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    QTRX
    Earnings call· Jun 2026(Q2 FY26)

    Quanterix Q2 FY26 earnings call QTRX

    Aug 10, 2026 Source

    Executive summary

    Quanterix Q2 FY26 — Revised Guidance and Commercial Reorganization

    Quanterix reported Q2 FY26 results below expectations, driven by broad market softness and commercial execution issues, leading to a significant reduction in full-year revenue and margin guidance. The company is implementing a major commercial reorganization, including new leadership and a solution-based sales model, while prudently investing in its differentiated Alzheimer's diagnostics business. Despite the challenges, cash preservation was better than planned, and the company remains confident in its long-term strategy for both research tools and diagnostics.

    Highlights

    5

    • Cash preservation efforts better than planned, ending Q2 FY26 with $96.9 million cash, exceeding prior expectations.

    • Sequential increase in bookings in Q2 FY26, leading to a book-to-bill ratio of 1:1, driven by spatial instruments and consumables and accelerator business.

    • Lucent AD complete tests increased significantly in Q2 FY26, albeit off a small base, with Anthem Blue Cross Blue Shield coverage secured.

    • Completed ACOIA integration in Q2 FY26, finalizing ERP and cost synergies, achieving $85 million in annualized savings.

    • Launched new products: Samoa Ultrasensitive Immunoassay for NPTX2, spatial molecular barcoding kit, and spatial spectral DAPI 2.0.

    Concerns

    5

    • Q2 FY26 revenue of $32.9 million was $3 million (9%) lower than prior guidance due to broad-based market softness and executional challenges.

    • Full-year 2026 revenue guidance lowered to $142 million-$148 million from $169 million-$174 million previously.

    • Non-GAAP gross margin guidance for FY26 lowered to 48%-50% from 49%-53% previously.

    • Cash flow break-even pushed out to 2027 from year-end 2026.

    • Q2 FY26 included a $26.9 million non-cash goodwill write-off related to Akoya.

    Guidance & targets

    6
    CategoryTargetConfidence
    Full-year 2026 Revenue
    $142 million to $148 million
    high materiality
    High
    Full-year 2026 Non-GAAP Gross Margin
    48% to 50%
    medium materiality
    High
    Cash Flow Break-even
    2027
    high materiality
    High
    End of 2026 Cash Balance
    approximately $80 million
    high materiality
    High
    Q3 Revenue
    flat to slightly above Q2
    medium materiality
    Medium
    Cash usage
    double digits
    medium materiality
    High

    Segment performance

    10
    SegmentRevenueYoYQoQMargin
    Total
    Lower than expected, with a significant pro forma decline when including pre-acquisition revenue from ACOIA in Q2 FY25.
    Pro forma total revenue decline YoY: 23%
    		$32.9 million34%——
    APAC
    Impacted by a 5% headwind from revenue pulled into Q2 FY25 ahead of tariffs.
    Headwind from Q2 FY25 revenue pull-in: 5%
    		$4.5 milliondown high single digits——
    EMEA
    Driven by lower consumables pull-through.
    		$10.3 milliondeclined by mid-single digits——
    US
    Mostly reflecting commercial execution and continued softness in academic and government spending.
    		—down significantly——
    Samoa
    Accelerator lab services, mostly under Samoa, declined more than company average on lower project sizes.
    Samoa consumables decline: smallerNon-accelerator services growth: year-over-year
    		$20.6 milliondeclined in the low teens percentage——
    Accelerator Lab Services
    Due to lower project sizes, mirroring Q1 FY26 trends. Significant increase in bookings in Q2 FY26.
    Bookings in Q2 FY26: significant increase
    		—declined more than the company average——
    Spatial
    Across instruments and consumables, reflecting continued weak funding from U.S. ACAGOV markets.
    		$12.3 milliondown year-over-year——
    Pharma CRO
    Grew sequentially for both spatial and Samoa products.
    		$14.2 milliondown mid-teens percentgrew sequentially—
    Academic and Government
    In line with spatial performance.
    		$18.7 milliondown significantly——
    Diagnostics Partners
    Q2 instrument sales were lower, but consumable volume grew for single biomarker tests from enablement partners.
    Consumable volume growth for single biomarker test: grew
    		$1.6 million———

    Operational metrics

    16
    Cash Balance
    $96.9 million
    Q2 FY26 end

    Higher than expected cash position due to cash preservation efforts.

    Cash Usage
    $5.7 million
    Q2 FY26

    Managed well despite revenue performance.

    Adjusted Cash Usage
    $4 milliondeclined by $8.4 million (pro forma YoY)
    Q2 FY26

    Pro forma decline includes pre-acquisition cash usage for ACOIA in Q2 FY25.

    GAAP Gross Profit
    $12.7 million
    Q2 FY26
    GAAP Gross Margin
    38.5%
    Q2 FY26
    Non-GAAP Gross Profit
    $15.8 million54% increase from Q2 FY25
    Q2 FY26
    Non-GAAP Gross Margin
    47.9%600 basis points improvement YoY
    Q2 FY26

    Year-over-year improvement driven by Akoya synergies and cost cutting.

    Operating Expenses
    $62.1 million
    Q2 FY26

    Includes $30.4 million of costs related to acquisition, integration, separation, and purchase accounting.

    Akoya Goodwill Write-off
    $26.9 million
    Q2 FY26

    Required for U.S. GAAP, driven by macro factors and company performance. No impact on operations or liquidity.

    Non-GAAP Operating Expenses
    $31.8 millionup $0.7 million from $31.1 million in Q2 FY25
    Q2 FY26

    Reflects significant synergy cost actions over the last 12 months.

    Adjusted EBITDA
    loss of $10 millionroughly flat sequentially
    Q2 FY26

    Despite lower revenues versus the prior quarter.

    Annualized ACOIA Savings
    $85 million
    Q2 FY26

    Achieved with ERP and cost synergies finalized.

    Book-to-bill ratio
    1:1sequential increase in bookings
    Q2 FY26

    Cautiously optimistic sign in Q2.

    Lucent AD Complete Test Increase
    significantly increased
    Q2 FY26

    Part of the effort to transform the diagnostic business.

    CMS Price for Lucent AD Complete
    $897
    current

    Secured premium pricing for the test.

    Pharma Revenue
    increased sequentially
    Q2 FY26

    Despite the market reportedly struggling recently.

    Industry KPIs

    7
    MetricValueDetails
    Revenue EPS guidanceFY26 revenue: $142M-$148M; FY26 non-GAAP gross margin: 48%-50%USD, %
    Pricing price realization$897USD
    Diagnostics testing demandsignificant increase
    M a contribution synergies$85 millionUSD
    Clinical research cro bookingssignificant increase
    Bioprocessing orders book to bill1:1
    Instruments vs consumables services mix—

    Product announcements

    3
    ProductTypeDetails
    Samoa Ultrasensitive Immunoassay for NPTX2launch
    Spatial Molecular Barcoding Kitlaunch
    Spatial Spectral DAPI 2.0launch

    Deals & partnerships

    2
    TempestCollaboration on potential opportunities and clinical utility studies.

    Partnership announced last quarter is getting underway quickly, working on several potential opportunities and clinical utility studies expected to read out shortly.

    Anthem Blue Cross Blue ShieldCoverage for qualifying blood-based biomarker testing, including Lucent AD complete test.

    Members covered under Anthem medical policies can receive coverage for qualifying blood-based biomarker testing, including Quanterix's LuthenAD complete test when medical necessity criteria are met, effective July 1, 2026.

    Risks & headwinds

    4
    Broad-based market softness and executional challengesQ2 FY26, continuing into H2 FY26

    Q2 revenue shortfall of $3 million (9%) lower than guidance.

    Mitigation: Commercial reorganization, new leadership (Jim Guth, Jeff Albrecht), solution-based selling models, dedicated sales team for Pharma Lab services, thorough assessment of commercial pipeline.

    Weak funding in Academic and Government MarketsQ2 FY26, expected to continue in Q3/Q4

    Spatial revenue down year-over-year; Academic and government revenue of $18.7 million down significantly.

    Mitigation: Reorganization of sales team to dedicated solution-based execution, prioritizing legacy Akoya team to sell spatial only.

    Lower project sizes in Accelerator businessQ1 FY26 and Q2 FY26

    Accelerator lab services declined more than the company average.

    Mitigation: Creating a dedicated sales team focused on driving Pharma Lab services.

    Goodwill impairment related to AkoyaQ2 FY26

    $26.9 million one-time non-cash write-off

    Mitigation: Stated that it has no impact on operations or liquidity and the Akoya opportunity remains achievable once market conditions improve and execution strengthens.

    What to watch in Q3 FY26

    5

    Commercial Execution Improvement

    H2 FY26 and beyond
    CurrentQ2 revenue shortfall of $3M (9%) vs. guidance; broad-based decline
    TargetIncreased revenues in H2 FY26, more materially in 2027

    Why it matters

    The success of the commercial reorganization and new leadership is critical for revenue re-acceleration and regaining investor credibility.

    We expect the actions that I discussed today will start to drive commercial effectiveness in the second half of 2026, but more impactfully in 2027 and beyond.

    Q&A highlights

    8

    Asked for sequential breakdown of instruments, consumables, and services for H2, and specific actions for ACOIA improvement.

    Management expects Samoa to pick up more than Spatial in H2, with Spatial lagging due to ACAGOV recovery. Consumables expected to pick up with new assay releases, and sequential improvement in instruments. For ACOIA, new launches (PCF molecular barcoding kit, ADC lung cancer panel) and the re-prioritization of the legacy Akoya sales team to focus solely on spatial sales are key.

    “I think we're not expecting anything on the ACCA gov recovery. So I think spatial will lag compared to Samoa. And I think based on our new assay releases, I think we're expecting some pickup on the consumable side, but there definitely is a... a sequential improvement expected on the instruments as well.”

    asked by Daniel Brennan · answered by Jason Faessler

    2 min read6 chapters

    Detailed Narrative

    01

    Commercial Reorganization and New Leadership

    Quanterix is undertaking significant changes in its commercial organization, including the appointment of Jim Guth as Chief Commercial Officer and Jeff Albrecht as SVP and GM of Diagnostics. The sales force structure is pivoting from a geographically-based model to a dedicated solution-based execution, aiming to improve customer engagement and sales productivity across Samoa, Spatial, and Accelerator businesses. This strategic shift is designed to drive greater accountability and focus, leveraging the new leaders' extensive experience in healthcare and diagnostics.

    02

    Strategic Roadmap and IVD Focus

    The company is reinforcing its in vitro diagnostics (IVD) strategy, particularly strengthening its position in ultra-sensitive protein detection. This includes prioritizing the Samoa HDX platform for both research tools and diagnostics, with plans for a 510K application for the HDX platform as an IVD in 2027. Investments are being made to incorporate learnings and enhancements from the next-generation platform into the HDX platform, guiding overall development of the Samoa platform.

    03

    Alzheimer's Disease Diagnostics Business

    Quanterix is accelerating investment in its Alzheimer's disease diagnostics business, focusing on improving workflow, building lab infrastructure, and increasing mindshare for its Lucent AD Complete test. The company submitted a 510K application for its single-site, multi-analyte, algorithmic, blood-based biomarker test to the FDA and remains in productive dialogue. The test is highlighted for its ability to provide quantitative biomarker readings for all patients and a reduced indeterminate zone compared to competitors.

    04

    Market Access and Payer Coverage

    The Lucent AD Complete test secured coverage from Anthem Blue Cross Blue Shield starting July 1, 2026, for qualifying blood-based biomarker testing when medical necessity criteria are met. This follows the establishment of a CMS price of $897 for the test. Management views this as a significant step in market access, happening in advance of their broad-based reimbursement strategy, and expects it to amplify credibility and drive adoption.

    05

    Product Innovation and Pipeline

    The company expanded its assay portfolio with the launch of the Samoa Ultrasensitive Immunoassay for NPTX2, an important emerging biomarker for synaptic function. In spatial, two new products were launched: the spatial molecular barcoding kit for the phenocycler fusion (initially via early access) and the spatial spectral DAPI 2.0 for the phenol imager HT. These new offerings aim to support both discovery and clinical applications and maintain the pace of innovation.

    06

    ACOIA Integration and Cost Synergies

    The ACOIA integration was finalized in Q2 FY26, completing ERP integration and achieving the planned $85 million in annualized cost savings. This successful integration and cost reduction effort has allowed Quanterix to reallocate capital to drive sustained growth, prioritizing investments in the dedicated commercial diagnostics team, infrastructure, and tools commercial organization.

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