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Quanterix Corp (QTRX)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 revenue was $24.5M, down 29% YoY, with GAAP gross margin at 46.2% and adjusted gross margin at 41.8%; diluted EPS was -$0.77 .
  • The quarter materially missed S&P Global consensus: revenue $24.5M vs $29.7M estimate and EPS -$0.77 vs -$0.41 estimate; management cited U.S. academic and biopharma spending weakness as the key driver of the shortfall . Revenue Consensus Mean $29.73M*; Primary EPS Consensus Mean -$0.41*.
  • Integration of Akoya closed in July; management reports ~75% of the $85M synergy/cost-reduction target already implemented, and pro forma consumables of ~$100M with Alzheimer’s diagnostics revenue more than tripling YoY .
  • FY25 guidance updated to revenue of $130–$135M (including ~two quarters of Akoya), GAAP gross margin 49–53%, adjusted gross margin 45–49%, and adjusted cash usage $34–$38M; management reiterated the goal of cash-flow breakeven in 2026 .
  • Stock-reaction catalysts: a clear miss vs quarterly estimates, lower FY margin outlook vs Q1 guidance, but accelerated synergy capture and diagnostic momentum provide medium-term offsets .

What Went Well and What Went Wrong

What Went Well

  • “We have created a high-margin, high-throughput business… generating approximately $100 million of consumables revenue, on a pro forma basis” — CEO Masoud Toloue, highlighting recurring consumables strength and resilience .
  • Akoya acquisition closed; 75% of the $85M synergy/cost-reduction target already captured, with a roadmap to breakeven in 2026 .
  • Alzheimer’s diagnostics revenues more than tripled YoY; new p-Tau 205 and p-Tau 212 assays launched at AAIC 2025, expanding neuro portfolio .

What Went Wrong

  • Academic and pharma end-market softness: total revenue down 29% YoY; Accelerator lab revenue fell 60% on smaller project sizes despite more customers .
  • Margin compression from lower output and fixed-cost deleverage; GAAP gross margin fell to 46.2% (from 64.7% YoY), adjusted GM to 41.8% (from 58.6% YoY) .
  • Operating expenses elevated by acquisition/integration, impairment and restructuring; GAAP OpEx was $48.4M (incl. ~$9.6M deal/restructuring/purchase accounting and a $6.4M goodwill impairment) .

Financial Results

MetricQ2 2024Q1 2025Q2 2025
Revenue ($USD Millions)$34.381 $30.333 $24.476
Diluted EPS ($)-$0.19 -$0.53 -$0.77
GAAP Gross Margin %64.7% 54.1% 46.2%
Adjusted Gross Margin %58.6% 49.7% 41.8%
Adjusted EBITDA ($USD Millions)-$4.122 -$11.333 -$13.714
Revenue Consensus Mean ($USD Millions)$33.63*$28.27*$29.73*
Primary EPS Consensus Mean ($)-$0.26*-$0.43*-$0.41*

Notes: Values with asterisks (*) retrieved from S&P Global.

Segment and mix detail (quarterly):

  • Reported categories
    | Segment/Category | Q2 2024 | Q2 2025 | |---|---|---| | Product Revenue ($USD Millions) | $19.887 | $16.832 | | Service & Other Revenue ($USD Millions) | $13.511 | $7.090 | | Collaboration & License Revenue ($USD Millions) | $0.729 | $0.532 | | Grant Revenue ($USD Millions) | $0.254 | $0.022 |

  • Operating KPIs (management detail)
    | KPI | Q2 2024 | Q2 2025 | |---|---|---| | Consumables Revenue ($USD Millions) | N/A | $14.9 | | Instrument Revenue ($USD Millions) | N/A | $2.0 | | Instruments Placed (units) | 22 | 10 | | Accelerator Lab Revenue ($USD Millions) | N/A | $4.0 | | Sales to Diagnostics Partners ($USD Millions) | $0.7 | $2.6 | | Cash, Cash Equivalents, Mkt. Securities & Restricted Cash ($USD Millions) | N/A | $263.8 |

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Millions)FY 2025$120–$130 (standalone, excluding Akoya) $130–$135 (incl. ~two quarters of Akoya); Pro forma $165–$170 Raised headline (incl. Akoya); pro forma baseline added
GAAP Gross Margin %FY 202555–59% 49–53% Lowered
Adjusted Gross Margin %FY 202550–54% 45–49% Lowered
Adjusted Cash Usage ($USD Millions)FY 2025$35–$45 (burn) $34–$38 Slightly improved
Exit Cash ($USD Millions)FY 2025>$100 by breakeven 2026 plan ~$120 at year-end 2025 Clarified higher exit cash
Synergy/Cost Reductions ($USD Millions, annualized)Run-rate by 2026$55 target (implied prior) $85 target; 75% implemented Raised target; accelerated capture

Earnings Call Themes & Trends

TopicQ4 2024 (Q-2)Q1 2025 (Q-1)Q2 2025 (Current)Trend
Simoa ONE roadmapPlan to launch by end-2025, 10x sensitivity Early-access kits compatible with 20,000+ flow cytometers Reiterated Simoa One timing; broadened installed-base reach Execution progressing
End-market demand (Academia/Pharma)Double-digit growth achieved in Q4 Guidance cautions on funding cuts/tariffs Academic/pharma weakness drove revenue miss; consumables resilient Near-term headwind
Accelerator labStrong FY24; pipeline healthy N/ARevenue down 60%; more customers, smaller deal sizes Mixed: volume up, size down
Diagnostics (Alzheimer’s)FDA Breakthrough for LucentAD Complete PLA codes secured; pricing expected Q3 2025 Revenues >3x YoY; Medicare pricing recommendation targeted in 2025 Strengthening
Akoya integration/synergiesDeal announced, closing expected Q2 Terms amended (more favorable to QTRX holders) Closed July; 75% of $85M synergies captured Ahead of plan
R&D/Innovation intensitySustained investment, new assays High R&D allocation (30% of revenue) Continued investment in instruments and diagnostics Consistent high spend

Management Commentary

  • “Through our combination with Akoya Biosciences, we have created a high-margin, high-throughput business… generating approximately $100 million of consumables revenue, on a pro forma basis” — CEO Masoud Toloue .
  • “As of today, we have already captured 75% of our $85 million synergy and cost reduction target. We remain focused on… achieving cash flow breakeven in 2026” — CEO Masoud Toloue .
  • “Academic sales declined 18% and pharma sales declined 38% in the quarter… Accelerator lab revenue was $4.0 million down 60%” — CFO Vandana Sriram .
  • “We started the year with $292,000,000 of cash… closing cash balance of approximately $120,000,000 with no debt” — CFO Vandana Sriram (post-deal/integration updates) .

Q&A Highlights

  • Accelerator dynamics: vitality remains with net new customers, but deal sizes smaller; expectation for lift as budgets improve .
  • Academic funding: consumables franchise shows resiliency; 2025 outlook based on visible demand with some “green shoots” noted .
  • Synergy/cost actions: raised total savings to ~$85M; significant overlap in operations/lab processes enabled larger-than-expected savings; growth areas ring-fenced across instruments and diagnostics .

Estimates Context

  • Q2 2025 print vs consensus: revenue $24.48M vs $29.73M estimate (miss); EPS -$0.77 vs -$0.41 estimate (miss). Primary EPS - # of Estimates: 4; Revenue - # of Estimates: 4. Revenue Consensus Mean $29.73M*; Primary EPS Consensus Mean -$0.41*; Primary EPS - # of Estimates 4*; Revenue - # of Estimates 4*.
  • Sequential/YoY context: Q1 2025 beat on revenue ($30.33M vs $28.27M est.), but EPS missed (-$0.53 vs -$0.43 est.); Q2 2024 had revenue in line/outperform ($34.38M vs $33.63M est.) . Revenue Consensus Mean $28.27M* (Q1 2025), $33.63M* (Q2 2024); Primary EPS Consensus Mean -$0.43* (Q1 2025), -$0.26* (Q2 2024).
  • Forward look: consensus sees continued losses but improving trajectory into 2026 (EPS estimates trend toward narrower losses; revenue stabilizing in high-$30Ms), aligned with management breakeven plan in 2026* .

Notes: Values with asterisks (*) retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term demand remains challenged (academia/pharma), driving a significant miss vs quarterly estimates; watch for consumables stability and Accelerator deal-size normalization as leading indicators .
  • Integration is tracking ahead of plan; $85M synergy/cost-reduction target with 75% already implemented is a key margin/cash lever into FY26 .
  • Alzheimer’s diagnostics is scaling rapidly (>3x YoY revenue) and could become a structural growth driver pending Medicare pricing and continued assay expansion (p‑Tau 205/212) .
  • FY25 margin guidance reduced (GAAP 49–53%, adjusted 45–49%); monitor execution on operations consolidation and manufacturing/lab synergies to rebuild gross margin .
  • Balance sheet remains robust post-Akoya; exit cash ~$120M in FY25 and no debt underpin the 2026 breakeven plan .
  • Simoa ONE and flow-cytometer compatibility broaden TAM and installed-base reach, supporting medium-term consumables growth and lower capital barriers .
  • Trading implications: quarter’s miss and margin reset are likely near-term overhangs; positioning into catalysts (synergy realization milestones, diagnostics pricing, instrument roadmap) may offer event-driven upside if execution continues to outpace end-market headwinds .