Quanterix Corporation Q1 FY2026 earnings call

Everett Cunningham discussed key observations in his first 100 days, including a passionate employee base, market leadership in early detection of critical disease biomarkers, an install base of over 2,300 instruments, and plans to move from integrating and realizing synergies to investing and growing for long-term growth. He mentioned changes to sales efforts, investments in improving commercial effectiveness such as elevating pharma partnerships, expanding lead generation representatives, hiring new market development leaders, leveraging Thermo Fisher's distribution capabilities, and investments in the Alzheimer's diagnostics business including hiring a new diagnostics leader, upgrading the Samoa HDX platform, and implementing new sales and marketing tactics. Also, priorities for the spatial business in 2026, and the company's commitment to reaching cash flow break-even by the fourth quarter.

Total revenue for the first quarter was $36.4 million, an increase of 20% from the previous year. Organic revenue declined by 21%. Revenue from diagnostics partners was $2.9 million, up meaningfully year over year. Samoa contributed $24 million, a 21% organic revenue decline; spatial reported $12.4 million, down 26% year-over-year. Instrument revenue was $4 million, with $2.3 million from SIMOA and $1.7 million from spatial instruments. Consumables revenue was $21.4 million, with $14.5 million in Samoa and $6.9 million in spatial consumables. Accelerator lab services were $4.3 million, with $3.5 million in Samoa and $800,000 in spatial. Customer mix was meaningfully skewed to academia, representing approximately 65% of the business in Q1. Gross profit and margin for the first quarter were $15.6 million or 42.7%. Non-GAAP gross profit was $18.5 million and non-GAAP gross margin was 50.9%. Operating expenses for the quarter were $56.9 million, with non-GAAP operating expenses $34.7 million. Adjusted EBITDA was a loss of $9.8 million. Ended the quarter with $102.6 million of cash, cash equivalents, marketable securities, and restricted cash.

Maintaining full year 2026 guidance of approximately $169 to $174 million in revenue. Expect gap gross margin to be in a range of 41 to 45%, and non-gap gross margins to be in a range of 49 to 53%. Anticipate achieving cash flow break-even in the second half of the year and end the year with cash in the range of $100 million with no debt. Expect second quarter revenues to be roughly in line to slightly ahead of Q1, and commercial initiatives to drive increased revenues in the second half of 2026.

Q: Kyle Nixon asked about the preparation for the IBD submission for HDX in 2027, including why it's needed and its relevance to different areas, and the status of the Samoa One platform.

A: Everett responded that they're investing in the HDX platform as it's their workhorse, benefits research customers, and gives optionality for a distributed plan; Samoa One is still in early access with feedback being used for HDX next generation and upgrade.

Q: Puneet Soda asked about the level of investment in the diagnostic side and if there's a chance for an air pocket when transitioning focus.

A: Everett talked about bringing in a seasoned diagnostics leader, investments in sales, clinical utility studies, lab infrastructure, and partnerships, and balancing research tools and diagnostics.

Q: Dan Brennan asked about drivers of the back half sequential growth, and about contribution of spatial in 2026.

A: Everett mentioned investments in lead generation reps, marketing, and strategic commercial team additions as drivers, and that they didn't break out guidance between Samoa and spatial as they're starting to report together.