Quanterix Releases Financial Results for the Fourth Quarter and Full Year 2025

Reports $43.9 million in revenue and cash balance of $122 million

Company expects to achieve cash flow breakeven during 2026

Quanterix Corporation (NASDAQ:QTRX), a company fueling scientific discovery through ultra-sensitive biomarker detection, today announced financial results for the fourth quarter and full year ended December 31, 2025.

"I am thrilled to be joining Quanterix at a time when the company is well-positioned to deliver long-term growth," said Everett Cunningham, President & CEO of Quanterix. "During the fourth quarter, we exceeded our revenue expectations, we continued to move the company closer to profitability, and we achieved key milestones in our Alzheimer's Diagnostics business. With most of the major integration milestones now behind us, our focus now turns to driving consistent profitable revenue growth and achieving cash flow breakeven performance in 2026. My immediate focus is on spending time with the Quanterix team, customers, shareholders, and partners as I evaluate the Company's strategy and future potential and ensure that we have the resources, support and capabilities to deliver on our operational priorities. I am extremely optimistic for what the future holds for Quanterix."

Fourth Quarter Financial Highlights

• Revenue of $43.9 million, an increase of 25% compared to $35.2 million in the prior year.
• GAAP gross margin of 45.7%, as compared to 63.0% in the prior year. Adjusted gross margin (non-GAAP) of 50.0% as compared to 57.7% in the prior year.
• Adjusted EBITDA (non-GAAP) loss of $7.9 million, compared to a loss of $5.9 million in the prior year.
• The Company ended the fourth quarter with $121.6 million of cash, cash equivalents, marketable securities, and restricted cash, compared to its guidance of $120 million. Adjusted cash usage, after accounting for one-time deal and restructuring costs, was $3.0 million in the fourth quarter.

Full Year 2025 Financial Highlights

• Revenue of $138.9 million, an increase of 1% compared to $137.4 million in the prior year.
• GAAP gross margin of 46.8%, as compared to 60.5% in the prior year. Adjusted gross margin (non-GAAP) of 47.3% as compared to 54.6% in the prior year.
• Adjusted EBITDA (non-GAAP) loss of $44.9 million, compared to a loss of $23.6 million in the prior year.
• The Company ended the fourth quarter with $121.6 million of cash, cash equivalents, marketable securities, and restricted cash. Adjusted cash usage, after accounting for one-time deal and restructuring costs, was $30.9 million in 2025 compared to $32.2 million in the prior year.

Operational and Business Highlights

• In January 2026, Quanterix submitted a 510(k) premarket notification to the U.S. Food and Drug Administration for its multi-analyte algorithmic blood test for Alzheimer's disease. This submission represents a significant milestone in the Company's mission to provide superior, non-invasive, high-performance diagnostic tools to aid in the evaluation of patients with cognitive symptoms for possible Alzheimer's disease.

• The Centers for Medicare & Medicaid Services ("CMS") established a reimbursement rate of $897 for Quanterix's LucentAD Complete test, facilitating claims submissions under the Clinical Lab Fee Schedule. This milestone provides a nationally recognized reference price, an important step for coverage decisions with payers, and supports efforts to bring this multiplex diagnostic solution to patients across the country.

• The Company announced that it has already implemented $74 million of cost savings related to its Akoya transaction. With 94% of the integration milestones now complete, the Company expects to capture its remaining cost synergies by the end of the first quarter of 2026.

• Launched 13 new assays in 2025, including two new Simoa tau assays, pTau 205 and pTau 212, and two new Phenocode Discovery panels, in Q4 2025 – Metabolism Spike In Panel and Mouse Neurology Panel.

2026 Business Outlook

Quanterix is issuing its initial guidance for 2026. The Company expects revenues of $169 to $174 million, GAAP gross margin of 45-49%, and adjusted gross margin (non-GAAP) of 49% to 53%.

Quanterix expects to achieve cash flow breakeven performance in the second half of 2026. The Company expects to exit the year with approximately $100 million in cash and no debt.

Conference Call

In conjunction with this announcement, the Company will host a conference call on March 2, 2026, at 4:30 PM E.T. The dial-in number for USA & Canada is Toll-Free (800) 715-9871 or (646) 307-1963 and the conference ID is 7904928.

Interested investors can also listen to the live webcast from the Event Details page in the Investors section of the Quanterix website at https://ir.quanterix.com. An archived webcast replay will be available on the Company's website for one year.

About Quanterix

Quanterix is a global leader in ultra-sensitive biomarker detection, enabling breakthroughs in disease research, diagnostics, and drug development. Its proprietary Simoa® technology delivers industry-leading sensitivity, allowing researchers to detect and quantify biomarkers in blood and other fluids at concentrations far below traditional limits. With approximately 6,300 peer-reviewed publications, Quanterix has been a trusted partner to the scientific community for nearly two decades. In 2025, Quanterix acquired Akoya Biosciences, The Spatial Biology Company®, adding multiplexed tissue imaging with single-cell resolution to its portfolio and 1,439 installed instruments. Together, the combined company offers a uniquely integrated platform that connects biology across blood and tissue—advancing precision medicine from discovery to diagnostics. Learn more at www.quanterix.com.

Financial Highlights

Use of Non-GAAP Financial Measures

To supplement our financial statements presented on a U.S. GAAP basis, we present the following non-GAAP financial measures:

Adjusted EBITDA and adjusted EBITDA margin: We define adjusted EBITDA as net income (loss) adjusted to exclude interest income, income tax (expense) benefit, depreciation and amortization expense, stock-based compensation expense, acquisition and integration related costs, impairment and restructuring, and certain other items which include other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. These items are discussed in more detail below the tables reconciling the GAAP to non-GAAP measures. Adjusted EBITDA margin is calculated as adjusted EBITDA divided by total revenues.

Adjusted cash usage: We calculate cash usage as the total change in cash, cash equivalents, and restricted cash adjusted to include the net change from purchases, sales, and maturities of marketable securities (excluding any interest receivable). Adjusted cash usage is calculated as cash usage further adjusted to exclude cash payments related to transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations.

Adjusted gross profit, adjusted gross margin, adjusted total operating expenses, and adjusted loss from operations: We calculate these non-GAAP financial measures by including shipping and handling costs for product sales within cost of product revenue instead of within selling, general and administrative expenses. Additionally, we exclude amortization of certain acquired intangible assets, acquisition and integration related costs, and certain other items which include other charges or benefits resulting from transactions or events that are highly variable, significant in size, and that we do not believe are indicative of ongoing or future business operations. Adjusted gross margin is calculated as adjusted gross profit divided by total revenues.

We believe that presentation of these non-GAAP financial measures provides supplemental information useful to investors in understanding our underlying operating results and trends. We use these non-GAAP financial measures to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of trends in our business and our competitors. We believe that presentation of these non-GAAP financial measures provides useful information to investors in assessing our operating performance within our industry and to allow comparability with the presentation of other companies in our industry.

The non-GAAP financial measures presented here should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with U.S. GAAP. For example, adjusted EBITDA excludes a number of expense items that are included in net loss and adjusted cash usage excludes certain actual cash payments. As a result, positive adjusted EBITDA or positive adjusted cash usage may be achieved even where we record a significant net loss or reduction in our cash and marketable securities balances in accordance with U.S. GAAP.

Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures set forth in the tables captioned "Reconciliation of GAAP to Non-GAAP Financial Measures" in the section below.

Additionally, we make certain forward-looking statements about our future financial performance that include non-GAAP financial measures, which are difficult to predict for future periods because the nature of the adjustments pertains to events that have not yet occurred. We do not forecast many of the excluded items for internal use and therefore information reconciling forward-looking non-GAAP financial measures to U.S. GAAP financial measures is not available without unreasonable effort and is not provided. The occurrence, timing, and amount of any of the items excluded from U.S. GAAP to calculate non-GAAP financial measures could significantly impact our U.S. GAAP results.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

Statements included in this press release that are not historical in nature or do not relate to current facts are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among other things, statements about Quanterix's future business outlook, operations, strategy and financial performance, including statements related to our expectations about consistent profitable revenue growth and achieving cash flow breakeven performance, the development and commercialization of our products, the benefits and synergies we may realize from the acquisition of Akoya Biosciences Inc., and under the header "2026 Business Outlook.". Words and phrases such as "may," "approximately," "continue," "should," "expects," "projects," "anticipates," "is likely," "look ahead," "look forward," "believes," "will," "intends," "estimates," "strategy," "plan," "could," "potential," "possible" and variations of such words and similar expressions are intended to identify such forward-looking statements. Forward-looking statements are subject to certain risks and uncertainties that are difficult to predict with regard to, among other things, timing, extent, likelihood and degree of occurrence, which could cause actual results to differ materially from anticipated results. Such risks and uncertainties include, among others, the following possibilities with respect to Quanterix's future business, operations, strategy and financial performance: risks related to the impact of changes in U.S. government policies, including impacts of tariffs and reductions in federal research funding; risks associated with the anticipated timing for launch of, and features of, Quanterix's next-generation instruments to upgrade its existing platforms; risks related to Quanterix's ability to improve existing diagnostics and develop new diagnostic tests and tools; risks related to Quanterix's ability to successfully penetrate the diagnostics market; risks related to Quanterix's ability to retain and expand its customer base and achieve sufficient market acceptance of its products; risks related to the ability of Quanterix's contract manufacturers and suppliers to reliably and consistently manufacture and supply our instruments; risks that Quanterix may fail to realize the anticipated benefits and synergies of its recent acquisitions of Emission, Inc. and Akoya Biosciences Inc.; risk that integrating Quanterix's business with that of Akoya could be more difficult, costly or time-consuming than expected; risks that Quanterix's estimates regarding expenses, future revenues, capital requirements, and needs for additional financing could be incorrect; risks related to Quanterix's ability to maintain effective internal control over financial reporting and disclosure controls and procedures; and risks related to defects or other quality issues in Quanterix's products that could lead to unforeseen costs, product recalls, adverse regulatory actions, negative publicity and litigation. Additional factors that could cause results to differ materially from those described above can be found in the periodic reports filed by Quanterix with the SEC, including the "Risk Factors" sections contained therein, which are available on the SEC's website at www.sec.gov.

All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by the cautionary statements contained or referred to herein. If one or more events related to these or other risks or uncertainties materialize, or if Quanterix's underlying assumptions prove to be incorrect, actual results may differ materially from what Quanterix anticipates. Quanterix cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date they are made and are based on information available at that time. Quanterix does not assume any obligation to update or otherwise revise any forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws.

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