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Quanterix Corp (QTRX)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $40.233M, up 12.3% y/y and ahead of Wall Street consensus ($37.845M), while GAAP EPS of -$0.73 missed consensus (-$0.53); gross margin compressed as integration costs and allocation changes weighed on profitability . Revenue Consensus Mean=$37.845M*, Primary EPS Consensus Mean=-$0.53* (Values retrieved from S&P Global).
  • Management reaffirmed 2025 guidance: revenue $130–$135M, GAAP and non-GAAP gross margin 45–47%, adjusted cash usage $34–$38M, and ~$120M year-end cash; cash flow breakeven targeted in 2026 .
  • Integration of Akoya is tracking ahead of plan: $67M of the $85M annualized cost reductions implemented; instrument and Accelerator revenues improved sequentially, and early cross‑selling is emerging across neurology and oncology customers .
  • Alzheimer’s diagnostics momentum continued: preliminary Medicare pricing recommendation to crosswalk LucentAD at $897 with final pricing expected in Q4; diagnostics revenue was $2.4M in the quarter and new Asia partnerships were added (Singapore, Taiwan, Australia) .

What Went Well and What Went Wrong

What Went Well

  • Revenue beat vs consensus with Q3 revenue of $40.233M driven by sequential improvements in instruments and Accelerator Lab; early commercial momentum from combining Simoa and Spatial portfolios .
  • Integration synergies ahead of plan: $67M of $85M annualized cost reductions implemented; consolidated manufacturing/labs and unified commercial team .
  • Alzheimer’s diagnostics milestones: preliminary Medicare pricing recommendation for LucentAD at $897 and $2.4M diagnostics revenue; quote: “We received a positive pricing recommendation… final approval decision expected later this quarter.” .

What Went Wrong

  • Profitability pressure: GAAP gross margin fell to 42.8% (50.7% adjusted prior-year vs 45.9% adjusted this quarter); adjusted EBITDA loss widened to -$11.885M, driven by acquisition/integration and restructuring charges .
  • Core Simoa consumables weakened amid U.S. academic and pharma budget constraints; management cited smaller project/order sizes despite similar order counts y/y .
  • EPS missed consensus as GAAP net loss per share was -$0.73 amid higher operating expenses and non-cash accounting realignment from Akoya policies into cost of sales .

Financial Results

MetricQ3 2024Q2 2025Q3 2025
Revenue ($USD Millions)$35.813 $24.476 $40.233
Gross Margin (GAAP, %)56.3% 46.2% 42.8%
Gross Margin (Adjusted, %)50.7% 41.8% 45.9%
Net Loss per Share (GAAP EPS, $)-$0.22 -$0.77 -$0.73
Adjusted EBITDA ($USD Millions)-$5.470 -$13.714 -$11.885
Q3 2025 Actual vs ConsensusConsensusActual
Revenue ($USD Millions)$37.845*$40.233
Primary EPS ($)-$0.53*-$0.73
Estimates Count (#)Rev: 3*, EPS: 3*—

Values with an asterisk are retrieved from S&P Global.

Segment and Mix (Q3 2025)

CategoryTotal ($M)Simoa ($M)Spatial ($M)
Instruments$7.2 $2.5 $4.7
Consumables$18.8 $12.3 $6.5
Accelerator Lab$8.0 $5.0 $3.0
Other$6.1 ——

KPIs and Balance Sheet

KPIQ3 2025
Instruments Placed (Units)16 Simoa, 27 Spatial
Diagnostics Revenue ($M)$2.4
Cash, Cash Equivalents, Marketable Securities, Restricted Cash ($M)$138.1
Adjusted Cash Usage, Quarterly ($M)-$16.063

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($M)FY 2025$130–$135 $130–$135 Maintained
Pro Forma Revenue ($M)FY 2025$165–$170 $165–$170 Maintained
GAAP Gross Margin (%)FY 202549–53 45–47 Lowered
Adjusted Gross Margin (%)FY 202545–49 45–47 Tightened
Adjusted Cash Usage ($M)FY 2025$34–$38 $34–$38 Maintained
Year-End Cash ($M)FY 2025~$120 ~$120 Maintained
Cash Flow Breakeven20262026 target 2026 target Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2 and Q-1)Current Period (Q3 2025)Trend
Integration synergies$64–$67M implemented; roadmap to $85M; unify commercial/G&A; combine manufacturing/labs $67M of $85M implemented; consolidation of sites; single org under unified leadership Ahead of plan
End-market demand (academia/pharma)Academic/pharma softness; smaller Accelerator projects; consumables resilient on pro forma Instrument and Accelerator up sequentially; U.S. academic down ~30%; pharma down ~23% y/y Stabilizing with mixed softness
Cross-selling Simoa + SpatialStrategy outlined post-Akoya deal Early traction in neurology and IO; customers buying across portfolios Emerging positive
Alzheimer’s diagnosticsPLA codes; partners; China pTau-217 device registration Preliminary Medicare pricing at $897; diagnostics revenue $2.4M; Asia partners added Accelerating
Simoa One (next-gen)Early-access program announced; expand installed base Early access before year-end; launch revenue contribution update next quarter Pre-launch prep
Gross margin outlookPrior guide GAAP 49–53% (adj 45–49%) Tightened to 45–47% GAAP & non-GAAP; Akoya accounting realignment reduces GM ~900 bps offset by synergies Lower but clearer range
Cash and runway~$163M cash at Akoya close; adjusted usage improving $138M cash; Q4 adjusted cash usage ~-$8M expected; end 2025 ~$120M Adequate liquidity

Management Commentary

  • CEO: “We’ve already implemented $67 million of the $85 million in targeted cost synergies… gives us the flexibility to keep investing in growth while improving profitability.”
  • CEO: “We received a positive pricing recommendation to crosswalk our LucentAD test at $897 with a final approval decision expected later this quarter.”
  • CFO: “The alignment of Akoya’s accounting policies to Quanterix resulted in the reallocation of certain Akoya expenses into cost of sales, causing a reduction of approximately 900 basis points to the combined company's gross margins, which was then offset by the favorable impact of synergies.”
  • CEO: “Customers are increasingly interested in combining tissue and blood insights and we’re starting to see real cross selling opportunities between both portfolios.”

Q&A Highlights

  • Simoa consumables softness: Order volumes flat y/y but smaller dollars per order/project due to academic grant constraints; management expects scaling in 2026 .
  • Integration execution: Single manufacturing team implemented; lab services combining under one footprint; systems integration to a single ERP into early 2026 to capture remaining synergies .
  • Akoya (Spatial) outlook: Q4 modeled slightly down due to funding uncertainty; no pull-forwards in Q3; strong commercial execution .
  • Diagnostics trajectory: Preliminary Medicare pricing; direct testing volumes not yet disclosed; enablement partners buying consumables steadily; >$6M YTD diagnostics enablement revenue vs ~$6M FY 2024 .
  • Simoa One: Early access before year-end; revenue contribution to be updated next quarter .

Estimates Context

  • Q3 2025 revenue beat: Actual $40.233M vs consensus $37.845M* (+$2.388M). EPS miss: Actual -$0.73 vs consensus -$0.53* (-$0.20). Estimates based on 3 analysts for revenue and EPS*. Values retrieved from S&P Global. Actuals per 8-K .

Where estimates may need to adjust:

  • Margins: Guidance tightened to 45–47% GAAP/non-GAAP as accounting realignment reduces reported GM; consensus margin assumptions likely need to reflect this structural change .
  • Revenue mix: Sequential traction in instruments and Accelerator plus diagnostics enablement momentum may support slightly stronger mix assumptions in 2026 models, but Q4 caution persists given funding uncertainty .

Key Takeaways for Investors

  • Revenue momentum with integration: Q3 revenue outperformed consensus and sequential instrument/Accelerator gains suggest stabilization despite academic/pharma headwinds .
  • Profitability reset: GAAP and adjusted GM ranges lowered to 45–47% as accounting realignment from Akoya lowers reported GM by ~900 bps; synergy realization partially offsets, but near‑term margin pressure remains .
  • Cash runway sufficient: $138M cash at quarter end and ~$120M targeted YE cash; adjusted cash usage expected to improve in Q4 via working capital and synergies .
  • Diagnostics as a 2026 driver: Preliminary $897 Medicare pricing recommendation for LucentAD and Asia partnerships provide a pathway to growth; current quarter diagnostics revenue $2.4M .
  • Cross‑selling is real: Early neurology and IO customer interest in combining tissue and blood biomarkers supports the strategic rationale of Akoya integration .
  • Execution discipline: $67M of $85M annualized cost actions already implemented; consolidation and ERP integration should drive remaining savings into early 2026 .
  • Watch Q4 funding dynamics: Management de‑risked Q4 given U.S. government shutdown and academic funding uncertainty; any “year‑end flush” could provide upside .