Alamar Raises 2026 Outlook as Q3 Revenue Climbs 68%

Alamar Biosciences reported a 68% increase in third-quarter revenue and raised its full-year 2026 outlook, as higher consumables and instrument sales supported growth while operating expenses and the company’s net loss increased.

Revenue rose to $33.5 million in the quarter ended September 2026 from $19.9 million a year earlier. Alamar now expects full-year revenue of $121 million to $123 million, compared with its previous guidance of $116 million to $120 million. The midpoint of the new range represents annual growth of about 64% from 2025 revenue of $74.2 million.

Consumables and instruments drive growth

Consumables revenue increased 79% year over year to $17.8 million from $10.0 million, while instrument revenue climbed 50% to $8.5 million from $5.7 million. The results reflect Alamar’s strategy of expanding its installed instrument base and increasing utilization among existing customers.

Biopharma customers accounted for 49% of third-quarter revenue, becoming the company’s largest customer group for the first time. Academic customers represented 44%, while distributors contributed 7%. By geography, the Americas generated 70% of revenue, followed by Europe, the Middle East and Africa at 20% and Asia-Pacific at 10%.

Gross margin expanded to 61.5% from 59.7% in the prior-year quarter. However, total operating expenses rose to $35.8 million from $19.8 million. Research and development spending increased to $16.2 million from $10.2 million, while selling, general and administrative expenses grew to $19.6 million from $9.6 million.

The quarterly net loss widened to $13.3 million from $8.0 million. Net loss per share was $0.19, compared with $0.69 a year earlier. Alamar ended September with $231.5 million in cash, cash equivalents, short-term investments and restricted cash, down from $256.3 million at the end of June.

Large-scale studies expand NULISA use

Alamar highlighted two large projects using its NULISA proteomics platform. The company was selected to profile 80,000 samples for a UK Biobank study focused on neurodegeneration. The project, expected to be completed by the end of 2027, is intended to measure brain-derived and other low-abundance proteins and create an open-access dataset on early molecular indicators of neurodegenerative disease.

Alamar also entered a large-scale collaboration with GSK involving more than 60,000 blood samples. The work will use the NULISAseq Immune 340 and Neuro 220 panels to examine links between circulating protein signatures and disease progression, biological subtypes and treatment response across respiratory, liver, kidney, neurological and autoimmune conditions.

The company said its scientific literature footprint has grown to more than 200 publications and preprints since commercial launch, including more than 35 additions during the third quarter. Alamar also cited the first published study using NULISA to evaluate treatment response in Alzheimer’s disease, which examined plasma biomarkers in patients receiving anti-amyloid antibody therapy.

Growth priorities and risks

Alamar’s near-term strategy centers on adding instruments, increasing consumables utilization, expanding its neurology and inflammation content, entering additional disease areas and working with customers on new applications. Longer-term priorities include launching multiplex panels, pursuing FDA marketing authorization for ARGO HT/DX, developing diagnostic-enablement partnerships and participating in more large population-scale studies. The presentation also set objectives of adding at least 100 instruments to bring total placements above 200 and maintaining annual pull-through of more than $400,000 per instrument.

Alamar’s products are currently limited to research use and have not been approved by the FDA for clinical use. The company identified competition in proteomics, dependence on researchers supported by government funding, reduced spending by academic and research institutions, manufacturing complexity, potential regulatory requirements, the need to develop new assays and instruments, and uncertainty around future marketing authorizations as key risks to its plans.