Quanterix Q2 2026 earnings: Revenue rises 34% as outlook is cut

Quanterix (NASDAQ: QTRX) reported Q2 2026 revenue of $32.9 million, up 34% from $24.5 million a year earlier, while its GAAP diluted loss per share widened to $1.04 from $0.77. Product sales led the revenue increase, but a $26.9 million Akoya-related goodwill impairment contributed to a larger GAAP net loss; adjusted EBITDA loss and quarterly adjusted cash usage improved. Management also cut its full-year outlook after citing execution challenges and continued market softness.

Core financial results

Revenue increased by $8.4 million year over year, and gross profit rose by approximately 27%. However, GAAP gross margin declined because costs increased faster than revenue, while adjusted gross margin moved in the opposite direction.

Reported losses widened substantially due in part to the goodwill impairment. Excluding specified non-GAAP adjustments, the adjusted EBITDA loss narrowed by $3.7 million and adjusted EBITDA margin improved to negative 30.4% from negative 56.0%.

The prior-year GAAP gross margin was updated retrospectively after Quanterix changed its accounting policy for shipping and handling costs in Q1 2026. Those costs are now included in product cost of revenue rather than selling, general and administrative expenses.

Revenue mix and business progress

Product revenue was the primary contributor to the top-line increase, rising approximately 39% to $23.5 million from $16.8 million. Service and other revenue increased approximately 27% to $9.0 million, while collaboration and license revenue declined approximately 23% to $0.4 million.

In diagnostics, qualifying blood-based biomarker testing—including Quanterix’s Lucent AD Complete—became eligible for coverage under specified Anthem Blue Cross and Blue Shield medical policies beginning July 1, 2026. The company also reported clinical data supporting its multi-analyte Alzheimer’s testing approach and is working toward three clinical utility studies and an FDA roadmap.

Quanterix launched a new Simoa ultra-sensitive immunoassay for NPTX2 and introduced two spatial-analysis products. It was also selected as a co-investigator institution in the PD-BUILD Parkinson’s disease research program.

Akoya impairment widened GAAP losses while adjusted results improved

Quanterix recorded a $26.9 million goodwill impairment related to the Akoya acquisition. The company described the charge as a GAAP accounting adjustment based on recent business circumstances and said it did not affect operations or liquidity.

This charge explains much of the divergence between reported and adjusted results. Impairment and restructuring costs reached $26.9 million, compared with $7.7 million a year earlier, while R&D expense declined to $7.8 million from $9.1 million and SG&A expense fell to $27.4 million from $30.4 million. The company also completed its ERP integration, the final step in an Akoya integration program that it said generated $85 million in annualized savings.

Cash flow and balance sheet

Quanterix ended the quarter with $96.9 million of cash, cash equivalents, marketable securities and restricted cash. Adjusted cash usage was $4.0 million after excluding $1.7 million of integration and certain employee separation costs, representing a $10.8 million sequential reduction in usage from Q1 2026.

GAAP operating cash outflow for the first six months of 2026 was $23.2 million, compared with $19.5 million in the prior-year period. This six-month GAAP figure is not directly comparable with the quarter-only adjusted cash-usage measure because the periods and adjustment methodologies differ.

Inventory declined to $47.6 million from $54.8 million at the end of 2025, while accounts receivable fell to $22.3 million from $30.0 million. The company expects to finish 2026 with no debt.

2026 guidance

Quanterix materially reduced its outlook and now assumes no underlying improvement in its academic or pharmaceutical end markets. The revenue-guidance midpoint fell by approximately 15%, while the expected year-end cash balance was reduced by $20 million. The company also moved its expected cash-flow breakeven date to 2027.

The combination of lower revenue expectations, reduced margin guidance and delayed breakeven indicates that the company expects current commercial and end-market pressures to persist beyond the second quarter.

Management’s view

President and CEO Everett Cunningham attributed the revenue shortfall relative to the company’s own expectations to execution challenges and continued market softness. Quanterix is reorganizing its commercial teams and has appointed new leaders across commercial operations, diagnostics, finance and operations to increase accountability and improve execution.

Management remains focused on its research tools and diagnostics businesses, particularly blood-based Alzheimer’s testing and high-plex spatial tissue analysis. Near-term diagnostics priorities include completing the three clinical utility studies and advancing the company’s FDA roadmap.

Recent insider transactions

The supplied insider summary showed no purchase or sale transactions during the previous six months and listed total insider holdings of 2.98 million shares. Two directors received direct stock awards on July 1, 2026; these grants were not open-market purchases.

Risks investors should monitor

• Commercial execution and end-market demand: Management cited internal execution issues and persistent softness, while the revised outlook assumes no improvement in academic or pharmaceutical markets.
• Ongoing losses and cash consumption: Adjusted cash usage improved, but Quanterix remained unprofitable and moved expected cash-flow breakeven to 2027 while lowering its projected year-end cash balance.
• Margin pressure: GAAP gross margin declined during the quarter, and the company reduced its full-year non-GAAP gross-margin range.
• Akoya integration and acquired-asset performance: The $26.9 million goodwill impairment indicates pressure on the accounting value of the acquired business despite the reported annualized integration savings.
• Diagnostics execution: Future progress depends on completing clinical utility studies, advancing the FDA roadmap and translating insurance coverage and clinical data into adoption.

Summary

Quanterix’s second quarter combined 34% revenue growth and a narrower adjusted EBITDA loss with a larger GAAP loss, lower gross margin and a substantially reduced 2026 outlook. Product revenue led the top-line increase, while the Akoya impairment weighed on reported earnings and cost actions supported adjusted performance. The main issues to follow are commercial execution, end-market demand, margin stabilization, cash usage and progress toward diagnostics adoption and the revised 2027 cash-flow breakeven target.