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    ALMR
    Earnings call· Jun 2026(Q2 FY26)

    Alamar Biosciences Q2 FY26 earnings call ALMR

    Aug 10, 2026 Source

    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

    7
    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

    6
    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%———

    Operational metrics

    18
    Total Revenue
    $29.4 millionup 82% YoY
    Q2 2026

    Reflects rapid and broad-based adoption of the ARGO HT platform.

    Consumables Revenue
    $15.5 millionup 147% YoY
    Q2 2026

    Driven by strong demand for multiplex panel kits as the installed base scaled.

    Instrument Revenue
    $7.8 millionup 35% YoY
    Q2 2026

    Driven by continued growth in new instrument placements.

    Service and Other Revenue
    $6.2 millionup 49% YoY
    Q2 2026

    Increase driven primarily by larger custom assay development projects. TAP is not intended to be a long-term service business, goal is conversion to instrument purchase or CRO.

    Gross Profit
    $17.7 millionup from $8.6 million in Q2 2025
    Q2 2026
    Gross Margin
    60%up from 53% in Q2 2025
    Q2 2026

    All-time high gross margin.

    Total Operating Expenses
    $31.2 millionup from $16.5 million in Q2 2025
    Q2 2026

    Reflects deliberate investments in people, infrastructure, and R&D capabilities.

    Research and Development Expenses
    $13.8 millionup 55% YoY from $8.9 million
    Q2 2026

    Increase reflects higher lab supply costs for expanding consumable panel menu and increased personnel costs.

    Selling, General and Administrative Expenses
    $17.4 millionup 129% YoY from $7.6 million
    Q2 2026

    Primarily driven by increased personnel costs and higher professional services costs for legal and accounting.

    Loss from Operations
    $13.5 millioncompared to $7.9 million in Q2 2025
    Q2 2026

    Includes stock-based compensation.

    Stock-Based Compensation
    $3.3 millioncompared to $0.7 million in Q2 2025
    Q2 2026

    Included in loss from operations.

    Net Loss
    $13.2 millioncompared to $7 million in Q2 2025
    Q2 2026
    Cash, Cash Equivalents, Short-Term Investments and Restricted Cash
    $256.3 million
    as of June 30, 2026

    Strong financial position following IPO.

    Revolving Credit Facility
    $60 million
    current

    Refinanced existing debt facility with SVB First Citizens Bank at improved terms.

    IPO Net Proceeds
    $197.8 million
    April 2026

    Contributed to strong balance sheet.

    Cumulative Publications and Preprints
    165added more than 40 in Q2
    Q2 2026

    Spanning neurodegenerative disease, oncology, cardiovascular, metabolic, and autoimmune conditions.

    NULISA Technology Posters and Presentations at AAIC
    more than 140fourfold increase YoY
    AAIC

    Showcased strong presence at Alzheimer's Association International Conference.

    Large Cohort Study Samples (Alzheimer's disease data initiative and Gates Ventures)
    86,000added to 55,000 previously announced
    additional

    Expansion of strategic partnership for profiling plasma samples using NULISAseq Neuro 220 panel.

    Industry KPIs

    2
    MetricValueDetails
    Revenue EPS guidance$116 million to $120 millionUSD
    Instruments vs consumables services mixConsumables: 53%, Instruments: 26.5%, Service and other: 21.1%%

    Product announcements

    4
    ProductTypeDetails
    NULISAseq Neuro 220 panellaunch
    eMTBR-tau immunoassaylaunch
    NULISAseq Immune 340 panellaunch
    NULISAseq Dried Blood Spot extraction kitslaunch

    Deals & partnerships

    2
    Alzheimer's disease data initiative and Gates VenturesExpansion 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 BankRefinanced 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

    4
    Increased operating expenses due to investments and public company costsQ2 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 placementsNear 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 marginNear 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) servicesFuture

    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

    5

    Q3 Revenue Growth

    Q3 FY26
    Current$29.4 million in Q2 2026
    Targetlow 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.

    Q&A highlights

    7

    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 read7 chapters

    Detailed Narrative

    01

    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.

    02

    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.

    03

    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.

    04

    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.

    05

    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.

    06

    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.

    07

    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.

    AI-generated summary of the company’s earnings call. Not investment advice.