QTRX

Core Organizational & Commercial Changes

• Added seasoned commercial leadership to address prior execution challenges: Jim Guth joined as Chief Commercial Officer, bringing over 25 years of experience leading diagnostic and healthcare commercial organizations at GE Healthcare and Exact Sciences, and will oversee commercial execution across the full portfolio.
• Reorganized the commercial team from a geographic-based model to a solution-based selling structure, to increase product expertise and focused customer engagement. A dedicated sales team was created for accelerator pharma lab services to improve results in the second half.
• Jeff Albrecht joined in June 2026 as Senior Vice President and General Manager of Diagnostics, bringing over 25 years of diagnostics experience to scale the diagnostic business. The ACOIA integration was completed in Q2 2026, including final ERP integration, hitting the planned $85 million in annualized cost savings.

Product Development & Key Milestones

• Launched the Simoa Ultrasensitive Immunoassay for NPTX2, an emerging synaptic function biomarker. For Spatial, launched two new products: the spatial molecular barcoding kit for the Phenocycler Fusion (available via early access) and Spatial Spectral DAPI 2.0 for the PhenoImager HT. Continues prioritization of the Simoa HDX platform for both research and diagnostic use, with work ongoing for a 2027 510(k) submission for IBD indication.
• Selected as a co-investigator institution in the Michael J. Fox Foundation PD Bill program for Parkinson's disease biomarker research, which will validate Quanterix technology in neurology. The partnership with Tempus (announced Q1 2026) is progressing quickly on multiple opportunities.

Diagnostics Business Progress

• The Lucid AD Complete blood-based Alzheimer's test has a 10% indeterminate result rate (compared to 30% for competitors) and delivers quantitative results for 100% of patients, creating a differentiated value proposition for clinicians.
• Secured CMS premium pricing of $897 for Lucid AD Complete, and Anthem Blue Cross Blue Shield now covers the test for qualifying patients when medical necessity criteria are met, ahead of the full market access rollout. A 510(k) application for the test has been submitted to the FDA, with productive ongoing regulatory discussions.
• Clinical utility study results are expected shortly, and positive data from studies presented at AAIC London have reinforced the company's premier positioning in ultra-sensitive multi-analyte testing for translational and diagnostic use.

• Full year 2026 revenue guidance was lowered to a range of $142 to $148 million, from the prior range of $169 to $174 million, reflecting Q2 execution challenges and continued market softness.
• Non-GAAP gross margin guidance was revised to 48% to 50%, from the prior 49% to 53%.
• Cash flow breakeven is now expected in 2027, pushed back from the prior expectation of end of 2026. Quanterix expects to end 2026 with a cash balance of approximately $80 million (no debt), down from the prior expectation of ~$100 million.
• Q3 2026 revenue is expected to be flat to slightly above Q2 2026 levels. Double-digit cash usage is expected in Q3, moderating in Q4.
• Sequential revenue improvement is expected in the second half of 2026, with material revenue growth from commercial organizational changes expected in 2027 and beyond. Spatial revenue is expected to continue declining through the second half, while Simoa will see a recovery led by consumables and sequential improvement in instruments.
• Diagnostics partner revenue is on track to exceed the $10 million full year 2026 guidance provided in Q1.

Q2 2026 total as-reported revenue was $32.9 million, a 34% year-over-year increase from Q2 2025's $24.5 million. Including pre-acquisition revenue from Akoya in Q2 2025, pro forma total revenue declined 23% year-over-year. By region: APAC revenue was $4.5 million (down high single digits after adjusting for a 5% tariff-related pull-forward headwind in 2025), EMEA revenue was $10.3 million (down mid-single digits on lower consumables pull-through), and Americas revenue was $18.1 million (down significantly due to commercial execution challenges and soft academic/government spending). By product segment:

• Simoa: Revenue of $20.6 million, down low teens year-over-year. Consumables saw a smaller decline, while non-accelerator services grew year-over-year. Accelerator lab services (under the Simoa product family) declined more than the company average due to continued smaller project sizes, though Q2 2026 bookings for accelerator increased significantly.
• Spatial: Revenue of $12.3 million, down year-over-year across both instruments and consumables, reflecting continued weak funding from U.S. academic/government markets.
• By customer type: Pharma CRO revenue was $14.2 million (down mid-teens year-over-year, but grew sequentially for both Simoa and Spatial products). Academic and government revenue was $18.7 million (down significantly in line with Spatial performance). Diagnostics partner revenue was $1.6 million, with consumable volume growing for single biomarker tests from diagnostics enablement partners despite lower Q2 instrument sales overall.

GAAP gross profit was $12.7 million (38.5% margin), while non-GAAP gross profit was $15.8 million (47.9% margin, a 600 basis point year-over-year improvement driven by Akoya acquisition synergies and cost cutting. Cash usage was $5.7 million in the quarter, ending Q2 with a cash balance of $96.9 million (adjusted cash usage excluding severance and integration costs was $4 million, an $8.4 million year-over-year reduction in cash usage). Adjusted EBITDA was a $10 million loss, flat sequentially from Q1.

• Continued softness in academic and government research funding has negatively impacted Spatial and core research tool revenue, with no near-term recovery expected.
• Prior commercial execution challenges, including low sales productivity under the old geographic organizational structure, led to a Q2 revenue shortfall of ~$3 million (9% below prior guidance).
• A $26.9 million one-time non-cash goodwill impairment charge related to the Akoya acquisition was recorded in Q2, driven by macro market weakness and underperformance, though management still views the Akoya opportunity as viable long-term.
• The commercial organizational changes will not deliver immediate results, so meaningful performance improvements are not expected until 2027.

Q: Analyst asks how back half 2026 revenue will break down across instruments, consumables, and services, and what execution improvements are specifically targeted for the Akoya Spatial business. / A: Management does not provide formal guidance by product line, but notes Simoa will outperform Spatial in the back half, with no expected recovery in academic/government funding that drives Spatial demand. Sequential improvement is expected for both consumables and instruments, with seasonal second half growth adding a tailwind. For Akoya, newly launched products including the custom assay barcoding kit and new ADC lung cancer panel have received positive customer feedback. The sales team is now reorganized to have dedicated, experienced Akoya sales reps focused solely on Spatial, which is expected to improve both instrument sales and consumables pull-through in the second half.

Q: Analyst asks why Quanterix continues investing in diagnostics when the core research tools business is facing pressure, and what explains weak Akoya consumables performance relative to peers. / A: Management frames the strategy as pursuing both research tools and diagnostics: research tools remains core, with differentiated technology that customers value for reproducible ultra-sensitive results, and the new commercial organization will improve execution. Diagnostics (especially Alzheimer's testing) addresses large unmet clinician need, and Quanterix has a clear first-mover advantage with a differentiated test. Weak consumables performance for both Simoa and Akoya is primarily an execution issue from the prior organizational structure, not product demand, and the new segmented sales structure is designed to fix this gap. Constrained academic funding remains a headwind for Spatial overall.

Q: Analyst asks what makes the current revised guidance the final cut, given ongoing macro weakness and organizational transformation, and whether research tools remain core long-term amid the diagnostics pivot. / A: Management conducted a robust bottoms-up review of sales funnels territory-by-territory and rep-by-rep, with direct field customer feedback, leading to confidence in the new guidance. The new commercial leadership are seasoned veterans with deep healthcare experience who will quickly drive sales discipline. Research tools remains absolutely core long-term; the new CCO will lead efforts to stabilize and return the business to growth, and only a portion of cost savings from prior restructuring are being reallocated to prudently scale diagnostics, so the investment does not create excessive cash burn. Spatial will continue declining in the back half, while Simoa recovers, which is fully baked into the current guidance.

Q: Analyst asks what impact the Anthem coverage decision for Lucid AD Complete will have on future payer coverage. / A: Management notes Anthem, as a large first-mover payer covering blood-based Alzheimer's testing, validates the value of the category and Quanterix's differentiated test. Combined with the existing CMS pricing, this puts in place key dominoes for future coverage discussions with other large national and local payers. Quanterix will dedicate dedicated resources to pursue additional coverage following this milestone.