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Quanterix
(NASDAQ:QTRX)
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Rating:48Neutral
Price Target:
$3.00
▲(7.53% Upside)
Action:Reiterated
Date:09/29/26
The score is held down primarily by weak financial performance—severe margin compression, large operating losses, and accelerating cash burn—plus a guidance cut that pushed expected cash-flow break-even to 2027. Technicals are a relative positive with the stock above key moving averages and positive MACD, but valuation remains hard to support with losses and no dividend yield.
Positive Factors
Recurring platform ecosystem
Quanterix’s platform model can compound through an installed base: instrument placements create opportunities for recurring assay and consumables use, while service supports retention. Broader assay menus and research adoption can increase customer value and revenue per account over the medium term.
Negative Factors
Severe profitability deterioration
The sharp decline in gross margin alongside deeply negative EBIT and net margins indicates that current revenue does not cover the company’s cost structure. Persistent losses reduce internal funding capacity and make durable earnings improvement dependent on better mix, execution, or substantial cost control.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring platform ecosystem
Quanterix’s platform model can compound through an installed base: instrument placements create opportunities for recurring assay and consumables use, while service supports retention. Broader assay menus and research adoption can increase customer value and revenue per account over the medium term.
Read all positive factors
Quanterix (QTRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$149.45M
Dividend YieldN/A
Average Volume (3M)802.38K
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth21.96%
EPS Growth-44.65%
CountryUS
Employees450
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-2.63
Shares Outstanding47,293,064
10 Day Avg. Volume645,549
30 Day Avg. Volume802,376
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.92
Price to Sales (P/S)1.96
P/FCF Ratio-3.40
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue0.94
Enterprise Value/Gross Profit2.20
Enterprise Value/Ebitda-1.46
Forecast
1Y Price Target
$3.25Price Target Upside16.49% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)-2.25
Revenue Forecast (FY)$143.82M
Quanterix Business Overview & Revenue Model
Company Description
Quanterix Corporation, based in Billerica, Massachusetts, is a life sciences enterprise dedicated to pioneering and commercializing advanced digital immunoassay platforms. These sophisticated systems are designed to enhance precision health in bot...
How the Company Makes Money
Quanterix primarily makes money by selling and supporting its biomarker detection ecosystem, which is typically monetized through multiple recurring and non-recurring revenue streams: (1) Instrument and platform sales: revenue from the sale (or pl...
Quanterix Earnings Call Summary
Earnings Call Date:Aug 10, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Neutral
The call balanced clear near-term challenges and a meaningful guide reduction against several operational and strategic positives. Management reported a sizable Q2 revenue shortfall and cut full-year revenue guidance materially, delaying cash-flow break-even to 2027, which are significant negatives. Offsetting this, the company preserved cash, completed Akoya integration and $85M of synergies, achieved substantial non-GAAP gross margin improvement, showed sequential bookings momentum (book-to-bill 1:1), secured important reimbursements and coverage wins for its LucentAD diagnostic (CMS pricing and Anthem coverage), launched new assays and Spatial products, and added experienced commercial and diagnostics leadership while reorganizing sales for improved execution. Overall, positives and active corrective actions are substantial but are currently counterbalanced by the material revenue shortfall, segment weakness, and near-term financial impacts.Positive Updates
As-reported Revenue Growth in Q2
Q2 revenue was $32.9M, a 34% year-over-year increase versus Q2 2025 ($24.5M) on an as-reported basis (note: pro forma including Akoya declined 23% YoY).
Negative Updates
Substantial Full-Year Revenue Guidance Reduction
Full-year 2026 revenue guidance lowered to $142M–$148M from prior $169M–$174M (roughly a ~$27M reduction at the midpoint), reflecting weaker-than-expected H1 performance and delayed execution benefits.
Read all updates
Q2-2026 Updates
Positive
Negative
As-reported Revenue Growth in Q2
Q2 revenue was $32.9M, a 34% year-over-year increase versus Q2 2025 ($24.5M) on an as-reported basis (note: pro forma including Akoya declined 23% YoY).
Read all positive updates
Company Guidance
Quanterix reduced 2026 revenue guidance to $142–148M (from $169–174M) after a Q2 revenue shortfall of about $3M (9% below May guidance); Q2 revenue was $32.9M (as‑reported +34% YoY vs $24.5M, but pro forma -23% YoY including Akoya), with Simoa $20.6M (down low‑teens), Spatial $12.3M, Pharma CRO $14.2M (down mid‑teens), Academic & Government $18.7M (down significantly) and diagnostics partner revenue $1.6M, and bookings produced a 1:1 book‑to‑bill. GAAP gross profit was $12.7M (38.5%); non‑GAAP gross profit was $15.8M (+54% YoY) with a 47.9% margin (+600 bps); Q2 cash usage was $5.7M (adjusted $4.0M, an adjusted decline of $8.4M vs pro forma Q2’25) leaving $96.9M of cash at quarter end, and the new guide implies roughly $80M cash at year‑end and pushes cash‑flow break‑even to 2027 (vs prior year‑end 2026). OpEx was $62.1M (including ~$30.4M acquisition/integration costs and a $26.9M goodwill write‑off); non‑GAAP OpEx $31.8M (up $0.7M YoY; pro forma non‑GAAP OpEx down >$19M). Adjusted EBITDA loss was $10.0M (roughly flat sequentially). Updated non‑GAAP gross margin guidance is 48–50% (prior 49–53%), Q3 revenue is expected flat to slightly above Q2, H2 cash usage is expected to be double‑digit in Q3 then moderate in Q4, Akoya integration is complete with $85M of annualized savings achieved, and LucentAD has CMS pricing of $897.Quanterix Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
62
Positive
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 153.33M | 138.65M | 135.44M | 121.14M | 105.52M | 110.56M |
| Gross Profit | 65.32M | 64.72M | 81.12M | 73.00M | 45.36M | 64.77M |
| EBITDA | -98.08M | -93.35M | -29.74M | -36.37M | -67.17M | -50.30M |
| Net Income | -123.11M | -107.15M | -38.53M | -28.35M | -99.57M | -55.55M |
Balance Sheet | ||||||
| Total Assets | 319.63M | 418.77M | 406.53M | 428.57M | 433.58M | 506.51M |
| Cash, Cash Equivalents and Short-Term Investments | 93.53M | 118.23M | 289.12M | 321.32M | 338.74M | 396.46M |
| Total Debt | 33.39M | 37.24M | 37.37M | 41.46M | 44.10M | 21.89M |
| Total Liabilities | 82.42M | 123.04M | 76.50M | 78.61M | 75.65M | 65.56M |
| Stockholders Equity | 237.21M | 295.73M | 330.04M | 349.96M | 357.93M | 440.95M |
Cash Flow | ||||||
| Free Cash Flow | -73.97M | -79.85M | -38.53M | -22.69M | -60.00M | -61.52M |
| Operating Cash Flow | -73.21M | -77.24M | -35.16M | -18.90M | -48.27M | -47.91M |
| Investing Cash Flow | -5.49M | 50.23M | -82.27M | -148.40M | -11.21M | -6.34M |
| Financing Cash Flow | -2.01M | -708.00K | 456.00K | 2.69M | 2.31M | 270.80M |
Quanterix Technical Analysis
Negative
2.79
Price Trends
3.04
Positive
3.31
Negative
4.12
Negative
Market Momentum
0.08
Positive
48.00
Neutral
14.76
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For QTRX, the sentiment is Negative. The current price of 2.79 is below the 20-day moving average (MA) of 3.31, below the 50-day MA of 3.04, and below the 200-day MA of 4.12, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 48.00 is Neutral, neither overbought nor oversold. The STOCH value of 14.76 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for QTRX.
Quanterix Risk Analysis
Quanterix disclosed 46 risk factors in its most recent earnings report. Quanterix reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Quanterix Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $9.79B | 43.67 | 3.15% | ― | 1.37% | -29.25% | |
59 Neutral | $8.57B | -80.39 | -2.92% | 0.36% | 1.65% | -233.85% | |
57 Neutral | $690.21M | -8.59 | -23.53% | ― | 5.44% | -1130.00% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $149.45M | -1.20 | -43.59% | ― | 21.96% | -44.65% | |
48 Neutral | $652.74M | -4.77 | -4961.74% | ― | 2.02% | 75.85% | |
48 Neutral | $297.68M | -3.04 | -47.12% | ― | -52.96% | 30.51% |
* Healthcare Sector Average
QTRX
Quanterix
3.15
-2.71
-46.25%
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Quanterix Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Quanterix reports strong Q2 growth and strategic realignment
Negative
Aug 10, 2026
Quanterix reported second-quarter 2026 revenue of $32.9 million, up 34% year-on-year, with GAAP gross margin of 38.5% and an adjusted EBITDA loss narrowing to $10 million, supported by $96.9 million in cash and securities and reduced cash usage fo...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.