Inquired about the path for diagnostics, specifically revenue contribution, FDA approval for Lucent AD, and other key milestones, referencing prior $10M partner revenue.

Everett highlighted the differentiated 5-marker, multi-analyte Lucent AD test, productive FDA discussions for Lucent AD approval (expected end of year), and HDX machine IVD readiness in 2027. Jeff Albrecht emphasized scaling the team, simplifying processes for clients, and positive feedback from AAIC conference thought leaders. Jason added that they are on track for growth ahead of the $10M mentioned in Q1 for diagnostics. “We're in productive discussions with the FDA around Lucent eighty complete FDA approval. And also our H. D. X. machine we stated last quarter that. We were going to be able to to have that IBD ready in 2027.”

Asked if there's a specific revenue number associated with hitting free cash flow break-even in 2027.

Jason stated that they are not ready to provide 2027 revenue guidance but are fully committed to cash break-even in 2027. “At this time we're not ready to talk about twenty seven revenue. But we are fully committed to cash breakeven in twenty twenty seven.”

Questioned why the company continues to invest in diagnostics, which may not pay near-term dividends, when the research tools business is struggling and contributing to cash burn.

Everett explained it's an "and strategy," emphasizing the importance of both research tools (Samoa's reproducibility, Spatial's high-flex proteomics) and diagnostics (Alzheimer's disease, Lucent AD Complete's differentiation, early detection need). He stated they need to execute better in research tools and that diagnostics has significant long-term potential. “You know, our strategy is an and strategy. Our research tools business is a very important business to be in. We differentiate when it comes to being in this space.”

QTRX

Quanterix (QTRX) 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

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

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

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

Category	Target	Timeline	Confidence
Full-year 2026 Revenue	$142 million to $148 million high materiality	FY26 · 2026	High
Full-year 2026 Non-GAAP Gross Margin	48% to 50% medium materiality	FY26 · 2026	High
Cash Flow Break-even	2027 high materiality	FY27 · 2027	High
End of 2026 Cash Balance	approximately $80 million high materiality	FY26 · 2026	High
Q3 Revenue	flat to slightly above Q2 medium materiality	Q3 · 2026	Medium
Cash usage	double digits medium materiality	Q3 · 2026	High

Segment performance

Segment	Revenue	YoY	QoQ	Margin
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 million	34%	—	—
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 million	down high single digits	—	—
EMEA Driven by lower consumables pull-through.	$10.3 million	declined 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 million	declined 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 million	down year-over-year	—	—
Pharma CRO Grew sequentially for both spatial and Samoa products.	$14.2 million	down mid-teens percent	grew sequentially	—
Academic and Government In line with spatial performance.	$18.7 million	down 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	—	—	—

Product announcements

Product	Type	Timeline
Samoa Ultrasensitive Immunoassay for NPTX2	launch	—
Spatial Molecular Barcoding Kit	launch	—
Spatial Spectral DAPI 2.0	launch	—

Deals & partnerships

Tempest Collaboration 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 Shield Coverage 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

Broad-based market softness and executional challenges Q2 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 Markets Q2 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 business Q1 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 Akoya Q2 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

Commercial Execution Improvement

H2 FY26 and beyond

Current Q2 revenue shortfall of $3M (9%) vs. guidance; broad-based decline

Target Increased 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.

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

Q&A highlights

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 read 6 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

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