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Introduction & Market Context
Quanterix Corporation (NASDAQ:QTRX) presented its first quarter 2025 earnings results on May 12, showing mixed performance with declining revenue but improved cash management amid a challenging funding environment. The ultra-sensitive biomarker detection company saw its shares rise 8.52% to $5.73 during regular trading hours before slightly retreating 0.52% in after-hours trading.
The company’s presentation highlighted strategic initiatives including the upcoming Simoa ONE platform launch and a revised acquisition deal with Akoya Biosciences, while acknowledging macroeconomic headwinds affecting its core markets. This quarter marks a shift toward more conservative guidance as Quanterix navigates funding constraints in the academic and research sectors.
Quarterly Performance Highlights
Quanterix reported Q1 2025 revenue of $30.3 million, a decrease from $32.1 million in the same period last year. Despite this overall decline, the company achieved record consumables performance, which now represents 60% of total revenue. The remaining revenue mix includes Accelerator services (18%), Other revenue (13%), and Instruments (9%).
The company’s presentation emphasized five key messages for the quarter, including record consumables performance, significantly reduced cash burn, and the strategic positioning of its new Simoa ONE assay kits.
Gross margin decreased to 54.1% (GAAP) from 57.8% in Q1 2024, while operating expenses increased to $42.8 million from $33.7 million year-over-year. This resulted in a widened operating loss of $26.4 million compared to $15.2 million in the prior year period.
A notable bright spot was the company’s improved cash management, with adjusted cash burn reduced by half to $9.0 million in Q1 2025 from $19.4 million in Q1 2024. This improvement reflects Quanterix’s focus on operational efficiency amid revenue challenges.
The following chart details Quanterix’s Q1 2025 financial performance compared to the prior year, highlighting the revenue mix and key financial metrics:
Strategic Initiatives
Quanterix continues to expand its assay menu, launching 4 new assays in Q1 2025 with plans for 15 more throughout the year. The company has significantly reduced assay development times from over 18 months to less than 6 months, enabling faster market expansion.
A key strategic focus is the upcoming Simoa ONE platform, expected to launch by the end of 2025. This new platform promises 10x greater sensitivity and up to 10-plex capability compared to current offerings. Perhaps more significantly, Quanterix announced that its Simoa ONE assay kits will be compatible with over 20,000 existing flow cytometers worldwide, potentially expanding the company’s market reach without requiring customers to purchase new capital equipment.
The following slide illustrates how Simoa ONE assay kits will enable access to ultra-sensitive biomarker detection in more laboratories globally:
Quanterix also highlighted its amended acquisition of Akoya Biosciences, with the equity value decreased by 67% from $201 million to $66 million, reflecting the challenging market environment. The strategic rationale remains focused on combining Akoya’s tissue-based spatial biology capabilities with Quanterix’s blood-based biomarker detection to create comprehensive oncology testing solutions.
The company illustrated how this combination would work in practice, with biomarkers identified in tissue by Akoya’s technology being detected in blood using Quanterix’s ultra-sensitive SIMOA platform:
In the Alzheimer’s disease diagnostics space, Quanterix announced three new diagnostics collaborations in the quarter, including with ARUP Laboratories, a leading national reference laboratory. The company also reported that PLA Codes have been approved for its LucentAD and LucentAD Complete tests, with pricing expected in Q3 2025.
The following slide details Quanterix’s two-part strategy for building a global infrastructure for Alzheimer’s Disease testing:
Detailed Financial Analysis
Quanterix’s financial performance shows a company in transition, balancing investment in strategic initiatives with prudent cash management. While revenue declined year-over-year, the company’s focus on high-margin consumables helped partially offset the impact on gross profit.
The company ended the quarter with a strong cash position and projects having $155 million in cash at the close of Q2 2025. Management expects to achieve cash flow positivity in 2026, with over $100 million in cash remaining at that point.
The company’s scientific validation continues to drive adoption, with cumulative publications reaching 3,445 in Q1 2025, up from 1,575 in 2021. The installed base of instruments has grown to 1,052, compared to 708 in 2021.
Forward-Looking Statements
In response to the challenging funding environment, Quanterix revised its 2025 guidance downward. The company now expects full-year revenue of $120 to $130 million, excluding revenue from Lucent Diagnostics testing. This represents a reduction from the previous guidance of $140-146 million mentioned in the Q4 2024 earnings report.
Gross margin is projected to be between 55% to 59% (GAAP) and 50% to 54% (non-GAAP). The company anticipates $35 to $45 million of adjusted cash burn, including a $20 million payment for the Emission acquisition.
The following slide details Quanterix’s standalone guidance for 2025:
Quanterix maintains a positive outlook on its long-term financial stability, highlighting its robust balance sheet and path to cash flow positivity:
Despite near-term challenges, Quanterix remains focused on its strategic priorities: growing its menu portfolio, expanding into immunology and oncology adjacencies, and translating its technology into clinical diagnostics. The company has implemented cost-saving measures expected to yield $30 million in annualized savings to align with the lower revenue outlook while continuing to invest in key growth initiatives.
As Quanterix navigates this transitional period, investors will be watching closely to see if the company’s strategic initiatives, particularly the Simoa ONE platform launch and Akoya acquisition, can offset the headwinds in its core academic and research markets.
Full presentation:
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