Quanterix Corporation Common Stock 2026 Q2 Earnings Call
Review the key takeaways and the transcript of this earnings call.
- Quanterix Corporation reported second quarter 2026 revenue of $32.9 million, which was 9% below prior guidance and represented a 23% year-over-year pro forma decline.
- The revenue shortfall was broad-based, with declines in the Americas, EMEA, and APAC regions, and was attributed to commercial execution challenges and market softness.
- The company's accelerator business revenue declined significantly due to smaller project sizes, but bookings increased in Q2.
- Non-GAAP gross profit was $15.8 million with a 47.9% gross margin, up 600 basis points year over year, driven by acquisition synergies and cost-cutting.
- Operating expenses included a $26.9 million non-cash goodwill impairment related to macro factors and company performance, with non-GAAP operating expenses of $31.8 million.
- Cash usage was $5.7 million in Q2, ending with a cash balance of $96.9 million, better than expected due to cost synergies and improved collections.
- The company completed the integration of Akoya in Q2, achieving $85 million in annualized cost savings.
- Management announced significant changes in commercial leadership, including hiring Jim Goot as Chief Commercial Officer and reorganizing the sales force around solution-based selling models.
- Diagnostics revenue from partners was $1.6 million in Q2, with progress in academic medical centers, commercial labs, and primary care.
- The company launched new products including the Samoa Ultra Sensitive immuno for NPT2 biomarker and two new spatial products.
- Quanterix submitted a 510(k) application for its platform as an in vitro diagnostic device (IVD) expected in 2027 and is in productive dialogue with the FDA regarding its Lucent AD Complete test.
- Anthem Blue Cross and Blue Shield began coverage for qualifying blood-based biomarker testing including Lucent AD Complete starting July 1, 2026.
- The company expects to end 2026 with approximately $80 million in cash and pushed cash flow breakeven to 2027.
- Q3 2026 revenue is expected to be flat to slightly above Q2 levels, with commercial actions anticipated to drive revenue growth more materially in 2027 and beyond.
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Transcript
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Thank you for standing by. My name is Carly, and I will be your conference operator today. At this time, I would like to welcome everyone to the Quanterix Corporation second quarter 2026 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Mary Conway, investor relations. Please go ahead. Thank you.
Good morning. With me on today's call are Everett Cunningham, Quanterix's President and CEO, and Jason Faessler, Quanterix's new Chief Financial Officer. Today's call is being recorded, and a replay of the call will be available on the investors section of our website. During today's presentation, we will make forward-looking statements covered under the U.S. Private Securities Litigation Reform Act. These forward-looking statements are based on management's beliefs and assumptions as of today, August 10th, 2026. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statement. Forward-looking statements involve known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. To supplement our financial statements presented on a GAAP basis, we have provided certain non-GAAP financial measures.
These non-GAAP measures are used to evaluate our operating performance in a manner that allows for meaningful period-to-period comparison and analysis of our trends in our business and our competitors. We believe that such measures are important in comparing current results with other period's results and assessing our operating performance within our industry. Non-GAAP financial information presented herein should be considered in conjunction with, and not as a substitute for, the financial information presented in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures set forth in the presentation posted to our website and in the earnings release issued today. Finally, any percentage changes that we discuss will be on a year-over-year basis unless otherwise noted. Now I'd like to turn the call over to Everett Cunningham.
Everett? Thanks, Mary. I'm pleased to be with all of you here this morning to bring you up to date on both our second quarter results and our plans for the back half of this year.
We are revising our expectations, and we want to be transparent about our actions and intended impacts. Our first half results were not what we anticipated based upon market softness and executional challenges, even though our cash preservation efforts were better than planned. As a result, we are taking speedy action to address execution, as I'll describe momentarily, but this performance will affect our annual outlook. Let me start by addressing the specifics around what contributed to Q2's results, then share more details on our plans to pivot our organization to improve performance in the second half and into 2027.
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