Quanterix Corporation

Q2 2026 revenue was $32.9 million, up 34% year over year on an as-reported basis versus $24.5 million in Q2 2025; on a pro forma basis, total revenue declined 23% year over year. GAAP gross profit was $12.7 million and GAAP gross margin was 38.5%; non-GAAP gross profit was $15.8 million, up 54% year over year, and non-GAAP gross margin was 47.9%, up 600 basis points. Operating expenses were $62.1 million, including about $30.4 million of acquisition, integration, separation, and purchase accounting costs, including a $26.9 million non-cash Akoya goodwill write-off. Adjusted EBITDA was a loss of $10.0 million. Cash usage was $5.7 million in Q2, and cash ended the quarter at $96.9 million. Full-year 2026 revenue guidance was lowered to $142 million-$148 million from $169 million-$174 million; non-GAAP gross margin guidance was lowered to 48%-50% from 49%-53%; cash flow break-even is now expected in 2027, and year-end 2026 cash is expected to be about $80 million with no debt. Q3 revenue is expected to be flat to slightly above Q2, and second-half cash usage is expected to be in the double digits in Q3 and moderate in Q4.

Everett Cunningham framed the quarter as a reset, saying first-half results reflected market softness and execution challenges and that management is moving quickly to fix commercial performance. He emphasized a new commercial structure, including hiring Jim Gute, reorganizing around solution-based selling, and creating a dedicated team for Pharma Lab services in Accelerator. His tone was candid but optimistic, repeatedly saying the company is not waiting for better markets and expects the changes to matter more in 2027 than immediately.

Jason Fessler highlighted that Q2 revenue of $32.9 million was below expectations, but cash management improved, with cash usage of $5.7 million and ending cash of $96.9 million. He pointed to margin improvement from Akoya synergies and cost cutting, noting non-GAAP gross margin of 47.9% was up 600 basis points year over year, while non-GAAP operating expenses declined materially on a pro forma basis. He also updated guidance to $142 million-$148 million of revenue, 48%-50% non-GAAP gross margin, about $80 million of year-end cash, no debt, and cash flow break-even in 2027.

Analysts focused on how the back-half guide breaks down across Simoa, Spatial, Accelerator, and diagnostics, and whether the revenue reset could be the last one. Management said they do not guide to product lines, but expect some pickup in Simoa, continued weakness in Spatial versus Simoa, and no Academic/Government recovery assumed; they also said H2 seasonality should help. On diagnostics, management said the business is ahead of the $10 million revenue level mentioned in Q1, that LucentAD Complete test volume is ramping, and that discussions with the FDA remain productive, with management expressing confidence in an FDA decision toward the end of 2026. Questions about Anthem coverage and payer adoption were answered with the view that Anthem is a meaningful first mover that should help line up other payers and broader reimbursement conversations.