR-tau immunoassay. Its presence at the Alzheimer's Association International Conference (AAIC) showed a fourfold increase in NULISA technology presentations, reinforcing the trend towards blood-based biomarkers and deeply multiplexed panels for complex neurodegenerative diseases.

Strategic Partnerships and Cohort Studies

Alamar expanded its partnership with the Alzheimer's disease data initiative and Gates Ventures to profile an additional 86,000 plasma samples, bringing the total to over 140,000 samples by 2027. This collaboration, including a national initiative with 21,000 samples from Alzheimer's disease research centers, aims to create a unique resource for understanding neurodegenerative disease.

Inflammation Panel Expansion

The introduction of the NULISAseq Immune 340 panel targets chronic low-grade inflammation, which is implicated across various diseases including cancer, cardiovascular, and autoimmune conditions. This panel offers abnormal sensitivity and simultaneous measurement of approximately 340 immune-related proteins, opening a large and under-penetrated market opportunity by addressing biology previously out of reach.

Enabling Remote Sample Collection

Alamar expanded the platform's capability with the launch of NULISAseq Dried Blood Spot extraction kits, making home-collected fingerstick samples compatible with its ultra-high sensitivity multiplex platform. This innovation addresses a significant technical challenge in recovering protein signals from small-volume samples, which is crucial for future population-scale screening and health monitoring tests.

Clinical Diagnostics Strategy

Alamar is developing a clinical instrument, ARGO HT/DX, and pursuing FDA marketing authorization to enable clinical diagnostics. This phased strategy aims to drive adoption in late-phase clinical trials and facilitate partnerships for developing differentiated diagnostic tests, leveraging the platform's multiplexing and sensitivity for early detection and health monitoring at population scale.

Financial Strength and Capital Allocation

Following a successful IPO in April, the company ended Q2 with $256.3 million in cash and equivalents. Capital will be strategically deployed to expand commercial sales and support functions, increase manufacturing capacity (including the Fremont facility), and enhance R&D capabilities for new panels, instruments (ARGO HT/DX), and applications, while maintaining a disciplined path towards profitability.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.