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what it is
Quanterix sells machines and tests that find tiny disease signals in blood and tissue that older lab tools miss.
how it gets paid
Last year Quanterix made $139M in revenue.
why it's growing
Revenue grew 1.1% last year. Product revenue (~$95M of ~$139M) grew faster than the company overall, while services shrank—so the mix moved even though the total barely budged.
what just happened
Full-year revenue was $139M, but EPS stayed negative at -$2.04—revenue scale still has not converted to profit.
At a glance
C++ balance sheet — some cracks in the foundation
45/100 earnings predictability — expect surprises
-$1.00 fy2024 eps est
~$145M fy2026 rev est
-90.4% operating margin (GAAP loss)
xvary composite: 34/100 — weak
What they do
Quanterix sells machines and tests that find tiny disease signals in blood and tissue that older lab tools miss.
Quanterix wins on sensitivity. Its Simoa technology detects proteins at femtomolar levels, which means you can find biological signals that standard tests miss entirely. The Akoya deal also added 1,396 installed instruments, so the company now sells into both blood and tissue workflows instead of just one.
How they make money
$139M
annual revenue · their business grew +1.1% last year
total revenue
$139M
+1.1%
The products that matter
instrument and consumable sales
simoa hd-x analyzer
core platform · product revenue grew 17%
this is the commercial center of gravity. product revenue was roughly $95M of the $138.9M total, and it was the part of the business that actually accelerated.
~68% of revenue
assay services and support
service & other
~$44M · down 24%
this segment was roughly one-third of revenue, but it shrank hard enough to hold full-company growth to 1.1%. that makes it a drag, not a cushion.
~32% of revenue
future regulated diagnostic opportunity
alzheimer's diagnostic program
2027 growth tied to approval timing
the upside case extends beyond research tools. management has tied meaningful 2027 growth to FDA approval here, which means the optionality is real and the delay risk is real too.
option value
Key numbers
-90.4%
operating margin
Operating margin → money left after running the business → so what: this is a deep GAAP loss margin, not a profit—do not read the magnitude as “high profitability.”
$139M
annual revenue
Revenue → total sales → so what: this is still a very small company trying to fund a large ambition.
$32M
long-term debt
Long-term debt → money owed later → so what: it is not crushing, but it matters more when profits are negative.
1.7
beta
Beta → stock volatility versus the market → so what: you should expect larger swings than the S&P 500.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $32M (13% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for QTRX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Full-year revenue held near $139M (with ~$95M from product), but EPS stayed -$2.04—the machine line grew while the income statement stayed red.
EDGAR shows quarterly revenue up ~136% vs. prior year in at least one print, while gross margin was 47.3% on that same window—do not stack that vs. prior year% next to the +1.1% FY header without labeling periods.
$139M
revenue (FY)
-$2.04
eps (FY)
47.3%
gross margin (Q)
the number that mattered
~$95M product revenue inside ~$139M total shows where growth lives; -$2.04 FY EPS shows the cost stack still wins on a GAAP view.
source: company earnings report, 2026
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What could go wrong
the #1 risk is missing 2026 cash flow breakeven while gross margin resets lower.
med
cash burn before breakeven
The company posted a $44.9M adjusted EBITDA loss in 2025 and ended with $122M in cash. If 2026 revenue lands below the $169M–$174M guide or costs do not come down fast enough, the runway starts looking shorter in a hurry.
This is the risk that touches the whole story. The turnaround case depends on closing a $44.9M operating hole.
med
gross margin compression
GAAP gross margin was 45.7% in Q4 2025 versus 63.0% a year earlier, and 2026 guidance sits at 45–49%. Lower direct profitability means each new dollar of revenue does less work.
If that margin range does not improve, revenue growth alone may not be enough to get to breakeven on schedule.
med
FDA timing on the alzheimer's diagnostic
Management has linked significant 2027 growth to approval of its Alzheimer's diagnostic. If approval slips, the higher-margin diagnostics narrative slips with it.
That would likely push the next leg of the growth story out by at least a year and leave the stock leaning harder on the tools business.
med
new CEO, old math
Everett Cunningham arrived in January 2026 with an $85M cost reduction target already in the story. Leadership changes can sharpen execution, but they do not erase the numbers that need fixing.
If the operating model still looks messy by mid-year, investors may decide this is a restructuring story rather than a growth story.
A company with $138.9M of revenue, a $44.9M adjusted EBITDA loss, and a 45–49% margin guide does not have much room for delays.
source: institutional data · regulatory filings · risk analysis
Pay attention to
2026 scorecard
revenue needs to climb into the $169M–$174M range
That guide implies over 20% growth from $138.9M. If the company starts missing that pace early, the breakeven story gets shaky fast.
profitability
gross margin has to stop falling
Management guided to 45–49% for 2026 after a drop from 63% to 45.7% in Q4. You want stabilization first, improvement second.
calendar
q1 2026 earnings are the first real checkpoint
The next report should tell you whether the strong Q4 revenue print was the start of a trend or just one good quarter in a messy year.
business mix
product growth needs help from the rest of the business
Product revenue grew 17% while service & other fell 24%. A healthier model would stop asking one segment to do all the lifting.
Analyst rankings
earnings predictability
45 / 100
A 45/100 score means quarterly results are still noisy. In human-speak, analysts do not trust this company to hit clean, boring numbers yet.
beta
1.7
Beta measures how much a stock moves relative to the market. At 1.7, QTRX has tended to amplify whatever mood the market is already in.
balance sheet grade
C++
This is a below-average balance sheet grade grade. You are not buying fortress finances here. You are buying time and hoping management uses it well.
source: institutional data
Institutional activity
institutional ownership data for QTRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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