Quanterix Delays Cash-Flow Break-Even Until 2027
Second-quarter revenue of $32.9 million missed the company’s expectations, prompting a lower annual sales forecast.
Quanterix Corporation (QTRX), a precision biomarker science company, cut its annual revenue outlook after a second consecutive quarterly sales decline and pushed its cash-flow break-even target from 2026 to 2027. The reset followed its reaffirmation of guidance in May, when the company said it was making progress toward break-even after capturing cost savings from its Akoya acquisition.
Quarterly revenue fell from $43.9 million in the final quarter of 2025 to $36.4 million in the first quarter and $32.9 million in the second. Chief Executive Everett Cunningham attributed the latest revenue shortfall to execution challenges and continued market softness. He said Quanterix was reorganizing commercial teams and adding experienced leadership to sharpen accountability and improve operating results in the second half.
Quanterix now expects full-year revenue of $142 million to $148 million, against its earlier forecast of $169 million to $174 million. The revised outlook assumes no underlying improvement in academic or pharmaceutical end markets. That assumption accompanied the commercial changes Cunningham described; the revised forecast did not incorporate a recovery in those customer markets.
The sequential decline coexisted with stronger year-over-year growth: second-quarter revenue rose 34%. Product revenue accounted for $23.5 million of sales, while service and other revenue contributed $9.0 million. Collaboration and license revenue was $0.4 million. The business combined tools for detecting proteins in blood and other fluids with Akoya’s spatial analysis technology for examining proteins in tissue, alongside laboratory services.
Profitability also weakened sequentially. Adjusted gross margin fell to 47.9% from 50.9% in the first quarter, reversing the preceding quarter’s improvement. GAAP gross margin was 38.5%. Full-year adjusted gross-margin guidance is now 48% to 50%. The adjusted measure excluded purchase-accounting effects and amortization of acquired intangible assets, leaving a gap between the two reported measures of gross profitability.
Cash preservation provided a different direction. Adjusted cash usage dropped to $4.0 million in the second quarter from $14.7 million in the first, when seasonally higher payments were cited. The latest adjusted figure excluded $1.7 million of integration and certain employee separation payments. Cash, cash equivalents, marketable securities and restricted cash totaled $96.9 million at June 30.
The lower adjusted cash usage did not eliminate operating losses. Quanterix reported an adjusted EBITDA loss of $10.0 million and a GAAP net loss of $48.9 million. The latter included a $26.9 million goodwill impairment related to Akoya. The impairment reflected recent circumstances within the business and did not affect operations or liquidity; the charge was excluded from adjusted EBITDA.
Quanterix also completed its enterprise resource planning system integration, the final step in the Akoya integration program. The program had realized $85 million in savings on an annualized basis. Its commercial overhaul continued alongside that completed integration: Jim Gute was named chief commercial officer, while Geoff Albrecht was appointed to lead Diagnostics.
Diagnostics remained an area of investment. Beginning July 1, members covered under Anthem Blue Cross and Blue Shield medical policies could receive coverage for qualifying blood-based biomarker testing, including Lucent AD Complete, when medical necessity criteria were met. Cunningham said the management team’s priorities include completing three clinical utility studies and advancing the company’s FDA roadmap for Alzheimer’s disease testing.
Those initiatives accompanied a lower forecast for the resources available at year-end. Quanterix now expects approximately $80 million in cash at the end of 2026, against $100 million previously, and expects to finish the year with no debt. The company’s revised timetable places cash-flow break-even in the following year.
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