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Quanterix Corp (QTRX)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue was $30.33M, down 5% year over year but above S&P Global consensus by ~$2.06M (+7.3%); GAAP gross margin 54.1% and non-GAAP gross margin 49.7%. EPS was -$0.53 (GAAP), worse than consensus (-$0.432), reflecting higher OpEx and acquisition/integration costs . Values retrieved from S&P Global.*
  • Management lowered 2025 standalone revenue guidance to $120–$130M (from $140–$146M), citing academic funding cuts, pharma project pushouts, and tariffs; GAAP GM guided to 55–59% and non-GAAP GM to 50–54% .
  • Record consumables revenue ($18.1M) offset softness in Accelerator ($5.6M, -36% YoY); instruments revenue was $2.6M with 17 placements (vs. 16 LY). Geography mixed: North America +3%, Europe -30%, APAC +14% .
  • Cost actions: $30M annualized savings targeted, $15M in 2025; Board approved workforce reduction to realize ~$9M of savings in 2025. Cash and securities were $269.5M; adjusted cash burn improved to -$9.0M in Q1 .
  • Strategic catalysts: amended Akoya deal (equity value cut 67% to $66M; QTRX ownership 84% from 70%), launch of Simoa ONE platform (year-end), early-access program to enable Simoa assays on ~20,000 flow cytometers (starting 2026), PLA codes for LucentAD with pricing expected in Q3 2025 .

What Went Well and What Went Wrong

What Went Well

  • Record consumables revenue of $18.1M (+6% YoY) driven by new assays; management sees continued strength as menu expands across neurology and inflammation . “We’re thrilled with the record quarter on consumables… top neurology assays… traction in inflammation and cytokine-based assays” .
  • Gross margin maintained despite headwinds: GAAP 54.1%, non-GAAP 49.7%; adjusted cash burn improved >50% YoY to -$9.0M as one-time cash items were excluded .
  • Strategic progress: ARUP to offer pTau-217 blood test on Quanterix platform; PLA codes received for LucentAD and LucentAD Complete; amended Akoya terms increase QTRX shareholder ownership to 84% post-close .

What Went Wrong

  • Accelerator revenue fell to $5.6M (-36% YoY) due to fewer large pharma projects and loss of Lilly collaboration contribution (~$1.5M headwind YoY) .
  • Guidance reduced: 2025 revenue now $120–$130M (-5% to -13% YoY) with ~600 bps incremental pressure from NIH cuts and tariffs; pharma pressure increased to ~900 bps, mainly impacting Accelerator .
  • EPS missed Street: GAAP EPS -$0.53 vs. consensus -$0.432, reflecting elevated GAAP OpEx ($42.8M) including ~$7M acquisition/integration and shipping/handling costs . Values retrieved from S&P Global.*

Financial Results

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$35.7 $35.16 $30.33
GAAP Gross Margin (%)58.9% 63.0% 54.1%
Non-GAAP Gross Margin (%)53.4% 57.7% 49.7%
GAAP EPS ($)N/A-$0.30 -$0.53
Adjusted EBITDA ($USD Millions)N/AN/A-$11.33
Revenue vs. S&P Global ConsensusQ3 2024Q4 2024Q1 2025
Consensus Revenue ($USD Millions)$34.25*$34.93*$28.27*
Actual Revenue ($USD Millions)$35.7 $35.16 $30.33
Beat/(Miss) ($USD Millions)+$1.45+$0.23+$2.06
EPS vs. S&P Global ConsensusQ3 2024Q4 2024Q1 2025
Consensus EPS ($)-$0.234*-$0.254*-$0.432*
Actual GAAP EPS ($)N/A-$0.30 -$0.53
Beat/(Miss) ($)N/A-$0.046-$0.098

Values retrieved from S&P Global.*

Segment Breakdown (Q1 2025)

SegmentAmount ($USD Millions)
Consumables$18.1
Instruments$2.6
Accelerator Lab$5.6
Sales to Diagnostics Partners$1.6
Revenue Composition (Q1 2025)Amount ($USD Millions)
Product Revenue$20.739
Service and Other Revenue$8.763
Collaboration and License$0.771
Grant Revenue$0.060
Total Revenue$30.333

KPIs (Q1 2025)

KPIValue
Instruments Placed17 (vs. 16 Q1 2024)
Customer Mix~50% pharma / ~50% academia
GeographyNorth America +3%; Europe -30%; APAC +14%
Cash, Equivalents, Marketable Securities, Restricted Cash$269.5M
Adjusted Cash Burn-$9.0M
GAAP OpEx$42.8M (includes ~$7M acquisition/integration and shipping/handling)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$140–$146M $120–$130M Lowered
GAAP Gross MarginFY 202559–63% 55–59% Lowered
Non-GAAP Gross MarginFY 202553–57% 50–54% Lowered
Cash Usage / Adjusted Cash BurnFY 2025Cash usage $55–$65M incl. $20M EMISSION upfront Adjusted cash burn $35–$45M Methodology shifted; operating burn maintained
Cost ReductionsFY 2025 / Run-rateN/A$15M in 2025; $30M annualized; ~$9M from headcount New program
Expected Cash Balance Post Q2 Close (Combined)Mid-2025~$155M ~$160M Raised

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q3 2024)Previous Mentions (Q-1: Q4 2024)Current Period (Q1 2025)Trend
Simoa ONE platformAnnounced multi-marker panels; LucentAD Complete launch; restatement context Launch targeted end of 2025; increased sensitivity, multiplexing; immunology focus On track for year-end; early access to enable Simoa assays on ~20,000 flow cytometers starting 2026 Improving
Academic funding/macroTools sector muted; restatement noted (controls) Q1 expected down 10–15%; academics down ~250 bps in 2025 guide Additional ~500 bps pressure from NIH; tariffs ~100 bps; overall 600 bps incremental pressure Worsening
Accelerator LabQ3 growth; double-digit momentum Q4 +22% YoY; pipeline strong but slower H1 Q1 -36% YoY; large projects pushed to H2; recurring portion steady Worsening near-term
ConsumablesContinued double-digit growth trend Flat in Q4 YoY; Advantage PLUS transition Record $18.1M; strength in neurology and cytokines Improving
Akoya transactionAnnounced (Jan 2025) Synergies: $40M by 2026; strategic TAM expansion Amended: equity value cut 67% to $66M; QTRX ownership 84%; synergy, cross-sell reiterated Improving (deal de-risked)
Tariffs/supply chainN/ACited NIH IDC cuts; international low double-digit growth expectations Tariff impact limited: 50–100 bps margins; antibodies/materials countermeasures; reciprocal tariffs ~100 bps of growth Stable/Managed
Alzheimer’s diagnostics (LucentAD)Launch Complete test; breakthrough designation Building partner network; $2.7M Q4 partner revenue ARUP offering pTau-217; PLA codes received; pricing expected Q3 2025; reimbursement early 2026 Improving

Management Commentary

  • “We are committed to achieving positive cash flow in 2026 with a balance sheet well north of $100 million” .
  • “Simoa ONE… will break current sensitivity barriers, delivering up to 10x the sensitivity… with expanded multiplexing… code matched barcoding… launch expected at the end of the year” .
  • “We are democratizing access… Simoa ONE assay kits will become compatible with over 20,000 existing flow cytometers… eliminating the need for a high capital instrument purchase” .
  • “We are announcing a $30 million core operating cost reduction, scaling to $55 million annualized savings by 2026” .

Q&A Highlights

  • Accelerator softness and visibility: recurring piece steady, but large-ticket pharma projects pushed to later periods; Lilly headwind ~$1.5M planned; pipeline healthy but conservative near-term .
  • Consumables drivers: top neurology assays and emerging inflammation/cytokine assays; confidence in continued growth .
  • Simoa ONE and flow cytometer compatibility: lowers CapEx barriers; strengthens immunology/oncology reach; synergies with Akoya’s customer base .
  • Tariff exposure limited: antibodies/materials primary exposure; margin impact 50–100 bps after countermeasures; reciprocal China tariffs assumed in outlook .
  • LucentAD pricing/reimbursement: PLA pricing targeted Q3 2025; reimbursement early 2026; multi-marker algorithm expected “high triple digits” pricing and reduced intermediate zone vs single-marker tests .

Estimates Context

  • Revenue: Q1 2025 actual $30.33M vs. consensus $28.27M (beat ~$2.06M, +7.3%) . Values retrieved from S&P Global.*
  • EPS: Q1 2025 GAAP EPS -$0.53 vs. consensus -$0.432 (miss by ~$0.098) . Values retrieved from S&P Global.*
  • Number of estimates: 5 for revenue and EPS in Q1 2025. Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Consumables strength is the near-term ballast; expect continued resilience as menu expands into immunology and oncology while instruments face capital constraints .
  • Near-term revenue trajectory is pressured: watch H1 vs. H2 cadence (historically 45–48% of year in H1, slight pickup H2) and Accelerator project timing recovery in back half .
  • Cost discipline accelerates path to cash flow positive in 2026; monitor synergy capture milestones post-Akoya close and incremental savings progression ($55M in 2026) .
  • Strategic catalysts: Simoa ONE launch (year-end), early-access program in 2026 for flow cytometers expands TAM and consumables mix; these can re-rate growth/margin mix over 12–24 months .
  • Alzheimer’s diagnostics optionality: ARUP adoption, PLA codes, Q3 2025 pricing, and 2026 reimbursement could add incremental revenue; watch therapy adoption as a demand gate .
  • Macro risks: NIH funding cuts (additional ~500 bps), pharma spending conservatism (~900 bps pressure), and tariffs (~100 bps) embedded in guidance—upside if conditions improve earlier .
  • Trading lens: The guidance reset and cost-cut plan de-risk numbers; stock likely sensitive to Akoya vote/close, Simoa ONE launch specifics, and signs of Accelerator project conversion in H2 .
Note: S&P Global consensus figures marked with * are Values retrieved from S&P Global.